Chairman Shin visited Australia and Hong Kong from September 30 to October 2. It was his first business trip abroad since he took office as FSC Chairman. Throughout his trip, he held meetings with financial regulators and executives of global financial firms to gather ideas and suggestions in establishing visions for further development of Korea’s financial sector.
In Australia, Chairman Shin introduced big picture of development of Korea’s financial industry to Australian financial firms’ executives and discussed policy implications we can learn from Australia’s case. Australia’s asset management sector takes up 20% of the country’s financial service industry, second biggest sector after the banking industry. In particular, Australia’s retirement pension market is one of the most advanced markets in the world with 75% market share out of its entire asset management sector.
In Hong Kong, he held a meeting with senior executives of global financial firms responsible for Asia-Pacific regions to listen to their opinions and advice in how the government could more effectively support domestic financial firms going overseas.