Financial Supervisory Service (FSS) Governor Lee Bok-hyun delivers a speech during the FSS SPEAKS 2024 at the Federation of Korean Industries tower in Seoul, Thursday. Yonhap

Financial Supervisory Service (FSS) Governor Lee Bok-hyun pledged to enhance Korea's appeal as an investment destination while simultaneously adopting a resolute stance against illegal and unfair practices among market participants.

Lee conveyed this message during his congratulatory speech at FSS SPEAKS 2024, an annual event hosted by the state-run watchdog agency, inviting global financial firms operating in Korea to foster better communication and collaboration.

"The focus of the FSS's annual goal lies in fostering a sound and fair financial environment, while simultaneously striving to position Korea as an appealing market for investments," Lee said during the event held under the banner of "Toward Sound and Fair Finance" at Seoul's financial district of Yeouido, Thursday.

Financial Supervisory Service (FSS) Governor Lee Bok-hyun delivers a speech during the FSS SPEAKS 2024 at the Federation of Korean Industries tower in Seoul, Thursday. Yonhap

Lee also stressed that the FSS will continue to support the effective implementation of the government-led Corporate Value-up Program announced in February. This initiative aims to address the so-called Korea discount — a lower valuation of Korean stocks compared to global peers — by prioritizing shareholder returns and improving transparency in corporate governance.

"The FSS aims to incentivize companies to adopt more shareholder-friendly management practices and to cultivate an environment conducive to investments by efficiently developing capital market infrastructure," the FSS chief said.

Lee also stated that the FSS maintains a flexible stance to address any unreasonable regulations imposed on financial companies operating in Korea. The state-run supervisory agency aims to actively respond to the rapidly changing financial landscape, including digitalization, by adopting an efficient supervisory approach. This strategy is aimed at creating an investment-friendly environment.

"The authorities will boldly enhance or remove excessive and unreasonable regulations, enabling financial companies to fully unleash their creativity and capabilities, thus spearheading innovation," the FSS chief emphasized.

However, he added that the FSS will continue to rigorously penalize illegal and unfair market practices to establish a fair market order, thus creating a financial market trusted by consumers.

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, front row center, stands next to guests at the FSS SPEAKS 2024 at the Federation of Korean Industries tower in Seoul, Thursday. From left in the front row are Japanese Ambassador to Korea Koichi Aiboshi, U.S. Ambassador Philip Goldberg, Lee, Chinese Ambassador Xing Haiming and U.K. Ambassador Colin Crooks. Yonhap

Approximately 230 representatives and employees of foreign financial companies, chambers of commerce, embassies – including the ambassadors from China, Britain, France, India, Italy, Japan, Switzerland and the United States – and relevant agencies including the Seoul Metropolitan Government, Busan Metropolitan City, and Invest Seoul, among others, attended the event. This was the 16th FSS SPEAKS event.

Following a presentation on global economic forecasts by Jason Allford, the special representative of the World Bank Group's Korea Office, foreign financial companies engaged in closed-door sessions with the FSS aimed at providing further insights into the watchdog's directional guidelines and allow participants to freely share their ideas and grievances with the authorities.