Press Releases - Financial Services Commission

Press Releases

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Feb 01, 2021

Securities Firms to Play Bigger Role in Corporate Financing and Venture Capital Market

The FSC decided on the measures to promote the role of securities firms in corporate financing and venture capital market on January 29. Background To help our economy continue to search for sustainable growth areas and create quality jobs, an innovation-based development is necessary. Amid an acceleration of digital transition and the spread of contactless services, promoting new industries based on technology and intangible assets, such as IT and bio health, should take place. The government has worked on regulatory improvements to boost the role of securities firms in corporate financing.As such, the number of securities firms with equity capital of KRW3 trillion or more increased from five in 2013 to eight in 2019, and their high value-added services such as investment banking has expanded. However, the securities firms role in providing venture capital to innovative SMEs has been lagging. Instead, offering investor credit exposure and providing debt guarantee on real estate project financing took up most of their business. As such, the following measures are intended to promote the securities firms role in providing venture capital to innovative SMEs. Key Measures A. Re-establishing the Role of Comprehensive Financial Investment Businesses Under the current system of comprehensive financial investment business entities, the total credit exposure offered to businesses rose from KRW0.4 trillion in 2013 to KRW14.3 trillion at the end of June 2020. Business loans to SMEs has taken up 51.7 percent (or KRW7.4 trillion), which indicates a significant rise. However, out of KRW7.4 trillion, SME loans excluding SPCs and real estate project financing stood at just KRW0.3 trillion, representing only 2.0 percent of the total credit exposure to businesses. As such, adjustments will be made to the rules on comprehensive financial investment business entities capital exposure limits to remove real estate-related credit offering from the currently allowed special capital exposu
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Feb 01, 2021

FSC Announces Plans to Improve Competitiveness of Publicly Traded Funds

The FSC unveiled specific plans to improve the competitiveness of the publicly traded fund market on January 29, with an aim to make the sales and management process more investor-oriented. The plans include (a) increasing the accountability and efficiency of fund management, (b) making the sales process more investor-oriented, (c) encouraging the introduction of diverse types of funds and (d) strengthening support for investors. BACKGROUND Publicly traded funds serve as an importance source of asset management for the general public, allowing small-sum investment and fit for medium risk/medium return appetite. They are also important as they provide capital to productive sectors and help to spread out the real estate-oriented household asset structure. However, the volume of publicly traded funds has stagnated recently as retail investors have become less inclined to invest in publicly traded funds due to the availability of private equity funds, equity-linked securities and other competitive products as well as the relatively low returns, cost burdens related to sellers compensations and fees, inappropriate fund management practices, etc. Meanwhile, amid a low interest rate environment and abundant market liquidity, the general publics interest in financial investment has grown, particularly in direct investing. Over the past 10 years, the volume of private equity funds grew 268.3 percent while that of publicly traded funds rose only 38.3 percent. Stock funds except exchange-traded funds (ETFs) fell 53.2 percent while ETFs and money market funds (MMFs) rose 759.0 percent and 57.3 percent, respectively. The stagnant development of the publicly traded fund market can be attributable to (a) the subpar performance of fund management in generating returns, (b) the declining trust on fund sellers, (c) the lack of diversification in the types of funds and (d) the lack of adequate support for investors. Against this backdrop, the authorities will seek following strategies
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Jan 28, 2021

FSC Announces Specific Plans for Financial Innovation and Digital Finance

The FSC announced a detailed work plan for financial innovation and digital finance on January 28, which aims to spur the growth of fintechs, promote the spread of online-based financial services and build financial infrastructures necessary for digital innovation. Background The government has been working to promote digital finance and innovation in financial services through a variety of policies. The Special Act on Support for Financial Innovation went into effect in April 2019, which introduced a financial regulatory sandbox program. The Fintech Center Korea was established in January 2018 to provide comprehensive support for fintech startups. In an effort to promote a digital transformation in the financial industry, the fintech investment guidelines were introduced in October 2019 and more innovative types of businesses such as MyPayment came into being. In December 2019, open banking service was introduced, and in January 2020, the revisions to the Credit Information Use and Protection Act were finalized which will promote the use of data and the growth of MyData industry. In order to strengthen data security and ensure safety in payment systems, enhanced security measures were introduced in the wake of the COVID-19 pandemic. Against this backdrop, the FSC will work on the following to further promote innovation and digital transformation in the financial industry. Key Policy Tasks A. Advancement of Fintech Industry (1) Introduce a digital sandbox through which fintech startups can have opportunities to virtually test their new business ideas (from Jun-Aug 2021) (2) Establish a comprehensive fintech support system by working on a legislation focused on nurturing fintechs (within 2021), further improving the management of the regulatory sandbox program (Jan 2021) and expanding financial support through state-backed financial institutions and private sector investments (Q1 2021) (3) Work to boost the organizational capabilities of the relevant divisions and ag
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Jan 28, 2021

