FSC Strengthens Financial Cooperation with Vietnam and Australia... High-Level Talks on Joint Advancement in Finance and Real Economy

Cooperation on Korea-Vietnam Financial Centers and QR Payment Integration
Discussions on Financial Stability, AI, and Pension Collaboration with Australia

Financial authorities have held consecutive financial cooperation forums with Vietnam and Australia, agreeing to strengthen collaboration in the financial sector through high-level communication. They also visited Korean financial companies and enterprises operating locally to listen to their challenges and discuss measures to further expand joint advancement of financial and real economic sectors.

According to the Financial Services Commission (FSC) on July 19, Park Minwoo, Standing Commissioner of the Securities and Futures Commission at the FSC, visited Ho Chi Minh City, Vietnam, and Sydney, Australia, from July 13 to 16. During the trip, he attended the Korea-Vietnam and Korea-Australia Financial Cooperation Forums and held discussions with local financial companies and enterprises.

On July 13, Park attended the Korea-Vietnam Financial Cooperation Forum held in Ho Chi Minh City. This forum was a follow-up to the summit held in April, with the aim of further strengthening financial cooperation between the two countries.

The forum focused on development strategies for financial hubs and financial cooperation agendas. Korea shared its policy experiences from Seoul (Yeouido) and Busan (Munhyeon)—the country’s key financial centers—as reference points for the creation of international financial centers in Ho Chi Minh City and Da Nang, Vietnam. Both sides agreed to continue exchanging views on future development directions.

In addition, the forum reviewed the progress of financial cooperation initiatives discussed at the April summit, including QR payment integration (KFTC) and the export of a Korean-style non-performing loan (NPL) resolution system (Korea Asset Management Corporation), and discussed ways to expand collaboration.

At the Korea-Australia Financial Cooperation Forum held in Sydney on July 15, high-level talks took place under the theme of “Financial Stability and Long-term Financial Security,” covering topics such as housing finance, pensions, and the use of artificial intelligence (AI). Standing Commissioner Park met with James Kelly, Deputy Secretary of the Australian Treasury, and Therese McCarthy Hockey, Deputy Chair of the Australian Prudential Regulation Authority (APRA), to discuss policy cooperation on strengthening the stability and resilience of the financial system. Both sides agreed on the importance of preemptive measures such as macroprudential policies and stress testing, and decided to maintain close communication between their respective financial authorities.

Park also held discussions with Korean financial companies operating in Australia to hear about their local operations and challenges. Participants explained that Australia’s large-scale infrastructure investments are increasing the demand for supporting funds. Korea Development Bank has applied for a banking license with local financial authorities to transition its Sydney office into a branch. The establishment of this branch is expected to expand policy finance support for the local operations of Korean companies.

Additionally, Commissioner Park visited Samsung C&T, which is working on renewable energy infrastructure projects in Australia, and POSCO International, which is engaged in natural gas production, to check the status of their local business operations.

Commissioner Park emphasized, “It is crucial to secure new growth engines for our economy in the global market by promoting the overseas expansion of our financial sector, in line with the expanding global reach of Korean businesses. Productive finance is a transnational policy agenda.”

This content was produced with the assistance of AI translation services.