Shin Jin-chang has been appointed as the new Deputy Chair of the Financial Services Commission (FSC). Although there was speculation about the possibility of an external appointment, the decision to promote from within has been viewed as a move to ensure policy continuity and organizational stability. In his inaugural remarks, Shin emphasized the importance of financial market stability and cooperation among related agencies. Addressing employee concerns regarding the FSC's relocation to Sejong has also emerged as a significant task.
On October 16, President Yoon Suk-yeol appointed Shin Jin-chang, who previously served as the Secretary General of the FSC, to the position of Deputy Chair. This appointment follows the transition of former Deputy Chair Kwon Dae-young to the Ministry of Economy and Finance as First Vice Minister.
Shin is a seasoned financial bureaucrat with extensive experience in financial policy, the financial industry, and consumer finance. Born in 1970 in Geumsan, Chungcheongnam-do, he graduated from Seoul National University with a degree in business administration and entered public service after passing the 40th National Civil Service Examination. He has held various positions within the FSC, including Director of Consumer Finance, Director of Small and Medium Enterprises Finance, Director of Financial Policy, and Director of the Financial Industry Bureau.
During his tenure as Director of the Financial Industry Bureau, he promoted the simplification of claims for real insurance and the establishment of online and one-stop refinancing infrastructure. As Director of Financial Policy, he was responsible for managing household debt and stabilizing the real estate market. After the inauguration of the Yoon administration, he was dispatched to the National Planning and Coordination Committee to participate in designing the new government's financial policies.
Shin has risen to the Deputy Chair position approximately one year after his promotion to Secretary General. Within the FSC, he is regarded as a 'small giant' known for his rich policy ideas and strong execution capabilities.
This appointment is also noteworthy for addressing the backlog of senior personnel appointments within the FSC. The internal promotion instead of an external appointment opens up possibilities for subsequent personnel movements and promotions at the director level, particularly concerning the now-vacant Secretary General position.
During a visit to the press room, Shin stated, "I will strive to maintain the continuity of existing financial policies while focusing on financial market stability and cooperation among related agencies." He specifically noted, "Given the recent hacking incidents in the banking sector and various issues across multiple industries, there are many matters requiring cooperation, so I will actively work on connecting and coordinating among agencies."
Regarding the FSC's relocation to Sejong, Shin acknowledged the significant concerns among employees. He remarked, "Initially, everyone is surprised and worried. It is important to effectively communicate and reflect what our employees want to the Ministry of Land, Infrastructure and Transport, the Ministry of Personnel Management, and the Ministry of the Interior and Safety."
Shin also identified the uncertainty surrounding the relocation of the Financial Supervisory Service (FSS) as a future challenge. He stated, "It is still undecided whether the FSS will move, which creates uncertainty. Once the physical arrangements for the FSC and FSS are determined, we need to consider how to alleviate market concerns."
* This article has been translated by AI.
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