Global investors welcome Seoul's efforts to revamp financial regulations

Global investors have hailed South Korea's latest efforts to revamp its financial regulations, such as the extension of trading hours, pointing out they will help the country attract more investment, the finance ministry said Wednesday.

The assessment came during Finance Minister Choo Kyung-ho's meetings with representatives from major US investors, including Blackstone, the Bank of New York Mellon, and Goldman Sachs, earlier this week in New York on Monday and Tuesday, according to the ministry.

Choo was visiting the US to participate in a string of events including a G20 finance ministers' meeting.

During the meetings, the CEOs of global investment firms said the current situation in the US financial market is different from the crisis in 2008, with its property market remaining stable.

The global investors also expressed their positive view over the economy and the financial market of South Korea, adding that they continue expanding long-term investment in the country, according to the ministry.

The representatives, meanwhile, hinted South Korea will be able to attract more investors seeking to expand their investment portfolio in Asia by making its market more accessible to foreigners.

The officials expressed interest in South Korea's efforts to revamp local financial rules to meet "global standards" and attract more investment, including abolishing the registration system for foreigners, in which they are required to file personal information to the authorities before purchasing local stocks.

South Korea's plan to extend its foreign-exchange trading hours will also help in vitalizing its asset market, the CEOs were quoted as saying by the finance ministry.

Currently, South Korean securities and foreign exchange markets run from 9 a.m. to 3:30 p.m. The country plans to extend the hours to 2 a.m. beginning as early as the second half of 2024.

Choo, meanwhile, will head to Washington on Wednesday to participate in the Development Committee of the World Bank as well as the G20 Finance Ministers and Central Bank Governors' meeting. (Yonhap)