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FSC Hold Emergency Meeting Following North Korea's Suspected Nuclear Test

    FSC Hold Emergency Meeting Following North Korea's Suspected Nuclear Test

    September 09, 2016
  • FSC Chairman Yim Jong-yong convened an emergency meeting to inspect risk factors in domestic financial markets and discuss responsive measures after a seismic event was detected in North Korea at 9:30 A.M., a supposed result of North Korea's possible Nuclear Test.

    *Please read the attached file for details


  

  

Financial Assistance to be Provided for Hanjin Shipping's Local Contractors

    Financial Assistance to be Provided for Hanjin Shipping's Local Contractors

    September 06, 2016
  • The Financial Services Commission (FSC) and Financial Supervirosy Service (FSS) came up with measures to support Hanjin Shipping's local contractors in a bid to minimize spill-over effects of Hanjin's filing into small local contractors.

    *Please read the attached file for details.


  

  

Follow-up Measures on Hanjin Shipping's Filing for Court Receivership

    Follow-up Measures on Hanjin Shipping's Filing for Court Receivership

    September 02, 2016
  • FSC Chairman Yim Jong-yon held a meeting on September 1 with the Korea Development Bank and Hyundai Merchant Marine to discuss follow-up measures regarding Hanjin Shipping's filing for court receivership.

    *Please read the attached file for details.


  

  

FSC Statement on Hanjin Shipping's Filing for Court Receivership

    FSC Statement on Hanjin Shipping's Filing for Court Receivership

    August 31, 2016
  • FSC Vice Chairman Jeong Eun-bo held a meeting on August 31 with officials from relevant agencies to discuss the possible government's responses following Hanjin Shipping's decision to file for court receivership.

    *Please read the attached file for details.


  

  

World's First Fintech Open Platform Launched to Ease Develoment of Innovative Fintech Services

    World's First Fintech Open Platform Launched to Ease Develoment of Innovative Fintech Services

    August 30, 2016
  • Fintech Open Platform is launched in Korea for the first time in the world on August 30 in a bid to ease Fintech firms develop innovative financial services.

    *Please read the attached file for details.


  

  

Comprehensive Measures for Management of Household Debt

    Comprehensive Measures for Management of Household Debt

    August 26, 2016
  • The government announced its new set of measures to manage the growth of household debt in a stable manner in response to the recent surge in household debt.

    *Please read the attached file for details


  

  

Government Decides to Sell Its 30% Stake in Woori Bank to Multiple Buyers

    Government Decides to Sell Its 30% Stake in Woori Bank to Multiple Buyers

    August 22, 2016
  • The Public Fund Oversight Committee (PFOC) decided to sell the government's 30% stake in Woori Bank to multiple buyers in smaller portions with an aim to close the deal by the end of this year.

    *Please read the attached file for details.


  

  

Plan for Nurturing Mega-Investment Banks in Korea

    Plan for Nurturing Mega-Investment Banks in Korea

    August 02, 2016
  • The FSC announced its plan to nurture mega-investment banks(IBs) in Korea with equity capital of more than KRW 10 trillion by allowing a broader range of new businesses for securities firms with a larger amount of equity capital.

    * Please read the attached file for details.


  

  

[HM Treasury] FinTech Bridge established between the UK and the Republic of Korea

    [HM Treasury] FinTech Bridge established between the UK and the Republic of Korea

    July 23, 2016
  • [HM Treasury] FinTech Bridge established between the UK and the Republic of Korea. New Fintech bridge will support international expansion of UK and Korean FinTech firms.

    The new FinTEch bridge, an agreement that makes it easier for UK and the Republic of Korea to invest in FinTech, will help UK FinTech firms and investors access the Asian market and expand to the Republic of Korea, as well as attracting Korean FinTech companies and investors to the UK.


    It was announced at the 3rd annual UK-Korea Financial Forum, taking place in the City of London's Guildhall today. The event was attended by UK and Korean officials and FinTech companies.



    The launch included the signing of a regulatory Co-operation Agreement between the UK's FInancial Conduct Authority(FCA) and the Korean Financial Services Commission(FSC).


    The Co-operation Agreement will enable the regulators to share information about financial services innovations in their respective markets, including emerging trends and regulatory issues.


    By strengthening links between the regulators and governments, the FinTech bridfe will reduce the barriers to entry in a new jurisdiction and further encourage innovatio in both countries' financial services sectors. It wi make it easier for FinTech firms in the UK and the Republic of Korea to scale up internationally.


    The FinTech bridge is part of the UK government's commitment to support the FinTech sector as it continues to go from strength to strength. The UK is a global leader in FinTech and the government has worked to create a positive environment for our FinTech firms to thrive in, including signing the first ever FinTech bridge with Singapore in May. Last year the UK FinTech sector employed over 60,000 people and generated £6.6 billion in revenue.


    THe sector has an important role to play in driving innovation in financial services by promoting the use of technology and improving consumers' experiences. For example, thanks to FinTech individuals are now able to open a bank account entirely online without the need for physical documents, and peer-to-peer lenders help their users to lend directly to one another, cutting out the middle-man to deliver better rates to both the lender and the borrower.


    For the Republic of Korea the FinTech bridge supports the countr's efforts to create a FinTech ecosystem that fully capitalises on Korea's high tech and IT expertise. The bridge with the UK will also facilitate Korean start-ups' entry into the global market place.


    Chancellor of the Exchequer, Philip Hammond said:


    "The newly established FinTech bridge between the UK and the Republic of Korea is an important step for one of this country's most exciting industries. The government is determined to help the UK FinTech sector to innovate and grow and to ensure that Britain remains the location of choice for FinTech start-ups."


    Andrew Bailey, Chief Executive of the FCA said:


    "The UK attracts innovators from around the world and as a result we need to continue our support in this fast moving sector. These Co-operation Agreements are absolutely vital in fostering an environment of FinTech innovation on a global scale. We look forward to working closely with the FSC on our efforts to promote innovation in our respective markets."


    Chairman Yim Jong-yong of the FSC sadi:


    "Although Korea is a relative newcomer fo FinTech, we have been focusing on delevoping a regulatory environment that supports rapid growth of the sector. The FinTech bridge with the UK, which is a pioneer of the industry, will enable Korea to more easily identify and adopt regulatory best practice. It is another step in strengthening the strong financial relationship between Korea and the UK."


    https://www.gov.uk/government/news/fintech-bridge-established-between-the-uk-and-the-republic-of-korea

FSC Statement on Measures for Financial Market Stability in Response to

    FSC Statement on Measures for Financial Market Stability in Response to

    June 24, 2016
  • FSC Chairman Yim Jong-yong convened an emergency meeting immediately after the U.K.’s decision to leave the EU in order to review its impact on the Korean economy and measures to stabilize financial markets.

    * Please read the attached file for details.