SEOUL, Aug. 1 (Korea Bizwire) — From next year at the earliest, anyone who is feared for financial loss after an incident of personal information theft will be permitted to change her national identification number. In addition, organizations that are responsible for leaking personal information deliberately or by negligence will have to pay up to [...]
SEOUL, July 1 (Korea Bizwire) – The Korea New Exchange (KONEX) market, the new stock market launched a year ago to foster the growth of tech start-ups and lend support to the government’s “creative economy” vision, will get a boost from measures by the financial regulators. The Financial Services Commission said on June 30 that it [...]
SEOUL, June 19 (Korea Bizwire) – The Financial Services Commission will introduce an independent financial advisory scheme in the second half of this year at the earliest. The scheme has been introduced in Europe earlier than any other regions in the world. As the name suggests, “independent” financial advisors are not affiliated with any financial investment firms [...]
SEOUL, May 21 (Korea Bizwire) – Social security benefits will be enhanced for the self-employed including the independent app developers who have started their own business based on their technical skills but are financially strapped. On May 19, the Ministry of Strategy and Finance, Financial Services Commission, the Small and Medium Business Administration and other [...]
SEOUL, May 20 (Korea Bizwire) – No more certificate of authentication is required to make transactions at online stores. On May 19, the Financial Services Commission and the Financial Supervisory Service announced that online transactions can be made without certificates of authentication which used to be a mandatory procedure for purchases over 300,000 won, starting [...]
SEOUL, May 19 (Korea Bizwire) - The reduction of transaction fees charged by Visa Card and MasterCard to domestic credit card companies sought by the financial authorities of Korea is likely to be postponed to the next year, Yonhap News reported on May 18. Earlier in November last year, Korea’s Financial Services Commission and Financial [...]
SEOUL, Korea, April 14, 2014 (Korea Bizwire) – Beginning in June this year, credit card companies won’t be supposed to require new card applicants to enter their national identification numbers on the card application forms. Given credit card issuers have not found an alternative way to identify customers, however, the companies will be allowed to [...]
Seoul, Korea, April 14, 2014 (Korea Bizwire) – As NH Nonghyup Securities finalized its acquisition of Woori Investment & Securities and is set to be reborn as a behemoth, the securities industry is accelerating its pace of consolidation. Before Woori Investment, Tongyang Securities had been sold and now Hyundai Securities is looking for a new [...]
SEOUL, Korea, Mar 27 (Korea Bizwire) – On March 25, the news that the Financial Services Commission and the Financial Supervisory Service would take follow-up measures to protect personal information arrived in the financial sector. With hundreds of millions of personal information already exposed, financial authorities appear to focus on the damage control. As domestic [...]
SEOUL, Korea, Mar 6 (Korea Bizwire) – All the POS terminals used in commercial establishments that are compatible with magnetic stripe cards will be replaced with IC terminals by the end of this year, as the magnetic stripe cards are known to be vulnerable to personal information theft. In order to enforce the rule forcefully, [...]