First vice finance minister tapped as FSC chief

Financial Services Commission Chairman nominee Kim Byoung-hwan (Yonhap)

First Vice Finance Minister Kim Byoung-hwan has been nominated to lead the Financial Services Commission, South Korea's top financial policy-making unit, the presidential office announced Thursday.

In nominating Kim, the office noted, "With his exceptional insights into finance and macroeconomics, the nominee is well-suited to effectively advance policy tasks such as modernizing the financial industry and ensuring stability in financial markets."

A 53-year-old expert in macroeconomics, Kim studied economics at Seoul National University and began his bureaucratic career in 1994.

At the Ministry of Economy and Finance, he was in charge of major financial policies, including financial markets and economic analysis, and key directorial positions, including with the Commission of Innovative Growth and Planning and the Economic Policy Bureau.

He has notable international experiences, having worked at the Organization for Economic Cooperation and Development and the Inter-American Development Bank.

After President Yoon Suk Yeol's election in May 2022, Kim joined the transition team's subcommittee and became the presidential secretary for economy and finance in June that year.

Since last August last, Kim has served as the first vice finance minister overseeing macroeconomic policies and taxation.

If appointed, he would be the youngest-ever chairman of FSC.