South Korea's financial regulator chief on Tuesday reaffirmed South Korea's commitment to creating a favorable environment for global investors as he made a rare trip to Southeast Asia.
Lee Bok-hyun, the chief of the Financial Supervisory Service (FSS), said South Korea will lift its mandatory registration policy for foreign investors, mandate English disclosure for listed companies and expand the scope of extensible business reporting language in financial statements to reduce information asymmetry.
"We'll extend derivatives trading hours so that investors can respond to market conditions in a timely manner and hedge Korean securities during global trading hours," Lee said in an investor relations session in Singapore with senior executives of South Korean financial companies.
He also said South Korea plans to open up the onshore interbank the foreign exchange market to foreign financial institutions, and extend onshore trading hours to cover London trading hours.
In February, South Korea said it will begin opening the foreign exchange market from 9 a.m. to 2 a.m. the following morning on weekdays -- an extension from the current 9 a.m.-3:30 p.m. operating time -- as early as the second half of 2024
"We'll spare no efforts to upgrade the transparency and consistency of the regulation and supervision to create a favorable investment environment for global investors," Lee said.
Also on Tuesday, Lee met with the heads of the financial supervisory services of Thailand, Singapore and Indonesia to discuss ways to improve financial cooperation between the countries, the FSS said, without elaborating.
On Monday, Lee met with the chief of the Bank of Thailand on the first day of his trip and called for the Thai bank's support for South Korean fintech firms trying to expand their businesses in the country.
Before returning home Friday, Lee also plans to meet with Ho Hern Shin, deputy managing director at the Monetary Authority of Singapore and Mahendra Siregar, the head of the Indonesian financial supervisory service.
Source: Yonhap News Agency