FSC Designates 5 More ‘Innovative Financial Services’ for Regulatory SandboxNovember 19, 2020

The FSC added five more financial solutions to the financial regulatory sandbox on November 19, bringing the total number of ‘innovative financial services’ to 120 since launching the financial regulatory sandbox program on April 1, 2019. * Please refer to the attached PDF for details.

Government to Increase Amount of IPO Shares Available for Retail InvestorsNovember 18, 2020

The government announced measures intended to ensure active participation of institutional investors and autonomy of the underwriters in an IPO process, while allowing more participation of retail investors.* Please refer to the attached PDF for details.

FSC to Implement a New Regulatory Regime for Financial BenchmarksNovember 18, 2020

The FSC enacted an enforcement decree and a supervisory regulation to provide details for the management of financial benchmarks as the Financial Benchmark Act (hereinafter "the Act") will go into effect on November 27, 2020.* Please refer to the attached PDF for details.

Government Lowers Statutory Cap on Lending Rates to Reduce Debt Burden on Low-income BorrowersNovember 16, 2020

The government plans to lower a statutory cap on lending rates from the current 24% to 20% to reduce debt servicing burden on low-income borrowers.* Please refer to the attached PDF for details.

FSC Unveils Measures to Curb Credit LoansNovember 13, 2020

Vice Chairman Doh Kyu-sang presided over the 29th financial risk assessment meeting on November 13. At the meeting, Vice Chairman Doh unveiled the government's plans to more effectively manage household debt and discussed the implementation of the COVID-19 financial support programs.* Please refer to the attached PDF for details.

4th Digital Finance Meeting Outlines Three Key Principles for MyData IndustryNovember 12, 2020

Vice Chairman Doh Kyu-sang presided over the 4th consultative body meeting on digital finance on November 12 and laid out the following three key principles for the MyData industry—(a) guaranteeing consumer rights to data ownership, (b) improving safety and scalability of MyData services and (c) creating a cooperative ecosystem for all stakeholders...

Household Loans, October 2020November 11, 2020

The outstanding balance of household loans in all financial sectors rose KRW13.2 trillion from the previous month in October 2020 (up 7.1% year-on-year). The household loan balance increased KRW10.6 trillion in the banking sector and KRW2.5 trillion in the non-banking sector.* Please refer to the attached PDF for details.

Volume of Public Financial Data Available on Open Financial Database Reaches 210 MillionNovember 10, 2020

The FSC announced that the volume of public financial data made available through the open financial database reached 210 million, rising about 377 percent from 44 million during the test run period between April and June this year.* Please refer to the attached PDF for details

Government Approves Revised Rules on Vishing Prevention and Electronic Financial TransactionsNovember 10, 2020

The government approved revisions to the rules on vishing prevention and electronic financial transactions at a cabinet meeting held on November 10.* Please refer to the attached PDF for details.

Government Selects 247 Innovative Firms for Comprehensive SupportNovember 6, 2020

The government announced the selection of 247 business entities as part of the plans to cultivate one thousand innovative firms over the next three years at the National Economic Advisory Council meeting held on November 6.* Please refer to the attached PDF for details.