Seoul: The new governor of the Financial Supervisory Service (FSS) announced on Thursday the financial watchdog's commitment to providing funding to small and venture businesses, alongside a zero-tolerance policy for any activities that disrupt market order.
According to Yonhap News Agency, Lee Chan-jin, in his inauguration speech, emphasized the introduction of a co-prosperity index and the establishment of a venture capital fund aimed at expanding funding opportunities for small and venture businesses. Lee highlighted the FSS's dedication to facilitating smooth access to growth capital for these companies through market mechanisms.
The co-prosperity index is designed to measure the degree of cooperation and growth-sharing between financial institutions and small businesses, a concept long supported by the small business community. Lee also expressed the FSS's intent to foster innovation within the financial sector, including the adoption of artificial intelligence and the development of the digital asset ecosystem.
In his address, Lee also committed to supporting the implementation of the revised Commercial Act, which aims to enhance the fiduciary duties of corporate directors to protect minority shareholders' rights. Furthermore, he assured a stringent response to actions that could compromise market order and fairness, such as stock price manipulation and misuse of dominant market positions.
Lee Chan-jin was nominated by the Financial Services Commission (FSC) on Wednesday, marking him as the first FSS governor under President Lee Jae Myung's administration. Prior to this, Lee served as legal counsel to the president during his corruption trials. The FSS chief position had been vacant for two months following the conclusion of former chief Lee Bok-hyun's three-year term in June.