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Dec 16, 2025
- Revised Rules on Payment Gateway Services to Strengthen Protection of Unsettled Funds for Users
- The Financial Services Commission promulgated a revision to the Act on Electronic Financial Transactions (the Act hereinafter) on December 16. The revised law requires payment gateway (PG) services to separately manage the total amount (100 percent) of unsettled funds externally and establishes provisions for more effective management and supervision over PG services. Under the revised Act, PG services will be obligated to externally manage unsettled funds in their entirety for their sellers and users. The revised Act also increases the capital requirements for PG services in accordance with the volume of quarterly payments transactions.In this regard, PG services that have more than KRW30 billion in quarterly payments transactions will be newly required to meet the minimum capital requirement of KRW2 billion. In addition, PG services will be required to re-register the status of major shareholder when there is any change in the status of major shareholder to help prevent disqualified entities from entering the market Additionally, the revised Act establishes a legislative ground for the authorities to issue a corrective order, suspend the operation of business, and revoke business registration for noncompliance, while making PG services subject to the duty of disclosure of information to ensure protection of users. Since these administrative sanctions will take effect immediately from the day of promulgation, the financial authorities will provide adequate information to the industry to encourage compliance. The duty to externally manage unsettled funds and the increased capital requirement will take effect from December 17, 2026 after preparing subordinate statutes to provide further details. However, to facilitate a seamless adjustment in the industry, the authorities will provide relevant guidelines on the external management of unsettled funds for PG services from January next year. * Please refer to the attached PDF for details.
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Dec 15, 2025
- FSC Holds Market Monitoring Meeting and Decides on Continuous Operation of Market Stabilization Programs
- Chairman Lee Eog-weon of the Financial Services Commission presided over a meeting with relevant authorities, research institutions, and market experts on December 15 to review financial market conditions and risk factors going forward. A Summary of FSC Chairmans Remarks In the first half of this year, there were growing anxieties over financial markets due to the Trump administrations tariff policy and uncertainties regarding domestic politics. However, in the second half of the year, the Korean economy and market conditions recovered backed by rigorous policy efforts of the new government and improvement in corporate earnings in the semiconductor sector. Despite this overall sense of stability, there is growing vigilance over domestic financial markets with government bond yields showing an upward movement and the foreign exchange market showing an expanded level of volatility recently. Nonetheless, the Korean economy is sufficiently equipped with the resilience and the policy capacity to respond to crisis situations backed by strong fundamentals. First, domestic financial institutions have been maintaining an adequate level of soundness. Second, Koreas foreign exchange reserve is the ninth largest in the world. Third, credit default swap (CDS) premium in Korea has been brought down significantly from the beginning of this year. In addition, some of the potential risk factors and structural problems for the economy, such as household debt, real estate project finance, and the soundness of nonbank financial institutions, are also being adequately addressed and stably managed through ongoing policy measures. However, since it is possible to see growing market volatility in the future, the FSC will continue to closely work with related authorities to carefully monitor market conditions and take bold and proactive steps to employ market stabilization measures when it becomes necessary. Next year, the FSC will strive to push for major transformation in the financial in
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Dec 11, 2025
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Dec 10, 2025
- Household Loans, November 2025
