Press Release
  • Government Lowers Statutory Cap on Lending Rates to Reduce Debt Burden on Low-income Borrowers
    Government Lowers Statutory Cap on Lending Rates to Reduce Debt Burden on Low-income Borrowers

    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 Loans
    FSC Unveils Measures to Curb Credit Loans

    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 Industry
    4th Digital Finance Meeting Outlines Three Key Principles for MyData Industry

    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 2020
    Household Loans, October 2020

    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 Million
    Volume of Public Financial Data Available on Open Financial Database Reaches 210 Million

    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 Transactions
    Government Approves Revised Rules on Vishing Prevention and Electronic Financial Transactions

    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 Support
    Government Selects 247 Innovative Firms for Comprehensive Support

    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.
  • FSC Holds Meeting on Financial Market Conditions
    FSC Holds Meeting on Financial Market Conditions

    FSC Holds Meeting on Financial Market ConditionsNovember 6, 2020

    FSC Chairman Eun Sung-soo held a meeting to review the effects of the US presidential election on financial markets at home and abroad on November 6.* Please refer to the attached PDF for details.
  • FSC Selects Two More Fintechs as Designated Agents to Provide Financial Services
    FSC Selects Two More Fintechs as Designated Agents to Provide Financial Services

    FSC Selects Two More Fintechs as Designated Agents to Provide Financial ServicesNovember 4, 2020

    The FSC selected Finotek and Big Value as designated fintech firms on November 3, allowing them to provide financial services on behalf of Jeju Bank, BNK Kyongnam Bank and Kwangju Bank, and Pepper Savings Bank, respectively.* Please refer to the attached PDF for details.

  • FSC to Work on COVID-19 Recovery, Cultivating Innovative Firms and Ensuring Market Stability
    FSC to Work on COVID-19 Recovery, Cultivating Innovative Firms and Ensuring Market Stability

    FSC to Work on COVID-19 Recovery, Cultivating Innovative Firms and Ensuring Market StabilityNovember 3, 2020

    The FSC held the 28th financial risk assessment meeting via teleconference on November 3, chaired by Secretary General Kim Tae-hyun. During the meeting, officials discussed the progress in implementing the COVID-19 financial support including the small merchant support program and market stabilization measures.* Please refer to the attached PDF for...