Press Releases - Financial Services Commission

Press Releases

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Sep 08, 2021

Household Loans, August 2021

The outstanding balance of loans to households rose KRW8.5 trillion in all financial sectors at the end of August 2021 (up 9.5% y-o-y).The balance of household loans increased KRW6.2 trillion in the banking sector and KRW2.3 trillion in the non-banking sector. All financial sectors (y-o-y): +9.7% (Jun 2021) +10.0% (Jul 2021) +9.5% (Aug 2021) By type, mortgage loans went up KRW7.2 trillion in August, expanding at a similar level compared with the previous month (up KRW7.4 trillion) as housing market transactions remained active. Other types of loans including credit loans grew at a slower rate (up KRW1.4 trillion) compared with the previous month (up KRW7.9 trillion) due to large scale refunds of IPO subscription deposits taking place in the beginning of the month. The growth of household loan balance in August has dropped compared with the previous month but still remains above pre-pandemic levels. The financial authorities will continue to strengthen management until the trend of household debt growth shows signs of stability. * Please refer to the attached PDF for details.
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Sep 08, 2021

Joint Job Fair Held in Financial Sectors

The FSC announced the opening of the 2021 joint job fair in the financial industry which will be held online at www.financejobfair.co.kr between September 8 and 9. The 5th annual job fair event is co-hosted by six financial industry groups with 55 financial institutions offering employment opportunities to job seekers. The two-day event will feature one-stop career support services using AI technologies, career information sessions offered by employers, a chance to communicate with current employees as well as virtual interviews with employers. Chairman Koh Seungbeom delivered congratulatory remarks for the event and spoke about changing dynamics in employment conditions and efforts to create quality jobs in the financial sectors. More specifically, Chairman Koh said that the acceleration of digital transformation has also transformed job markets in the financial sectors, with contactless sales channels and automation of work becoming more prevalent. However, Chairman Koh stated that there are possibilities for creating new quality jobs as newly developed financial services become available using digital technologies. As such, Chairman Koh urged financial institutions to pay special attention on their new recruitment practices and pledged to work on improving conditions to help create more jobs in the financial sectors. * Please refer to the attached PDF for details.
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Sep 08, 2021

FSC Selects 20 Entities to Participate in Digital-Data Testbed Program to Facilitate Fintech Ideas

The FSC selected 20 entities out of 60 applicants for participation in the digital-data testbed program (D-testbed) in an effort to promote fintechs and facilitate innovative ideas in providing financial services. Between July 28 and August 20, a total of 60 applications have been received for the D-testbed program in the pre-designated areas of (a) financial support for vulnerable groups, (b) credit evaluation advancement and (c) free topics. Out of 45 qualified applicants, the FSC has selected 20 entities to take part in the D-testbed program. The D-testbed program offers fintech startups and prospective entrepreneurs a chance to test out innovative ideas and technologies for their viability, making use of the data made available from the financial industry. The government as well as the public and private sectors have been working together on building large scale data to be made available for use by private sector entities. As such, the D-testbed program provides financial data and the environment for development and analysis to businesses and entrepreneurs that have not had much opportunities for testing their ideas before. The D-testbed program is expected to serve as an important venue for seeking solutions to a variety of issues in financial sectors through collaboration between the government and private sector. The participants will test out their business ideas for 11 weeks between September 27 and December 10 and announce their test results in December this year. For further information, please visit www.dtest.fintech.or.kr. * Please refer to the attached PDF for details.
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Sep 06, 2021

Authorities Hold Information Session with VASPs to Provide Support for Business Registration

The Korea Financial Intelligence Unit and the Financial Supervisory Service held an information session with virtual asset service providers about their business registration requirements and other relevant issues via a virtual meeting on September 6. It served as a venue for providing support as VASPs prepare for their business registration prior to the September 24 deadline and for urging them to take measures to minimize user damages. About 30 VASPs that have already received their ISMS certifications or are in the pending status took part in this session. Key Details (Prior to the registration deadline) For VASPs that are planning to operate a virtual asset trading platform but are not planning to offer KRW-based or other fiat currency based exchange services, the authorities advised them to terminate their fiat currency based exchange services without delay by the September 24 registration deadline. When filing their registration report, these VASPs should submit a document confirming the termination of their fiat currency based exchange services. For VASPs that are unable to meet the requirements and are terminating their operation, the authorities advised them to take measures to minimize damages to service users by issuing advance notices about their business termination at least 7 days prior (until Sep. 17) to the expected termination date, informing users about the withdrawal procedures being available until at least 30 days after terminating services and discarding users personal information according to the relevant rules. (After the registration deadline) The KoFIU and the FSS will closely review the registration documents and requirements pursuant to the Act on Reporting and Using Specified Financial Information (the Act hereinafter). As the process may take up to three months, close cooperation is required from VASPs to ensure a seamless review. VASPs have also been advised to set up and prepare anti-money laundering (AML) systems pursuant to the Act
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Sep 03, 2021

