Financial Supervisory Service (FSS) Governor Lee Bok-hyun, second from left, listens to a seminar aimed at assisting Korean financial firms' expansion into India, at the FSS headquarters in Seoul, Friday. To his right is Indian Ambassador to Korea Amit Kumar. Courtesy of FSS

The Financial Supervisory Service (FSS) pledged to support domestic financial firms looking to expand into India.

As part of its initial effort, the financial regulator hosted a seminar on Friday in collaboration with the Embassy of India to Korea and Indian financial authorities. The seminar aimed to enhance domestic financial firms' understanding of India's financial market and regulations.

Indian financial entities, including the Ministry of Finance, the Reserve Bank of India, the Securities and Exchange Board of India, and the National Investment and Infrastructure Fund, detailed the characteristics and requirements for foreign financial institutions entering the Indian market.

Additionally, they emphasized improvements in the foreign investment environment and highlighted the strengths of India's market, including the expansion of infrastructure investment.

More than 140 participants from over 50 companies, including the CEOs of domestic financial institutions and executives in charge of overseas operations, actively discussed key topics.

According to the FSS, India has become a leading destination for domestic financial companies looking to expand. Currently, 12 Korean financial institutions operate 25 branches in India, making it the eighth-largest country in terms of branch numbers.

The business outlook in India is also positive. Over the past three years, the total asset growth rate of Korean financial institutions' branches in India skyrocketed from 0.8 percent to 13.6 percent, while net profits rose from $62 million to $88 million.

By the end of August, Korean financial companies had plans to open 11 new branches in India, not only in major cities like Mumbai and New Delhi, but also across the country, including Chennai and Pune.

"The combination of India's abundant resources and workforce with Korea's competitive financial services can establish a new growth foundation for both nations," FSS Governor Lee Bok-hyun said at the seminar.