Financial regulator to grant more banking licenses

Korea’s top financial regulator said Monday that the government will grant more banking licenses to reinvigorate the lending sector and relax regulations on other services.

Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks at a meeting with financial executives as the FSC plans to unveil a package of measures on regulatory reforms.

Two internet-only banks were launched last year, marking the first time in about two decades that the government awarded banking licenses.’

New banks will be required to focus on certain customers such as corporate clients, Choi told the meeting. The FSC will also lower entry barriers for new players to make inroads into the insurance industry, Choi said.

Yonhap