Download
AMCHAM urges reforms to position Korea as
global financial hub
By Jeon Ji-woo,
The Korea Herald - The American Chamber of Commerce in Korea said Wednesday it
has released a special report outlining policy recommendations to boost
regulatory competitiveness and support the country’s ambition to become a
global financial center.
“Korea’s
Financial Hub Agenda” is part of AMCHAM’s broader push to position Korea as a
leading business hub in the Asia-Pacific region. The report assesses regulatory
gaps in the banking and securities sectors against global standards.
Drawing on
input from major US financial institutions operating in Korea, the report
identifies 39 regulatory issues, including 15 cross-sector, 13 banking and 11
securities-related concerns. Of these, 10 were flagged as priority reforms
requiring immediate action.
Key
recommendations include increasing regulatory flexibility to align with global
business models, modernizing IT rules to support AI-driven innovation,
improving interoperability with global financial systems, streamlining market
access and licensing, and enhancing regulatory transparency.
The report
also calls for reforms to IT network separation and cloud regulations, updates
to outdated frameworks affecting cross-border financial operations, and
stronger consultation mechanisms to boost investor confidence.
“This report
marks AMCHAM’s first publication focused on the financial services sector and
reflects our continued support for President Lee’s initiative to strengthen
Korea’s capital markets, including the goal of MSCI Developed Market Index
inclusion,” said AMCHAM Chairman and CEO James Kim.
“With the
Kospi recently surpassing 6,000, Korea is showing strong momentum as a
potential regional financial hub,” he added. “Sustaining that momentum will
require closer alignment with global standards and a more attractive, reliable
regulatory environment for international investors.”
Source: https://www.koreaherald.com/article/10702440?ref=naver
