South Korea's state financial watchdog said Wednesday it opened a "supervisory college" session here with its foreign counterparts from eight countries as part of efforts to strengthen partnerships.

The Financial Supervisory Service has invited a dozen representatives from nine similar organizations in eight nations where Shinhan Bank, a major lender based in Seoul, is operating.

The countries are Japan, China, Germany, India, Cambodia, Kazakhstan, Indonesia and the Philippines.

The gathering, officially called a "supervisory college," is held between a bank's home and host supervisors for effective supervision at the recommendation of the Financial Stability Board and the Basel Committee on Banking Supervision.

Discussions are often held via meetings, conference calls, letters, emails and other communication channels.

"Cooperation and information sharing among the financial supervisory authorities are more important than ever," FSS Deputy Gov. Kim Young-ki said at the outset of the two-day session.

He cited the increased risk factors from radically changing circumstances such as the possibility of the US interest rate hike and growing protectionism. (Yonhap)