To strengthen coordination and cooperative relationship to achieve financial reform, related government bodies* co-established ‘Financial Reform Council’ and held its first meeting on April 1. FSC Chairman will serve as president of the council.
*FSC; Ministry of Strategy and Finance; Ministry of Science, ICT and Future Planning; Ministry of Agriculture, Food and Rural Affairs; Ministry of Trade, Industry and Energy; Ministry of Employment and Labor; Ministry of Land, Infrastructure and Transport; Small and Medium Business Administration; FSS
The main role of the council is to resolve issues related to tax system, foreign exchange, pension, Fintech, overseas business expansion, real estate finance, and microfinance through close coordination. In particular, cooperation among government bodies is more crucial than ever in a time when various phenomena including low rate, aging society, and fast growing IT demand are even more complicating imminent challenges facing the financial industry.
Results of the council will be reported to the Economic Ministerial Meeting for deliberation.