FSC Introduces New Rules on Financial Consumer ProtectionOctober 27, 2020

The FSC introduced a proposal of an enforcement decree to provide details of the newly enacted legislation on financial consumer protection (“the Act” hereinafter), which is scheduled to go into effect on March 25, 2021.* Please refer to the attached PDF for details.

FSC Designates KFTC as Central Registry for P2P Transactions DataOctober 21, 2020

The FSC announced its decision to designate Korea Financial Telecommunications & Clearings Institute (KFTC) as the central registry responsible for storing and managing data on P2P financing transactions on October 21.* Please refer to the attached PDF for details.

3rd Digital Finance Meeting Unveils Ways to Advance Open Banking SystemOctober 21, 2020

Vice Chairman Sohn Byungdoo presided over the 3rd consultative body meeting on digital finance on October 21 and introduced ways to further advance the open banking system and discussed concerns of both fintechs and big techs amid a rapidly changing digital environment.* Please refer to the attached PDF for details.

Vice Chairman Stresses Importance of Steady Financial Support for Small BusinessesOctober 20, 2020

Vice Chairman Sohn Byungdoo held the 26th financial risk assessment meeting via teleconference on October 20 to discuss the implementation status of the COVID-19 emergency financial support programs.* Please refer to the attached PDF for details.

FSC Holds Kick-off Meeting to Root Out Unlawful Trading Activities in Stock MarketsOctober 19, 2020

Vice Chairman Sohn Byungdoo held a kick-off meeting of the task force on the prevention of unlawful and unfair trading activities in stock markets on October 19. The task force will operate until the end of March 2021 and regularly report its implementation status on a monthly basis.* Please refer to the attached PDF for details.

FSC Introduces Improvements to Credit Recovery Support ProgramsOctober 19, 2020

The FSC announced ways to improve the credit recovery support system on October 16. The improved measures are expected to go into effect in November this year.* Please refer to the attached PDF for details

Mobile Microloan Application to be Available for Young AdultsOctober 15, 2020

The FSC announced the availability of mobile microloan application system for young adults starting from October 30.* Please refer to the attached PDF for details.

Government Reviews Financial Policy Agenda for Post-pandemic EraOctober 14, 2020

Vice Chairman Sohn Byungdoo held the 25th financial risk assessment meeting via teleconference on October 14 and reviewed financial policy tasks for the post-pandemic era.* Please refer to the attached PDF for details.

KRW1 Trillion-plus Fund to Promote Market-oriented Corporate RestructuringOctober 14, 2020

The FSC announced that the second round of corporate restructuring fund in the amount of more than KRW1 trillion has already begun to make investments with an aim of fostering conditions to promote market-based corporate restructuring.* Please refer to the attached PDF for details.

Household Loans, September 2020October 13, 2020

The outstanding balance of household loans in all financial sectors rose KRW10.9 trillion from the previous month in September 2020 (up 6.8% year-on-year). The household loan balance increased KRW9.7 trillion in the banking sector and KRW1.1 trillion in the non-banking sector.* Please refer to the attached PDF for details.