Press Releases - Financial Services Commission

Press Releases

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May 14, 2020

Overview of Financial Regulatory Sandbox

The FSC has been operating a financial regulatory sandbox program since April 1, 2019 to promote competition and innovation in the financial industry and provide more benefits to consumers.OVERVIEWA total of 102 ‘innovative financial services’ have been designated so far through fourteen evaluation committee meetings. Under the regulatory sandbox program, the designated firms are granted exemptions from licensing and other sales regulations for up to four years. The evaluation is based on the level of innovativeness, potential contribution to consumer convenience, and the soundness and feasibility of business plan.Among the 102 designated service providers, fintech firms (54 cases, 53%) made up a majority, followed by financial institutions (39 cases, 38%), IT firms (6 cases, 6%) and public sector institutions (3 cases, 3%).By service types, banks were most numerous (16 cases), followed by insurance services (15 cases), capital markets-related services (15 cases), loan comparison services (14 cases), payment cards (13 cases), data services (12 cases), electronic finance (11 cases), foreign exchange (3 cases) and others (3 cases).As of now, 36 ‘innovative financial services’ are at the stage of market test with 66 more expected to be launched in the first half this year.FINANCIAL INNOVATIONINCREASING BENEFITS TO CONSUMERS: a) The shift away from a supplier-driven market toward a more consumer-oriented environment has lowered costs for financial services in the form of interest payments, insurance premiums, etc., b) With the launching of easy-to-use financial services in everyday life, consumer access to financial services has been improved, c) Development of specific services tailored to the needs of SMEs and small-scale businesses has helped extend more financing opportunities to those that had been traditionally unable to access financial services, d) Innovative financial services have contributed to addressing various social problems in the areas of renewa
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May 13, 2020

Reporting Deadline Extended for Financial Companies' Overseas Branches

The financial authorities decided on May 13 to grant an extension of reporting deadline until August 31 this year for financial companies’ overseas branches that face compliance burdens due to COVID-19.According to the current regulations, an extension of filing reports is permitted for unavoidable reasons and circumstances at overseas branches, and the authorities decided that the current pandemic-related reasons and circumstances in their locations qualify as unavoidable. As such, the financial companies’ overseas branches will not face a fine of KRW7 million for failure to submit their annual performance report by the deadline.The government may consider a further extension of the deadline depending on the development of situations.* Please refer to the attached PDF for details.
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May 13, 2020

FSC Announces Plans for MyData Businesses

The FSC announced a schedule for demand survey and preliminary consulting for MyData businesses on May 13. As the revision of the Credit Information Use and Protection Act is scheduled to take effect on August 5, financial companies and fintechs planning to enter the MyData industry should gain approval from the FSC.MYDATA LICENSING(REQUIREMENTS) By law, MyData business operators are required to have a minimum capital of KRW500 million and adequate telecommunications facilities for safe data processing, while satisfying the major shareholder and feasibility of business plan requirements.Licenses will be granted based on the holistic evaluation of firm’s capabilities to process data in a safe and secure manner.(RESTRICTIONS) In principle, there is no quota regarding the number of MyData licenses offered to business entities. Multiple entities within a financial group or a holding company may be granted licenses to operate MyData businesses. Financial companies will be subject to the same evaluation standards as fintech firms for MyData licenses.DEMAND SURVEY PRELIMINARY CONSULTINGThe FSC will carry out a demand survey from May 14 to May 28 to see how many business entities are planning to apply for MyData licenses. Interested entities should submit their demand survey forms to mydata@fss.or.kr.An information session will be held in June for the businesses that have submitted their demand survey forms and a preliminary consulting will be provided in June-July to help firms with relevant documents and processes.EXPECTATION(FOR CONSUMERS) MyData businesses will enable ‘pocket finance’—consumers will be able to manage their personal credit information and financial products within the palm of their hands. Consumer convenience will be improved as consumers will no longer need to access individual financial institutions to view their credit and asset information dispersed across many different entities. Consumers will also be able to enjoy more personalized credit
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May 12, 2020

