financial regulation Archives | Be Korea-savvy
Financial Regulator Eases Requirements for Regional Lenders to Attain Nationwide Commercial Bank Status

Financial Regulator Eases Requirements for Regional Lenders to Attain Nationwide Commercial Bank Status

SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s financial regulator said Wednesday it will make it easier for regional lenders to become nationwide commercial banks, in a move aimed at promoting competition in the banking sector. “The government announced on July 5, 2023, that it will seek to promote the transition of local banks to [...]

Deregulation Brightens Prospects for Internet-Only Banks

Deregulation Brightens Prospects for Internet-Only Banks

SEOUL, Aug. 8 (Korea Bizwire) — Prospects for Internet-only banks’ expansion received a major boost as President Moon Jae-in pledged to ease some regulations that ban nonfinancial companies from owning more than a 4 percent stake in a lender. Moon reversed his campaign pledge to keep the regulations intact Tuesday as he attended a meeting [...]

Regulator Unveils Steps for Internet-only Banks

Regulator Unveils Steps for Internet-only Banks

SEOUL, Jun. 18 (Korea Bizwire) — South Korea’s financial regulator unveiled a set of measures Thursday aimed at encouraging big name local IT firms to invest in the Internet-only banking industry with a focus on lowering entry barriers and easing related regulations. Under the measures, Internet-only banks will be off limits to the country’s conglomerates, [...]

Regulation on Korean Nationals Disguised as Foreign Investors to Be Toughened

Regulation on Korean Nationals Disguised as Foreign Investors to Be Toughened

SEOUL, Sep. 7 (Korea Bizwire) – From now on, government regulation on Korean nationals investing in the domestic stock market disguised as a foreign investor will be strengthened. In addition, the requirements for financial investment firms to submit accounting audit data with financial regulators will be relaxed while the reentry barriers for financial investment firms [...]