RoK emphasises ASEAN’s role in financial hub master plan
Southeast Asia has been defined as the place where the Republic of Korea (RoK)’s financial industry should expand its presence over the next three years to accomplish its plan of becoming an international financial hub in 2022.
Seoul (VNA) - Southeast Asia has beendefined as the place where the Republic of Korea (RoK)’s financial industryshould expand its presence over the next three years to accomplish its plan ofbecoming an international financial hub in 2022.
According to the country’s Financial ServicesCommission (FSC), the expansion in ASEAN countries has been one of the threemajor strategies for the RoK’s fifth master plan.
This is the first time the RoK has emphasisedASEAN in its plan.
"As the target of our outbound strategy,the emerging ASEAN economy has received growing attention," the FSC saidin a press release.
"Among the 27 foreign branches that Koreanfinancial firms set up last year, 13 were located in ASEAN member countries,such as Vietnam, Indonesia and Singapore."
Earlier in December 2019, the Korea CapitalMarket Institute (KCMI) advised the FSC to focus on the ASEAN market to satisfydemands for financial services in the region which has emerged as analternative global supply chain to China./.
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Illustrative image (Source: Internet) 
