Press Releases - Financial Services Commission

Press Releases

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Jul 15, 2026

FSC Plans to Accelerate Structural Reforms in Finance to Facilitate National Goal of Making Korea Irreplaceable

The Financial Services Commission presented its work progress and policy agendas going forward on July 15 in a government work report session jointly held with the Ministry of Finance and Economy, the Ministry of Data and Statistics, and the Ministry of Planning and Budget under the theme of a great economic takeoff to usher in an irreplaceable Republic of Korea. At the work report session, Chairman Lee Eog-weon of the Financial Services Commission presented key policy progress and achievements in the first half of 2026 and outlined plans and tasks going forward. With the pursuit of a sweeping overhaul in the financial industry and the acceleration of structural reforms, Chairman Lee pledged to facilitate the national goal of making the Republic of Korea irreplaceable. Achievements in H1 2026 In the first half of 2026, the FSC has worked to produce tangible outcomes in our efforts to push for productive finance and transform the financial industry to make it more inclusive and compassionate. In the capital markets, the FSC established foundations to make a transition toward a Korea premium. Based on the four major principles of trust, shareholder value, innovation, and market access, the FSC has constantly worked to upgrade and seek improvements in our capital markets. As a result, the Korean stock markets have been able to escape from the chronic trap of boxed-in movements and start to gain momentum for growth. In this regard, corporate practices have also been showing signs of improvements, placing a higher priority on shareholder value, as more companies are making moves to increase cash dividends and expand the cancellation of treasury shares. The flow of funds in the financial sector has also begun to shift toward more productive sectors and away from the real estate market. After six months of launching the National Growth Fund (NGF), there are already 21 investment projects approved under the program for a value of about KRW14.6 trillion to help strengthen th
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Apr 26, 2026

FSC Chairman Visits India and Vietnam to Open Up New Opportunities and Bolster Financial Cooperation

Chairman Lee Eog-weon of the Financial Services Commission traveled to India and Vietnam to strengthen financial cooperation with the two countries on the sidelines of President Lee Jae Myungs state visits from April 19 to 25. During his trips, Chairman Lee had high-level bilateral meetings with government officials to promote the overseas expansion of Korean financial companies and facilitate their business operations in local markets, attended financial cooperation forums for the development of financial hubs and the integration of cross-border QR payments system, and held meetings with Korean financial companies and enterprises doing business in the two countries. Chairman Lees visit to the two rapidly growing countries underscores the Korean governments aim to bolster strategic cooperation with the two major partners in the region particularly in the areas of financial services. FSC Chairmans Visit to India India is emerging as a key economic partner of Korea with a population of over 1.4 billion, the fourth largest economy in the world, and an annual economic growth rate of about seven percent. However, financial cooperation between Korea and India has remained at an early stage. Thus, on the occasion of President Lee Jae Myungs state visit, the FSC has sought to lay foundations to strengthen bilateral financial cooperation with India. Meeting with Indias Minister of Finance FSC Chairman Lee met with Indias Minister of Finance Nirmala Sitharaman on April 20 and had discussions on ways to bolster financial cooperation between the two countries. At the meeting, the two sides exchanged views on knowledge sharing and ways to enhance cooperation in the areas of fintech and the cross-border QR code payments system. The two leaders also had an in-depth discussion on ways to expand bilateral investments and strengthen cooperation in startups making use of Indias National Investment and Infrastructure Fund (NIIF). The financial leaders of the two countries agreed to con
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Apr 10, 2026

FSC Chairman Meets with Chairman of AMCHAM Korea and Discusses Ways to Strengthen Financial Competitiveness