FSC Recommends Capital Management for Banks

The FSC announced its decision to recommend banks to temporarily limit dividends within twenty percent of their net profits until the end of June this year as it is deemed necessary to maintain banks loss absorbing capacity in response to the COVID-19 pandemic. Domestic banks have maintained strong financial soundness despite the pandemic situation. However, in order to be prepared for economic uncertainties, preemptive efforts are needed to boost the capital adequacy of banks. As such, the authorities decided to recommend banks to temporarily limit dividends within twenty percent of their net profits based on the results of the stress tests carried out on eight bank holding companies and six non-holding banks by the Financial Supervisory Service between October and December 2020. The stress tests were conducted on two distinct scenarios(a) a U-shaped long-term recovery and (b) an L-shaped long-term recession. In both scenarios, the capital ratios of all banks were shown to be above the minimum required level. However, in an L-shaped scenario, the capital buffer and D-SIB ratios of numerous banks felt short of the required levels. * Please refer to the attached PDF for details.
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Jan 27, 2021

FSC Grants MyData Business Licenses to 28 Firms

The FSC granted MyData business licenses to twenty-eight firms on January 27 as the authorities decided that they all satisfy the requirements set forth by the Credit Information Use and Protection Act. The approved entities include five banks, six credit finance businesses, one financial investment firm, one mutual finance business, one savings bank and fourteen fintechs. The approved entities will begin providing MyData services after setting up standard APIs by August 4, 2021, which will allow the provision of safer and more convenient MyData services. In order to ensure a smooth takeoff of the MyData services, the authorities will distribute a guideline in February that specifies details about the scope of data transfer, safe means of data transfer, measures for consumer protection, etc. Beginning in March, the FSC plans to begin another round of preliminary application process for those that wish to enter the MyData industry. * Please refer to the attached PDF for details.
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Jan 27, 2021

FSC Designates Additional 'Innovative Financial Service' for Regulatory Sandbox

The FSC designated two more innovative financial service providers for its regulatory sandbox program on January 27, bringing the total number of such designation to 137 since launching the financial regulatory sandbox program on April 1, 2019. The newly designated service is a credit card service for underaged family members that allows parents to set the maximum usage limit as well as the places where it can be used (Samsung Card Shinhan Card). The service is expected to boost the convenience in small-sum financial transactions and promote responsible consumption habits among high school and middle school aged students. The service is expected to be available in June this year. * Please refer to the attached PDF for details.
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Jan 26, 2021

Financial Authorities to Work on Risk Management and Support Transition to First-mover Economy

Vice Chairman Doh Kyu-sang held the 33rd financial risk assessment meeting via teleconference on January 26 to discuss key risk factors in 2021 and review the implementation of the COVID-19 lending support for SMEs and small merchants. The following is a summary of Vice Chairman Dohs remarks. (Risk Management) With the pandemic response measures put in place, the public and private sector debt increased throughout the world and asset prices have seen a rapid acceleration with abundant market liquidities. The accumulation of excessive debt may pose a risk to the economic recovery, and the financial authorities will continue to work on the management of the household and corporate debt. The FSC plans to introduce measures to more effectively manage household debt in the first quarter, which will focus on the application of DSR rules to individual borrowers. On corporate debt, the authorities will set up a monitoring system to check the status of corporate financing across different industries. Stock prices have gone up due to strong trading activities by retail investors. However, there are possibilities of a rising market volatility and the authorities will closely monitor the conditions in the stock markets. In addition, the authorities will work to strengthen the oversight of illegal and unfair trading activities including illegal short selling, while preparing tax incentives for longer-term stock investment. The FSC will also soon introduce measures to improve the competitiveness of the publicly offered funds to make the process more investor-oriented. (Channeling Funds to Productive Sectors) The authorities will work to ensure that the abundant market liquidities are flowing into productive sectors and toward the vulnerable groups in need. In this regard, the FSC will work on a seamless implementation of its policy on New Deal fund, which will be raised up to KRW4 trillion in 2021 with its first investment project hoped to be announced in March. In April, another
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Jan 25, 2021