FSC Proposes Legislative Changes to Enhance Corporate Disclosure and Investor Protection

The FSC proposed revisions to the Financial Investment Services and Capital Markets Act and its subordinate statute with an aim to improve the corporate disclosure rules and enhance investor protections. The revision proposal is a follow-up measure to the governments plans to stamp out unlawful and unfair trading activities and to improve corporate disclosure rules announced in October 2020 and January 2021, respectively.The revision proposal will be put up for public notice for 40 days from September 3 to October 13, 2021. Key Revisions for Improving Corporate Disclosure Rules a) Strengthen the effectiveness of monetary sanction on violation of the so-called five percent rule which requires investors holding five percent or more of equity securities of a listed company or those changing their holding status by one percent or more in the company to file a report with the FSC and the KRX within five days of such change taking place by raising the maximum fine from 1/100,000 of market capitalization to 1/10,000 of market capitalization b) Enhance disclosure rules for issuing private convertible bonds (CBs) or bonds with warrants (BWs) by requiring companies to file material disclosure at least one week prior to the payment due date in order to make relevant information available to investors in advance c) Require newly listed companies to submit their quarterly and semi-annual reports covering the accounting period immediately preceding their listing to make relevant information available to investors d) Require companies that decide to issue perpetual bonds to file material disclosure within one day from making such decision to strengthen investor protection e) Improve penalty standards for violating the periodic and material disclosure requirements by adjusting the level of fines that can be imposed on both listed companies (between KRW1 billion and KRW2 billion) and non-listed companies (from maximum KRW2 billion to maximum KRW1 billion) for the purpose of imposing
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Aug 26, 2021

Organizational Change at KoFIU to Help Improve Transparency in Virtual Asset Transactions

The FSC and the Ministry of the Interior and Safety issued an advance notice of organizational change at the Korea Financial Intelligence Unit (KoFIU) which will add a specific division and personnel tasked to oversee virtual asset transactions. This proposal for organizational shift is intended to improve transparency in virtual asset transactions as the revised Act on Reporting and Using Specified Financial Transaction Information went into effect in March this year. The legislative change pertaining to the organizational shift creates a new division and adds personnel specifically tasked with the management and supervision of virtual asset service providers and their AML duties. The addition of working level personnel will strengthen the KoFIUs capacity for inspection and analysis with regard to virtual asset transactions. With additional personnel and organization, the KoFIU will work to establish a proper market order and improve transparency in virtual asset transactions. The legislative change is expected to be finalized and become effective in September. * Please refer to the attached PDF for details.
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Aug 25, 2021

FSC Changes Rules to Allow Cross-border ETF Scheme with China

The FSC approved changes in the Enforcement Rules of the Financial Investment Services and Capital Markets Act and other relevant industry regulation to allow China-based exchange traded funds (ETFs) listed in the Shanghai Stock Exchange to be registered for sale by local asset managers in Korea effective from August 27 this year. The Korea Exchange and the Shanghai Stock Exchange signed an MOU in May this year to establish a cross-border ETF scheme (ETF Connected). However, the current regulatory framework allows only foreign based ETFs from OECD members, Hong Kong and Singapore to be eligible for registration in Korea. As such, the FSC changed the relevant rules for a seamless implementation of the cross-border ETF link between Korea and China. The authorities expect that there will be more opportunities for domestic investors to make investment in foreign assets. * Please refer to the attached PDF for details.
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Aug 16, 2021

Authorities Provide Consulting to VASPs and Advise Supplementary Actions Prior to Registration

