Financial Services Commission Chairman Kim Byeong-hwan is speaking at the monthly meeting of Financial Services Commission reporters held at the Seoul Government Complex in Jongno-gu, Seoul on the morning of October 30. Newsis
In just one year and five months since the launch of the bank’s loan transfer service, 290,000 people have transferred loans worth 16 trillion won and enjoyed interest savings.
On the 10th, the Financial Services Commission announced the financial sales performance and future plans of the Yoon Seok-yeol government. According to the announcement, since the inauguration of the Yoon administration, significant results have been achieved in stabilizing the financial market at an early stage and relieving the people’s financial burden through bold market stabilization measures worth more than 50 trillion won and promotion of people’s livelihood financing such as interest refunds for small business owners.
In particular, since the introduction of the ‘one-stop loan change’ service in May last year, a cumulative total of 290,000 people have changed their loans worth KRW 16 trillion to a lower interest rate by the end of last month. The average loan interest rate fell by about 1.53% points, resulting in a savings of about 1.76 million won per person per year in interest.
Starting next year, the prepayment fees charged by banks will be lowered. Mortgage loans are scheduled to fall by half from the current 1.2-1.4% to 0.6-0.7%, and credit loans are scheduled to fall by half from 0.6-0.8% to 0.4%. The fee burden is expected to be reduced from 300 billion won to 150 billion won.
The Youth Leap Account was also launched to help people build their assets. As of the end of October, the Youth Leap Account has established itself as a representative youth savings product, with approximately 1.53 million people signing up.
In addition, it has decided to completely abolish financial investment income tax, and is promoting the expansion of tax-exempt limits and payment limits for the Individual Asset Management Account (ISA), an all-purpose account for asset formation, and the establishment of a domestic investment-type ISA. In addition, in order to establish a management culture in which companies strive to increase their corporate value, they are promoting corporate value-up as a key policy task in the capital market, such as expanding value-up disclosure, providing tax support, and launching a value-up exchange-traded fund (ETF).
In order to resolve Korea’s discount, 68 companies (as of the 7th) participated in corporate value-up disclosure, including 38 companies making main disclosures and 30 companies making advance announcements as a result of the implementation of corporate value-up support policies. Additionally, from the beginning of this year until last month, share repurchases increased by 109% and cancellations increased by 228% compared to the same period last year.
Through the recently launched Virtual Asset Committee, the Financial Services Commission plans to discuss in earnest ways to improve additional systems, such as issuing corporate real-name accounts, establishing a stable coin discipline system, and regulating business entry and sales activities.
Reporter Hyun Jeong-min mine04@segye.com
Source: www.segyebiz.com