Green Finance to Support 2050 Zero Carbon Goals

Vice Chairman Doh Kyu-sang held the 3rd green finance taskforce meeting via teleconference on January 25 and unveiled the governments plans to promote green financing in 2021, which include strengthening the role of the public sector, promoting green financing in the private sector and improving the regulatory framework. At the meeting, Vice Chairman Doh emphasized the importance of the governments 2050 zero carbon initiative and called for close cooperation from all financial sectors. KEY PLANS A. STRENGTHEN THE ROLE OF THE PUBLIC SECTOR 1) Prepare an investment strategy for state-backed financial institutions to double their investment in green sectors from the current 6.5% to about 13% (H1 2021) and consider the launching of a new green finance lending program once the K-taxonomy on green industries becomes available 2) Create green financing teams within the state-backed financial institutions to improve their work consistency and promote cooperation across different institutions 3) Launch a consultative body on green financing between different state-backed financial institutions (H1 2021) to help draw up an integrated strategy on green financing, promote information sharing and boost ties with the international society while preparing for the 2021 P4G Seoul Summit 4) Seek revisions to the guidelines on the management of water resources funds (H2 2021) to ensure that the green and environmental indicators are taken into account when selecting fund managers B. PROMOTE GREEN FINANCING IN THE PRIVATE SECTOR 1) Develop K-taxonomy to clearly distinguish between green and non-green industries and activities (H1 2021) and seek improvements to the system (H2 2021) 2) Introduce best practice guidelines on green financing to be equally applied to all financial sectors (H1 2021) and promote an internalization of the rules after an adjustment period 3) Pilot the issuance of green bonds according to the green bond issuance guidelines announced in December last year 4) Draw
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Jan 19, 2021

Public-private Joint Investment to Create KRW100 Billion Fund for Semiconductor Industry in 2021

FSC Chairman Eun Sung-soo visited SK Hynixs Icheon campus on January 19 and delivered congratulatory remarks at a public-private joint investment agreement ceremony held for the mutual cooperation between SK Hynix, the Korea Development Bank, Export-Import Bank of Korea and NH Nonghyup Bank in raising a total of USD3 billion between 2021 and 2025. To promote a balanced growth of the countrys semiconductor industry and its ecosystem, SK Hynix, the KDB and KEXIM Bank also agreed to make contributions in creating a fund in the amount of KRW100 billion, which will be used for making investments in SMEs and middle market enterprises in the semiconductor industry. CHAIRMANS REMARKS Chairman Eun highlighted the significance of the joint investment agreement and stated that there should be continuous efforts at making investments in future-oriented projects. In this regard, Chairman Eun also touched upon the importance of a balanced growth between large companies and smaller sized firms that collectively make up the industrys ecosystem. To encourage private sector investments, Chairman Eun explained that the government will create New Deal funds in the amount of up to KRW4 trillion and provide New Deal financing support worth about KRW18 trillion through state-backed financial institutions lending support and investment programs. While funneling funds to the new growth sectors, Chairman Eun said that the government aims to select more than 400 innovative firms this year for providing comprehensive support package. * Please refer to the attached PDF for details.
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Jan 19, 2021

