Illustrative image (Source: Internet) Seoul (VNA) - 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.
According to the country’s Financial Services Commission (FSC), the expansion in ASEAN countries has been one of the three major strategies for the RoK’s fifth master plan.
This is the first time the RoK has emphasised ASEAN in its plan.
"As the target of our outbound strategy, the emerging ASEAN economy has received growing attention," the FSC said in a press release.
"Among the 27 foreign branches that Korean financial firms set up last year, 13 were located in ASEAN member countries, such as Vietnam, Indonesia and Singapore."
Earlier in December 2019, the Korea Capital Market Institute (KCMI) advised the FSC to focus on the ASEAN market to satisfy demands for financial services in the region which has emerged as an alternative global supply chain to China./.
VNA
