Thank you and farewell Chairman Shin

Mr. Shin Je-Yoon officially stepped down from the chairmanship of on March 13, 2015 as the president named new leadership for the FSC.

During the last two years since taking office in February 2013, Mr. Shin committed his body and soul to make Korea a global financial powerhouse. Numerous financial policy visions and initiatives he pushed forward will be remembered as outstanding financial achievements of the incumbent administration. A debt restructuring program for the financially-marginalized, Happiness Fund and the Growth Ladder Fund to finance innovative start-ups were launched in 2013. In the following year, he set out detailed plan to strengthen competitiveness of the financial industry, a so-called ’10-10 Value Up Plan’. In particular, the Happiness Fund is being praised as the most successful microfinance policy, reaching out helping hands to more number of financially vulnerable people than the initially set target.

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Mr. Shin is the type who rarely sits on his desk doing paper administration and bureaucratic procedures. Whenever time allows, he went out of his office to visit and listen to what merchants, businessmen, and financial consumers have to say about the current financial system. With the recognition that the current red tapes in the financial sector are hampering development of Korea’s overall financial industry and economy, he announced a massive financial regulatory reform based on opinions and ideas raised during numerous talks with the people at the forefront of the economy. More than 700 regulations were repealed or improved out of 1,700 shortlisted for improvement. Such effort is still on-going as the government has embarked on its plan for the second round of financial regulatory reform in 2015.

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His responsibilities are not limited to domestic financial issues. Representing the Korean government, he has also been very actively performing in the global financial arena. He has always been on the international negotiating table such as the G20. Moreover, he was appointed as the President of the Financial Action Task Force(FATF), a authoritative international organization combating terrorist financing. Even after resigning from the FSC Chairman, he will serve the FATF presidency until June, 2016 and continuously take part in eradicating money laundering and terrorism financing.

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His chairmanship in the FSC hadn’t always been smooth and calm. He was challenged with various large scale financial incidents and accidents such as the savings bank, financial data leak, Tong Yang securities, and KB financial incidents. However, as always, Mr. Shin boldly and swiftly responded to those challenges due to which such accidents failed to spill over to the entire financial system. Instead, Korea’s financial system became even stronger and more resilient to external and internal risks compared to the past.

Despite wholehearted efforts, Mr. Shin wasn’t able to accomplish his long-cherished dream of Woori privatization. Since taking office, he firmly mentioned that he will complete Woori privatization task with the announcement of the privatization plan for Woori Finance Holdings. He succeeded in selling regional bank and brokerages units, however, sale of Woori Bank, the largest unit, was handed over to the succeeding chairman.

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Mr. Shin started his career with the government in 1980. Since then on, he has filled key posts taking charge of important economic and financial matters. He was named as the fourth Chairman of the FSC in March 2013.

The incoming Chairman of the FSC is Mr. Yim Jong-Yong, a former CEO of the Nonghyup Financial Group. Prior to that, he served as the Presidential Economic and Financial Secretary and minister of the Prime Minister’s Office

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