The Financial Services Commission on November 27, 2013 officially announced the government’s plan to strengthen competitiveness of Korea’s financial industry, or the so-called ’10-10 Value-up’ plan. Chairman Shin Je-yoon proposed ‘3 Missions and 9 Objectives’ in order to equip the financial industry with competitiveness capable of providing decent financial services to consumers.
Top priority tasks such as revising financial regulations or strengthening financial supervision will be completed until the first half of 2014. The FSC will come up with a series of detailed plans in December: to reform PEF regulations (Week 1); to create new demands for financial services in the era of extended longevity (Week 2); and to help innovative technology & intellectual property generate financial values (Week 3). The remaining tasks that the plan proposed will be included to the FSC’s policy agenda for next year.