Financial authorities plan to discuss introducing a chief inclusion officer to establish an inclusive finance governance structure.
The Financial Services Commission said on the 6th that it held the first meeting of the supervisory oversight subcommittee of the Inclusive Finance Strategy Task Force at Government Complex Seoul. The supervisory oversight subcommittee included 12 private-sector members including the private-sector chair, Kang Kyung-hoon, a professor at Dongguk University, the director general for financial policy (secretary), and the Financial Supervisory Service.
The subcommittee will broadly design the policy direction for inclusive finance and lay the groundwork to make it permanent. By task, a separate sub-subcommittee will be formed for setting the direction of inclusive finance, embedding inclusive finance governance, supervisory issues such as indemnity for financial companies related to inclusive finance, and an asset-building subcommittee to improve the quality of inclusive finance.
To set the direction for inclusive finance, it will review domestic and overseas trends in inclusive finance and the current status of Korea's financial legal framework, and discuss the direction of institutional improvements such as future legislation, responses to changes in the digital financial environment, and protections for financially vulnerable groups.
To embed inclusive finance governance, authorities plan to discuss introducing a chief inclusion officer. They will also review related governance and key duties, ways to reflect them in internal controls, linkages with the comprehensive evaluation of inclusive finance, and consistency with the existing financial consumer protection framework. In addition, they will examine inspection, sanctions, and indemnity issues related to promoting inclusive finance, and, in line with discussions on regulation and institutional improvements in other subcommittees, review the scope and methods of indemnity for inclusive finance.
In the asset-building sub-subcommittee, it will discuss financial education for vulnerable groups, support for youth asset building, and lifecycle asset management so that asset-building opportunities arising from financial development do not concentrate in certain segments and instead do not act as a factor widening disparities.
The supervisory oversight subcommittee will prepare measures through one to two discussions a month and will announce them sequentially at the Inclusive Finance Grand Transition meeting.