FSC chief visits Poland to bolster financial cooperation
Financial Services Commission (FSC) Chairman Kim Joo-hyun embarked on his visit to Poland on Sunday, with the objective of strengthening bilateral financial ties between the two nations. This marks the inaugural official visit by the head of Korea’s premier financial regulatory body to Poland.
According to the FSC on Sunday, Kim is scheduled to hold talks with his counterpart from the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego or KNF) on Monday, marking the first high-level meeting between the financial authorities of the two countries.
The FSC explained that the chairman intends to underscore the firm determination and commitment of both the Korean government and the Korean financial sector to offer robust support for potential largescale bilateral cooperation projects between the two nations. These projects span a wide range of areas including defense, nuclear power, infrastructure, and more.
The top financial regulator emphasized that the recent amendment to the law on the Export-Import Bank of Korea in late February, which raised the state-run bank’s capital limit to 25 trillion won ($18.5 billion) from the previous 15 trillion won, exemplified the Korean government’s dedication to enhancing collaborative relations with Poland. This amendment was specifically aimed at legally supporting an arms export deal to Poland, further demonstrating the commitment to strengthening ties with the European country.
“FSC Chairman Kim plans to ask for active cooperation from the Polish financial authorities regarding granting permits to Korean banks’ local presence in Poland. In addition, Chairman Kim aims to propose a swift signing of bilateral memorandum of understanding (MOU) on supervisory cooperation within the first half of this year,” the top financial regulator said.
Currently, working-level officials from both financial authorities are in the process of reviewing the wordings of the MOU draft. The FSC clarified that the MOU encompasses more detailed provisions compared to typical cooperative agreements. These include cooperation on permit examinations, on-site inspections, and measures to combat money laundering.
Later on Monday, Kim, along with representatives of state-run financial institutions and major banks, is scheduled to meet Korean companies that are expanding into Poland across various industries, including defense, batteries, and automotive parts.