Financial Supervisory Service Archives | Be Korea-savvy
Regulator Extends Samsung Securities Probe Over Dividend Chaos

Regulator Extends Samsung Securities Probe Over Dividend Chaos

SEOUL, April 16 (Korea Bizwire) – The Financial Supervisory Service (FSS) said Monday it has extended its inspection into Samsung Securities over brokerage’s “fat-finger” dividend chaos that shocked the country. The inspection had been completed on Thursday but has been stretched out to April 27 to “figure out special details” of the dividend error, the FSS said in a statement. [...]

South Korean Banks Slammed for Making Profits off Additional Interest

South Korean Banks Slammed for Making Profits off Additional Interest

SEOUL, Oct. 18 (Korea Bizwire) – South Korean banks have been accused of staying off the radar and making profits through high additional interest rates for banking products such as loans, despite government efforts to lower interest rates. According to data from the Financial Supervisory Service (FSS) revealed by lawmaker Park Chan-dae, who is a member [...]

FSS Chief Apologizes over Irregularities in Hiring

FSS Chief Apologizes over Irregularities in Hiring

SEOUL, Oct. 17 (Korea Bizwire) – The chief of the Financial Supervisory Service (FSS) apologized Tuesday over the financial regulator’s alleged irregularities in hiring employees with ties to influential figures, including politicians and bankers. The FSS has been under fire after state auditors found last month that a senior FSS official gave a special favor to some job candidates who are relatives of a then lawmaker and a [...]

South Korean Banks Adopt Simple Identity Verification System for Online Banking After Criticism

South Korean Banks Adopt Simple Identity Verification System for Online Banking After Criticism

SEOUL, Sept. 4 (Korea Bizwire) – An increasing number of South Korean banks are doing away with the country’s official identity verification process, which has long been criticized as ‘too complicated’ and ‘exhausting’, while being encouraged by financial authorities to do away with the excessive use of ActiveX, a software framework often slammed as ‘headache-inducing’. [...]

Banks See Gains in Second Quarter: Citibank Korea Posts Capital Ratio of 18.47 Percent

Banks See Gains in Second Quarter: Citibank Korea Posts Capital Ratio of 18.47 Percent

SEOUL, Aug. 30 (Korea Bizwire) — Banks in South Korea saw their financial health improve slightly in the second quarter of this year helped by modest gains in their profits, the financial regulator said Wednesday. The average capital adequacy ratio of 18 commercial and state-run banks stood at 15.37 percent as of end-June, up 0.23 [...]

FSS Publishes Financial Guidebook for English, Indonesian Speakers

FSS Publishes Financial Guidebook for English, Indonesian Speakers

SEOUL, Aug. 22 (Korea Bizwire) – The Financial Supervisory Service (FSS) said Monday it has published a guidebook on local finance for English and Indonesian speakers so that they can use full and reliable services in South Korea. The Foreign Residents’ Guide to Personal Banking and Finance in Korea contains information on banking, currency exchange, [...]

S. Korea to Allow Fintech Firms to Offer Int’l Money Transfer Services

S. Korea to Allow Fintech Firms to Offer Int’l Money Transfer Services

SEOUL, Jul. 12 (Korea Bizwire) — Financial authorities will give permits to fintech firms to provide international money transfer services for small funds, officials said Wednesday, in a move that significantly reduces commission fees on moving money. About 40 fintech firms are expected to launch international money transfer services from Aug. 15, according to officials [...]

Online Shopping Sites Suffer Consecutive Losses in 2016

Online Shopping Sites Suffer Consecutive Losses in 2016

SEOUL, April 14 (Korea Bizwire) – South Korea’s online shopping site operators continued to report operating losses last year from a year earlier, as more market competition hurt their profitability, regulatory data showed Friday. Coupang Inc. suffered a combined operating loss of 560 billion won (US$490.8 million) in the January-December period of 2016 compared with [...]

Insurance Companies Delay Payments to Families of Suicide Victims

Insurance Companies Delay Payments to Families of Suicide Victims

SEOUL, Aug. 23 (Korea Bizwire) – It has been almost three months since the Supreme Court of Korea ruled that insurance companies must pay the families of suicide victims, but a recent report from the Financial Supervisory Service (FSS), submitted to lawmaker Min Byung-doo (Minjoo Party of Korea), revealed that insurance companies have yet to [...]