Press Releases - Financial Services Commission

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Apr 21, 2020

Overall Resilience of Korea's Financial System Observed by IMF's FSAP

The International Monetary Fund published the Financial System Stability Assessment for Korea on April 21 in which it observed the overall resilience of Korea’s financial system.The FSSA report finds that the “Korean authorities have continued their efforts at upgrading the prudential, legal and supervisory framework for the financial sector,” and “have been strengthening the system with micro and macroprudential measures against vulnerabilities, strengthening the crisis management framework, and upgrading the prudential and legal framework.”The report also noted a few vulnerabilities, including “growth related uncertainties and elevated household debt,” and suggested twelve specific recommendations in four key policy areas.Classified as one of the twelve countries with systemically important financial sectors, the IMF’s Financial Sector Assessment Program (FSAP) conducts financial stability assessment on Korea every five years. Following previous assessments in 2003 and 2014, the current FSSA report is drawn from the conclusion of a FSAP mission which took place in 2019.* Please refer to the attached PDF for details.
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Apr 21, 2020

FSC Revises Rules to Help Expedite Emergency Relief Payments to Households

A revision to the Enforcement Decree of the Specialized Credit Finance Business Act was approved at a cabinet meeting on April 21. It raises the cap on the face value of non-personalized prepaid cards from KRW500,000 to KRW3 million until September 30, 2020.The application of the increased cap is limited to the purpose of providing emergency relief payments via non-personalized prepaid cards by the central and regional governments in response to crisis situations, such as the COVID-19 pandemic, with specific recipients, usable places and expiry dates predetermined.As the government is preparing to provide emergency relief payments to households, this revision is expected to facilitate the prompt and effective provision of the relief to the households in need.* Please refer to the attached PDF for details.
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Apr 20, 2020

Plans for Temporary Easing of Financial Regulations in Response to COVID-19

The financial authorities announced on April 17 a set of temporary deregulatory measures on financial institutions’ capital adequacy, liquidity and asset quality requirements to help boost their financing capacity amid the COVID-19 crisis. The deregulatory measures are expected to pave the way for financial institutions to play a more active role in providing support to the real economy.BACKGROUNDThe international society including the G20 and the Basel Committee on Banking Supervision recognized the need for a more flexible application of financial regulations in response to COVID-19. The adoption of the Basel III standards in the aftermath of the 2007-2008 financial crisis has boosted the stability of financial institutions in crisis situations. But it also had an effect of constraining their ability to flexibly respond to crisis situations. Against this backdrop, the Financial Stability Board recently made a recommendation for more flexible application of regulations.In response to COVID-19, the Korean government has made available more than KRW100 trillion in financing support via financial institutions. The financial institutions at the forefront of delivering this emergency support package to businesses have been requesting an easing of such regulations so that they can increase their financing capacity to help support the real economy.TEMPORARY EASING OF FINANCIAL REGULATIONSThe deregulatory measures will be based on the four key principles—necessity, temporariness, promptness and effectiveness.I. REGULATIONS ON CAPITAL ADEQUACY► CONTRIBUTION TO STOCK MARKET STABILIZATION FUND: Banks, securities companies and insuance companies that are making contributions to the stock market stabilization fund will see lower risk weights for the amount of contribution they make.(Banks) Under the current regulations, banks’ investment in funds that have listed stocks as underlying assets should be assigned a 300 percent risk weight in principle. However, banks will b
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Apr 17, 2020

Financial Authorities to Temporarily Ease Regulations on Capital and Liquidity Requirements