FSC Announces 2021 Work Plan

The FSC unveiled its work plan for 2021 on January 18, highlighting the four areas of policy tasks as follows(a) maintaining the COVID-19 financial support and managing potential risks, (b) supporting K-New Deal initiatives for a green and digital economy, (c) promoting financial innovation and digital finance and (d) strengthening financial consumer protection and support for vulnerable groups. KEY ACHIEVEMENTS IN 2017-2020 A. STEADY MAINTENANCE OF FINANCIAL STABILITY AMID COVID-19 PANDEMIC Over the past four years, the FSC has focused on maintaining stability in the financial system as its utmost policy priority. In the wake of the COVID-19 pandemic, the FSC responded by quickly drawing up and providing financial support packages worth KRW175 trillion-plus and worked to prevent the crisis from spreading further into the financial markets. B. SUCCESSFUL CHANNELING OF FUNDS TO PRODUCTIVE SECTORS The FSC has worked to expand the supply of capital into more productive sectors by introducing innovative ways to assess corporate credit and through revisions to the relevant capital markets rules. In addition, the public sector has provided equity-based funding sources via growth ladder fund and other government-backed financing channels. C. ACTIVE PROMOTION OF COMPETITION AND INNOVATION IN FINANCIAL INDUSTRY The FSC has granted new business licenses to internet-only banks, insurance firms and real estate trust companies based on an industry-level competition assessment. In order to promote and expand financial innovation, the FSC has also worked to establish the necessary infrastructures, including the regulatory sandbox, open banking and MyData in financial services. D. ENHANCED INCLUSIVENESS VIA MICROFINANCE SUPPORT AND CONSUMER PROTECTION The FSC has worked to reduce the interest payment burdens of lower income households by lowering the maximum interest rate that can be charged on loans from 24% to 20%. E. IMPROVED FAIRNESS BASED ON RULES AND PRINCIPLES The FSC has al
Jan 14, 2021

FSC Plans to Improve Corporate Disclosure Rules

Vice Chairman Doh Kyu-sang held a meeting with industry officials and experts via teleconference on January 14 and discussed the government’s plans to improve rules on corporate disclosure.The following is a summary of Vice Chairman Doh’s remarks.BACKGROUNDAs the pandemic situation continues, there are growing uncertainties throughout the economy and rapid changes are taking place in the business management environment. As such, the accuracy and promptness in corporate disclosure has become ever more important. Considering a surge in retail investors’ participation in stock markets last year, the disclosure rules need to be improved to allow retail investors to more easily understand disclosure information while reducing filing burdens for companies. In addition, with growing significance of environmental, social and governance (ESG) factors and responsible investing, it is necessary to set up an appropriate regulatory environment.PLANS FOR IMPROVEMENTI. IMPROVE INVESTOR CONVENIENCE IN USING DISCLOSURE INFORMATIONThe required criteria for company disclosure reports and the categorization system will be changed and redundancy will be removed to help improve retail investors’ understanding of disclosure information. An easy-to-understand information booklet will also be published for retail investors. In addition, the Data Analysis, Retrieval and Transfer (DART) System managed by the Financial Supervisory Service will be improved to make it more user-friendly with the introduction of more useful menu categories and enhanced search capabilities.II. REDUCE COMPLIANCE BURDENS FOR BUSINESSESQuarterly reports which have placed relatively heavy burdens on companies will be simplified to contain only key disclosure information, reducing the current requirement items by about forty percent. In addition, corporate filing burdens will be reduced for a greater number of smaller sized companies. III. PROMOTE ESG/RESPONSIBLE INVESTINGThe Korea Exchange will provide a guida
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Jan 14, 2021

Household Loans, December 2020

The outstanding balance of household loans in all financial sectors rose KRW8.5 trillion from the previous month at the end of December 2020 (up 8.0% y-o-y). The household loan balance increased KRW6.7 trillion in the banking sector and KRW1.8 trillion in the non-banking sector.By type, mortgage loans expanded KRW6.7 trillion in December, dropping KRW0.1 trillion from the previous month (up KRW2.1 trillion y-o-y). In the banking sector, mortgage loans grew KRW6.3 trillion while mortgage lending by non-banks increased KRW0.4 trillion from the previous month. Other types of loans rose KRW1.8 trillion, showing a significant decline (down KRW10.1 trillion m-o-m) from the previous month due to strict regulations on credit loans.In 2021, the financial authorities will continue to closely monitor trends in household loans and check the implementation of the household debt management plan. The authorities will draw up a plan in the first quarter that aims to make a gradual transition toward the the application of DSR rules centered on individual borrowers’ debt service capabilities.* Please refer to the attached PDF for details.
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Jan 14, 2021

