Financial Services Commission

Nine Financial Service Providers Acceped into FSC's Regulatory SandboxApril 18, 2019

The FSC announced the first batch of financial service providers accepted into its financial regulatory sandbox.

Nine Financial Service Providers Acceped into FSC 190417 Nine Businesses Accepted to Financial Regulatory Sanbox.pdf(191 KB)

Financial Regulatory Sandbox LaunchedApril 1, 2019

The FSC officially launched a financial regulatory sandbox today as the Special Act on Financial Innovation Support takes effect on April 1, 2019.

Financial Regulatory Sandbox Launched 190401 Financial Regulatory Sandbox Launched.pdf(186 KB)

FSC Recieved Three Applicants for Preliminary License for Online-only BankMarch 28, 2019

Three applicants - Kiwoom Bank, Toss Bank and Anyband Smart Bank - have submitted their applications for online-only bank.

FSC Recieved Three Applicants for Preliminary License for Online-only Bank 190328 Three Applications Preliminary Approval for Online-only Bank.pdf(186 KB)

FSC to Delay Implementation of Basel III for New Online-only BanksMarch 25, 2019

The FSC will grant new online-only banks a grace period of two or three years for the implementation of Basel III regulations, scheduled to be fully effective from 2020 for other banks.

FSC to Delay Implementation of Basel III for New Online-only Banks 190325 FSC to Delay Adoption of Basel III for New Online-only Banks.pdf(195 KB)

Financial Policy Plans to Support Innovation-led GrowthMarch 21, 2019

The FSC announced financial policy plans to support Korea's innovation-led economic growth.

Financial Policy Plans to Support Innovation-led Growth 190320 Financial Policy to Support Innovative Growth.pdf(206 KB)

Financial Policy Roadmap for 2019March 7, 2019

The FSC laid out a financial policy roadmap for 2019 aimed at promoting financial innovation, ensuring trust and securing financial stability.

Financial Policy Roadmap for 2019 190306_2019 Financial Policy Roadmap.pdf(198 KB)

Banks' Financial Payment System to be Open to Fintech FirmsFebruary 25, 2019

The FSC proposed its plan to establish an open banking system which would allow fintech firms to access banks' payment network, in an effort to encourage development of new payment services and greater competition in the financial sector.

Banks 190225 Open Banking System.pdf(106 KB)

FSC to Propose a Bill on P2P LendingFebruary 11, 2019

The FSC plans to propose a bill on peer-to-peer(P2P) lending to help P2P sector grow into one of innovative fintech services and provide both investors and borrowers with better protection.

FSC to Propose a Bill on P2P Lending 190211 FSC to Propose Bill on P2P Lending.pdf(200 KB)

Korea Next Exchange (KONEX) to be RevitalizedJanuary 30, 2019

FSC Chairman Choi JongKu announced a plan for revitalizing KONEX at a meeting with young entrepreneurs and venture capital investors.

Korea Next Exchange (KONEX) to be Revitalized 190129_KONEX to be revitalized.pdf(223 KB)

Follow-up Measures for Capital Market ReformJanuary 21, 2019

The FSC will introduce a new category of brokerage companies specialized in capital raising business for SMEs & venture companies. Moreover, in order to broaden and diversity a pool of professional investors, the FSC plans to ease registration requirements and relevant procedures

Follow-up Measures for Capital Market Reform 190121_Follow-up measures for capital markets reform.pdf(201 KB)