As a follow-up to the governments plan to enhance supervision on virtual asset service providers (VASPs) and their transaction activities,the FSC and relevant institutions provided on-site consulting to the 25 VASPs between June 15 and July 16 and advised them to take supplementary measures prior to their business registration. Out of the 33 VASPs that have already obtained the ISMS certification or are in the pending status, a total of 25 entities showed interest in receiving consulting from the authorities.As such, the FSC along with other relevant institutions provided on-site consulting to the 25 VASPs to review their preparation for business registration and check the level of stability in their transactions system. Key Details (Preparation for Registration) Pursuant to the Act on Reporting and Using Specified Financial Transaction Information (the Act hereinafter), VASPs should file necessary documents for registration until September 24 and adhere to AML duties from the time of their registration. As such, VASPs should have their own internal procedures, human resources and facilities ready to implement the AML requirements at the time of registration. When consulting was provided, no VASPs were found to have met all the registration requirements, and they have shown inadequate levels of preparedness for the implementation of the AML duties and other requirements set forth by the Act. Out of the 25 VASPs, 19 entities have obtained ISMS certification, but only four VASPs were found to have their business operation with real-name verified accounts. The VASPs that have obtained ISMS certification but have no real-name accounts may still apply for business registration but for the category that is barred from offering exchange services between virtual assets and a fiat currency. With regard to the level of preparedness in adhering to the AML requirements, the lack of employees overseeing this matter and insufficient system preparation for suspicious transactions
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Aug 11, 2021

Household Loans, July 2021

The outstanding balance of household loansin all financial sectors increased KRW15.2 trillion from the previous month at the end of July 2021 (up 10.0% y-o-y). The household loan balance rose KRW9.7 trillion in the banking sector and KRW5.6 trillion in the non-banking sector. All financial sectors (y-o-y): +9.6% (May 2021) +9.7% (Jun 2021) +10.0% (Jul 2021) By type, mortgage loans grew KRW7.5 trillion in July, rising at a faster rate compared with the previous month (up KRW6.4 trillion y-o-y) due to a steady rise in demand for jeonseloans. Other types of loans including credit loans expanded KRW7.7 trillion due to increased demand for large scale IPO subscriptions in the last week of July. The financial authorities will work to ensure that the pace of growth in household loans remains within the target of 5 to 6 percent for this year while also working to effectively implement the household debt management measures. * Please refer to the attached PDF for details.
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Aug 11, 2021

FSC Chairman Discusses the Need to Provide Credit Recovery Support to Individuals

FSC Chairman Eun Sung-soo met with the heads of financial industry groups and other relevant officials on August 11 and held talks on the necessity of credit recovery support for individuals struggling through the COVID-19. For individuals, the authorities have expanded the availability of microfinance supports for vulnerable debtors. However, unlike the temporary support made available to small merchants and SMEs, such as maturity extensions and preferential credit evaluation under the COVID-19 situation, the authorities agreed that the level of support extended to individual debtors has been inadequate. As such, Chairman Eun talked about the need to provide support for individuals with credit recovery to help prevent vulnerable individuals or individual business owners from facing the risk of a credit score downgrade, etc. In this regard, the financial industry group leaders and officials agreed to hold off sharing or using the payment overdue and late payment records of individuals for the purpose of evaluating their credit scores (overdue payments and late payments occurred during the pandemic only).All financial sectors pledged active cooperation on this matter. * Please refer to the attached PDF for details.
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Aug 10, 2021

FSC Chairman Discusses Balance between COVID-19 Support and Preemptive Risk Management

FSC Chairman Eun Sung-soo met with the heads of five financial holding groups on August 10 and held talks on creating quality jobs for young adults in financial sectors, managing household debt levels and maintaining COVID-19 financial support. (Creating Job Opportunities for Young Adults) Chairman Eun stated that a rapid transition to a digital economy may lead to diminishing job opportunities for young adults. However, the growth of fintechs is contributing to the creation of new jobs. As such, financial institutions should work to create quality jobs that are desirable for young adults, especially with this years joint job fair in financial sectors scheduled to be held in next month. (Household Debt Management) In the process of responding to the COVID-19 pandemic, a growth in private sector debt level has been unavoidable. In this regard, it is time to focus on risk management as the pace of the growth has been accelerating. In order to control the pace of growth at an appropriate level (5 to 6% for this year), the financial authorities are working on strengthening supervision. As such, financial institutions should work on preemptive management to help prevent excessive debt levels turning into potential risks for the economy and financial sectors. (COVID-19 Financial Support) Over the past year, financial institutions made available KRW204 trillionworth of financial support for SMEs and small merchants in the form of maturity extensions and payment deferrals. The authorities are closely looking at the upside and downside effects of extending these support programs and making them available for longer. In the process, the authorities will maintain close communication with financial sectors. * Please refer to the attached PDF for details.
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Aug 04, 2021

