deregulation Archives | Be Korea-savvy
FSC Chief Highlights Need to Ease Restrictions Preventing Industrial Businesses from Owning Banks

FSC Chief Highlights Need to Ease Restrictions Preventing Industrial Businesses from Owning Banks

SEOUL, July 19 (Korea Bizwire) — South Korea’s top financial regulator said Tuesday it is necessary to ease a rule that restricts industrial businesses from owning banks, saying that such deregulation could generate mega players like BTS in the financial sector. The government restricts industrial capital from being used to purchase stakes in banks and [...]

Gov’t Unveils Deregulation of High-tech Education, Electric Cars, Healthcare

Gov’t Unveils Deregulation of High-tech Education, Electric Cars, Healthcare

SEOUL, June 13 (Korea Bizwire) — The government unveiled a set of deregulation measures for high-tech education, subsidies for electric cars and healthcare on Monday in line with President Yoon Suk-yeol’s pledge to help the private sector lead economic growth. The measures will ease 33 restrictions on university education in high-tech sectors, state subsidies on [...]

Liquor Vending Machines Aim to Quench Market’s Thirst amid Pandemic, Deregulation Drive

Liquor Vending Machines Aim to Quench Market’s Thirst amid Pandemic, Deregulation Drive

SEOUL, July 30 (Korea Bizwire) – Gulping a can of beer alone after a grueling night shift has been a monthslong ritual for Kim Jae-yeon, a nurse at a general hospital in Seoul, since her favorite watering hole shut down amid the pandemic and the hospital she works at told medical staff to avoid gatherings. [...]

Delivery Services of Alcoholic Drinks, OEM Production to be Available in S. Korea

Delivery Services of Alcoholic Drinks, OEM Production to be Available in S. Korea

SEJONG, May 19 (Korea Bizwire) — South Korea’s finance ministry said Tuesday it will ease regulations on alcoholic drinks, in a bid for local producers to increase their competitiveness against foreign firms. Under the deregulatory move, which is subject to approval from the National Assembly, local firms will be allowed to produce alcoholic drinks under [...]

Arrival Duty-free Shops to Begin Selling Cigarettes from March

Arrival Duty-free Shops to Begin Selling Cigarettes from March

SEJONG, Dec. 26 (Korea Bizwire) — South Korea’s finance ministry said Thursday it will allow arrival duty-free shops to sell cigarettes from March, in a move to promote businesses of arrival shops. The nation’s first on-arrival duty-free shops opened at Incheon International Airport, the country’s main gateway, in May, but the shops had been banned [...]

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 [...]