FSC Vice Chairman Sohn Byungdoo held a meeting on April 17 via conference call to check the delivery of the government’s COVID-19 emergency support package and financial market stabilization measures.The following is a summary of Vice Chairman Sohn’s remarks:► STRONG COOPERATION: The FSC and the FSS along with all other relevant institutions will closely cooperate in working to prevent bankruptcies and job lossess. ► ENSURING SEAMLESS IMPLEMENTATION: For guaranteed loans, the guarantee institutions had different standards for offering deferments on the principal payment. Due to an improvement in the standards, this discrepancy has been removed.► EASING REGULATIONS: In order to make sure that financial institutions providing the COVID-19 emergency support package do not face liquidity shortages, the government will temporarily ease regulations on the capital and liquidity requirements, while also working to improve the performance assessment measures for public financial institutions.FINANCIAL SUPPORT PROVIDEDBetween February 7 and April 13, a total of KRW40.9 trillion (488,000 individual cases) in loans and guarantees as well as loan and guarantee extensions were provided to the SMEs, small merchants and self-employed business that have been hit by the spread of COVID-19.► FINANCING BY TYPE: KRW19.6 trillion (352,000 cases) in new loans and guarantees, KRW19.9 trillion (120,000 cases) in maturity extensions and deferred payments, and KRW1.4 trillion (16,000 cases) in export-import credit finance, discounted interest rates and late fees and deferment of interest payment► FINANCING BY TARGET: KRW19.4 trillion (424,000 cases) to small merchants, KRW17.1 trillion (64,000 cases) to SMEs and KRW4.5 trillion (594 cases) to middle market enterprises► FINANCING BY INDUSTRY: KRW5.6 trillion (56,000 cases) to wholesale businesses, KRW3.8 trillion (111,000 cases) to restaurant businesses and KRW3.6 trillion (82,000 cases) to retail businesses► FINANCING BY PRO
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Apr 17, 2020

FATF Report Finds Korea Has Strong Legal Framework for AML/CFT Regime

The Financial Action Task Force published the 4th round mutual evaluation report on Korea’s anti-money laundering and counter terrorist financing (AML/CFT) regime on April 16. The mutual evaluation report finds that “Korea has a sound legal framework to tackle money laundering and terrorist financing and to confiscate funds involved,” and “has significantly strengthened its AML/CFT framework which is now delivering good results.” The mutual evaluation process began in January 2019 with a field visit for due diligence taking place in July last year. After a six-month cooperation, the mutual evaluation report was adopted during the FATF plenary meeting in February 2020.* Please refer to the attached PDF for details.
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Apr 16, 2020

FSC Approves Revised Rules on Misconduct in Financial Services

The FSC decided to adopt the revised rules and regulations for the examination and sanctions on financial institutions on April 16 as a follow-up measure to the plans to improve the rules on exemption for misconduct in financial services announced in the previous week.RULES ON EXEMPTION FROM SANCTIONS The revisions are intended to guarantee exemptions from sanctions for financial services workers, and by doing so, to help encourage them to play a more active role in offering loans and other financial support to the businesses and individuals in need during the COVID-19 pandemic as well as in other crisis situations.The revised rules and regulations include an ex ante provision to ensure that the exemption from sanctions will be applied to the possible misselling or misconduct cases that have occurred prior to the adoption of these changes.REQUEST FOR REGULATORY INTERPRETATION AND NO-ACTION LETTERThe FSC also decided to allow financial institutions to anonymously submit requests for regulatory interpretation and no-action letter from April 16. Until now, financial institutions faced obstacles as they were only able to file requests with the company name and the name of the company representative.From April 16, financial institutions will be able to submit requests anonymously via online at http://better.fsc.go.kr and by providing only their contact information such as a telephone number and an email address.* Please refer to the attached PDF for details.
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Apr 13, 2020

Application Opens for Participating Businesses to 2020 Korea Fintech Week

The application for the 2020 Korea Fintech Week is open from April 13 to 24 for prospective participants wishing to showcase their fintech products and innovative services via virtual exhibition halls.The FSC has decided to hold the 2020 Korea Fintech Week as a virtual expo from May 28 due to public health concerns amid the COVID-19 crisis. Under the theme of “Fintech for Open Innovation,” the virtual expo will feature online seminars for information sharing on the latest trends of the fintech industry as well as the five virtual exhibition halls for about 150 fintech and other related services.The five virtual exhibition halls will be organized into a fintech start-up hall, a fintech scale-up hall, a big tech hall, a financial enterprise hall and a global enterprise hall.While there are no participation fees, participating companies need to prepare their own digital promotional materials.Application will be accepted from Monday, April 13 until Friday 6:00 pm, April 24. Prospective participants should download the application form from www.fintechcenter.or.kr and submit their applications along with supporting materials via email at fintechweek@fintechcenter.or.kr.The results of the application will be announced on Friday, May 1 for the fintech start-up hall and on Friday, May 8 for all other exhibition halls.The government plans to provide active support to fintech firms with their overseas business opportunities by inviting financial authorities from other countries and embassy officials to the virtual expo.* Please refer to the attached PDF for details.
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Apr 13, 2020

