Yoon & Yang LLC is further expanding its banking & finance and financial regulation practices with Mr. JongKu Choi, a former Chairman of the Financial Services Commission (FSC), joining the firm. In October 2022, Yoon & Yang welcomed the former government official, who brings approximately 40 years of experience, as a special advisor in its Banking & Finance Practice Group.
Prior to joining Yoon & Yang, Choi served as the Chairman of the FSC from July 2017 to September 2019. As the Chairman of the FSC, Choi stabilized household loan growth by introducing the Debt Service Ratio (DSR) Regulation, established innovative financial services, such as Internet banks and financial regulatory sandboxes, and led reforms in FinTech and in other digital financial regulatory areas. In addition, he is considered to have contributed greatly to fostering venture capital and to reforming the accounting system.
Prior to his role as the Chairman of the FSC, Choi served as a Senior Vice Governor of the Financial Supervisory Service (FSS) and the President of Export-Import Bank of Korea. Choi started his career at the Ministry of Economy and Finance (MOEF) where his previous roles included the Deputy Minister for International Affairs and the Director General of the International Finance Bureau.
“With his diversified experience affecting innovative policies across the entire spectrum of financial affairs, the former Chairman JongKu Choi will bring deep and thoughtful understanding of finance and capital markets, and contribute greatly to the broader growth of the financial industry," said Myung Soo Lee, a Managing Partner at Yoon & Yang.
Choi will advise a wide range of clients on all traditional financial issues as well as companies in newly emerging areas, including FinTech and virtual assets.
“The demand for legal advice is increasing as FinTech and platform companies enter the digital financial market. Yoon & Yang provides an excellent platform for financial advice with robust industry expertise to meet this growing demand. I am very much looking forward to working with my new colleagues at Yoon & Yang,” commented Choi on his move.
A leader in the financial and capital market, Yoon & Yang is a home to numerous attorneys that previously worked at the FSS, including and most notably Myung Soo Lee who served as the Inaugural Head of Legal at the FSS. Yoon & Yang's Banking & Finance Practice Group’s recent involvement includes representing leading banks in actions arising out of the large-scale fund redemption suspensions by Lime Asset Management and Optimus Asset Management companies.