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Seoul will improve conditions for foreign financial instutions
By Korea HeraldPublished : July 20, 2016 - 13:44
[THE INVESTOR] Seoul will review the country’s financial industry environment for any shortcomings vis-a-vis global standards, Financial Services Commission Vice Chairman Jeong Eun-bo said on July 20.
“(The financial authorities) will review whether there are elements in (South Korea’s) financial environment that fall short of global standards,” Jeong said at a meeting the chiefs of foreign financial institutions’ South Korean operations, saying that concerns are growing over their decision to reduce operations here.
“(The financial authorities) will review whether there are elements in (South Korea’s) financial environment that fall short of global standards,” Jeong said at a meeting the chiefs of foreign financial institutions’ South Korean operations, saying that concerns are growing over their decision to reduce operations here.
Jeong also said that a taskforce for improving conditions for foreign FIs will be set up to ensure that regulatory changes can lead to cost reduction for them.
By Choi He-suk (cheesuk@heraldcorp.com)
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Articles by Korea Herald