Authorities Recommend Flexibility in Accounting Standards amid COVID-19 Crisis

The FSC and the FSS issued a guidance on April 10 recommending companies and auditors against a mechanical application of IFRS 9 standards for determining their expected credit losses (ECLs) during the COVID-19 crisis.As companies and auditors are preparing their quarterly reports and audit reports for the first quarter, there have been concerns over the looming uncertainty about how to determine the amount of ECLs due to the COVID-19 pandemic.In this regard, both companies and auditors are highly advised to consider the unprecedented financial and economic relief measures taken by the government in a comprehensive way when determining ECLs. Ordinarily, the government’s market support measures are expected to lower the risk of a default on a financial instrument.With regard to the impairment of financial instruments, IFRS 9 “requires that lifetime ECLs be recognized when there is a significant increase in credit risk (SICR) on a financial instrument” and “requires the application of judgement and both requires and allows entities to adjust their approach to determining ECLs in different circumstances.”The International Accounting Standards Board (IASB) has recently issued a statement in this regard on March 27, recommending entities to adopt a more flexible approach when recognizing the impairment of financial instruments due to high levels of uncertainty amid the COVID-19 crisis.* Please refer to the attached PDF for details.
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Apr 10, 2020

Financial Regulators Issue Investor Alert on COVID-19 Related Stocks

The financial regulators issued an investor alert on April 10 on a set of 69 stock items related to COVID-19 including masks, test kits, vaccines and other sanitary and disease prevention items due to high fluctuations in prices and concerns over possible damages to investors.Investors are advised to be aware of the possibility of incurring losses especially when investing in stocks for test kits or vaccines as their bullish prices tend to fall abruptly.Investors should also watch out for unconfirmed information about the development schedule of vaccines or the effectiveness of similar medicines circulating on the stock market bulletin boards, the internet or through text messaging system.The financial authorities will strengthen the market monitoring and supervisory functions to prevent unfair trading practices in the capital markets, such as the spread of false information and/or exaggerated announcement of business plans.* Please refer to the attached PDF for details.
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Apr 09, 2020

Fintech Innovation Fund to Invest More than KRW85.5 billion in Fintech Firms in 2020

The FSC announced on April 9 that the fintech innovation fund created in December 2019 will be put to use with direct investment expected in the amount of KRW20 billion in April this year. With many fintech firms expected to have troubles finding investment amid the COVID-19 pandemic, the FSC will continue to encourage effective and prompt investment through the fintech innovation fund.BACKGROUNDThe fintech innovation fund in the amount of KRW300 billion for a 4-year period (2020-2023) was created on December 23, 2019, led by major financial holding companies, banks and Koscom, to make more funding for investment available for innovative fintech firms. It is a fund of funds that provides tailored investments to fintechs from start-up to scale-up stages.For fintech start-ups with less than 5 years of experience, blind-pool feeder funds will be created for investment of about KRW150 billion. For scale-ups, project investment feeder funds will be established in the amount of KRW150 billion.Based on the future direction of fund management and market demand, the size of the fund of funds may be expanded to KRW500 billion over six years.PLANS FOR 2020A total of more than KRW85.5 billion in investment will be made available to fintech firms through the fintech innovation fund in 2020.► START-UPS: At least three feeder funds will be established with about KRW48 billion in investment. Korea Investment Partners and KB Investment have been selected as the designated fund management companies for this year with each managing KRW22.5 billion. In the second quarter, another fund manager will be designated for the management of a feeder fund specifically designed for a fintech accelerator or a foreign based fintech beginning in the fourth quarter.► SCALE-UPS: The first investment will be made in the amount of KRW20 billion to three fintech firms (big data, blockchain and foreign-based financial platform) in April and an additional investment of at least KRW17.5 billion will be
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Apr 09, 2020

