Seoul: The Financial Services Commission (FSC) was set to hold a temporary meeting later Wednesday to recommend the new chief of the country's financial watchdog, a government source said. "A temporary FSC meeting will be held later in the day, in which participants are expected to discuss recommending a new governor of the Financial Supervisory Service (FSS)," the source said.

According to Yonhap News Agency, in South Korea, the FSS governor is recommended by the FSC chairman and later appointed by the president. The position has remained vacant for the past two months since the former FSS governor, Lee Bok-hyun, finished serving his three-year term in June.

Hong Sung-kook, a former lawmaker of the ruling Democratic Party, and Sohn Byung-doo, the former chairman of the Korea Exchange, South Korea's main bourse operator, have been mentioned as potential candidates.