The Financial Services Commission said on the 26th that Chairperson Lee Eog-weon accompanied the president on an overseas trip to India and Vietnam from the 19th to the 25th and carried out a range of schedules to expand financial cooperation.
On the 20th, the Chairperson held talks with India's Minister of Finance Nirmala Sitharaman and discussed strengthening Fintech cooperation, local currency settlement through QR payment linkage, expanding investment, and startup cooperation measures. On the same day, the Financial Services Commission (FSC) and the Financial Supervisory Service signed a memorandum of understanding with the International Financial Services Centres Authority (IFSCA) of India to invigorate financial hubs.
On the same day in New Delhi, at the Korea-India Financial Cooperation Forum, the Financial Services Commission (FSC) discussed cross-border payment infrastructure, capital market infrastructure, and the development of financial hubs. The FSC said a business agreement on QR payment linkage between Korea Financial Telecommunications and Clearings Institute and India's payment institution "NIPL" was signed, laying the groundwork for consolidation of the two countries' payment systems, and that improved mobile payment convenience and fee reduction effects are expected going forward.
On the 24th, the Chairperson held talks with Pham Duc An, Governor of the Central Bank of Vietnam, and discussed ways to strengthen financial cooperation and support the expansion of financial companies. At the meeting, the Financial Services Commission (FSC) conveyed appreciation for the approvals granted to Korea Development Bank and Industrial Bank of Korea (IBK) and requested cooperation for the review of additional licenses. The two sides also agreed to complete QR payment linkage within the year along with expanding digital finance cooperation, and to support financial market development by sharing know-how on managing nonperforming loans.
At the Korea-Vietnam Financial Cooperation Forum held in Hanoi on the 23rd, discussions were held on capital markets, insurance, payment infrastructure, and transactions of nonperforming loans. On the same day, Industrial Bank of Korea (IBK) obtained final approval from the Central Bank of Vietnam to establish a local subsidiary. This is the first achievement in about six years since the application in 2017. At the same time, a QR payment linkage contract was signed between Korea Financial Telecommunications and Clearings Institute and Vietnam's NAPAS, and fee reduction effects are also expected, the Financial Services Commission (FSC) said.
The Financial Services Commission (FSC) plans to promote the establishment of a platform to resolve nonperforming loans through cooperation between Korea Asset Management Corporation (KAMCO) and the Vietnam Asset Management Company, thereby supporting financial market stability and improving the asset soundness of domestic financial companies.