Government Prepares to Launch Key Industry Stabilization Fund

The government decided to designate the airline and maritime shipping sectors as the key industries eligible to receive support through the key industry stabilization fund on May 12.The decision has been made official at a cabinet meeting as the government made changes to the FSC’s earlier revision proposal, which included five other sectors — machinery, automobile, shipbuilding, electric power and communications industries. The FSC may designate other sectors as key industries after consulting relevant ministries and upon coordination with the Ministry of Economy and Finance.The FSC will work to provide effective support to the key industry businesses through the stabilization fund.* Please refer to the attached PDF for details.
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May 12, 2020

Household Loans, April 2020

The outstanding balance of household loans in all financial sectors rose KRW2.8 trillion (up 5.4% year-on-year) at the end of April 2020. The household loan balance increased KRW4.9 trillion in the banking sector (up 9.2% year-on-year) while declining KRW2.1 trillion in the non-banking sector (down 0.8% year-on-year).By types, mortgage loans increased KRW4.7 trillion in April (up 5.8% year-on-year). Regular mortgage loans, jeonse loans and group lending expanded KRW4.9 trillion in the banking sector, while non-banks saw a drop of KRW200 billion due to the availability of refinancing products with lower interest mortgage loans. Other types of loans declined KRW2.0 trillion (up 4.8% year-on-year) due to a drop in credit lending.The government will closely monitor trends in household loans amid the ongoing COVID-19 pandemic.* Please refer to the attached PDF for details.
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May 12, 2020

Vice Chairman Urges Preventive Measures as Banks Ready to Accept Loan & Relief Payment Applications

FSC Vice Chairman Sohn Byungdoo held a financial risk assessment meeting on May 12, and discussed the second phase financial support program for small merchants and the preparations for emergency relief payments and key industry stabilization fund.The following is a summary of Vice Chairman Sohn’s remarks:(DOMESTIC FINANCIAL MARKETS) The financial markets show signs of stability. Liquidity shortages in the corporate bond market and the short-term money markets have subsided following the policy responses to purchase commercial paper and issue primary collateralized bond obligations. The government will closely monitor markets and take prompt measures when necessary.(2ND PHASE FINANCIAL SUPPORT FOR SMALL MERCHANTS) The government and the financial institutions will work to swiftly provide the 2nd phase financial support to small merchants beginning on May 18, which amounts to KRW10 trillion for about one million business owners. With 95 percent of loans guaranteed from the Korea Credit Guarantee Fund, the lending institutions will face reduced burdens.(EMERGENCY RELIEF PAYMENTS) On May 18, banks will begin accepting applications for the COVID-19 emergency relief payments for households. The relevant institutions, local branches and individuals should adhere to the preventive measures in order to prevent the spread of virus.(KEY INDUSTRY STABILIZATION FUND) The preparations to launch the key industry stabilization fund have been taking place. The designated key industries are vital to maintain the global competitiveness. This stabilization fund will help the key industry enterprises and their subcontractors weather the pandemic-caused hardship while protecting jobs for their employees.The government will work to overcome the pandemic-driven economic crisis while supporting businesses to retain jobs and maintain their global competitiveness.FINANCIAL SUPPORT PROVIDEDBetween February 7 and May 8, a total of KRW87.0 trillion (1,044,000 individual cases) in loans and gu
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May 11, 2020

Financial Data Exchange Platform Launched

FSC Vice Chairman Sohn Byungdoo attended a launch event of the financial data exchange platform on May 11. During his congratulatory remarks, Vice Chairman Sohn stressed the importance of turning the current crisis situation into an opportunity and to continue to work on the government’s post-COVID-19 innovation in digital finance. The financial data exchange platform will be test launched to provide a secure one-stop distribution service.KEY FUNCTIONS► HIGH-SECURITY DATA EXCHANGE: a) Provide a highly secure data delivery method which allows the user to analyze and utilize data within the platform, b) Provide the FSI with the tools to safely transfer data during the exchange process, c) Prevent data leakage by having a thorough internal security control system► SAFE PROVISION OF PSEUDONYMIZED ANONYMIZED DATA: Confirm the appropriateness of the pseudonymized and anonymized data, as well as the information protection measures of the data seeker prior to the data transfer► DATA DISTRIBUTION CONVERGENCE: Designate the FSI, Korea Credit Information Services and Korea Financial Telecommunications Clearings Institutes as the financial data specializing institutions authorized to carry out data convergence and other relevant tasksFURTHER PLANS► DATA DISTRIBUTION GUIDELINES: Establish financial data distribution guidelines detailing the types and utilization of data products, distribution process, data standards and pricing details, things to consider prior to signing contracts, post-distribution management, etc.► DATA EXCHANGE VOUCHERS: Provide data vouchers to promote data exchange transactions at the onsetEXPECTATIONThe government expects that the financial data exchange platform will help establish a safe and secure marketplace for the distribution of financial big data. It will also foster new data-driven business opportunities for fintech start-ups and promote data convergence and utilization with non-financial data, which will lead to the development of ne
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May 11, 2020