Chairman Lee Eog-weon of the Financial Service Commission met with Chairman and CEO of the American Chamber of Commerce in Korea (AMCHAM Korea) James Kim at his office in Seoul Government Complex on April 10. At the meeting, FSC Chairman Lee and AMCHAM Korea Chairman Kim discussed ways to attract more investments in Korea from global financial institutions and strengthen Koreas financial regulatory competitiveness. On March 25 this year, AMCHAM Korea published a special report titled Koreas Financial Hub Agenda as part of its efforts to promote Korea as a leading financial hub in the Asia-Pacific region. In this regard, AMCHAM Korea Chairman Kim expressed significant potential for Korea to be able to host growing numbers of Asia-Pacific regional headquarters of multinational corporations in the future. In this regard, FSC Chairman Lee expressed appreciations for AMCHAM Koreas interest and support for Koreas financial sector development and shared how Koreas financial sector innovation has been perceived by the international society and what the government plans to do next. According to the 39th edition of the Global Financial Centres Index (GFCI 39), which was unveiled on March 26, 2026, Seoul and Busan ranked in the 8th and 23rd places, respectively, which demonstrates Koreas elevated financial hub status globally. In order to continue to boost Koreas financial sector competitiveness and facilitate an inflow of foreign investments, the FSC plans to work on a seamless implementation of the follow-up measureson omnibus account, English disclosure, dividend payout, etc.in accordance with the governments earlier announced roadmap (January 2026) for the inclusion in the MSCI developed markets index. In closing the meeting, FSC Chairman Lee and AMCHAM Korea Chairman Kim shared the same view on the need to maintain close cooperation and constructive dialogue between the two organizations in order to further help to strengthen Koreas financial hub status. * Please refer to
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Mar 30, 2026

FSC Unveils Benchmark Rate Reform Plans to Ensure Consistent and Swift Transitions

The Financial Services Commission announced benchmark rate reform plans intended to boost confidence in financial markets at the meeting held on March 30 with officials from related financial authorities and industry groups. FSC Vice Chairman Kwon Dae-young presided over the meeting and laid out the following three key principles for benchmark rate reform(a) swiftly improving confidence on benchmark rates, (b) minimizing potential impact on the market, and (c) strengthening protections for financial consumers. Key Details of Benchmark Rate Reform a) Promoting KOFR-basedtransactions in financial markets With the establishment of a central clearing system for KOFR-based overnight index swap (OIS) transactions, the government plans to speed up the adoption of KOFR in the market more quickly than previously planned. To this end, the previously planned KOFR-OIS target of 50 percent by June 2030 (via 10%p increase every year for five years) will be increased to 70 percent by June 2030 (via 15%p increase every year). For the period running from July 2026 until June 2027 (the second year), financial companies will need to meet the KOFR-OIS target of 25 percent (10% in the first year plus 15%p). There will be a new KOFR-FRN (Floating Rate Note) transactions target established (via administrative guidance from the Financial Supervisory Service in June 2026) to promote the adoption of KOFR in the FRN market. In the first year (from July 2026 to June 2027), banks will need to meet the KOFR-FRN target of 10 percent and increase their KOFR-FRN transactions every year by 10%p thereafter to meet the target of 50 percent by June 2031. For policy financial institutions (Korea Development Bank, Industrial Bank of Korea, and Export-Import Bank of Korea), the KOFR-FRN target will be set at 65 percent by June 2031, a 15%p higher than commercial banks. To meet this goal, in the first year (from July 2026 to June 2027), policy financial institutions will issue 25 percent or more of FRNs ba
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Mar 05, 2026

Revised Rules on BDCs for Promoting Investment in Venture Businesses to Take Effect from March 17

