deregulation Archives | Be Korea-savvy
Gov’t to Ease Rule on Recharging Credit at Mobile Payment Platforms

Gov’t to Ease Rule on Recharging Credit at Mobile Payment Platforms

SEOUL, Feb. 7 (Korea Bizwire) — The government plans to ease a rule on recharging credit at mobile payment platforms as it seeks to promote the financial technology sector, an official said Thursday. Currently, people in South Korea can recharge up to 2 million won (US$1,782) at a mobile payment platform, such as Kakao Pay [...]

Cabinet Endorses Bill That Eases Ownership Rule for Internet-only Banks

Cabinet Endorses Bill That Eases Ownership Rule for Internet-only Banks

SEOUL, Jan. 8 (Korea Bizwire) – The Cabinet on Tuesday endorsed a bill that eases ownership rules for Internet-only banks as the government plans to grant approval to more web-only banks this year, the financial regulator said. The bill allows information technology firms, such as Internet portal Naver or gaming firm Nexon, to hold more [...]

Government Relaxes Regulations for Golf Simulation Facilities

Government Relaxes Regulations for Golf Simulation Facilities

SEOUL, Nov. 2 (Korea Bizwire) — The government has decided to loosen regulations regarding businesses that offer sports simulation services to consumers. The government will also encourage investment in the public sector by factoring in investment efforts by public entities in the realm of social overhead capital (SOC). The government held a minister-level meeting presided [...]

S. Korea Seeks to Loosen Regulations to Rev Up Capital Market

S. Korea Seeks to Loosen Regulations to Rev Up Capital Market

SEOUL, Nov. 1 (Korea Bizwire) — The government and the ruling Democratic Party (DP) on Thursday unveiled measures to revitalize the capital market, including helping startups raise funds more easily and easing regulations on private equity funds (PEFs). Government and DP officials held a meeting to discuss ways to rev up the capital market as [...]

Seoul to Ease Regulations on Overseas Remittance, Allow Arrival Duty-free Shops

Seoul to Ease Regulations on Overseas Remittance, Allow Arrival Duty-free Shops

SEJONG/SEOUL, Sept. 27 (Korea Bizwire) — South Korea plans to soften regulations on overseas remittance and allow mega-sized investment banking (IB) firms to issue foreign currency-denominated promissory notes, as part of its effort to push for deregulations, the country’s finance ministry said Thursday. The government also plans to allow duty-free shops at arrival terminals in [...]

Gov’t to Consider Granting 3rd Internet-only Bank Permit

Gov’t to Consider Granting 3rd Internet-only Bank Permit

SEOUL, May 2 (Korea Bizwire) — The government will actively consider granting a license to set up the nation’s third Internet-only bank, as part of its efforts to ease entry barriers to the financial sector, officials said Wednesday. Financial Services Commission (FSC) Vice Chairman Kim Yong-beom unveiled a series of measures to soften regulations in [...]

Gov’t Pushes for Deregulation, Higher Services R&D Spending

Gov’t Pushes for Deregulation, Higher Services R&D Spending

SEJONG, Feb. 7 (Korea Bizwire) — The government said Wednesday that it will seek drastic deregulation and greater spending on research and development (R&D) to raise service sector competitiveness and find a new growth engine. The nation’s service sector needs to be transformed through innovative growth driven by policy backup, thus creating more quality jobs, [...]