2020 Online Korea Fintech Week to Start May 28

The FSC will hold the 2020 Online Korea Fintech Week from May 28. With the theme of “Fintech for Open Innovation,” this year’s virtual expo will feature special information sessions, virtual exhibitions and an online job fair.The following is a schedule of the virtual expo.(OPENING SESSION) Welcoming remarks, congratulatory remarks by key dignitaries(SPECIAL SESSIONS) Key information sessions and seminars about open innovation, industry trends in domestic and foreign marketsa) FSC: Digital finance innovation in Koreab) FSS: Showcasing regtech and suptech firmsc) KPMG: Korean fintech industry in 2020 policy trendsd) World Bank: Digital finance for crisis response and economic development – Role of the WBe) VISA-Fintech Center Korea: Sharing a successful collaboration lesson between a global financial company and a fintechf) KFTC: Open banking – achievements and futureg) FSI: Financial data security in the era of 4th industrial revolutionh) KOSCOM: Financial cloud computing and compliance in financial services(ONLINE JOB FAIR) Co-hosted by the Fintech Center Korea and Korea Internet Security Agency and participated by 34 hiring institutions looking for 40 new hires(VIRTUAL EXHIBITIONS) The six virtual exhibition halls will be organized into a fintech ecosystem hall, a financial enterprise hall, a fintech start-up hall, a fintech scale-up hall, a big tech hall and a global enterprise hall, participated by about 150 firms(CYBER VOICE PHISHING PREVENTION HALL) Introduce voice phishing prevention app and the relevant technology and provide education on how to detect voice phishingFor further information, please contact the Fintech Center Korea via email at fintechweek@fintechcenter.or.kr or by phone at +82-70-4150-4490 and +82-70-8873-9006.* Please refer to the attached PDF for details.
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May 06, 2020

FSC's Revision Proposal Designates 7 Key Industries for Key Industry Bailout Fund

The FSC announced revisions to the enforcement decree of the Korea Development Bank Act on May 6, which designate seven specific industries to be eligible for the key industry bailout fund and establish necessary provisions for the fund’s operation. KEY REVISIONS(DESIGNATION OF KEY INDUSTRIES) The Korea Development Bank Act broadly defines key industries as those considered crucial to the real economy, stability of the job market and national security, such as defense industry, industries barred from foreign investment, etc., and prescribes that the designation of specific industries be carried out by enforcement decree. Through this amendement, the airline, maritime shipping, machinery, automobile, shipbuilding, electric power and communications industries will be designated as key industries. The FSC may include additional sectors upon request from the relevant ministers if funding support is deemed necessary.(ISSUANCE OF BONDS) The revisions to the enforcement decree established the necessary rules including the issuance of bonds, subscription, etc.(VOTING RIGHT) The KDB may exercise its voting right only in the following two exceptional circumstances to preserve the fund’s assets—a) decisions involving significant stakes to the value of equities and b) when a company receiving the support undergoes structural adjustment.(FUND MANAGEMENT COUNCIL) The 7-member council will consist of members recommended by the relevant standing committees of the National Assembly, government ministries and the KDB.SCHEDULEThe revisions to the enforcement decree of the Korea Development Bank Act will be finalized at a cabinet meeting after an examination by the Ministry of Government Legislation.* Please refer to the attached PDF for details.
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May 06, 2020

FSC Chairman Stresses Importance of Concerted Effort from Banks and Financial Authorities

