SEOUL, Jul. 4 (Korea Bizwire) — The South Korean government is accelerating its efforts to embrace the use of cryptocurrencies typified by bitcoin in the public sector, amid growing demand for digital assets that could replace physical money in the future. Lawmaker Park Yong-jin, a member of South Korea’s ruling Democratic Party, announced on Sunday plans [...]
SEOUL, July 3 (Korea Bizwire) – The Financial Services Commission (FSC) is set to pass a reform bill which will require financial companies to record conversations with vulnerable elderly customers when selling derivative-linked securities, in a bid to address concerns over unscrupulous sales tactics. The FSC’s announcement about the new financial reforms came on Sunday amid [...]
SEOUL, May 30 (Korea Bizwire) – The financial regulator said Tuesday it will apply tighter rules for mortgage loans to all mutual savings institutions starting next month, in the latest step to control fast-growing household debt. The tighter rules, which already have been applied to retail banks and other depository institutions, require borrowers to repay [...]
SEOUL, May 26 (Korea Bizwire) — The government plans to raise 500 billion won (US$447.5 million) in funds to help entrepreneurs at venture startups restart business when they fail, officials said Thursday. In South Korea, a failure in a venture startup often leads to ruin, prompting young entrepreneurs to shun risk-taking, which has been cited [...]
SEOUL, May 19 (Korea Bizwire) – Insurance contract liabilities must be calculated based on current interest rates and provisions from 2021, when a new global accounting rule is introduced in South Korea, financial regulators said Thursday. South Korea is one of more than 100 nations that will adopt the new global bookkeeping standard, or International Financial Reporting [...]
SEOUL, May 15 (Korea Bizwire) – South Korea’s household loans extended by banks rose 9.8 percent in April from a year earlier due to increased mortgages, central bank data showed Monday. Outstanding household loans from lenders came to 718.6 trillion won (US$637 billion) as of end-April, compared with 654.3 trillion won from a year earlier, according [...]
SEOUL, Apr. 6 (Korea Bizwire) — South Korea’s financial regulator on Wednesday confirmed a one-year suspension of new audits by Deloitte Anjin LLC, as punishment for the firm’s accounting irregularities of troubled Daewoo Shipbuilding & Marine Engineering Co. Until April 4 next year, Deloitte Anjin has been barred from signing new audit contracts, the Financial [...]
SEOUL, Oct. 20 (Korea Bizwire) – South Korea will revise a law and administrative regulations on the local banking industry to make it easier for banks here to tap into insurance and investment-related businesses, and open new offices abroad, the financial regulator said Thursday. The move is meant to give local banks more autonomy in [...]
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. 29 (Korea Bizwire) – South Korea will soon begin the process of introducing a full-fledged computer-advised asset management system, the nation’s financial regulator said Sunday. Some brokerage firms here have operated robo-advisors on a limited basis with brokers involved. The Financial Services Commission (FSC) said it plans to first confirm whether the industry [...]