Chairman Chin’s day at Gwangju with SMEs

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FSC’s Chairman Chin Dong Soo visits SMEs at Gwangju’s Pyeong-dong Industrial Complex

Today we follow FSC’s Chairman Chin Dong Soo to the Pyeong-dong Industrial Complex in Gwangju, Jeollanam-do Province. For those who are unfamiliar with the geography of Korea, Jeollanam-do is located south-west of the Korean Peninsula.

He met with the CEOs of SMEs, the CEO of Kwangju Bank and officials from the Small and Medium Business Administration (SMBA), Financial Supervisory Service (FSS), Korea Credit Guarantee Fund (KODIT) and the Kibo Technology Fund (whew, that’s a lot of people!).

Chairman Chin heard from the SMEs on any finance-related problems they had. The government (FSS, SMBA), regulator (FSS), credit guarantee agencies (KODIT, Kibo) and Kwangju Bank discussed measures to support SMEs.

The Chairman directed state-run banks (KDB, IBK) to provide 2 trillion won in “Special Chuseok* Funds” (a holiday gift?) to SMEs to alleviate any difficulties in funding and encouraged commercial and regional banks to provide adequate capital to companies in time for the Chuseok holidays.

Additionally, the Chairman visited the Kwangju Bank’s Pyeong-dong Industrial Complex branch and encouraged its employees.

* Chuseok is Korea’s version of Thanksgiving. This year, Chuseok falls on October 2-4.

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About FSC Korea
The Financial Services Commission has been established for the purpose of protecting the integration of Korea’s financial markets by promoting sound credit system and fair business practices. To this end, the FSC serves as a consolidated policy making body for all matters pertaining to supervision of the financial industry as a whole. To raise the efficiency, the posts of the FSC Chairman and the FSS Governor were separated on March 2008 for clear distinction between policy-making and execution of financial market supervision

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