Provision of Microfinance Support to be Expanded to KRW9.6 Trillion in 2021

The FSC announced that the total amount of state-backed microfinance supports made available to lower income earners and low credit holders reached more than KRW4.68 trillion in the first half of 2021. Compared with the same period of last year, 22,252 more individuals applied for assistance (up 5.7%), and the total amount of microfinance supports provided rose KRW467.7 billion (up 11%). To continue to make microfinance options available for those struggling through the pandemic and help improve access for lower income earners and low credit holders, the FSC will expand the availability of microfinance supports to KRW9.6 trillion this year. Among existing programs, the microloan programs for low income workers and young adults will be expanded by KRW1 trillion and KRW100 billion, respectively. With the maximum legal lending rate lowered from 24 percent to 20 percent beginning on July 7 this year, KRW300 billion in additional microfinance support is newly made available for those who have been on high interest rate loans (above 20% per annum) before and wishing to make a switch to lower interest rate ones. In addition, banks have begun to offer microloan products in the amount of about KRW300 billion since July 26, and credit card companies are also expected to launch microfinance services totaling some KRW50 billion in October this year. * Please refer to the attached PDF for details.
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Aug 03, 2021

FSC Informs Financial Investment Businesses about Upcoming Changes in PEF Rules

The FSC has informed financial investment businesses and market participants about broad regulatory changes taking place on private equity funds in October this year. The information provided to financial investment businesses concerning changes in PEF rules is based on the revisions to the subordinate law of the Financial Investment Services and Capital Markets Act which was put up for public comment from June 23 to August 2, 2021. Key Changes The National Assembly of the Republic of Korea passed a revision to the FSCMA on March 24 with aims to improve rules on PEFs and strengthen investor protection with high-risk investment products. Key changes from the revised FSCMA and its subordinate law are as follows. (New PEF Classification Scheme) The current PEF classification system that places distinctions between the professional investment type and the management participation type based on the purpose of fund management will be changed. A new classification system of general PEFs and institution-only PEFs will be introduced according to the scope of investment entities and the type of investors. (Investor Protection) Under the new classification scheme, qualified retail investors (those investing KRW300 million or more) are eligible to invest in general PEFs only and investor safeguards will be strengthened for qualified retail investors investing in general PEFs. In addition, the revised FSCMA contains the following investor protection measures. a) PEF sellers will be required to check whether the PEFs they sold are being managed by management firms according to their prospectus requirements. b) PEF trust agencies, such as banks and prime brokerage service providers, will be subject to tighter monitoring requirements on PEFs. c) PEFs with certain sizes will be subject to external audits to help improve fairness in valuation while all PEF management firms will be required to provide quarterly asset management reports to investors. d) Stronger liquidity management me
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Jul 29, 2021

FSC Introduces Revisions to MyData Guidelines

The financial authorities announced the revised guidelines on MyData services in financial sectors on July 29. The revisions intend to (a) achieve an appropriate balance between consumer convenience and protection over provision of consumer data, (b) draw up measures to protect consumers from excessive competition and (c) establish rules on informed consent to guarantee consumers data privacy rights. In order to provide sufficient time for system tests, the revised guidelines also postpone the standardized API usage requirement from the initially planned date of August 4 to later this year. Revision Details I. Safeguards for 3rd party and other sensitive information The scope of privacy data usage is limited to the user of MyData service and for the purpose of providing analysis services about the user. The usage of privacy data for marketing or other purposes that may raise concerns about privacy violation will be prohibited. II. Informed consent system MyData businesses should establish an informed consent and data transfer system that is suitable for mobile environment and easy to understand for consumers. The guidelines also provide rules on essential consent items, etc. III. Consumer protection from excessive competition MyData businesses should provide a notice about the user guideline before users sign up for their services while refraining from engaging in excessive marketing events. IV. Schedule for standardized API usage (1st Stage) MyData businesses and data providing entities should complete the process of setting up standardized API and carrying out tests by November 30, 2021. (2nd Stage) MyData businesses will begin offering services to consumers through standardized API starting from December 1, 2021. (3rd Stage) MyData businesses will offer services only through standardized API from January 1, 2022. Further Plan The financial authorities will closely monitor and manage the status of API setup at data providing institutions according to the schedule
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Jul 28, 2021