FSC Chairman Eun Sung-soo presided over a financial risk assessment meeting on May 6 to check the implementation of the COVID-19 emergency financial support and discuss measures to support SMEs, middle market enterprises, small-scale businesses as well as the key industries.The following is a summary of Chairman Eun’s remarks:(SMES MIDDLE MARKET ENTERPRISES) It is essential to have a concerted effort by the banking sector and the financial authorities for an effective delivery of the financial support to the SMEs and middle market enterprises. In this regard, the financial authorities will work on promoting movable asset-based lending and sale-and-leaseback by companies while working on measures to help relieve financing difficulties for subcontractors in key industries.(SMALL-SCALE BUSINESSES) As the second phase financing support for small-scale businesses will be provided through the banking sector, it is necessary not to leave behind individuals with low credit scores. To ensure that the second phase support is being provided as scheduled, all necessary preparations should take place promptly.(KEY INDUSTRIES) The government will work to promptly implement the stabilization fund for key industries. The banking sector should be encouraged to cooperate with the Korea Development Bank to support the country’s key industries. With regard to the conditionality which obliges businesses to maintain employment, there should be appropriate balance between protecting jobs and not acting as a constraint for companies in applying for the support.FINANCIAL SUPPORT PROVIDEDBetween February 7 and May 1, a total of KRW77.4 trillion (890,000 individual cases) in loans and guarantees as well as loan and guarantee extensions were provided to the SMEs and small-scale businesses that have been hit by the COVID-19 pandemic.► FINANCING BY TYPE: KRW40.3 trillion (707,000 cases) in new loans and guarantees, KRW34.9 trillion (169,000 cases) in maturity extensions and deferred paymen
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May 06, 2020

Margin Requirements for Non-centrally Cleared OTC Derivatives to be Postponed for One Year

The FSC announced on May 4 a one-year postponement of the implementation of margin requirements for non-centrally cleared OTC derivative transactions to help ease compliance burdens on financial institutions amid the COVID-19 crisis.► FROM SEPTEMBER 1, 2021: For financial institutions with non-centrally cleared derivatives of KRW70 trillion or more► FROM SEPTEMBER 1, 2022: For financial institutions with non-centrally cleared derivatives of KRW10 trillion or more and less than KRW70 trillionThe decision is on a par with international standards and is based on a review of financial institutions’ preparedness and opinions from the industry.In this regard, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) announced their decision on April 3 to extend by one year the final two implementation phases of margin requirements for non-centrally cleared derivatives to help provide additional operational capacity for firms amid the COVID-19 pandemic. Singapore, Canada, Switzerland, Japan and Europe decided to follow the suit.* Please refer to the attached PDF for details.
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May 04, 2020

FSC Selects Six SME-Specialized Investment Firms

The FSC has designated six securities firms as financial investment companies specialized in investing in small and medium-sized enterprises (SMEs)1: eBest Investment Securities, Eugene Investment Securities, IBK Securities, Kiwoom Securities, Korea Asset Investment Securities and SK Securities.The designation will be valid for two years starting from May 4, 2020. The designated firms will be granted policy incentives, such as preferential treatment in the selection process for state-backed fund managers or favorite terms in the provision of securities-backed loans, etc. They will be required to report their performance in SME financing to the financial authorities every six months. If their performance record in the semi-annual report is deemed insufficient twice in a row, the financial authorities may revoke the designation.The government will continue to work on supportive measures for SME-specialized investment companies to better serve financing needs of SMEs and start-ups.* Please refer to the attached PDF for details.
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May 01, 2020

FSC To Work on Improvements To Financial Education Programs

Vice Chairman Sohn Byungdoo presided over the first financial education council meeting on April 29, in which the council decided on the plans for improving financial education.BACKGROUNDA new legislation on financial consumer protection adopted by the government on March 17, 2020 establishes a legal foundation to provide financial education to consumers. Over the years, financial education has become more widely available in Korea as household debt levels increased and personal asset management became more important amid aging society and prolonged low interest rates.Against this backdrop, the FSC carried out surveys and focus group interviews last year to assess current situations, and the results revealed that despite wide availability of financial education, the quality of educational contents, delivery channels and instructors has been lagging. Thus, the council on financial education plans to work on improving the organization and effectiveness of financial education through an enhanced level of cooperation between the public and private sectors.PLANS FOR IMPROVING FINANCIAL EDUCATION► CONTENTS: a) Design a set of financial literacy indicators to help develop and manage educational contents in a more systematic way, b) Draw up plans for contents development every year to maintain the timeliness of the contents, c) Ensure credibility through a contents certification system► CONTENTS DELIVERY CHANNELS: a) Make sufficient class spaces available for financial education throughout the country, b) Set up an online one-stop contents site which offers answers to the finance-related questions in everyday life, c) Make educational contents available through different platforms based on the different needs of consumers► INSTRUCTORS: a) Work on establishing a more systematic management of professional instructors, b) Make training programs more widely available for school teachers► EDUCATIONAL METHODS: Promote diverse educational programs based on the needs of dif
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Apr 29, 2020