Financial Authorities Work to Ensure Strong Support for Corporate Bond Issuance

FSC Vice Chairman Sohn Byungdoo held a meeting on April 9 via conference call to examine the implementation of the government’s COVID-19 emergency support package and financial market stabilization measures. At the meeting, Vice Chairman Sohn talked about P-CBOs and a prompt corporate bond underwriting program for businesses.The following is a summary of Vice Chairman Sohn’s remarks:► SANCTIONS EXEMPTION RULES: In mid-April, the government will revise the rules on exemption for sanctions on misconduct in financial services to make financial institutions’ internal sanctions rules more compatible with the government’s changed rules. ► EMERGENCY FINANCE SUPPORT BUREAU: A new taskforce body established at the FSC on April 6 is charged with monitoring and managing the implementation of the COVID-19 emergency support package and financial market stabilization measures. The Emergency Finance Support Bureau will work to resolve difficulties on the ground and improve the system. ► P-CBOS PROMPT UNDERWRITING OF CORPORATE BONDS: The bond market stabilization fund has been put into operation and additional support for corporate bonds will be ready soon through primary collateralized bond obligations (P-CBOs) and a prompt corporate bond underwriting program.For P-CBOs, about 20 middle market enterprises and large companies have requested support in the amount of approximately KRW700 billion so far. After reviewing applications received until April 14, corporate bond issueance in the amount of KRW500 billion will be supported at first through P-CBOs, which may be extended depending on market demand in the future.A prompt corporate bond underwriting program will also begin in as early as May after deciding the specific terms of agreement with the relevant institutions.► GLOBAL RESPONSE: The governments in other countries have demonstrated an unprecedented level of emergency responses in terms of the speed and the scope of policy implementation. The government will
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Apr 08, 2020

Household Loans, March 2020

The outstanding balance of household loans in all financial sectors rose KRW9.1 trillion (up 5.6% year-on-year) at the end of March 2020.By types, mortgage loans increased KRW5.2 trillion in March (up 5.5% year-on-year). Regular mortgage loans, jeonse loans and group lending expanded KRW6.3 trillion in the banking sector, while non-banks saw a drop of KRW1 trillion due to the availability of refinancing products with lower interest mortgage loans. Other types of loans rose KRW3.9 trillion (up 5.6% year-on-year) due to a rise in credit lending.The government will closely monitor trends in household loans as the outstanding balance of household loans by financial institutions is expected to increase in April due to a rising demand for loans amid the COVID-19 pandemic.* Please refer to the attached PDF for details.
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Apr 08, 2020

Plans to Improve Rules on Exemption for Misconduct in Financial Services

The FSC and the FSS announced on April 7 the plans to improve the rules on exemption for sanctions on misconduct in financial services. The plans are aimed at removing financial services workers’ concerns about the possibility of sanctions and promoting their active role in offering loans and other financial support to the businesses in need in crisis situations as with COVID-19 as well as in providing sufficient capital to innovative start-ups with their business setup and scale-up.The financial regulators will change the relevant rules and regulations to promptly implement the improvements to the exemption rules. The changed rules will significantly reduce uncertainties about the application of sanctions for financial services workers who are at the forefront of delivering the government’s COVID-19 emergency support funds to the businesses in need.KEY IMPROVEMENTS► APPLICATION OF EXEMPTIONS: (i) (DISASTER) Provision of loans and other financial services to crisis-hit businesses, as with COVID-19, and (ii) (INNOVATION) a variety of innovative financial services, such as movable asset-based financing, venture capital investment for innovative start-ups and SME loans based on their technological prowess and future growth potential will be exempted from sanctions for misconduct in financial services.The FSC may decide to grant sanctions exemptions for additional financial services based on the developments of the government’s financial and/or industrial policies, the innovativeness of financial services and the urgency consideration.A new confirmation process will be set up to remove grey areas through which financial institutions are able to request a confirmation of sanctions exemption from the FSC for particular loan or investment programs offered by their institutions.► NO ‘INTENT OR GROSS NEGLIGENCE’ RULE: Due to the highly specialized knowledge of financial workers, a strict rule of intent and gross negligence has been applied thus far. However, gi
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Apr 08, 2020

Strengthening Support for Vulnerable Debtors

The government unveiled its plans to strengthen support for vulnerable debtors at the 4th Crisis Management Meeting held on April 8. The government will help set up a KRW2 trillion new facility at the Korea Asset Management Corporation, which will be used to purchase overdue debts and help alleviate debt burdens of vulnerable debtors.BACKGROUNDThe prolonging economic slowdown caused by the COVID-19 has led to unpaid leaves and loss of work opportunities for many individuals, which may contribute to an increasing number of cases where individuals are unable to service their debts. Against this backdrop, the government introduced the plans to help prevent vulnerable debtors from turning into delinquent debtors by expanding the eligibility of pre-workout programs by individual financial institutions, strengthening the debt adjustment support provided at the Credit Counseling Recovery Service and establishing a new facility for purchasing overdue personal debts.KEY MEASURESI. PRE-WORKOUT PROGRAM FOR DEBTORS WITHOUT MULTIPLE DEBTSFrom the end of April, vulnerable debtors whose income levels have fallen due to COVID-19, that have difficulties servicing household debts and are facing a risk of debt overdue may use pre-workout programs offered by individual financial institutions. A 6- to 12-month deferment of principal payment will be provided by all financial institutions until the end of this year. The pre-workout programs may be extended thereafter if deemed necessary.II. DEBT ADJUSTMENT PROGRAM FOR DEBTORS WITH MULTIPLE DEBTSFrom the end of April, multiple-debt holders whose income levels have fallen due to COVID-19, that have difficulties servicing debts and are facing a risk of debt overdue may use debt adjustment programs offered by the Credit Counseling Recovery Service. The CCRS’ debt adjustment programs offer up to one year of deferment of principal payment for at-risk debtors (including short-term debtors of less than three months) as well as debt reduction fo
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Apr 06, 2020

