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Feb 22, 2022
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Feb 15, 2022
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Feb 10, 2022
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Jan 19, 2022
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Jan 14, 2022
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Jan 13, 2022
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Dec 23, 2021
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Dec 08, 2021
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Nov 29, 2021
- FSC and BOK Launch Mobile App Providing Detailed Information on Bank Branches and ATM Locations
- The FSC and the Bank of Korea announced that a new mobile application (www.accountinfo.or.kr) providing detailed information about bank branches and ATM locations will go into service from November 29. The new mobile application integrates data and provides regularly updated branch information about banks, deposit taking nonbanks, such as Korea Post, savings banks and mutual finance companies, as well as securities firms. The information provided include operating hours, contact information, list of services available at a branch, service fees, language services offered and the availability of assistance for persons with disabilities. The mobile application also offers an ATM locator service which will help consumers find an ATM near them anywhere in the country and find out about the list of services available at a particular ATM and information on fees. With an automatic daily update of the database, information provided on the mobile application will be kept up to date with a high degree of accuracy. The establishment of an integrated database on branch information will also help the financial sector with a more effective management and operation of their branch offices, ATMs, etc. The authorities expect to see an increase in accessibility to financial services and much improvements in consumer convenience. The FSC and the Bank of Korea will continue to work with the financial sector in helping to strengthen financial inclusion. * Please refer to the attached PDF for details.
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Nov 24, 2021
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Nov 23, 2021
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Nov 22, 2021
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Nov 10, 2021
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Nov 10, 2021
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Oct 28, 2021
- FSC Chairman Pledges Support for Digital Transformation of Banking Industry
- FSC Chairman Koh Seungbeom met with the heads of major banks and industry group leaders in the banking sector on October 28 and held talks on ways to promote the banking industrys growth in the future. Chairmans Remarks With digital transformation taking place throughout the economy, the financial industry and banks are experiencing major changesincreased financial transactions through mobile and other contactless channels, unbundling and re-bundling of various financial services, financial services being offered through platforms, etc. Amid these changes taking place, it is necessary to think about the future of bank and ways to boost the competitiveness of the banking industry. To help foster the banking industrys advancement in the future, it is important to focus on the following three factors(a) digital transformation, (b) innovative business model and (c) fair competition. The FSC will work to provide active support for the industry in these areas. First, the authorities will work to create an environment where the idea of digital universal bank becomes possible through an integrated mobile app that offers a wide-array of financial services ranging from banking to insurance to stock trading, etc. The authorities will also look into ways to facilitate data sharing between financial and non-financial data and provide active support for banks making investments in new digital business areas. Second, the authorities will help facilitate banks to innovate their business models by allowing them to expand business areas into the comprehensive asset management sector and open up their investment advisory activities beyond the currently permitted real estate sector. Third, the authorities will continue to seek ways to foster a level playing field to promote financial innovation rooted in fair competition. Promoting advancement of the financial industry is a key task alongside maintaining stability in the financial system. The FSC will continue to closely communicate wi
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Oct 27, 2021
- FSC Orders Citibank Korea to Take Measures to Minimize Damage to Consumers
- The FSC decided to order Citibank Korea to take specific measures to ensure consumer protection and maintain order as the bank announced its plan to gradually phase out retail banking services. Under the Financial Consumer Protection Act, the FSC has the authority to order financial institutions such as banks to take measures when it is considered as necessary to protect consumer rights and maintian sound market order. The FSC decided to issue an official order to Citibank Korea as it is deemed to be highly likely that the banks move to close out its retail banking services will generate inconvenience and damage to consumers. The following are some of the key details of the order. a) Citibank Korea should draw up a detailed plan to minimize inconvenience to consumers, protect consumer rights and maintain sound market order and implement the plan faithfully in the process of its retail banking closure in Korea. b) Before the closure process begins, Citibank Korea should submit a specific plan to the Financial Supervisory Service, detailing basic principles on user protection, measures for user protection by product and service type, operational plan for sales channels, measures to ensure consumer data privacy and other measures regarding organizational, human resources, internal control, etc. The FSS will review the submitted plan and report to the FSC. The FSS will closely monitor Citibanks implementation status and report to the FSC if deemed necessary. *Please refer to the attached PDF for details.
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Oct 27, 2021
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Oct 13, 2021
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Sep 10, 2021
- FSC Chairman Meets with Heads of Major Financial Holding Companies
- FSC Chairman Koh Seungbeom met with the heads of major financial holding companies on September 10 and held talks on ways to strengthen household debt management as well as the issue of loan maturity extensions and payment deferrals. As it was the first time that Chairman Koh has held a meeting with the five CEOs of financial holding companies in his current role, at the beginning of the meeting, Chairman Koh laid out his principle of financial policy and supervisory role of the FSC as aiming for market-friendly policy and supervision with respect for the creativity and autonomy of financial institutions. With regard to the matters concerning internal management of individual institutions, such as interest rates, fees and dividends, Chairman Koh stated that he will respect individual firms decisions. Even when intervention is inevitable for the purpose of maintaining macroeconomic soundness and consumer protection, Chairman Koh said that interventions will take place at a minimum level through a fair and transparent procedure in a market-friendly and market-centered approach based on sufficient communication and collaboration with market participants. On the issue of household debt growth, Chairman Koh raised concerns about asset market overheating and the mutually reinforcing effects between the two. Chairman Koh spoke about household debt management as a top policy priority and pledged to effectively implement the measures in place while working to come up with improved measures. With regard to the loan maturity extensions and payment deferrals set to expire at the end of September, Chairman Koh said that the authorities are considering diverse factors, such as the demand from SMEs and small merchants, repayment burdens of long-term borrowers, potential default risks and so on, while emphasizing the importance of cooperation to arrive at a reasonable solution. Chairman Koh and the five CEOs also held talks on regulatory issues surrounding digital transformation an
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Sep 09, 2021
- FSC Announces 10% Stake in Woori Financial Group to be Sold
- The FSC announced its plan to sell ten percent of the remaining stake (15.13%) held by the Korea Deposit Insurance Corporation in Woori Financial Group through competitive bidding. Background With the goal of complete privatization of WFG, the government has been selling KDICs stake in WFG through a series of block sales and competitive auctions over the years. The sales allowed the government to recoup about 89.6 percent of public funds and afforded WFG with management autonomy as its MOU with the KDIC has been retracted in 2016. The KDICs sale of 29.7 percent stake in December 2016 further accelerated WFGs privatization process. However, as the KDIC still maintained the largest shareholder status, the Public Fund Oversight Committee announced the roadmap for selling remaining stake in WFG in June 2019. Thereafter, the KDIC sold two percent of its remaining stake through a block sale on April 9, 2021. After assessing market demand, on August 23, the PFOC decided to sell up to ten percent of KDICs remaining stake in WFG through competitive bidding. Details Ten percent of shares will be put up for sale with minimum bidding of one percent through a competitive auction with highest bidders winning the auction. However, when no workable competition is established or the bidding price is below the PFOC set price, the sales method may change to a block sale. Investors who newly acquire four percent or more of stake are granted right to recommend an outside director to the board. Successful sales of KDICs stake in WFG at this round may lead to the completion of the privatization process of WFG in essence, since the KDIC may no longer be the largest shareholder with its right to recommend an outside director also taken away. Schedule With the sales notice announced on September 9, letters of intent (LoIs) will be due on October 8 and the bidding will close and winning bidders selected in November. * Please refer to the attache PDF for details.
