Bank of Korea (BOK)
The Bank of Korea (BOK) is the central bank of the Republic of Korea since 1950. BOK is mandated with pursuing price stability, formulating and implementing monetary and credit policies and issuing currency. BOK also operates and oversees the payment and settlement systems and manages the nation’s foreign exchange reserves.
Financial Services Commission (FSC)
The Financial Services Commission (FSC) is the financial sector regulatory authority of Korea. FSC formulates financial policies, laws, and regulations, and is responsible for licensing of financial entities. FSC was established in 1998 as formerly the Financial Supervisory Commission. Its functional responsibilities are shared among the Securities and Futures Commission (SFC) and subordinate bureaus.
Financial Supervisory Service (FSS)
The Financial Supervisory Service (FSS) is the integrated financial supervisory authority of Korea. FSS is responsible for prudential supervision, capital market supervision, consumer protection, and other oversight and enforcement activities as delegated or charged by the Financial Services Commission (FSC). FSS was established in 1999 by the consolidating four separate sector-based supervisory agencies.
Korea Asset Management Corporation (KAMCO)
The Korea Asset Management Corporation (KAMCO), established in 1962, acts as the country’s economic safety net by supporting management and settlement of insolvent assets, corporate restructuring, and helping to restore the creditworthiness of financially troubled individuals.
Korea Capital Market Institute (KCMI)
Korea Capital Market Institute (KCMI), established in 1997, is a think tank for research and analysis focusing on capital market issues and financial investment businesses.
Korea Deposit Insurance Corporation (KDIC)
The Korea Deposit Insurance Corporation (KDIC), established in 1996, is a quasi-government deposit insurance entity which contributes to the protection of depositors and maintenance of financial stability by providing deposit insurance for troubled banks.
Korea Financial Intelligence Unit (KoFIU)
Korea Financial Intelligence Unit (KoFIU), established in 2001, is the government body responsible for implementing the anti-money laundering system and combating the financing of terrorism (AML/CFT).
Korea Institute of Finance (KIF)
The Korea Institute of Finance (KIF), founded in 1991, is a think tank for research and analysis on all financial sector issues including financial systems, policies, and management.
Korea Securities Depository (KSD)
Korea Securities Depository (KSD), founded in 1974, is the central securities depository (CSD) for Korea’s capital markets. It provides comprehensive post-trade services including clearing and settlement of securities transactions.
Korea Credit Guarantee Fund (KODIT)
Korea Credit Guarantee Fund (KODIT), established in 1976, extends credit guarantee and insurance services for SMEs, and contributes to sound credit order by effectively managing and using credit information.
Ministry of Economy and Finance (MOSF)
The Ministry of Economy and Finance (MOSF) is the government body overseeing the Korean economy. MOSF formulates and coordinates economic and fiscal policies, plans national development strategies, and allocates national budgets. MOSF is also the donor agency that has been generously supporting the WBG’s Seoul Center for Financial Sector Development since 2012, in addition to their many other trust funds for different sectors provided to the WBG.