Financial Services Commission Archives | Be Korea-savvy
Gov’t Plans to Cut Maximum Legal Lending Rate to 20 pct

Gov’t Plans to Cut Maximum Legal Lending Rate to 20 pct

SEOUL, Oct. 11 (Korea Bizwire) — The government plans to gradually cut the maximum interest rate that private lenders can charge to 20 percent per annum, the financial regulator said Thursday. In a parliamentary audit meeting, Financial Services Commission (FSC) Chairman Choi Jong-ku said the plan is aimed at further easing the financial burdens on [...]

Regulator to Help People Get Back Money Transferred to Wrong Accounts

Regulator to Help People Get Back Money Transferred to Wrong Accounts

SEOUL, Sept. 18 (Korea Bizwire) — The financial regulator said Tuesday it will help people retrieve money mistakenly sent to wrong bank accounts. The move came as the number of erroneous transactions has been on the rise with more people using their smartphones for money transfers. If a person sends money to a wrong account, [...]

Tech Firms Could Become Top Shareholder of Internet-only Bank: Regulator

Tech Firms Could Become Top Shareholder of Internet-only Bank: Regulator

SEOUL, Aug. 21 (Korea Bizwire) — The head of the financial regulator said Tuesday that technology firms could become a top shareholder of an Internet-only bank as the government moves to ease regulations on Web-only banks’ ownership structure. Under the current banking law, a nonfinancial firm is banned from owning 4 percent of voting stocks [...]

Gov’t to Boost Policy Support for Social Impact Investments

Gov’t to Boost Policy Support for Social Impact Investments

SEOUL, Apr. 4 (Korea Bizwire) — The government will increase its policy support for public financial institutions so they can make more social impact investments, officials said Wednesday. Unlike charities or donations, so-called impact investments are aimed at offering funds to small companies or cooperatives for social causes that can generate financial returns. Chairing a [...]

Government Announces Reforms to Boost Fintech Industry

Government Announces Reforms to Boost Fintech Industry

SEOUL, Mar. 21 (Korea Bizwire) — The government has announced a series of reforms to boost the South Korean financial technology industry, which could see brand new products including artificial intelligence-based insurance products introduced. The plans revealed by the Financial Services Commission (FSC) on Tuesday revealed a number of new financial products, including insurance products based [...]

Gov’t Lowers Hurdles into Financial Sector for Specialized Firms

Gov’t Lowers Hurdles into Financial Sector for Specialized Firms

SEOUL, Feb. 6 (Korea Bizwire) — More than perhaps any other business sector, the phalanx of rules and regulations guarding the gates into financial services for new entrants has been imposing, a reality the government has decided to change in order to encourage the emergence of more specialized actors. Financial Services Commission head Choi Jong-gu [...]

Crowdfunding in S. Korea in 2017 Jumps About 60 pct

Crowdfunding in S. Korea in 2017 Jumps About 60 pct

SEOUL, Jan. 24 (Korea Bizwire) — The amount of crowdfunding in South Korea soared about 60 percent last year, data showed Wednesday, signaling the platform grew as an effective financing option for startups. According to the data by the Financial Services Commission (FSC), 183 companies raised a combined 27.8 billion won (US$25.9 million) last year, [...]

S. Korea Mulling All-Out Ban on Cryptocurrency

S. Korea Mulling All-Out Ban on Cryptocurrency

SEOUL, Dec. 11 (Korea Bizwire) – South Korea is considering banning all kinds of cryptocurrency transactions in the country as a way to cool down the worldwide craze for digital currencies, the top financial regulator said Monday. “I don’t see bitcoin transactions as financial deals,” Financial Services Commission (FSC) Chairman Choi Jong-ku said in a luncheon meeting with reporters. ”They are not institutionalized [...]

Government to Pay Off Debts for Low-Income Earners

Government to Pay Off Debts for Low-Income Earners

SEOUL, Nov. 30 (Korea Bizwire) – The government will reimburse debts for nearly 1.6 million people to give a second chance to those haven’t been able to escape the debt trap for over a decade. According to the Financial Services Commission (FSC) on Wednesday, up to 6.2 trillion won will go towards the principal balance of [...]