- In November 2025, the outstanding balance of household loans across all financial sectors increased KRW4.1 trillion (preliminary), rising at a slower pace compared with the previous month (up KRW4.9 trillion). (By Type) Home-backed mortgage loans rose KRW2.6 trillion, growing at a slower pace compared with the previous month (up KRW3.2 trillion). Banks (up KRW2.0 trillion up KRW0.7 trillion) saw the pace of growth decelerating, while nonbanks (up KRW1.2 trillion up KRW1.9 trillion) saw the pace of growth accelerating. Other types of loans rose KRW1.6 trillion, growing at a slower pace compared with the previous month (up KRW1.7 trillion), while credit loans showed a similar level of growth from a month ago (up KRW0.9 trillion up KRW0.9 trillion). (By Sector) In November 2025, household loans in the banking sector rose KRW1.9 trillion, growing at a significantly slower pace compared with the previous month (up KRW3.5 trillion). Banks own mortgage loan products (up KRW1.1 trillion up KRW0.1 trillion), policy-based loans (up KRW0.9 trillion up KRW0.6 trillion), and other types of loans (up KRW1.4 trillion up KRW1.2 trillion) all showed the pace of growth decelerating from the previous month. In the nonbanking sector, household loans increased KRW2.3 trillion, expanding at a faster pace compared with a month ago (up KRW1.4 trillion). Mutual finance businesses (up KRW1.2 trillion up KRW1.4 trillion), insurance companies (up KRW0.1 trillion up KRW0.5 trillion), and specialized credit finance businesses (up KRW0.2 trillion up KRW0.4 trillion) saw the pace of growth accelerating, while savings banks (down KRW0.2 trillion down KRW0.04 trillion) saw the pace of decline slowing down. (Assessment) In November 2025 (up KRW4.1 trillion), the pace of household loan growth decelerated from the previous month (up KRW4.9 trillion) and the same month a year ago (up KRW5.0 trillion), with mortgage loans growing at a slower pace (up KRW3.2 trillion in October up KRW2.6 trillion in Novem
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Dec 08, 2025
- 9th Regular Korea-Japan Financial Shuttle Meeting and 10th IFCF Held in Busan
- The Financial Services Commission and the Financial Supervisory Service held the 9th annual shuttle meeting of financial authorities with the Financial Services Agency (FSA) of Japan in Busan on December 8. Joint Press Release of the Ninth Regular Korea-Japan Financial Shuttle Meeting (Busan, Korea, December 8, 2025) 1. In celebration of the 60th anniversary of the normalization of diplomatic relations between Korea and Japan, the Ninth Regular Korea-Japan Financial Shuttle Meeting was jointly held by the Korea Financial Services Commission (FSC), the Korea Financial Supervisory Service (FSS), and the Japan Financial Services Agency (FSA) in Busan, Korea, on December 8th. The event proceeded as follows: (i) A meeting between FSC Chairman LEE Eog-weon and FSA Commissioner ITO Yutaka; (ii) Congratulatory remarks and a Japan-Korea joint session at the International Financial Cooperation Forum (IFCF); and (iii) A meeting between FSS Governor LEE Chanjin and FSA Commissioner ITO. 2. The heads of the three authorities exchanged their views on the implications of the recent global macroeconomic and financial developments for the financial sectors of both countries. They confirmed with each other the overall direction of key policy agenda items and high-priority policy tasks that would deserve further cooperation among the three authorities. 3. Chairman LEE emphasized the importance of enhancing dialogue between FSC/FSS and FSA high-level officials to facilitate smooth and efficient policy cooperation to better respond to common challenges and opportunities in parallel with matters that would need swift action to preserve the financial stability in the region. He added that the dialogue aims to contribute to strengthening both regulators capacity to cooperate in addressing common policy tasks, including promoting capital markets, digitalizing the financial sector, and responding to aging populations. 4. Commissioner ITO mentioned that the global movement of digitalization s
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Dec 03, 2025
- Capital Market Rules Change Proposed for Establishing Regulations on Business Development Companies
- The Financial Services Commission introduced a revision proposal for the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) and supervisory regulations on financial investment business for establishing regulations on business development companies (BDCs) on December 3. This revision proposal prescribes detailed provisions for establishing rules on BDCs under the revised FSCMA (promulgated on September 16, 2025 and scheduled to go into effect on March 17, 2026), while upgrading other regulations on publicly traded funds and financial investment business in general. Key Revision Details Rules regarding the operation of BDCs BDCs will be required to invest 60 percent or more of their total assets in their main investment target, such as unlisted startups or venture businesses, venture investment associations, and KONEX-listed or KOSDAQ-listed businesses. To promote reinvestments after the recovery of initial investment in the venture investment market, BDCs will be permitted to invest in venture associations and KOSDAQ-listed companies. However, in order to prevent the potential of concentration toward certain