Accounting Day Designated by Law To Commemorate Importance of Transparency in Accounting

The amendment to the Act on External Audit of Stock Companies passed the National Assembly on April 29, which officially designates October 31 the accounting day for commemorating the value and importance of transparency and celebrating the work of accountants.Every year since 2018, an accounting day commemoration event was held on October 31, organized by the private sector associations and academia. With the revised law becoming effective one year after promulgation, the government will lead the organization of the accounting day commemoration event beginning in 2021.* Please refer to the attached PDF for details.
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Apr 29, 2020

FSC Extends Guidelines on Supervision of Financial Conglomerates for Another Year

The FSC approved the revisions to the best practice guidelines on the supervision of financial conglomerates on April 29 and decided to extend its implementation for another year. KEY REVISIONS► CAPITAL ADEQUACY ASSESSMENT: a) Combine the ‘risk concentration’ and ‘risk transfer’ categories into a single unified framework for assessing capital adequacy requirements, b) Allow the application of domestic industry standards when assessing capital adequacy for foreign branches► INTERNAL CONTROL SYSTEM: Require financial conglomerates to establish a group-wide internal control system and standards for which a group-wide consultative body can be established to oversee the process► DISCLOSURE RULES: Have financial conglomerates disclose their group-wide risks every quarter starting with the risk information as of the end of 2019► OTHERS: a) Specify the designation of financial conglomerates subject to supervision to those with domestic financial companies with total assets amounting to KRW5 trillion, b) Specify the process of exemption, c) Extend the implementation of the guidelines for another year (May 1, 2020 to April 30, 2021)FURTHER PLANSThe implementation of the best practice guidelines will be extended for another year from May 1, 2020 to April 30, 2021, The financial conglomerates will disclose their group-wide risks at the end of September 2020The FSC will promote efforts to legislate the supervision of financial conglomerates as recommended by the IMF’s Financial Sector Assessment Program report on Korea.* Please refer to the attached PDF for details.
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Apr 29, 2020

Revised FSCMA To Enhance Autonomy and Accountablity of Financial Investment Businesses

The revisions to the Financial Investment Services and Capital Markets Act passed the National Assembly on April 29, which change some of the major sales regulations into ex post regulations. The government expects that the revised law will boost the autonomy and accountability of financial investment businesses while bolstering their function of supplying venture capital and promoting innovation in the capital markets.KEY REVISIONS► CHINESE WALL REGULATION: Improve the coverage and efficiency of regulation by having ‘Chinese walls’ required for the information that may result in conflicts of interest, such as undisclosed information, customer’s asset management information, etc. - Require financial investment businesses to set up internal control standards to ensure that exchange of information is strictly blocked- Strengthen ex posto sanction by establishing a penalty provision to impose a fine for breach of regulations► CONSIGNMENT OF WORK: Allow more functions of financial investment businesses to be consigned to a third party and permit reconsignment with an agreement from the consigner- The financial investment business will be accountable for any issues arising from reconsignment to guarantee investor protection.► REPORTING RULE: For concurrent management of multiple financial investment businesses or engaging in incidental businesses, the current rule requires ex ante reporting to the FSS at least seven days before the commencement of the business. The revised rule changes this requirement to ex post reporting while also enhancing ex post supervision to ensure invetor protection.FURTHER PLANSThe revised law will go into effect one year after promulgation. The FSC will work to ensure that the relevant rules and regulations are in line with the amendments for a smooth transition to the new system.* Please refer to the attached PDF for details.
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Apr 29, 2020

