The Financial Services Commission (FSC) greenlit Kakao’s move into insurance. Its approval is preliminary, and the company needs to apply for full approval in six months. In that time, it must complete hiring and establish necessary infrastructure.
Eun Sung-soo, the Financial Services Commission (FSC) chairman, promised support to accelerate the innovation of digital finance and fintech companies, especially through it D-testbed, a regulatory sandbox exclusively for fintech start-ups.
Korea's financial regulator is set to partially lift a ban on short selling of stocks starting next week, about 14 months after it imposed it to cope with a stock market rout triggered by the Covid-19 pandemic.
The FSC is partly lifting the ban on May 3, limiting the practice to Kospi 200 and Kosdaq 150 stocks.
Financial Services Commission Chairman Eun Sung-soo, center, poses for a photo in a meeting with heads of the country’s commercial banks and financial institutions in Jung District, central Seoul, on Thursday.
Financial Service Commission (FSC) Chairman Eun Sung-soo said the government will try to minimize the pandemic's impact on credit scores for small companies.
The financial regulator is, in principle, banning cross trading of private equity fund. The goal is to prevent trouble at one fund from being transferred to another as it was the case in Lime Asset Management.
Private equity funds will have to submit sales reports to the financial regulator every three months instead of six, and their total number of investors will be the subject of heightened scrutiny.
Banks have agreed to the government proposal to extend the suspension of loans and interest payments for small and mid-size companies and small corner shops for another six months.
Suspension of loan principal and interest payments for small business and corner shops is being considered by the Financial Services Commission (FSC).