New FSC Chairman Shin Je-Yoon officially takes office today. Mr. Shin, who served as the Vice Chairman of the FSC from April to September 2011, has returned to the FSC as new Chairman in one and a half years since he left the FSC to serve as the Vice Minister of the Ministry of Finance and Strategy (MOSF).
In his inaugural speech, Chairman Shin set four policy goals. First, he emphasized that the FSC should make Korea’s financial system resilient against crisis. Second, financial industry should be further advanced to support innovative businesses and investments. Third, the FSC will make Korea’s financial industry more competitive so that the industry could serve as a growth engine for Korea’s economy. Last, he stressed the importance of ‘financial inclusion’ through credit recovery programs and stronger consumer protection.
Chairman Shin has been with the Ministry of Strategy and Finance since 1982, and held various positions, especially in the fields of domestic and international finance. Most recently, during the year of 2010, he served as the chair for G20 Deputies Meeting, and played a pivotal role in addressing global issues including financial safety nets, IMF reforms and global imbalances. In 2008, he greatly contributed to shielding Korea from the global financial crisis through Korea’s currency swap arrangements with the U.S, Japan and China. Mr. Shin has been dedicated to regional financial cooperation, and his efforts culminated in the establishment of the Chiang Mai Initiative Multilateralization (CMIM) in 2008 among ASEAN+3 countries.
Previously as the Director General for the International Finance Bureau from 2007 to 2008, Mr. Shin was in charge of monitoring foreign exchange market in Korea, and ensuring stability in financial markets. His efforts led to sovereign credit rating upgrades by international credit rating agencies. Between 2005 and 2007, he was the chief financial sector delegate for the Korea-US FTA negotiations, and he also served as Secretary to the President for National Economic Affairs in the Office of President.