sectors, only up to 30 percent of investments made in venture associations and KOSDAQ-listed companies each will be counted toward the calculation of the minimum investment requirement of 60 percent. The KOSDAQ-listed companies eligible for investment will be limited to those with a market capitalization of KRW200 billion or less (about 75 percent of KOSDAQ-listed companies). Investment can take the form of either purchasing shares or lending money. Share purchases will be limited to stocks and equity-linked bonds (convertible bonds, exchangeable bonds, and bonds with warrants). The proportion of money lending to total investment on major investment targets should be limited to maximum 40 percent, and the establishment of internal control mechanisms is required to ensure the appropriateness of money lending and the assessment
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Nov 27, 2025
- Revised Rules on Payment Gateway Services to Ensure Safe Protection of Unsettled Funds for Users
- The Financial Services Commission announced that a revision bill for the Act on Electronic Financial Transactions (the Act hereinafter), with strengthened rules on payment gateway (PG) services, was approved by the National Assembly at the plenary session held on November 27. In the wake of large-scale payment failures involving PG services in July 2024, the FSC and related government ministries prepared a set of measures intended to bolster the protection of unsettled funds for users (sellers) and strengthen the oversight and supervisory mechanisms on PG services. The revised rules passed at the National Assembly today include these measures drawn up by the government last year. Key Revision Details First, PG services will be required to separately manage the total amount (100 percent) of unsettled funds externally in the form of deposit, trust, or payment guarantee insurance. In addition, the externally managed unsettled funds will not be allowed for a transfer or to be used as a collateral, or put up for confiscation or setoff by a third party. A priority right to payments will also be introduced as a legal means to ensure the safe protection of unsettled funds for sellers. Additionally, the revised rules establish a legislative ground to impose sanctions and penalties (a) if the unsettled funds are found to have been used for some other non-settlement purposes (imprisonment of up to 10 years or up to KRW100 million in fine), (b) when found to be in violation of the external management duty (administrative fine of up to KRW50 million, business suspension for six months or less), or (c) if there is a failure of making payment within the agreed upon settlement period (administrative fine of up to KRW50 million). However, considering the potential burden of regulatory compliance placed on PG services, there will be a grace period of one year after the promulgation of the revised rules. After the one-year grace period, the external management duty will be phased in g
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Nov 27, 2025
- Guidelines on Omnibus Account Provided to Facilitate Domestic Stock Investment by Foreign Investors
- The Financial Services Commission announced the availability of guidelines on the use of omnibus account for foreign investors on November 27. Background With the introduction of omnibus account in 2017 and the abolishment of the T+2 transactions reporting duty for omnibus account holders in 2023, the FSC has been making continuous efforts to improve the convenience of transactions for foreign investors. However, in various communications with overseas investors, it has been pointed out that the current eligibility requirement placed on omnibus account holders (foreign financial investment businesses) remains too restrictiveand that there are no guidelines on omnibus account to facilitate its usage. In this regard, in April 2025, the FSC, along with the Financial Supervisory Service (FSS) and the Korea Financial Investment Association (KOFIA), granted a regulatory exemption under the financial regulatory sandbox program to assist a domestic securities firm to form a partnership with an overseas small- or medium-sized financial investment business and to enable the latter to open an omnibus account with the domestic securities firm. Through this, the first omnibus account for foreign investors has been opened in August 2025 (Hana Securities-Emperor Securities), and other securities businesses (Samsung Securities and Yuanta Securities) are also following suit through the regulatory exemption program (designated in September 2025). In addition, after taking into account various opinions and questions raised by domestic securities businesses, standing proxies, and foreign institutional investors, the FSC and related organizations have jointly prepared guidelines on the use of omnibus account for foreign investors. Key Details The guidelineson the use of omnibus account for foreign investors provide step-by-step procedural details regarding (a) the opening of omnibus account, (b) allocation of shareholder rights, (c) reporting duty, and (d) the management of internal con
