SEOUL, April 9 (Korea Bizwire) — South Korea’s financial regulator said Thursday that Internet-only banks are expected to be launched in South Korea in 2015 as it is working on detailed measures to encourage big name IT firms like Naver and Daum Kakao to invest in the online banking industry. Under the current financial laws, a [...]
“Fintech can help the financial industry boost competitiveness and give a boost to the national economy. I will keep collecting ideas from the fintech sector and looking for restrictions to remove.” “Local financial rules mainly address the offline financial market and fail to keep up with fast-changing online, mobile financial trends. I will change the [...]
SEOUL, March 13 (Korea Bizwire) — South Korea’s financial watchdog has imposed sanctions on relatives of big name companies and celebrities for engaging in illegal foreign exchange trading worth US$40 million, officials said Friday. The Financial Supervisory Service (FSS) decided to issue warnings against 39 individuals including LG Group Chairman Koo Bon-moo’s sister and Lee Soo-man, the [...]
SEOUL, Jan. 30 (Korea Bizwire) — The Financial Services Commission (FSC) has ranked CitiBank and Standard Chartered low on the list of the most innovative banks in Korea. According to the FSC’s report on Korean banks’ innovative values in the second half of 2014, revealed on January 28, Shinhan Bank ranked first, followed by Woori Bank and [...]
“This is the time for a new financial support system to create an environment in which innovative firms and financial service providers can grow together. Currently the funding volume for small business operators is 496 trillion won, of which 5.2 percent [about 26 trillion won] is taken up by technology financing firms. I will make [...]
SEOUL, Nov. 19 (Korea Bizwire) – The Financial Services Commission announced on November 18 its financial plan for the two Koreas’ reunification called “Korea’s Reunification & Financial Policy Task.” The Unification Finance Task Force, teamed up with the Ministry of Strategy and Finance, the Ministry of Unification and other research institutes, have studied for the last [...]
SEOUL, Oct. 28 (Korea Bizwire) – Operators of infrastructures such as bridges, tunnels, railroads and subways as well as establishments hosting a number of people including hospitals, multipurpose venues and educational institutes should buy disaster insurance policies, most of which are currently in an insurance blind spot. The Financial Services Commission announced on October 27 that [...]
SEOUL, Oct. 28 (Korea Bizwire) – Consumers in South Korea can now enjoy banking and securities services in one sitting. The Financial Services Commission announced on October 24 that it would allow banks to provide banking and securities services at the same time, as a follow-up to a plan to lift financial regulations reported last July. [...]
![[Quote] Regulations on Electronic Financial Service Market to Be Eased](http://koreabizwire.com/wp/wp-content/uploads/2014/10/mobile-payment_kobizmedia_KoreaBizwire-800x728.jpg "[Quote] Regulations on Electronic Financial Service Market to Be Eased")
“If the limitation on the amount of money received through Bank Wallet Kakao is due to the national regulation, I’ll try my best to lift it.” “It is expected that the future e-commerce industry is going to be led by non-financial companies. Therefore, the tight regulations on electronic financial transactions must be eased.” “Security programs [...]
SEOUL, Oct. 3 (Korea Bizwire) — The Financial Services Commission gave an advance legislation notice of an amendment to the Depositor Protection Act. The amendment stated that it would offer protection worth up to 50 million won per person to retirement pensions separately from regular financial products starting at the end of this year. Until now, [...]