SEOUL, Feb. 3 (Korea Bizwire) — South Korea’s financial regulator said Friday that local credit card firms can introduce Apple Pay, the long-awaited mobile payment service of U.S. tech giant Apple Inc., as they have followed relevant procedures. There have been reports for months that Hyundai Card Co., a local credit card unit of Hyundai [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s financial regulator said Monday it will beef up efforts to revamp the country’s capital market regulations in a way that helps them live up to “global standards” and enhances the protection of shareholders in local equity markets. The plan is aimed at attracting more foreign investment by [...]
SEOUL, Nov. 16 (Korea Bizwire) — South Korea’s financial regulator has announced a plan to establish an online-based replacement loan system to reduce the interest burden of ordinary people who are suffering from the recent increase in interest rates. The Financial Services Commission (FSC) said Tuesday that it will establish the system next year to [...]
SEOUL, Aug. 8 (Korea Bizwire) — South Korea’s financial regulator said Monday state-run policy lenders plan to increase loans with low and fixed interest rates to small firms to help ease their financial burdens caused by high inflation and rising borrowing costs. The Financial Services Commission (FSC) said in a policy briefing to President Yoon [...]
SEOUL, April 28 (Korea Bizwire) — South Korea’s financial regulator said it has decided to toughen its screening of suspicious insurance cases as part of efforts to prevent the excessive disbursement of insurance payouts through overtreatment. The Financial Supervisory Service (FSS) made an advance notice on the revision to the ‘insurance fraud prevention model standards’ [...]
SEOUL, Dec. 5 (Korea Bizwire) — The head of South Korea’s top financial regulator has said he will make continued efforts to bring household debt growth down to pre-pandemic levels, as fast increasing debt has emerged as a major risk that could threaten the country’s economy. Koh Seung-beom, chief of the Financial Services Commission (FSC), [...]
SEOUL, Jul. 26 (Korea Bizwire) — South Korea will lower the maximum legal lending rate to 24 percent from next year and strengthen supervision of private lenders, in a move to help ease financial burdens for desperate borrowers, the nation’s top financial regulator said Wednesday. Choi Jong-ku, the new chairman of the Financial Services Commission [...]
SEOUL, Feb. 7 (Korea Bizwire) – South Korea’s top financial regulator has convened an emergency meeting to intensify monitoring of the local financial market following North Korea’s long-range rocket launch, an official said Sunday. In the meeting, which took place at 11:00 a.m., the Financial Services Commission (FSC) checked the impact of the rocket launch [...]
SEOUL, Sept. 4 (Korea Bizwire) — The head of South Korea’s top financial regulator pledged Friday to lower entry barriers for foreign banks seeking to tap into the local market. “To encourage financial companies to tap into other countries, each country must work to increase the conformity of their local rules with international norms,” Financial [...]
SEOUL, Sept. 6 (Korea Bizwire) – From now on, individual investors with funds below 500 million won (US$488,000) will be able to invest their money indirectly through a private equity fund while establishing private equity fund firms will be made easier. The Financial Services Commission said on September 2 that a revised bill on the capital [...]