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Nov 26, 2025
- 7th Annual Korea Fintech Week Kicks Off Highlighting Potential of AI and Personalization of Finance
- The Financial Services Commission announced that the 2025 Korea Fintech Week has kicked off on November 26 for three days until November 28 at aT Center in Seoul with participation from major domestic and overseas fintech businesses, financial companies, associated institutions, and foreign governments and international organizations. This years global fintech expo has been organized to be the largest ever in terms of scale with 99 exhibition booths and 128 businesses and organizations participating and showcasing a variety of seminars and programs. As such, visitors have shown strong interest for joining this years Korea Fintech Week as the volume of pre-registration (about 5,200 individuals as of 17:00 pm, Nov. 25) more than doubled from the level seen in the previous year. The 2025 Korea Fintech Week started out with opening events featuring speeches by world-renowned entrepreneurs and authorities. Chairman Lee Eog-weon of the Financial Services Commission delivered a welcoming speech where he emphasized the need to promote digital innovation through AI transition in the financial industry. In this regard, FSC Chairman Lee said that the AI capacity of a country will serve as the unequivocal measure of its competitiveness from now on. With a vision to achieve a global top-three status in AI capacity, Chairman Lee said that the government is making all-out efforts to promote the AI industry. In this regard, Chairman Lee introduced plans to (a) promote large scale investments in AI and overhaul the current AI infrastructure in the financial industry, (b) foster conditions and set regulatory grounds to supply capital to fintech businesses, (c) and establish foundations for introducing innovative financial services. In addition, going beyond the simple convergence of AI technology with fintech services, Chairman Lee said that the Korean government will seek bold innovation in digital finance to fully embrace the potential of AI and facilitate the personalization of fi
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Nov 24, 2025
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Nov 20, 2025
- Industrial Bank of Korea Gains Banking License from Polish Financial Supervision Authority (KNF)
- The Financial Services Commission announced that the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, or KNF) granted a banking license to the Poland subsidiary of the Industrial Bank of Korea (IBK) on November 19 (Central European Time). This follows KNFs issuance of the preliminary license authorizing the establishment of IBKs subsidiary in Poland in November 2024. The final approval comes two and a half years after the IBK first set up a local office in Wroclaw, Poland in May 2023. The FSC has been making continuous efforts to boost financial cooperation with foreign financial authorities,and the IBKs gaining of a banking license in Poland demonstrates the effectiveness of global financial cooperation in facilitating overseas expansion of Korean financial companies. From the time the IBK first applied for the establishment of a subsidiary in Poland in March 2024, the FSC had high-level meetings with its Polish counterpart (KNF) on two different occasions and requested strong support for Korean banks operation in Poland. This led to the signing of a memorandum of understanding (MOU) in November 2024 and the strengthening of bilateral cooperation. Since most of non-European financial companies tend to enter the EU market by establishing a subsidiary (EU headquarter) in London or Frankfurt, the IBKs Poland subsidiary will become the first and only non-European bank with its EU headquarter in Poland. As the only Korean bank subsidiary established in Poland overseeing its overall EU operations, in accordance with EUs single passport rights, the IBKs Poland subsidiary will not only be able to operate in Central European countries, such as the Czech Republic, Hungary, and Slovakia, but serve as a bridge to expand its business operations to Western European countries, such as France and Germany. At first, the IBKs Poland subsidiary is expected to strengthen the provision of financial support made available to Korean SMEs doing business in Eastern Euro
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Nov 19, 2025
- FSC Announces Designation of CFIBEs and Capital Market Rules Change to Propel Supply of Venture Capital
