Financial Services Commission Chairman Kim Joo-hyun speaks at a meeting held at the Korea Federation of Banks in central Seoul on March 12. Yonhap

Financial Services Commission (FSC) Chairman Kim Joo-hyun embarked on a visit to Poland on Sunday to strengthen financial ties between the two nations.

This marks the inaugural official visit by the head of Korea's premier financial regulatory body to Poland.

Kim is scheduled to hold talks with his counterpart from the Polish Financial Supervision Authority on Monday, marking the first high-level meeting between the financial authorities of the two countries, the FSC said Sunday.

The FSC said that the chairman intends to underscore the firm determination and commitment of both the Korean government and the Korean financial sector to offer robust support for potential large-scale projects between the two nations. These projects span a wide range of areas, including defense, nuclear power and infrastructure.

The top financial regulator added that the late February amendment to the law on the Export-Import Bank of Korea, which raised the state-run bank's capital limit to 25 trillion won ($18.5 billion) from the previous 15 trillion won, demonstrated the Korean government's dedication to enhancing collaborative relations with Poland.

This amendment was specifically aimed at supporting an arms export deal to Poland, further affirming the commitment to strengthening ties with the European country.

"FSC Chairman Kim plans to ask for active cooperation from the Polish financial authorities regarding granting permits to Korean banks' local presence in Poland. In addition, Chairman Kim aims to propose a swift signing of bilateral memorandum of understanding (MOU) on supervisory cooperation within the first half of this year," the top financial regulator said.

Working-level officials from both financial authorities are currently reviewing the wording of the MOU draft. The FSC said that the MOU encompasses more detailed provisions than typical cooperative agreements. These include cooperation on permit examinations, on-site inspections and measures to combat money laundering.

Later on Monday, Kim, along with representatives of state-run financial institutions and major banks, is scheduled to meet Korean companies that are expanding into Poland across various industries, including defense, batteries and automotive parts. The meeting's goal is to hear about their challenges and requests regarding financial support, facilitating a dialogue to address their financial needs effectively.

Kim is also slated to participate in various events jointly organized by the banking and fintech associations of both countries to support strengthened bilateral ties.

On Tuesday local time, the FSC chairman will visit Austria to sign an MOU with the United Nations Industrial Development Organization to support the overseas expansion of Korean financial and fintech companies.