The Financial Services Commission announced that the legislative and regulatory revisionsprocessintended to establish rules on business development companies (BDCs)has been completedon March5. Under the auspices of the Financial Investment Services and Capital Markets Act (FSCMA), the revised rules to the Enforcement Decree of the FSCMA, the supervisory regulations on financial investment business, and the KOSDAQ market regulations of the Korea Exchange (KRX) will take effect from March 17, 2026, along with the revised FSCMA. Key Revision Details Rules regarding the operation of BDCs BDCs will be required to invest at least 60 percent of total assets in their primary investment targets, such as unlisted startups or venture businesses, venture investment associations, and KONEX-listed or KOSDAQ-listed businesses. In order to promote reinvestments in the venture investment market after the recovery of initial investment, BDCs will be allowed to invest in venture associations and the KOSDAQ-listed companies that have market capitalization of up to KRW200 billion (which constitutes about 75 percent of all KOSDAQ-listed companies). However, to help 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. Investments 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 the total amount of investments on primary investment targets should be limited to maximum 40 percent. In addition, the establishment of internal control mechanisms is required to ensure the appropriateness of money lending and the assessment and management of credit risks. BDCs will be required to invest at least 10 percent of total asset
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Jan 28, 2026

Revised Rules to Expand English Disclosure Requirement and Enhance Transparency in Corporate Disclosures

The Financial Services Commission approved revised rules on corporate disclosures at the regular meeting held on January 28. The rule changes are aimed at expanding the scope of listed companies being subject to the mandatory English disclosure requirement and making corporate disclosure practices more transparent regarding annual general meetings of shareholders (AGMs) and executive compensations. Key Revision Details a) Expanding mandatory English disclosure requirement (from May 2026) The FSC and the Korea Exchange (KRX) have been working on expanding the application of mandatory English disclosure requirement on listed companies in stages. In this regard, the mandatory English disclosure requirement entered into the first stage in January 2024 for listed companies with assets worth KRW10 trillion or more (and foreign ownership of 5 percent or more) or those with assets worth KRW2 trillion or more (and foreign ownership of 30 percent or more). Under the revised rules, the mandatory English disclosure requirement will be expanded to all KOSPI-listed companies with assets worth KRW2 trillion or more from May 2026. This will significantly increase the number of listed companies being subject to the mandatory English disclosure requirement from the current level of 111 companies (based on their total assets as of end-2024) to 265 companies. 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 after filing their original Korean disclosures will also be reduced. Large KOSPI-listed companies with assets worth KRW10 trillion or more will need to submit English disclosures on the same day of filing their Korean disclosures with the KRX in principle. Listed companies with assets worth KRW2 trillion or more that are newly becoming sub
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Dec 19, 2025

FSC Plans a Sweeping Overhaul of Finance to Propel a Great Takeoff of the Korean Economy

The Financial Services Commission presented its work progress and policy agendas going forward in a government work report session jointly held with the Korea Fair Trade Commission on December 19 under the theme of pursuing a sweeping overhaul of finance, fostering a fair economy, and building robust foundations to propel a great takeoff of the economy. At the work report session, Chairman Lee Eog-weon of the Financial Services Commission presented progress and achievements in 2025 and key policy agendas going forward focusing on the vision to seek a sweeping overhaul of finance to make the financial industry more productive, more inclusive, and more reliable. With the pursuit of major transformation in the financial industry, Chairman Lee pledged to help propel a great takeoff of the Korean economy. Achievements in 2025 In the past six months, the FSC has worked relentlessly to help resolve the difficulties in peoples livelihoods and to build a new framework for financial policies. First, in order to quickly facilitate a recovery in peoples livelihoods, which had faced challenges from the COVID-19 pandemic and high interest rates, the FSC took bold steps in providing strong support measures. The establishment of New Leap Fund (Oct. 1) allowed the acquisition, screening, and cancellation of long-term overdue personal debts for 1.13 million individuals without even having these debtors needing to apply for this support. With the provision of credit recovery support in the form of expungement of overdue debt history (Sep. 30), 2.862 million individuals (as of end-Nov.) were able to make a recovery and regain footing financially. The FSC also held meetings with small merchants in twelve different occasions to more closely listen to their needs on the ground and introduced a special financing support plan in the size of KRW10 trillion-plus. Next, the FSC sought to actively manage household debt and contain tariff-related risks in the market, while making all-out efforts
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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 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

