-
Jun 24, 2021
-
Jun 24, 2021
-
Jun 24, 2021
- 2021 Korea Fintech Week Brings About Tangible Outcome for Fintech Advancement
- The 2021 Korea Fintech Week has attracted about 250,000 online visitors so far since its opening on May 26. The offline to online availability of diverse opportunities for exhibition, education, investment and employment has provided important venues for fintechs, financial companies, relevant institutions and individuals seeking jobs in the industry. Through offline IR events and virtual meetings, 29 fintechs were able to attract investments in the amount of about KRW133.7 billion. A total of 54 fintechs, financial companies and relevant institutions participated in the online job fair through which up to 175 individuals will be given job opportunities in fintech or finance sectors. In this years event, 39 foreign-based fintechs, financial companies and investors from 13 different countries participated in online exhibitions, which provided opportunities for global cooperation and overseas expansion. The Korea Fintech Week also featured many expert speakers providing latest trends in the global fintech industry and relevant policy issues. * Please refer to the attached PDF for details.
-
Jun 23, 2021
-
Jun 22, 2021
-
Jun 21, 2021
-
Jun 17, 2021
-
Jun 17, 2021
-
Jun 16, 2021
-
Jun 16, 2021
-
Jun 15, 2021
- Multiple Subscriptions Restricted for IPO Shares
- The government approved the revisions to the Enforcement Decree of the Financial Investment Services and Capital Markets Act during a cabinet meeting held on June 15. The revisions (a) restrict retail investors from applying for multiple subscriptions for IPO shares, (b) increase the annual cap for issuing securities via crowdfunding and (c) introduce specific rules for financial investment companies credit extension to overseas branches. The revisions will go into effect from June 30, 2021, except for the provision on the restriction of multiple IPO subscriptions, which will begin to apply for securities reports being filed after June 20, 2021. (Restricting Multiple Subscriptions for IPO Shares) With the introduction of a more equitable share allocation method in last December, retail investors are given more opportunities for IPO share subscription. However, in IPOs with multiple lead managers, multiple subscriptions were made possible as retail investors could open up accounts at multiple brokerage firms and apply at each brokerage firm. This resulted in inconvenience for investors and heavy workload for brokers. As such, multiple subscriptions for IPO shares will be banned for retail investors. Brokerage firms will be required to check whether investors have applied for share subscriptions at other brokerage firms. Even when an investor applies for multiple subscriptions, share allocation will be made only on the first subscription. (Follow-up Measures to Promote Crowdfunding) The annual cap for issuing securities through crowdfunding will be increased from KRW1.5 billion to KRW3 billion. The authorities will strengthen supervision over the financial soundness of crowdfunding platforms by checking their capital requirement more frequently from once a year to once every month and shortening the grace period before withdrawal from one year to six months. (Financial Investment Companies Overseas Operation) Financial investment companies can extend credit to oversea
-
Jun 14, 2021
-
Jun 10, 2021
-
Jun 10, 2021
-
Jun 10, 2021
-
Jun 09, 2021
-
Jun 09, 2021
- KoFIU and Probing Institutions to Strengthen Monitoring and Inspection on AML Duties of VASPs
- The Korea Financial Intelligence Unit held a meeting with eleven institutions tasked with probing virtual asset service providers for their AML requirements on June 9.At the meeting, the KoFIU and relevant institutions discussed ways to bolster inspection of VASPs use of fake and false name bank accounts and to strengthen AML supervision over financial institutions. (Strengthen Monitoring of Fraudulent Bank Accounts) As VASPs are required to register with real name bank accounts by September 24 this year, their use of fictitious bank accounts has become more prevalent. As local banks have begun to more tightly restrict VASPs from opening up new accounts for collection of money, the use of accounts opened at mutual finance firms and other small-scale financial firms has also increased. As such, the authorities will strengthen monitoring of fraudulent and inappropriate use of bank accounts by VASPs. Financial transactions through fraudulent and fictitious bank accounts will result in rejection of transactions and termination of accounts. In this regard, the authorities will also strengthen monitoring of suspicious account activities. (Conduct Comprehensive Inspections on Fraudulent Accounts) The relevant institutions will carry out comprehensive inspections on the fraudulent accounts operated by VASPs between June and September. In the future, the status on the use of fraudulent accounts by VASPs will be analyzed monthly and shared with relevant institutions. (Enhance Monitoring of VASPs) As the deadline is approaching for VASPs to register their business with the authority, there exists a greater risk of business closure. As such, the authorities will enhance monitoring of VASPs operating accounts as well as accounts used for collecting deposits. (Strengthen AML Supervision) The authorities will strengthen AML supervision and inspection over financial institutions in order to prevent fraudulent activities, such as inappropriate lending, embezzlement of funds, illicit
-
Jun 08, 2021
-
Jun 03, 2021
- FSC Announces Analysis on Stock Markets with Partial Resumption of Short Selling
- With the partial resumption of short selling being in place for about a month, the FSC announced an analysis on stock market trends for the period of May 3 to June 2. During this period, stock prices moved in a similar pattern as global stock markets while domestic stock prices showed relatively stable movements compared to other markets. Although the average daily amount of short selling transactions rose somewhat, it appears that there exists no significant relationship between short selling and stock prices for the given period. The FSC and other relevant institutions will continue to closely monitor market trends while working to bring about transparency and fairness in the markets. Stock Market Trends As of June 2, KOSPI and KOSDAQs closing prices were up 2.4 percent and down 0.2 percent, respectively, compared to April 30, the last trading day before the partial resumption of short selling began. In May, global stock prices showed mixed trends with the possibility of tapering by the Fed amid price increases in the U.S. Asian stock markets moved in the same direction as global stocks while domestic stock markets showed relatively stable trends as corporate earnings improved and retail investors remained net buyers. In May, foreigners net sold KRW9 trillion but turned to net buying in the last week of the month. Due to concerns about a monetary tightening from the U.S., other Asian markets also experienced foreign outflows. Short Selling Trends During the one-month period from May 3 to June 2, the average daily amount of short selling transactions increased somewhat to KRW688.2 billion. However, considering the fact that the total transaction amount increased more than twice the level seen before the partial resumption of short selling began, the growth is not that considerable.Also, as the built-up demand for short selling begins to fade out, the growth in the amount of short selling transactions also shows a downward trend toward stability. During the one-mont
-
Jun 02, 2021
