Korea moves to ease banks' overseas expansion

Firms with questions about foreign expansion can soon reach out to the FSS.

Korea’s Financial Supervisory Service (FSS) is planning to open a one-on-one consulting service on its website by September that will answer the questions of financial firms seeking to expand abroad, reports The Korea Times.

The number of branches of Korean banks operating abroad reached 431 at the end of 2017, up from 407 in 2016 and 382 in 2013.

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"We will then build a database of our consulting logs with the nation's financial firms. We expect the efforts will help facilitate their advance into overseas markets. Companies will also be able to submit their needs and suggestions via the webpage," Financial Hub Korea (FHK) head Jin Tae-kyoung told The Korea Times.

FHK is a unit under the FSS that promotes Korea as an international financial hub by luring multinational companies and streamlining the expansion efforts of local firms.

"We will closely discuss their suggestions with related departments under the FSS, lowering possible barriers against their advance into overseas markets."

The FSS will also publish an updated report which can be used by domestic firms as a guide to jumpstart their expansion plans.

Shinhan Bank has been actively pursuing its expansion plans as it is planning to open four more branches in Vietnam which will bring its branch network to 30 branches. Woori is also planning to open six more branches in the country within the year.