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

KoFIU Holds Meeting with Financial Sectors and Discusses Ways to Strengthen AML Efforts in Transborder Crimes

The Korea Financial Intelligence Unit (KoFIU) held a meeting with relevant industry groups and discussed ways to bolster anti-money laundering (AML) efforts in transborder crimes on November 24. Todays meeting was organized with aims to establish a more effective and rigorous response system on money laundering that has links to the transborder crimes targeting domestic citizens from abroad. At the meeting, officials reviewed the current transborder AML response situation in the banking sector and discussed the role of the government and financial companies to further strengthen AML efforts in transborder crimes. First, in cooperation with financial companies, the KoFIU will analyze suspicious transaction types linked to transborder crimes, and financial companies will report every suspicious transaction deemed to be linked to transborder crime to the KoFIU. Last week, the KoFIU and the banking sector conducted an analysis on certain types of suspicious transactions and discussed a standard for extracting and sorting out similar types. These suspicious transaction reports (STR) from banks and nonbanks will be thoroughly analyzed by the KoFIU for the identification and detection of criminal activities by investigation authorities. Second, the KoFIU will strengthen internal control on AML activities of financial companies. A recent inspection by the Financial Supervisory Service revealed inadequacies in the management and supervision of AML activities for banks overseas branches and subsidiaries. Thus, the KoFIU plans to bolster internal control on AML activities of financial companies by requiring them to more rigorously perform customer due diligence (CDD) on suspicious customers and having them prioritize on-site inspections on their branches and subsidiaries located in Southeast Asia. When making periodic inspections on financial companies AML activities in the future, the KoFIU will more thoroughly look into their handling of overseas branches and subsidiaries. T
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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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Jun 16, 2025

2025 Korea Fintech Week to be Held on Nov 26-28 Focusing on Potential of AI and Personalization of Finance

The Financial Services Commission announced that the 2025 Korea Fintech Week is scheduled to be held for three days from November 26 to 28 at aT Center in Seoul. The Korea Fintech Week is the largest fintech exhibition eventorganized by Korea offering a venue for sharing the latest fintech innovation trends on artificial intelligence (AI) and so on and providing chances to promote and attract investment. This years Korea Fintech Week will be held under the theme of Fintech x AI: The Personalization of Finance, which will help to set a stage to make this event as a truly global fintech exhibition. The seventh annual global fintech expo this year, organized in partnership with a group of related institutions and organizations, is expected to breathe in vitality to the fintech industry and speed up financial innovation. With the rapid spread of AI-based digital financial services recently, cooperation and exchange among various stakeholders have become ever more important in the fintech ecosystem. In this regard, this years Korea Fintech Week will feature an expanded scale of global fintech company booths and invite more foreign speakers to promote the sharing of global fintech insights and help to broaden the horizon for domestic fintech companies. With the participation of fintech and AI experts from at home and abroad, this years Korea Fintech Week will introduce the latest fintech innovation trends and facilitate discussions to seek opportunities for cooperation and development of the fintech industry beyond borders. At exhibition halls, there will be country-specific fintech pavilions showcasing unique fintech services and innovation of major countries and offering chances to boost cooperation and exchanges with global fintech companies. In particular, this years Korea Fintech Week will encourage participation from global fintech unicorns to gain better insights into the future of the global fintech industry and help to make the Korea Fintech Week into a truly glo
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Apr 23, 2025