Open Banking Service Availability to be Expanded

With 23 open banking participating fintechs making available their data about customers prepaid deposit balances for open banking, open banking users will be able to access information about their prepaid deposit accounts from mobile applications of major banks or any other open banking offering financial institutions beginning from July 30, 2021. Open banking has expanded rapidly since its first launch in December 2019 as the cumulative number of subscribers reaching more than 89.7 million with about 166.8 million accounts registered as of July 25, 2021. The FSC has worked on gradually expanding the availability of open banking services from more types of financial institutions. As a result, open banking services are now available from about 110 banks, fintechs, mutual finance firms, savings banks, securities firms, credit card companies and the Korea Post. Along with the account balance inquiry and wire transfer functions as well as checking monthly statements for credit cards that have been already in service, users can now access information about their prepaid deposit accounts from any mobile application of their choosing. The authorities will continue to work for advancement of open banking and seek ways to promote the development of an open finance platform, while continuing to work on ensuring system security. * Please refer to the attached PDF for details.
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Jul 28, 2021

Authorities to Seek Suspension of Fraudulent Accounts Held by VASPs

The FSC announced the result of comprehensive inspections conducted on the legitimacy of deposit accounts held by virtual asset service providers (VASPs) on July 28. As of the end of June, it was found that 79 VASPs had 94 deposit accounts, of which 14 of them were found to be linked to fraudulent or fictitious account activities. Many VASPs were found to use their main business accounts for deposit taking. Others had separate accounts for deposit and payment. With increased restrictions imposed on opening up new deposit accounts at financial institutions, some VASPs have created new business entities to open up deposit accounts. Small-scale VASPs have been increasingly turning to mutual finance firms and other small and medium-sized financial institutions for deposit accounts. Others have been found to switch between different financial institutions to avoid their accounts being suspended. Financial institutions are expected to suspend the accounts linked to fraudulent activities. Making use of the suspicious transaction reports, the Korea Financial Intelligence Unit (KoFIU) will relay any cases connected to money laundering or other illicit activities to law enforcement agencies. The authorities will continue to closely monitor deposit accounts held by VASPs until the registration deadline of September 24, 2021. Virtual asset service users are advised to practice caution in their dealings with VASPs and keep a close eye for their possible use of illegitimate accounts. Users also need to check whether their service providers are on schedule for registration by the September 24 deadline. * Please refer to the attached PDF for details.
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Jul 22, 2021

FSC Selects Eight More 'Innovative Financial Services' for Financial Regulatory Sandbox

The FSC decided to designate eight more financial solutions as innovative financial services at its regular meeting held on July 21. This brings the total number of designated services to 153 since the regulatory sandbox program was first launched on April 1, 2019. Overview of Newly Added Innovative Financial Services 1. A real-name identification and verification service using facial recognition technologies which allows consumers to visit bank branches and use financial services without presenting their ID cards (Daegu Bank, expected in Apr. 2022) 2. A real-name identification and verification service using facial recognition technologies for checking customers personal identification in contactless settings, which will allow customers to open up bank accounts even after the banks regular work hours (Busan Bank, expected in Oct. 2021) 3~5. Online-based telemarketing insurance subscription services using mobile devices that reduce the hassle of reading and recording scripts for insurance telemarketers while still guaranteeing supplemental measures for consumer protection (Toss Insurance, DB Insurance and NongHyup Life Insurance, expected in Oct. 2021, Feb. 2022 and Mar. 2022, respectively) 6~7. QR code enabled credit card payment services which require no physical point-of-service (POS) terminal for businesses to process credit card payments which will help improve convenience for consumers while allowing more small-scale businesses to adopt mobile simply payment methods (Seeroo Information and Paycoq, both expected in H1 2022) 8. A non-recourse accounts receivable factoring service which assumes the risk of buyers failure to honor payment obligations in place of the seller, thereby helping firms with new technologies to raise funds and carry out business operations in a more stable manner (Korea Technology Finance Corporation, expected in Jun. 2022) * Please refer to the attached PDF for details.
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Jul 22, 2021