- The Financial Services Commission announced the designation of comprehensive financial investment business entities (CFIBEs)at the 20th regular meeting held on November 19. The FSC decided to designate Korea Investment Securities and Mirae Asset Securities as CFIBEs with the minimum equity capital level of KRW8 trillion, while Kiwoom Securities has been designated as a CFIBE with the minimum equity capital level of KRW4 trillion. Kiwoom Securities has also been authorized to engage in a short-term financing business. The newly designated CFIBEs have each been making relevant preparations for the operation of investment management account (IMA) and promissory note services, by acquiring the satisfactory level of personnel and facilities capacities, preparing internal control mechanisms, and setting up measures to prevent conflicts of interest. Korea Investment Securities and Mirae Asset Securities plan to develop IMA products with the goal of introducing them in the market within this year. Kiwoom Securities also plan to introduce promissory notes within this year. This will help to open up and diversify investment options and mechanisms made available for the public and facilitate the sharing of profits from CFIBEs asset management services. Meanwhile, the government approved the revision bill for the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) at the cabinet meeting held on November 18, 2025. The revised rules, which make CFIBEs subject to the supply of venture capital, are intended to propel the financial investment sectors transition toward productive finance. Along with expected revisions to subordinate rules and regulations, the revised Enforcement Decree will take effect next week (between November 25 and 27). Key Revision Details Requiring CFIBEs to supply venture capital To promote more active supply of venture capital from the CFIBEs that are engaged in IMA and promissory note services, the revised rules will make
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Nov 17, 2025
- FSC Proposes Measures to Improve Corporate Disclosures to Enhance Market Accessibility and Shareholder Rights
- The Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange have been working to make improvements to corporate disclosure rules since there have been growing demands from both domestic and overseas investors in seeking information about listed companies.However, it has been suggested that further improvements are needed in order to make capital markets more accessible for global investors and to enhance information provision to make it easier for shareholders to better exercise their rights. In this regard, the FSC, FSS, and KRX have prepared the following measures to strengthen rules on English disclosures and the disclosure of information on annual general meeting of shareholders (AGMs) to help enhance market accessibility and improve shareholder rights. Key Measures Expanding Application of English Disclosure to Boost Market Accessibility a) Mandatory English disclosure: Entering phase II and preparing for phase III Currently, large KOSPI-listed companies with assets worth KRW10 trillion or more (111 companies as of end-2024) are submitting disclosures in English on material information (26 key items), such as information pertaining to corporate governance structure or reorganization, settlement of accounts, and securities issuance, within three business days of filing their original disclosures in Korean with the KRX (effective from January 2024). Starting from May 1, 2026, the mandatory English disclosure requirement will enter into a second phase. The scope of KOSPI-listed companies subject to the mandatory English disclosure requirement will be expanded to those with assets worth KRW2 trillion or more (265 companies as of end-2024). The disclosure items subject to the mandatory English disclosure will also be expanded to all disclosure items required by KRX rules, including material information in its entirety (55 items), fair disclosure, and inquired disclosure. The time required for companies to submit English disclosures a
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Nov 14, 2025
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Nov 13, 2025
- Household Loans, October 2025
- In October 2025, the outstanding balance of household loans across all financial sectors increased KRW4.8 trillion (preliminary), rising at a faster pace compared with the previous month (up KRW1.1 trillion). (By Type) Home-backed mortgage loans rose KRW3.2 trillion, growing at a slower pace compared with the previous month (up KRW3.5 trillion). Banks (up KRW2.5 trillion up KRW2.1 trillion) saw the pace of growth decelerating, while nonbanks (up KRW1.1 trillion up KRW1.1 trillion) maintained a similar pace of growth from the previous month. Other types of loans edged back up KRW1.6 trillion from the decline of KRW2.4 trillion seen a month ago due mainly to the rise in credit loans (down KRW1.6 trillion up KRW0.9 trillion). (By Sector) In October 2025, household loans in the banking sector rose KRW3.5 trillion, growing at a faster pace compared with the