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On-site Support Visits to Facilitate Delivery of COVID-19 Financial Support Package

    On-site Support Visits to Facilitate Delivery of COVID-19 Financial Support Package

    April 01, 2020
  • The COVID-19 financial support package prepared for small merchants, SMEs and middle market enterprises is made available through diverse banking and non-banking channels beginning on April 1.
    * Please refer to the attached PDF for details.


  

Loan Deferment Guidelines for SMEs and Small Merchants Hit by COVID-19

    Loan Deferment Guidelines for SMEs and Small Merchants Hit by COVID-19

    March 31, 2020
  • The FSC and the FSS along with all financial associations and federations adopted the guidelines for the loan extension of principal payments and the deferment of interest payments to be implemented beginning on April 1 for the SMEs and small merchants hit by COVID-19.
    * Please refer to the attached PDF for details.


  

Special Low-rate Loans to be Introduced for Small Merchants Hit by COVID-19

    Special Low-rate Loans to be Introduced for Small Merchants Hit by COVID-19

    March 31, 2020
  • As a part of the KRW12 trillion financing support package for the small merchants hit by COVID-19, local banks will begin providing super low-rate loans in the amount of KRW3.5 trillion beginning on April 1.
    * Please refer to the attached PDF for details.


  

Open Financial Database to be Introduced through Open API in April

    Open Financial Database to be Introduced through Open API in April

    March 31, 2020
  • The FSC will begin to make available to the public approximately 44 million counts of public financial data held by the FSC and nine other financial institutions through open API beginning in early April.
    * Please refer to the attached PDF for details.


  

Vice Chairman Speaks on Importance of Removing Information Barriers for Policy Cooperation

    Vice Chairman Speaks on Importance of Removing Information Barriers for Policy Cooperation

    March 31, 2020
  • FSC Vice Chairman Sohn Byungdoo attended the Financial Stability Board's first plenary meeting this year via a conference call on March 30.
    * Please refer to the attached PDF for details.


  

FSC Introduces Amendments to Enforcement Decree of Credit Information Act

    FSC Introduces Amendments to Enforcement Decree of Credit Information Act

    March 31, 2020
  • The government announced on March 30 that the amendments to the three major data privacy laws passed by the National Assembly on January 9 are scheduled to take effect on August 5 this year.
    * Please refer to the attached PDF for details.


  

Peer-To-Peer Lending Cap to be Lowered to Provide Investor Safeguards

    Peer-To-Peer Lending Cap to be Lowered to Provide Investor Safeguards

    March 30, 2020
  • The FSC and the FSS announced on March 27 their decision to lower the peer-to-peer lending cap through supervisory guidance from the previously set amount of KRW50 million to KRW30 million per year.
    * Please refer to the attached PDF for details.


  

Basel III Credit Risk Framework to be Adopted in Q2 2020

    Basel III Credit Risk Framework to be Adopted in Q2 2020

    March 30, 2020
  • The FSC and the FSS announced the early adoption of the credit risk framework of Basel III beginning in late June this year, more than one year and a half prior to the Basel Committee on Banking Supervision's recommendation of adoption by 2022.
    * Please refer to the attached PDF for details.


  

Vice Chairman Emphasizes Importance of Effective Implementation of COVID-19 Financial Support

    Vice Chairman Emphasizes Importance of Effective Implementation of COVID-19 Financial Support

    March 27, 2020
  • FSC Vice Chairman Sohn Byungdoo held a meeting on March 27 via conference call to examine the implementation of the government's COVID-19 emergency support package and financial market stabilization measures.
    * Please refer to the attached PDF for details.


  

KAIST Selected as Digital Finance Education Provider for 4 Years

    KAIST Selected as Digital Finance Education Provider for 4 Years

    March 27, 2020
  • The Financial Services Commission and the Seoul Metropolitan Government announced on March 25 that the Korea Advanced Institute of Science and Technology (KAIST) along with its consortium members have been chosen as the designated digital finance education provider.
    * Please refer to the attached PDF for details.