Financial Services Commission

Loan Deferment Guidelines for SMEs and Small Merchants Hit by COVID-19March 31, 2020

The FSC and the FSS along with all financial associations and federations adopted the guidelines for the loan extension of principal payments and the deferment of interest payments to be implemented beginning on April 1 for the SMEs and small merchants hit by COVID-19. * Please refer to the attached PDF for details.

Loan Deferment Guidelines for SMEs and Small Merchants Hit by COVID-19 200331 Loan Deferment Guidelines for SMEs and Small Merchants Hit by COVID-19.pdf(44 KB)

Special Low-rate Loans to be Introduced for Small Merchants Hit by COVID-19March 31, 2020

As a part of the KRW12 trillion financing support package for the small merchants hit by COVID-19, local banks will begin providing super low-rate loans in the amount of KRW3.5 trillion beginning on April 1. * Please refer to the attached PDF for details.

Special Low-rate Loans to be Introduced for Small Merchants Hit by COVID-19 200331 Special Low-rate Loans to be Introduced for Small Merchants Hit by COVID-19.pdf(34 KB)

Open Financial Database to be Introduced through Open API in AprilMarch 31, 2020

The FSC will begin to make available to the public approximately 44 million counts of public financial data held by the FSC and nine other financial institutions through open API beginning in early April. * Please refer to the attached PDF for details.

Open Financial Database to be Introduced through Open API in April 200331 Open Financial Database to be Introduced through Open API in April.pdf(100 KB)

Vice Chairman Speaks on Importance of Removing Information Barriers for Policy Cooperation March 31, 2020

FSC Vice Chairman Sohn Byungdoo attended the Financial Stability Board's first plenary meeting this year via a conference call on March 30.* Please refer to the attached PDF for details.

Vice Chairman Speaks on Importance of Removing Information Barriers for Policy Cooperation 200331 Vice Chairman Speaks on Importance of Removing Information Barriers for Policy Cooperation.pdf(79 KB)

FSC Introduces Amendments to Enforcement Decree of Credit Information ActMarch 31, 2020

The government announced on March 30 that the amendments to the three major data privacy laws passed by the National Assembly on January 9 are scheduled to take effect on August 5 this year. * Please refer to the attached PDF for details.

FSC Introduces Amendments to Enforcement Decree of Credit Information Act 200331 FSC Introduces Amendments to Enforcement Decree of Credit Information Act.pdf(146 KB)

Peer-To-Peer Lending Cap to be Lowered to Provide Investor SafeguardsMarch 30, 2020

The FSC and the FSS announced on March 27 their decision to lower the peer-to-peer lending cap through supervisory guidance from the previously set amount of KRW50 million to KRW30 million per year. * Please refer to the attached PDF for details.

Peer-To-Peer Lending Cap to be Lowered to Provide Investor Safeguards 200330 P2P Lending Cap to be Lowered to Provide Investor Safeguards.pdf(31 KB)

Basel III Credit Risk Framework to be Adopted in Q2 2020March 30, 2020

The FSC and the FSS announced the early adoption of the credit risk framework of Basel III beginning in late June this year, more than one year and a half prior to the Basel Committee on Banking Supervision’s recommendation of adoption by 2022.* Please refer to the attached PDF for details.

Basel III Credit Risk Framework to be Adopted in Q2 2020 200330 Basel III Credit Risk Framework to be Adopted in Q2 2020.pdf(80 KB)

Vice Chairman Emphasizes Importance of Effective Implementation of COVID-19 Financial SupportMarch 27, 2020

FSC Vice Chairman Sohn Byungdoo held a meeting on March 27 via conference call to examine the implementation of the government’s COVID-19 emergency support package and financial market stabilization measures.* Please refer to the attached PDF for details.

Vice Chairman Emphasizes Importance of Effective Implementation of COVID-19 Financial Support 200327 Vice Chairman Emphasizes Importance of Effective Implemnetation of COVID-19 Financial Support.pdf(101 KB)

KAIST Selected as Digital Finance Education Provider for 4 YearsMarch 27, 2020

The Financial Services Commission and the Seoul Metropolitan Government announced on March 25 that the Korea Advanced Institute of Science and Technology (KAIST) along with its consortium members have been chosen as the designated digital finance education provider.* Please refer to the attached PDF for details.

KAIST Selected as Digital Finance Education Provider for 4 Years 200327 KAIST Selected as Digital Finance Education Provider for 4 Years.pdf(29 KB)

Government Expands Young Adult Loan for Rent Payments to Boost Financial InclusivenessMarch 26, 2020

The FSC announced on March 26 an increase of KRW3 trillion for the young adult loan for rent payments from the previously available amount of KRW1.1 trillion to KRW4.1 trillion.* Please refer to the attached PDF for details.

Government Expands Young Adult Loan for Rent Payments to Boost Financial Inclusiveness 200326 Government Expands Young Adult Loans for Rent Payments.pdf(35 KB)