previous month (up KRW1.9 trillion). Banks own mortgage loan products (up KRW1.4 trillion up KRW1.1 trillion) and policy-based loans (up KRW1.0 trillion up KRW0.9 trillion) both saw the pace of growth decelerating from a month ago. Other types of loans (down KRW0.5 trillion up KRW1.4 trillion) in the banking sector shifted back up from the decline seen in the previous month. In the nonbanking sector, household loans grew KRW1.3 trillion, turning back up from the decline of KRW0.8 trillion seen a month ago. Insurance companies (down KRW0.3 trillion up KRW0.1 trillion) and specialized credit finance businesses (down KRW1.1 trillion up KRW0.2 trillion) saw the volume of household loans shifting back up. Mutual finance businesses (up KRW1.0 trillion up KRW1.1 trillion) saw the pace of growth accelerating, while savings banks (down KRW0.5 trillion down KRW0.2 trillion) saw a slower pace of decline compared with the previous month. (Assessment) In October 2025 (up KRW4.8 trillion), the pace of household loan growth decelerated from the same month a year ago (up KRW6.5 trillion) but accelerated from the previous month (up KR
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Nov 04, 2025
- Revised Rule Approved to Strengthen CDD Requirement on Specialized Credit Finance and Consumer Credit Businesses
- The Financial Services Commission announced that the government approved a revision bill for the Enforcement Decree of the Special Act on the Prevention of Loss Caused by Telecommunications-based Financial Fraud and Refund for Loss (the Act hereinafter) at the cabinet meeting held on November 4. The revision intends to strengthen the responsibility of financial companies in the prevention of loss caused by financial frauds or vishing (voice phising) scams. Under the revised rule, specialized credit finance businesses (excluding the ones specialized in new tech financing) and consumer credit businesses that have KRW50 billion or more in assets will be newly subject to the customer due diligence (CDD) duty in their handling of loan services. This is a follow-up to the comprehensive measures for strengthening anti-vishing efforts introduced in March this year. In order to prevent loss caused by vishing scams and facilitate a quick recovery of the lost money, the Act prescribes rules on account freeze and restoration of lost money for victims, which have thus far been applied mainly to the account-issuing financial institutions, such as banks, savings banks, and mutual finance businesses. However, since there are cases where stolen personal information is being used by scammers to take out loans, the need to expand the application of CDD obligation to loan businesses, such as specialized credit finance businesses and consumer credit businesses, is growing in order to more effectively counter and prevent vishing scams. Therefore, pursuant to the revised rule, specialized credit finance businesses (excluding the ones specialized in new tech financing) and consumer credit businesses that have KRW50 billion or more in assets will need to conduct CDD in their handling of loan services (via telephone, mobile phone, face-to-face, video call, etc.). When found to be in violation of the CDD obligation, it may be possible to impose an administrative fine of up to KRW10 million an
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Oct 29, 2025
- AI-based Anti-phising Sharing and Analysis Platform (ASAP) Launched to Bolster Protection against Financial Scams
- The Financial Services Commission held a meeting with related authorities and organizations, financial industry groups, and private sector experts on October 29 and announced the launching of AI-based Anti-phising Sharing and Analysis Platform (ASAP). At the meeting, participants had in-depth discussions on the governments policy responses to more effectively prevent vishing scams. Anti-phising Sharing and Analysis Platform (ASAP) Key Details With the launching of ASAP, all financial companies (about 130 entities) will be able to share and make use of vishing related data (9 types and 90 categories in total) on a real time basis. The nine different types of data subject to the sharing are as follows(a) information about victims account (14 categories), (b) information about the account used in vishing scam (18 categories), (c) information about the account suspected to be linked to vishing scam or victim (15 categories), (d) information about the overseas account verified to have been used in vishing scam (8 categories), (e) other types of information sought for investigation (12 categories), (f) information about fake IDs (8 categories), (g) information about the potential victim uncovered through police investigation (4 categories), (h) information about phising sites (5 categories), and (i) information about malicious apps (6 categories). In particular, information about victims account, the account used in vishing scam, and the overseas account verified to have been used in vishing scam will be shared among all participating institutions on a real time basis to more proactively and quickly cut off criminal activities. The types of information about suspicious accounts deemed to have been involved in vishing scams (identified through financial companys fraud detection system) and other types of suspicious accounts having frequent transactions with the former, as well as the types of information about the suspicious transaction activities uncovered through police