KoFIU Notifies Foreign VASPs of Their Obligation to Register

With the Act on Reporting and Using Specified Financial Transaction Information (hereinafter the Act) going into effect from March 25, 2021, all VASPs are required to register their business with the KoFIU by September 24, 2021. As such, the KoFIU has sent out a notice to 27 foreign VASPs about their obligation to register. Obligations of Foreign VASPs The Act requires VASPs to register with the KoFIU as the law equally applies to foreign VASPs that conduct activities outside Korea but have domestic consequences within Korea. Thus, if any VASPs conduct business operation targeting Koreans, they are required to register with the KoFIU and comply with requirements under the Act regarding their business operations targeting Koreans. Notice to Foreign VASPs The KoFIU has sent out a notice signed by the Commissioner of the KoFIU to 27 foreign VASPs that have business operations targeting Koreansabout their requirement under the Act to register with the KoFIU by September 24, 2021. If foreign VASPs fail to register with the KoFIU, they shall cease their business operation targeting Koreans from September 25, 2021. They are notified of the possibility of being subject to penalties as prescribed by the Act if they continue to operate without registration. Foreign VASPs that have not received any notice from the KoFIU but have business operation targeting Koreans are also required to register with the KoFIU or suspend their business operation targeting Koreans from September 25, 2021. If they continue to operate business without registration, they will be subject to up to five years of imprisonment or a maximum fine of KRW50 million as prescribed by the Act. Future Plan For foreign VASPs that continue to operate without registration beyond the September 24 deadline, the KoFIU will notify them of their illegal activities and take actions such as blocking access to their websites to inhibit their illegal business operations. The KoFIU will also bring charges against unregister
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Jul 15, 2021

Vice Chairman Holds 1st Taskforce Meeting on Household Debt Management

The FSC held the 1st taskforce meeting on household debt management chaired by Vice Chairman Doh Kyu-sang on July 15 and discussed household debt management measures for the second half of this year. The following is a summary of Vice Chairman Dohs remarks. (Key Policy Direction) For the past year and a half, the Korean economy has faced an unprecedented level of crisis triggered by the COVID-19 pandemic. In response, the financial authorities introduced support measures worth KRW175 trillion-plus. As a result, the recovery has been faster than expected. However, in the process, the level of debt in the private sector has soared with a rapid rise in household debt posing risks to the economy. In the meantime, continuing with the provision of sufficient financing support remains an important task, especially with the recent spread of COVID19 variants. The financial authorities are aiming for an appropriate balance between these two objectives while aiming to control household debt growth within 5 to 6 percent this year and about 4 percent in next year. (Household Debt in H1 2021) Household debt in the first half of this year rose KRW63.3 trillion, or about KRW10.6 trillion a month. Compared to the same period from the previous year (up KRW6.1 trillion), the pace of growth has accelerated, but it has slowed down compared to the second half of last year (up KRW12.6 trillion). The household debt growth remained at about the same level in the banking sector but expanded in the non-banking sector. Given a higher rate of housing market transactions, there are growing risks in the non-banking sector. (Household Debt Management Plan for H2 2021) In order to meet the goal of containing the growth of household debt within the 5 to 6 percent level, the financial authorities will work to ensure effective implementation of the household debt management measures, such as a gradual expansion of the application of DSR on individual borrowers. In the fourth quarter, the authorities w
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Jul 14, 2021

Household Loans, June 2021

The outstanding balance of household loans in all financial sectors rose KRW10.1 trillion from the previous month at the end of June 2021 (up 9.6% y-o-y). The household loan balance increased KRW6.3 trillion in the banking sector and KRW3.8 trillion in the non-banking sector. All financial sectors (y-o-y): +10.0% (Apr 2021) +9.6% (May 2021) +9.6% (Jun 2021) By type, mortgage loans expanded KRW6.3 trillion in June, growing at a faster rate compared with the previous month (up KRW4.5 trillion y-o-y) due to active housing market transactions. Other types of loans including credit loans increased KRW3.7 trillion, remaining at a similar level to the average monthly growth rate (up KRW4.5 trillion) in the first half of this year. The financial authorities will closely monitor trends in household loans while working to ensure an effective implementation of the household debt management measures. * Please refer to the attached PDF for details.
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