SEOUL, Oct. 7 (Korea Bizwire) – South Korea will relax regulations on local banks’ capital to help them improve profitability and raise global competitiveness, the nation’s top financial regulator said Friday. Yim Jong-yong, chairman of the Financial Services Commission (FSC), admitted that banks here are subject to some “excessive” rules including those on loan loss [...]
SEOUL, Sept. 1 (Korea Bizwire) – The government plans to allow financial service companies here to share the personal information of their customers for big data collection purposes while keeping their names and other details undisclosed, the top financial regulator said Thursday. The measure would pave the way for banks, insurers, securities firms, fintech operators [...]
SEOUL, Aug. 30 (Korea Bizwire) – South Korea launched an “open platform” Tuesday to assist financial institutions in developing financial technology, called fintech, a government agency said, adding the system is the first of its kind in the world. It is designed to offer standardized financial transaction programs involving all major banks and securities firms [...]
SEOUL, Aug. 9 (Korea Bizwire) – South Korean investors have been putting a large amount of money in high-return bond funds amid weak economic growth this year, with stock funds suffering a massive outflow, data showed Tuesday. According to the data by fund researcher Zeroin, local investors added a net 5.87 trillion won (US$5.3 billion) [...]
SEOUL, July 13 (Korea Bizwire) – Household loans extended by local banks continued to rise at a fast rate in June, apparently on record low interest rates, central bank data showed Wednesday. Outstanding household loans extended by local lenders came to 667.5 trillion won (US$582.67 billion) as of the end of last month, up 6.6 [...]
SEOUL, July 4 (Korea Bizwire) – The Korean Financial Supervisory Service (FSS) revealed Monday that it will implement a ‘deliberation policy’ in which an investor will be required to take time before making a final decision to invest in high-risk financial products. The policy will take effect as early as this coming August. Currently, citizens [...]
SEOUL, June 30 (Korea Bizwire) – South Korean households are taking out loans at a faster clip than the increase in their income or ability to pay back, suggesting that household debt may cause serious problems down the road, the central bank said Thursday. In a report to the National Assembly, the Bank of Korea [...]
SEOUL, June 22 (Korea Bizwire) – Korea’s Financial Supervisory Service (FSS) revealed Tuesday that it has decided to implement a ‘Paparazzi Policy for Financial Malpractice’, through which informants can receive up to 10 million won ($8,600) in rewards. The policy will be operated until year’s end in order to dissuade unlawful financial activities, and encourage [...]
SEJONG, June 16 (Korea Bizwire) – South Korea said Thursday that it will apply tighter liquidity regulations on foreign exchange reserves to its banking operations starting next year to strengthen the liquidity positions of local financial institutions. The Ministry of Strategy and Finance said that it will introduce the foreign exchange liquidity coverage ratio (LCR) [...]
SEOUL, May 9 (Korea Bizwire) – More than 1,800 jobs vanished from the financial sector in 2015. Financial institutions have downsized their workforces due to weakening profit margins and the increasing ubiquity of fintech and automated branches, which require fewer employees. According to the Financial Supervisory Service (FSS), the number of employees at financial institutions [...]