February, 04 , 2010

Top economic policy makers in Seoul indicated that the country is not in a position where it has to adopt the stringent supervision measures that the United States is imposing on its banking industry, noting that such moves could hamper the sector’s development in Korea.Financial Services Commission Chairman Chin Dong-soo and other officials said the nation’s banking system isn’t as advanced as those in major global financial hubs, signaling that Korea needs to take a different approach in how it regulates banks.

“Korea’s financial industry and environment have their own characteristics that differentiate the country from other advanced nations, so it may not be appropriate to apply all of these global measures directly to our situation,” Chin said in a speech during an economic forum in Seoul yesterday.Chin also indicated that the scale of the financial measures Seoul regulators are envisioning is not as dramatic as the scope of policies the U.S. is adopting for its financial industry.

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