Current Situation in Financial Markets and Government's Policies

WHAT ABOUT THE GOVERNMENT’S SUPPORT FOR LOW-GRADE CORPORATE BONDS AND COMMERCIAL PAPER NOT COVERED BY THE BOND MARKET STABILIZATION FUND?The bond market stabilization fund is aimed at supporting the issuance of investment-grade corporate bonds. If the Bank of Korea begins to offer lending support for non-bank financial institutions, it is expected to take some loads off the bond market stabilization fund, which may create some room for considering the purchase of certain types of low-grade corporate bonds as well.For low-grade corporate bonds and commercial paper, other financing support programs such as primary collateralized bond obligations (P-CBOs) are available through policy banks. It is the government’s policy to prevent bankruptcies due to a temporary liquidity shortage from COVID-19.PRIOR TO THE PROVISION OF FINANCING SUPPORT TO LARGE COMPANIES, WHAT SELF-RESCUE MEASURES SHOULD HAVE BEEN TAKEN?For businesses eligible to apply for the emergency support package, the government will make available financing support to all businesses regardless of their size or sector. However, the KRW100 trillion package cannot possibly cover all business financing demands.Unlike small merchants and SMEs, many large companies still remain capable of financing their businesses through market mechanisms. The corporate financing support programs in the past also required self-rescue efforts by large companies, including a requirement to pay a certain portion for refinancing their debt and to buy back a portion of securities in P-CBO programs.If it becomes necessary in the future, the government will draw up plans to further reduce the financing burdens for large companies.HOW DOES THE SUPPORT PACKAGE AFFECT THE SOUNDNESS OF THE FINANCIAL INSTITUTIONS?The soundness of the financial institutions remains strong currently. The banks’ BIS ratio and bad debt ratio improved compared with the previous crisis levels. In the process of the implementation of the emergency financial su
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Apr 03, 2020

FSC Selects Another Fintech Firm as Designated Agent to Provide Financial Services

The FSC announced on April 2 that Nice Business Platform has been selected as a designated agent to provide financial services on behalf of Mirae Asset Capital.Using big data and artificial intelligence, Nice Business Platform will provide real-time evaluation and discount offering services on electronic bills and accounts receivable.For small and medium-sized businesses, this provides an alternative way of having their credit evaluated and businesses funded through accounts receivable financing.The FSC has thus far selected 28 fintech firms as the designated agents to provide financial services on behalf of financial companies since this system was first introduced in May 2018.* Please refer to the attached PDF for details.
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Apr 03, 2020

Market Monitoring Meeting Reaffirms Financing Support for Businesses Affected by COVID-19

FSC Chairman Eun sung-soo convened a market monitoring meeting on April 3 and reaffirmed the government’s position to help prevent businesses from going bankrupt due to a temporary liquidity crunch from COVID-19.The government’s emergency financial support package announced on March 24 has expanded the target group to include large companies from the initial target of SMEs and middle market enterprises.The ultimate aim of the business financing support programs included in the package is to help restore market functions of the financial markets so that businesses are able to raise necessary capital through market mechanisms.Unlike small merchants and SMEs, many large companies are capable of financing their businesses through market mechanisms. Thus, large companies need to make most use of their reserve funds and other market-based financing channels primarily before turning to the government supported programs.As a last resort, policy banks will decide the provision of financing support to large companies on a case by case basis if their self-rescue efforts and the government supported programs are found to be insufficient.* Please refer to the attached PDF for details.
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Apr 02, 2020

