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 – [...]
SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s top financial regulator said Sunday that it will tighten capital regulations on high-risk household lending, in the latest move meant to slow the pace of household debt growth. The stricter regulations will be applied to banks, savings banks and insurance firms that provide loans to home buyers [...]
SEOUL, Jan. 15 (Korea Bizwire) – The Financial Supervisory Service (FSC) has crafted a rewards-and-penalties system to persuade cryptocurrency investors to provide identification information prior to conducting transactions. An individual at one of South Korea’s financial regulatory agencies said, “Since banning cryptocurrency transactions outright will take a considerable amount of time, [the FSC] will look [...]
SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s financial regulator said Sunday it will require first-tier banks to implement a stricter rule for mortgage lending in the fourth quarter of next year, in a fresh bid to better manage growing household debt. Currently, people’s repayment ability for home mortgages is calculated on a ratio that [...]
SEOUL, Aug. 25 (Korea Bizwire) — TV commercials from local loan companies have been a source of consternation for at least a decade in South Korea. In 2007, due to increased voices calling for regulation, the government banned loan commercials from all broadcast TV channels. Improving technology such as cable and satellite TV soon allowed [...]
SEOUL, Nov. 4 (Korea Bizwire) — South Korea said Friday it will strengthen partnerships with Silicon Valley on financial technology, called fintech. The Fintech Center of Korea signed memorandums of understanding (MOUs) with two high-profile organizations — 500 Startups and Silicon Valley Forum — for the initiative on the sidelines of a South Korean Fintech [...]