SEOUL, Aug. 13 (Korea Bizwire) — A lawyer who previously defended President Lee Jae Myung in his corruption trials was nominated as the new chief of South Korea’s financial watchdog Wednesday. The Financial Services Commission (FSC) said it nominated lawyer Lee Chan-jin as the new governor of the Financial Supervisory Service (FSS) in an extraordinary [...]
SEOUL, June 19 (Korea Bizwire) — South Korea’s financial regulator said Thursday it will review the introduction of tighter rules on so-called jeonse loans amid rising household debts. In a report to the State Affairs Planning Committee, the de facto transition team of the new Lee Jae Myung administration, the Financial Services Commission (FSC) said [...]
SEOUL, Feb. 17 (Korea Bizwire) — South Korean financial authorities have unveiled plans to reform project financing (PF) regulations, significantly relaxing the strict completion guarantee requirements that construction companies have long argued were excessively burdensome. According to financial authorities, the Financial Services Commission (FSC) shared a draft of improved completion guarantee guidelines with about 40 representatives [...]
SEOUL, Dec. 27 (Korea Bizwire) — A former head of South Korea’s financial regulator has been appointed as the country’s representative tasked with promoting its economic and financial standing, the foreign ministry said Friday. Choi Jong-ku, a veteran technocrat and a former chairman of the Financial Services Commission (FSC), will serve as the ambassador-at-large for [...]
SEOUL, Nov. 16 (Korea Bizwire) — South Korea’s financial regulator has announced a plan to establish an online-based replacement loan system to reduce the interest burden of ordinary people who are suffering from the recent increase in interest rates. The Financial Services Commission (FSC) said Tuesday that it will establish the system next year to [...]
SEOUL, Sept. 21 (Korea Bizwire) — The financial regulator said Friday it will give preliminary approval next year for two groups to launch Internet-only banks, as the government aims to reinvigorate the banking industry. Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks a day after the National Assembly passed a bill [...]
SEOUL, May 2 (Korea Bizwire) — The government will actively consider granting a license to set up the nation’s third Internet-only bank, as part of its efforts to ease entry barriers to the financial sector, officials said Wednesday. Financial Services Commission (FSC) Vice Chairman Kim Yong-beom unveiled a series of measures to soften regulations in [...]
SEOUL, Mar. 20 (Korea Bizwire) — Financial authorities will ease Fintech restrictions following criticism that South Korea has the most restrictive information protection policies in Asia. According to the Financial Services Commission on Monday, an opt-out policy will be introduced in the financial information sector to allow companies to collect data and improve data security for [...]
SEOUL, Jan. 30 (Korea Bizwire) – The Financial Services Commission has said it will force companies to go public with their corporate governance plans from next year. According to the FSC on Sunday, plans are in the works to require companies to make public corporate governance reports as part of efforts to strengthen transparency and [...]
SEOUL, Jan. 29 (Korea Bizwire) – A host of measures designed to lower the barriers of entry and ramp up competition in the financial sector have been devised by the Financial Services Commission (FSC) for 2018. The FSC will increase the number of online insurance firms – there is currently only one in operation – [...]