Vice Chairman Calls for Swift Delivery of COVID-19 Financial Support

FSC Vice Chairman Sohn Byungdoo held a meeting via conference call on April 2 to check updates on the implementation status of the government’s COVID-19 emergency support package and financial market stabilization measures. During the meeting, Vice Chairman Sohn emphasized the importance of swift delivery of the support to those who need it.COVID-19 FINANCIAL SUPPORT PROVIDEDBetween February 7 and March 30, a total of KRW19.9 trillion (206,000 individual cases) in loans and guarantees as well as loan and guarantee extensions were provided to the SMEs, small merchants and self-employed businesses owners that have been hit by the spread of COVID-19.► FINANCING BY TYPE: KRW 9.1 trillion (128,000 cases) in new loans and guarantees, KRW 9.9 trillion (68,000 cases) in maturity extensions and deferred payments, and KRW 800 billion (11,000 cases) in export-import credit finance, discounted interest rates and late fees and deferment of interest payments► FINANCING BY TARGET: KRW9.2 trillion (167,000 cases) to small merchants and self-employed business owners and KRW10.6 trillion (32,000 cases) to SMEs and middle market enterprises► FINANCING BY INDUSTRY: KRW3.1 trillion (26,000 cases) to wholesale businesses, KRW1.9 trillion (49,000 cases) to restaurant businesses and KRW1.7 trillion (34,000 cases) to retail businesses► FINANCING BY PROVIDER: KRW9.3 trillion (125,000 cases) by policy banks and KRW10.6 trillion (82,000 cases) by private financial institutions * Please refer to the attached PDF for details.
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Apr 02, 2020

2020 Korea Fintech Week to be Held as Virtual Expo

The FSC announced on April 1 that the 2020 Korea Fintech Week originally scheduled to be held at Dongdaemun Design Plaza (DDP) in Seoul from May 28 to 30 will be held as a virtual expo due to public health concerns amid the spread of COVID-19.As such, Korea’s second international fintech exposition will be held virtually under the theme of “Fintech for Open Innovation,” with virtual exhibitions displaying innovative fintech services for online visitors, while canceling the on-site exhibitions and events at DDP. The virtual exhibitions will feature videos and digital contents developed by fintech firms and financial companies.The virtual exhibitions (www.fintechweek.or.kr/2020) will be open for public viewing from Thursday, May 28, 2020.Fintech firms and financial companies wishing to participate in the 2020 Virtual Korea Fintech Week can apply online by visiting www.fintechcenter.or.kr.The government plans to actively promote Korea’s fintech firms abroad and assist them with overseas business opportunities by inviting financial authorities from other countries to the virtual exhibitions.For further information, please contact the Fintech Center Korea via email at fintechweek@fintechcenter.or.kr or by phone at +82-70-4150-4490 or +82-70-8873-9006.* Please refer to the attached PDF for details.
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Apr 01, 2020

FSC Adds 9 More Innovative Financial Services to Regulatory Sandbox at 1-Year Anniversary

The FSC added nine more innovative financial solutions to the financial regulatory sandbox on April 1, bringing the total number of ‘innovative financial services’ to 102 at the one-year anniversary of the launching of the regulatory sandbox program. FSC Chairman Eun Sung-soo stated that, despite the current adversity of COVID-19, the increased number of untact transactions in financial services, the advancement and convergence of big data and artificial intelligence and the expansion of cloud computing and IT security solutions will further accelerate innovation in the financial industry. While working to overcome the current adversity, Chairman Eun stressed the importance of cooperation between the government, fintech firms and all other market participants to continue to bring innovative solutions in the financial sectors.OVERVIEW OF NEWLY ADDED ‘INNOVATIVE FINANCIAL SERVICES’1. A corporate research institute tasked with RD projects focused on developing new financial technologies through cooperation with other fintechs and IT firms (KakaoBank)2. A mobile-based overseas stock investment platform which allows retail investors to make small-amount investments in foreign stocks (Qarasoft Mirae Asset Daewoo)3. A healthcare platform which connects health enhancement service providers and health insurance providers offering insurance plans which incentivize the use of health enhancement programs (SCOR Reinsurance)4. A non-recourse accounts receivable factoring service (Korea Credit Guarantee Fund)5. A small-sum overseas remittance service using automated currency exchange kiosks (Bellsoft)6. A personal tailored asset management service which tracks and analyzes users’ spending and saving patterns in real time (Rainist)7. A mobile-based insurance coupon issuance platform which offers prepaid insurance coupons at a discounted rate to be used in insurance premium payment in the future (Hyundai Marine Fire Insurance)89. One-stop online stock exchange platforms fo
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