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Seoul Center for Financial Sector Development

The Seoul Center for Financial Sector Development (Seoul Center) was established in 2012 through a partnership between the Ministry of Economy and Finance, Republic of Korea and World Bank Group’s Finance, Competitiveness and Innovation Global Practice. The Seoul Center is located at the World Bank Group Office in Republic of Korea and delivers technical assistance and advisory services to develop and strengthen financial systems in East Asia and the Pacific. In addition to funding technical assistance, Seoul Center enhances World Bank Group’s development approach by sharing and leveraging Korea’s financial sector development experience through Korean institutional partners.

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OBJECTIVES

The objective for Seoul Center for Financial Sector Development is to improve and develop financial sectors in the East Asia Pacific region by delivering better technical assistance and advisory services. The Korea Trust Fund for financial sector development provides financing for activities clustered around the following themes.

  • Monitoring and addressing systemic risk and vulnerabilities
  • Building resilient financial institutions and financial infrastructure
  • Aligning legal, regulatory, and supervisory frameworks with international standards
  • Improving resolution regimes and policies, enhancing crisis preparedness and strengthening financial safety nets
  • Supporting financial integrity initiatives
  • Fostering capital markets and other long-term finance
  • Promoting innovative financial products and services

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.

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Country / Region

Program

Grant

Project Complete

Development Objectives

Indonesia

Crisis Simulation Framework

 

$314K

Mar 2014

To contribute to the promotion of a sound and stable financial sector in Indonesia through improved capacity of financial authorities to prevent, manage, and resolve financial crises

China

Financial Reform Strategy Report

 

$470K

Feb 2014

To design and implement far-reaching and fundamental financial reforms to China’s financial system

China

Financial Consumer Protection & Financial Literacy

 

$457K

Aug 2015

To support the Chinese authorities in setting up an effective Financial Consumer Protection &Financial Literacy system in China

Thailand

Solvency Modernization & Risk-Based Capital

 

$399K

May 2015

To assist the financial authorities to improve risk-based supervision and dynamic solvency regimes for insurance, including the legal/regulatory framework, tools, and market practices

Papua New Guinea

TA to the Implementation of Financial Competency Survey

 

$475K

Nov 2015

To assist the PNG financial authorities to develop a baseline for understanding the financial capability of the PNG population

Mongolia

Capital Market Development TA

 

$366K

Dec 2015

To support the Mongolian authorities in developing robust deep capital markets

Regional

East Asia Regional Financial Integration

 

$385K

Oct 2015

To support economic growth and poverty reduction through the expansion of investments and financing under the ASEAN agenda of financial integration

China

Evaluation System for Consumer Financial Education

 

$217K

Dec 2015

To assist the Chinese financial authorities to develop a system for evaluating the effectiveness of consumer financial capability programs

ASEAN member countries

National Risk Assessment ASEAN

 

$608K

Nov 2017

To help ASEAN countries improve the effectiveness of detecting and preventing financial crimes and illicit financial flows

Global

Basel II Pillar 2 Implementation

 

$308K

Jun 2018

To develop a study for the use of banking supervisors based on a sample of client jurisdictions to understand the effectiveness of their Basel II implementation

Vietnam

Capital Markets and NBFI Development (PA)

 

$1.4M

Jun 2018

To support the Vietnamese financial authorities to leverage capital markets and Non-Bank Financial Institutions for economic development

Myanmar

Scaling up Financial Services for the Poor (PA)

 

$4.7M

ongoing

To help increase access to financial services by the poor in Myanmar through a wide range of advisory services

Cambodia

Financial Sector Development TA (PA)

 

$1.4M

ongoing

To support the Cambodian financial authorities in core areas of financial sector modernization and reform

Mongolia

Financial Sector Development Support (PA)

 

$2.4M

ongoing

To support building a sound, diversified, and inclusive financial system for Mongolia through a wide range of advisory services

Philippines

Financial Development and Inclusion (PA)

 

$550K

ongoing

To support the Philippines’ development of the financial system and financial inclusion 

Lao PDR

Financial Sector Development (PA)

 

$1.3M

ongoing

To promote the development of a more stable and efficient financial sector in Lao PDR through advisory services

Regional

Case Studies in De-Risking

 

$145K

ongoing

To promote the development of a more stable and efficient financial sector in Lao PDR through advisory services

 





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Our Team

Sameer Goyal

Program Manager, Seoul Center for Financial Sector Development