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South Korea's Financial Commission Introduces CIFO Position, Proposes Inclusive Finance Legislation on July 6

2026-07-06 06:09:46

According to Yonhap Infomax, South Korea's Financial Services Commission held the inaugural meeting of its Inclusive Finance Strategy Task Force on July 6, announcing plans to introduce a Chief Inclusive Financial Officer (CIFO) position within financial institutions and advance legislation to institutionalize inclusive finance practices across the banking sector. The Commission aims to establish a legal framework encompassing inspection, sanctions, and exemption systems to enforce inclusive finance practices as part of corporate governance and supervisory frameworks. The initiative seeks to align inclusive finance with existing financial consumer protection laws and is expected to be discussed at monthly task force meetings.

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