South Korea's Financial Supervisory Service held a roundtable with executives responsible for overseas operations at ten financial companies to discuss support for their overseas expansion. The meeting focused on improving the quality of overseas business strategies and strengthening risk management as firms face interest rate and exchange rate volatility, prolonged geopolitical risks, and tighter supervisory conditions in key foreign markets. First Senior Deputy Governor Lee Sehoon highlighted that authorities in the United States and Southeast Asia, where many Korean financial companies operate, have been intensifying IT- and anti-money laundering-related supervision and inspections and imposing stricter sanctions. He stressed the need for close monitoring by headquarters and proactive responses. The FSS said it is communicating with foreign financial authorities through its overseas offices and other cooperative networks, and is also holding seminars with foreign authorities to facilitate direct dialogue with Korean financial companies. Participants shared their experiences with local authorizations and licensing and the challenges they have faced in overseas operations, and committed to promptly share major overseas business issues and developments with the FSS. The FSS plans to continue holding roundtable meetings and briefing sessions and to use working-level consultative bodies to gather feedback from financial companies on their overseas operations.

Original source Back to tracker