[THE INVESTOR] The Financial Services Commission said on Sept.6 it has decided to hold a regular meeting with “all foreign financial companies” in a bid to help resolve their troubles in doing business here.

South Korea’s top financial regulator has held a quarterly meeting with the representatives of foreign firms since March 2014 to collect their views. It involved only those from companies based in countries related to the South Korea-U.S. or South Korea-Europe free trade agreements as well as their embassies in Seoul.

“We have decided to expand the communication channel for constant discussions on tasks to improve business circumstances to meet global standards for foreign financial services firms,” the FSC said in a statement.

In fact, it invited the senior officials from all foreign financial companies operating in South Korea, along with embassy staff, to the latest session held on Sept. 6.

Two dozen firms, including those from China, Japan, Singapore and Australia, as well as several embassies and foreign business lobby groups attended the meeting presided over by Kim Hak-kyun, a standing member of the FSC.

South Korea‘s authorities are on alert over a growing number of foreign firms closing or scaling down their financial operations in the country.

(theinvestor@heraldcorp.com)