Financial authorities are set to pave the way for the stock brokerage sector to focus on exports of infrastructure for capital market operations, the chief supervisory official said on Monday.
“Advancement into foreign countries is an unavoidable choice as the domestic market is saturating,” Financial Services Commission head Shin Je-yoon told a group of chiefs of lobby groups for the securities and accounting industry.
Shin said policymakers planned to carry out the policy under which Korea would provide some Asian emerging markets with its infrastructure to operate capital markets.
He cited the stock trading system, securities depositary system and securities data processing system as key export-oriented infrastructure.
“Our financial investment field should secure competitiveness in the global market by making use of the infrastructure as a bridgehead for making inroads into the overseas market,” he said.
The top financial regulator reiterated his vision of raising the ratio of the financial industry to the overall economy up to 10 percent within 10 years.
“To attain the goal, there is no doubt that the capital market and financial investment industry should be the pioneers,” he said.
Among the participants were Korea Securities Depositary chairman Kim Kyung-dong, Korea Financial Investment Association chairman Park Jong-soo, Korean Institute of Certified Public Accountants president Kang Sung-won and financial IT solution provider Koscom’s chief executive Woo Joo-ha.
FSC chairman Shin’s remarks came several days after Financial Supervisory Service governor Choi Soo-hyun instructed bank CEOs to push going global.
Choi, the other top regulatory official, said last Thursday that the authorities would seek to ease regulations for commercial banks’ overseas advancement and support business approval in the overseas market through close coordination with local supervisory agencies there.
Mentioning the saturated domestic market, Choi advised the first-tier banking sector to scrap its conventional business methods aimed mostly at Korean households and enterprises.