Foreign Currency Asset Limits Raised for Insurance Companies

The revisions to the Insurance Business Act passed the National Assembly on April 29, which increase the cap on foreign currency assets for insurance businesses. The revisions will go into effect six months after promulgation.KEY REVISIONS► FOREIGN CURRENCY ASSET MANAGEMENT: The current cap on insurance companies’ management of foreign currency assets will be increased from 20~30 percent to 50 percent for both general and special accounts in order to grant more autonomy in asset management.► ADEQUATE UNDERSTANDING BY CONSUMERS: Under the current law, insurance policies are the only document subject to evaluation to see how well consumers understand the documents. The revised law will also include pre-contractual information package to ensure more adequate understanding of insurance policies by consumers.► PENALTY RULES: For the failure of notifying consumers the right to request a lowering of interest rates, the revised law will impose a fine on the insurance company, not on the board members of the company to make the penalty rules more equitable with those of savings banks and credit finance businesses.* Please refer to the attached PDF for details.
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Apr 29, 2020

Revised Law Paves Way To Create Bailout Fund for Key Industries

The revisions to the Korea Development Bank Act passed the National Assembly on April 29, establishing a legal foundation to launch a bailout fund to help key industries struggling from the COVID-19 pandemic.KEY PROVISIONS► SUPPORT TARGETS: Businesses within industries that are considered crucial to the real economy, stability of the job market and national security, such as defense industry, industries barred from foreign investment, industries crucial for emergency resources, key technology industries, essential public service providers, etc. ► FINANING FOR FUND: KRW40 trillion state-guaranteed bond issuance► CONDITIONS: Aid recipients shall be subject to following requirements—a) both the management and employees will work toward maintaining employment, b) aid-receiving businesses shall come up with own funding sources within a 20 percent of the amount of aid, and c) businesses shall work to improve management while refraining from diviend payouts, share buybacks and executive compensation.► MANAGEMENT: a) Aid will be provided through loans, payment guarantees and investments according to the specific needs of industries and businesses, b) The fund shall be managed by the Korea Development Bank for five years until December 31, 2025, and a council shall be established at the KDB to ensure professionality, accountability and transparency of the fund management.FURTHER PLANSThe revisions to the Korea Development Bank Act are extected to take effect in May. The government will work on the changes to the relevant rules and regulations and draw up specific standards for aid provision to ensure prompt delivery of support to the businesses in need.* Please refer to the attached PDF for details.
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Apr 28, 2020

Government Adopts Revised Rules to Facilitate Effective Delivery of Emergency Relief Payments

The government approved a revision to the Enforcement Decree of the Electronic Financial Transactions Act during a cabinet meeting on April 28 to help facilitate a more effective and convenient way of delivering emergency relief payments to households.The revision raises the cap on the maximum value of prepaid electronic cards issued by the central and regional governments to up to KRW3 million until September 30, 2020.The increased cap is applicable only in the case of providing emergency relief payments by the central and regional governments in response to crisis situations, such as the COVID-19 pandemic.Along with the revision to the Enforcement Decree of the Specialized Credit Finance Business Act announced last week, this will help expedite the provision of emergency relief payments to households.* Please refer to the attached PDF for details.
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Apr 27, 2020

Deferment of Principal Payment Available for Vulnerable Debtors

The FSC announced on April 27 that deferment of principal payment will be available for vulnerable debtors who are unable to service debts due to diminished income caused by the COVID-19 pandemic. It will be offered by all financial institutions from April 29 until the end of this year.PROGRAMSBased on the situation of individual debtors, either a pre-workout program or a debt adjustment program is available.(PRE-WORKOUT BY FINANCIAL INSTITUTIONS) Microfinance loan users should apply for deferment of principal payment from the original lending institutions. Debtors without multiple debts are also able to apply at the lending institutions.Individual debtors whose diminished income minus living expenses is lower than monthly debt payment can apply for a deferment of principal payment for six to twelve months with no extra fees.(DEBT ADJUSTMENT BY CREDIT COUNSELING RECOVERY SERVICE) Debtors with multiple debts can apply for deferment of principal payment through a debt adjustment program at the Credit Counseling Recovery Service.Individual debtors with multiple debts whose net property value is less than the amoun ot total debts can apply for a deferment of principal payment for six to twelve months. Long-term debtors with three or more months of overdue payments may also be eligible for a debt relief program which offers 10~70 percent of debt cancellation.* Please refer to the attached PDF for details.
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