Additional Lending Support Available for Small Merchants from January 18

The FSC announced the availability of additional lending support for small merchants on January 14, including lower interest rates and guarantee fees for the second phase COVID-19 financial support program and the newly launched lending support of up to KRW10 million for those hit by social gathering restrictions. Beginning on January 18, the second phase COVID-19 lending program for small merchants will be offered at an interest rate of maximum two percentage points lower than the previously offered levels. The banking sector agreed to lower interest rates for small merchant loans by one percentage point on December 29 last year. In addition, KB Kookmin bank, Woori Bank, KEB Hana Bank, NH Bank and Industrial Bank of Korea will offer an extra one percentage point reduction in interest rates. For small merchants whose businesses have been negatively affected by the governments social gathering restrictions, a special lending program of up to KRW10 million will also be available from January 18 on top of the existing loan support. * Please refer to the attached PDF for details.
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Jan 13, 2021

FSC Grants Preliminary Financial Investment Business License to IMC Trading BV

The FSC decided to grant a preliminary financial investment business license to IMC Trading BV, a Netherlands-based trading firm on January 13. It marks the first approval of a foreign-based trading firm in three and a half years.Based on the application processing results by the Financial Supervisory Service, the FSC decided that IMC meets the requirements set forth by the Financial Investment Services and Capital Markets Act.The entry of a new foreign-based securities firm into domestic markets has favorable effects as its market making function can help propel transactions on low-liquidity stocks and help promote domestic markets as global financial hubs.As such, the authorities will continue to work on close supervision of market makers to ensure their proper function.IMC is required to apply for the final approval within six months.* Please refer to the attached PDF for details.
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Jan 13, 2021

FSC Grants Preliminary MyData Business Licenses to Seven More Entities

The FSC decided to grant preliminary MyData business licenses to seven more business entities on January 13. The seven approved firms are Viva Republica, Minwise Co, Coocon, Fintech Inc., Habit Factory, Standard Chartered Korea and SK Planet.For Kakao Pay, the application review is still ongoing.The FSC plans to announce the final license approval results in late January.* Please refer to the attached PDF for details.
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Jan 13, 2021

FSC Announces Revisions to Enforcement Decree as a Follow-up to Improve Rules on Short Selling

The FSC announced revisions to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) on January 13 as a follow-up measure to the government’s effort to strengthen penalties on illegal stock short sale activities. The amendments will be put up for public comments until February 2, 2021.KEY REVISIONS(A) RESTRICTION ON SHORT SELLERS’ PARTICIPATION IN CAPITAL INCREASEThe revised FSCMA restricts short sellers from participating in a company’s capital increase via issuing new shares once the company has made such a plan public, except in certain cases. As such, the Enforcement Decree will be revised to determine a specific time period wherein the short seller’s participation in capital increase is restricted as well as specific cases for exception as specified below. If an investor has shorted a company’s stocks during the restriction period, the investor cannot participate in the company’s capital increase, except for the cases where the short selling is deemed to have no unjust effects on the issuing price as stated below.(RESTRICTION PERIOD) From one day after the disclosure of the company’s capital increase plan until the determination of the issuing price(EXCEPTIONAL CASES) (i) Purchase of new shares exceeding the amount of short positions between the time of the last short sale and the determination of the issuing price, (ii) participation in capital increase by trading units within a firm that operates separate trading units pursuant to the standards specified by the FSC that have no records of short selling the company’s stocks and (iii) short selling for market making or liquidity provision purposes(B) MAINTENANCE OF SHORT SALE TRANSACTIONS DATAThe revised FSCMA requires short sellers to keep their securities lending agreements for five years to be presented promptly to the relevant authorities upon request. As such, the Enforcement Decree will be revised to prescribe specific criteria to be maintained, includ
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Jan 12, 2021

