'Will work to secure budget so legislative goals can be achieved'
A veteran policy expert who passed the civil service exam in the 40th cohort
Led launch of loan-switching infrastructure during tenure as financial industry bureau chief
Shin Jin-chang, the newly appointed vice chairman of the Financial Services Commission, made financial market stability his first priority, pledging to actively communicate with related agencies to that end.
Shin visited the FSC press room at Government Complex Seoul on Friday and said the commission faces a situation requiring heightened attention to financial stability, citing capital market volatility, hacking incidents and an unsettled real estate market. "Close communication with related agencies is more important now than ever," he said.
He went on to say that legislative and budgetary issues would need to be addressed once the regular National Assembly session and national audit conclude. "We must make a strong effort to secure the budget so that the FSC's legislative agenda and planned initiatives can be properly carried out," he said.
Shin also said he plans to convey staff concerns to the Ministry of Interior and Safety ahead of the FSC's scheduled relocation out of Seoul in the second half of next year. "The ministry is listening to opinions from the FSC and other agencies through various channels, so we need to raise our employees' difficulties at that time," he said.
Shin held a meeting with about 150 FSC staff members on Tuesday, shortly after the government announced the relocation plan. "There was not much I could tell them," he said, adding that the session covered how employees should continue their existing work and touched on the need for organizational culture to evolve alongside a changing environment.
On whether the Financial Supervisory Service would also relocate, Shin said uncertainty remains given that no decision has been made. "Once it is determined what happens to the FSC and the Financial Supervisory Service, we will need to think carefully about how to prevent the market from becoming concerned," he said.
Shin is widely regarded as one of the FSC's foremost policy experts. Born in Geumsan, South Chungcheong Province in 1970, he graduated from Seoul National University with a degree in business administration and entered public service through the 40th cohort of the civil service examination.
He built expertise in inclusive finance as head of the household finance division and the small financial institutions division, and later led the launch of a loan-switching infrastructure — allowing borrowers to freely refinance — as well as an insurance comparison service during his tenure as head of the financial industry bureau. He subsequently served as head of the financial policy bureau and as secretary general, two of the FSC's most senior positions.
hyuk@heraldcorp.com
