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Financial Regulator On Track to Establish Online-based Replacement Loan System

Financial Regulator On Track to Establish Online-based Replacement Loan System

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 [...]

Regulator to Grant 2 Internet-only Bank Permits Next Year

Regulator to Grant 2 Internet-only Bank Permits Next Year

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 [...]

Gov’t to Consider Granting 3rd Internet-only Bank Permit

Gov’t to Consider Granting 3rd Internet-only Bank Permit

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 [...]

FSC to Refrain From Restrictive Fintech Policies Following Criticism

FSC to Refrain From Restrictive Fintech Policies Following Criticism

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 [...]

FSC to Force Companies to Go Public with Corporate Governance

FSC to Force Companies to Go Public with Corporate Governance

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 [...]

Regulator to Tighten Rules on High-risk Household Lending

Regulator to Tighten Rules on High-risk Household Lending

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 [...]

Financial Authorities Pull Cloak of Anonymity From Cryptocurrency via ID System

Financial Authorities Pull Cloak of Anonymity From Cryptocurrency via ID System

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 [...]

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

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 [...]