FSC to Ensure Continuing Financial Support for Small Merchants and SMEs

Vice Chairman Doh Kyu-sang held the 32nd financial risk assessment meeting via teleconference on January 12 to review the progress of the COVID-19 financial support programs for small merchants and SMEs.The following is a summary of Vice Chairman Doh’s remarks.(PROVISION OF COVID-19 FINANCIAL SUPPORT) Since February last year, a total of KRW67.5 trillion in financial assistance has been provided to small merchants, SMEs and middle market enterprises. KRW18.3 trillion in lending support has been provided to some 790,000 small business owners. State-backed financial institutions offered preferential lending support to some 43,000 SMEs and middle market enterprises. In this regard, the government’s prompt response to the pandemic helped to lay foundations for an economic recovery this year.(IMPORTANCE OF PREVENTIVE MEASURES) Strict adherence to social distancing and other virus preventive measures needs to take place for a successful economic rebound. Financial institutions should strictly adhere to the social distancing measures. The authorities have been regularly conducting site inspections in this regard. Financial institutions should also ensure that their contingency plans are in place for an effective response to emergency situations.(COVID-19 FINANCIAL RESPONSE PLAN) The government will continue to ensure that financial assistance is available for small merchants and SMEs. In response to the third wave COVID-19 spread, the government unveiled additional assistance measures to ensure the availability of support for small merchants hit by recent social gathering restrictions. Local banks also announced their plans to lower interest rates by about one percentage point. As such, the government will work to ensure that the newly available small merchant support program is ready for operation starting from January 18.(UNSECURED LOANS) Credit-based loans issued by five major banks at the beginning of this year rose KRW217.9 billion. Compared to the early-month tre
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Jan 12, 2021

Government Announces KRW650 Billion Investment in KAMCO to Support Corporate Asset Sell-offs

The government announced its decision to make in-kind contribution of KRW650 billion in the Korea Asset Management Corporation to facilitate its operation of the corporate asset purchase program on January 12.The KAMCO has been operating the corporate asset purchase program mainly through bond issuance, which has led to a rise in its debt ratio in 2020 compared to the previous year. The government’s in-kind contribution in this regard will help contain the KAMCO’s debt ratio within 200 percent until 2022.The in-kind contribution of KRW650 billion raises the government’s total investment in the KAMCO from KRW580 billion to KRW1.23 trillion.With this capital increase, the government expects that the KAMCO will be able to provide more steady support for companies in need of asset sell-offs.* Please refer to the attached PDF for details.
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Jan 07, 2021

Authorities Hold Meeting on Improving Financial Education Programs

The FSC and the FSS held a financial education council meeting via teleconference on January 7 to review the progress of the general plans to improve financial education programs announced on May 1, 2020 and to decide on a specific timeline for implementation. KEY DETAILS(CONTENTS) A guideline on the development of financial education contents and specific standards for the contents certification system are currently being developed. The authorities will finalize the guideline and the standards at the council meeting scheduled for April this year and begin the contents certification process.(CONTENTS DELIVERY CHANNELS) Due to the ongoing COVID-19 pandemic, a shift to more online contents delivery channels has taken place. In the second half of 2021, the one-stop online contents site will be set up to make certified educational contents available to the public at free of charge.(INSTRUCTORS) The authorities are currently working on developing certification standards for professional instructors. The instructor certification process will begin in the first half of 2021 and the one-stop online contents site will operate a professional instructor database in the second half of 2021.(EDUCATIONAL METHODS) Diverse educational and counseling programs are being developed for different groups of target audiences, which will be available for service in 2021.(SCHOOL PROGRAMS) Financial education programs suitable for middle school and high school students are being developed with a pilot program scheduled for March-April 2021.(IMPLEMENTATION FRAMEWORK) Specific details regarding the operation of the financial education council have been included in the enforcement decree of the new legislation on financial consumer protection, which will go into effect in March 2021. The FSS will assume the role of financial education center and coordinate functions of local financial education providers.* Please refer to the attached PDF for details.
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Jan 07, 2021

Amendments to Insurance Business Act to Set Up Joint Committee on Public-Private Health Insruance

The FSC announced amendments to the Insurance Business Act on January 7, which will lay legal foundations for an inter-ministerial cooperation between the FSC and the Ministry of Health and Welfare in the establishment and operation of a joint committee on public-private health insurance system.There have been growing needs for the development of a more closely linked health insurance system between the state-operated national health insurance (NHI) service and indemnity health insurance policies offered by private insurers. As such, the FSC and the MOHW have each drawn up amendments to the Insurance Business Act and the National Health Insurance Act, respectively, with an aim of guaranteeing the provision of a more systematic healthcare coverage and managing healthcare costs at a reasonable level.The amendments establish new provisions which (a) mandate policy cooperation between the FSC and the MOHW, (b) set up a joint committee on public-private health insurance system, (c) authorize the FSC and the MOHW to conduct joint surveys on the interplay between the NHI and private health insurance system and to disclose survey results to the public, etc.The revisions will be put up for public comments until February 16, 2021.* Please refer to the attached PDF for details.
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