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Oct 28, 2025
- 2025 Korea Fintech Week Scheduled to Kick Off Nov 26 Focusing on Potential of AI and Personalization of Finance
- The Financial Services Commission announced on October 28 that this years Korea Fintech Week is scheduled to kick off on November 26 for three days until November 28 at aT Center in Seoul. Joined by fintech businesses, financial companies, relevant organizations, and overseas governments and institutions, the three-day expo will be held under the theme of Fintech X AI: The Personalization of Finance to showcase the future trend of finance and new ecosystems fostered by the convergence of fintech and artificial intelligence (AI). The 2025 Korea Fintech Week will feature opening events, K-Fintech 30 selection ceremony, and a variety of seminars, side events, and experience programs. A total of 99 exhibition booths and 128 participating businesses and organizations will make this years fintech expo the largest ever in scale. Moreover, this year, a number of global unicorns will participate and national fintech pavilions will be set up. In addition, all seminar proceedings will be broadcast live (with interpretation in English) to make simultaneous participation from overseas possible and to more effectively promote Koreas fintech industry to global audiences. Opening events will start with a welcoming speech by FSC Chairman Lee Eog-weon and feature speeches by Israeli Ambassador to Korea Rafael Harpaz and Global Finance Technology Network (GFTN) CEO Sopnendu Mohanty. Following the opening events, the K-Fintech 30 Selection Ceremony will be held, designating 10 promising Korean fintech businesses to the list of K-Fintech 30 for this year. In the future, the selected entities will be able to receive support through policy funds, investment IR, and consulting for regulatory exemption. Exhibition halls will be organized into (a) fintech hall, (b) finance hall, (c) global hall, and (d) collaboration hall. A total of 128 businesses and organizations will showcase their products or services in 99 exhibition booths. This year, the size of global hall has been expanded signific
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Oct 22, 2025
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Oct 22, 2025
- Life Insurance Policyholders Will be Able to Convert Death Benefits into Lifetime Access in Retirement
- The Financial Services Commission held a taskforce meeting on October 22 to have a final review of the preparatory work prior to the launch of the products enabling life insurance policyholders to have access to death benefits early in their retirement. From October 30, life insurance policyholders will be able to tap into death benefits as retirement income. On October 23, eligible policyholders will be contacted individually and receive notifications from the following five life insurance companiesSamsung, Hanwha, Kyobo, Shinhan Life, and KB Life. As of the end of September 2025, the total number of eligible life insurance contracts stood at 414,000 with about KRW23.1 trillion in benefits. By January 2, 2026, the rest of life insurers will follow suit and individually contact eligible policyholders for notification a week prior to the scheduled launch. This will bring up the total number of eligible life insurance contracts to 759,000 with the amount of benefits expanding to KRW35.4 trillion. Since the newly introduced products are intended for policyholders aged 55 years old and over, application will only be available face-to-face with tellers via customer service centers or branch offices. To make service experience more convenient, insurance companies will provide simulations and comparisons demonstrating individual customers expected amount of benefits based on the customers chosen ratio and period for converting death benefits into lifetime access. Since the amount of policyholders lifetime access is determined by the amount of paid-in policy premiums, more senior policyholders are expected to receive greater amounts in lifetime access. Thus, policyholders are advised to choose the starting point and the duration of conversion based on individual circumstances. During the lifetime access conversion period, policyholders may choose to suspend or opt out entirely from the program early, and can also choose to reenter the program thereafter. The government plan
