The Bank for International Settlements (BIS) has decided to expand its membership to seven countries including Korea to enhance international banking regulations.

The BIS Basel Committee on Banking Supervision’s other new member states are Australia, Brazil, China, India, Mexico and Russia.

The BIS Basel Committee manages banking issues between banks' inspection boards and sets international supervisory standards.

Financial Supervisory Service Governor Kim Jong-chang met with Nout Wellink, chairman of the committee in China, in November to request that Korea be approved as a member.