FSC Chairman Visits Boston and New York to Strengthen Financial Cooperation

Chairman Kim Byoung Hwan of the Financial Services Commission visited Boston and New York, the United States on April 21-22. On April 21, Chairman Kim visited Bostons biotech cluster and held a meeting with the investment companies and Korean biotech firms operating in the U.S. to seek insights on ways to bring about regulatory improvements to promote Koreas biotech venture investment. On April 22, Chairman Kim visited New York and had meetings with Blackstone CEO Stephen Schwarzman and Korean financial companies that have established business operations in New York. Visit to Boston Visit to KHIDIs U.S. Office On April 21, Chairman Kim visited the Korea Health Industry Development Institute (KHIDI)s U.S. office in Boston to gain overall insights into the regions biotech cluster (Kendall Square, aka the most innovative square mile on the planet), which is the worlds largest biotech venture ecosystem hosting more than a thousand biotech companies, research institutions, hospitals, and universities. During his visit, Chairman Kim was also briefed about Korean biotech companies operating in the U.S. and the support made available by the KHIDI. Meeting with Venture Capital Investors Chairman Kim held a meeting with a group of Korean venture capitalists operating in Bostons biotech cluster to seek diverse opinions and gain insights on ways to cultivate a biotech venture investment ecosystem in Korea. At the meeting, Chairman Kim said that Koreas venture investment has declined after reaching a peak in 2021-2022, particularly in the biotech sector associated with high risks where long-term investments are required. Since investors may face difficulties in making an exit in the biotech industry, Chairman Kim said that there are concerns over a potential fall in the biotech venture ecosystem. In this regard, Chairman Kim sought diverse recommendations and opinions from participants that will help to foster a biotech venture ecosystem in Korea. Visit to AVEO Oncology Chairman
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Apr 09, 2025

FSC Introduces Plans to Improve Competitiveness of Corporate Financing by Securities Businesses

The Financial Services Commission announced plans to improve the competitiveness of corporate financing by securities businesses on April 9. Under the newly introduced plans, comprehensive financial investment business entities (CFIBEs hereinafter) will be subject to increased credit granting limits for corporate financing and required to supply 25 percent of capital raised from promissory notes and investment management account (IMA) for venture capital. The IMA scheme, which was first introduced in 2017 but has not been utilized since, will go through improvements. Based on the improved IMA scheme, the process for designating CFIBEs that are eligible to handle promissory notes and IMA will begin within this year. Moreover, the plans contain measures to provide incentives for overseas expansion of securities firms and regulatory reforms intended to bolster the soundness management over derivatives-linked securities (DLS) and derivatives-linked bonds (DLB). In June this year, the FSC plans to prepare and announce detailed measures to strengthen the soundness of real estate financing and liquidity management by securities firms and ways to improve rules on the soundness of CFIBEs. FSC Chairman Holds Meeting with CEOs of CFIBEs On April 9, FSC Chairman Kim Byoung Hwan held a meeting with the CEOs of ten major CFIBEs and introduced the governments plans to improve the competitiveness of corporate financing by securities firms centered on regulatory improvements for CFIBEs. At the meeting, Chairman Kim and the participants discussed future directions for securities businesses in sustaining an innovative growth of our economy and promoting value-up in capital markets. In his opening remarks, Chairman Kim underscored the important role of capital markets in making sure that our economy maintains vitality and continues to grow in the future. In this regard, Chairman Kim said that the plans being introduced today are intended to boost the role of securities businesses in co
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Mar 21, 2025

Mobile Foreigner Residence Card to be Accepted for Opening Bank Account at Six Domestic Banks from March 21

The Financial Services Commission, the Ministry of Justice, and the Ministry of the Interior and Safety announced that foreigners residing in Korea with registered IDs will be able to open bank accounts and conduct financial transactions using mobile foreigner residence cards from March 21. From January 10 this year, the Ministry of Justice began to issue mobile foreigner residence cards to those who have registered their status of residence in Korea. A mobile foreigner residence card can be obtained if the foreigner with registered status is 14 years of age or older and owns a smartphone under his or her own name. After downloading mobile ID app on their smartphones, foreign residents can obtain mobile foreigner residence cards by tagging their plastic foreign resident ID cards (integrated circuit cards) on smartphones, or by scanning the QR code with the mobile ID app. To make sure that personal ID verification is conducted safely and conveniently, the Ministry of the Interior and Safety established a blockchain-based and integrated mobile ID system and has introduced mobile IDs for drivers license (Jan. 2022), veteran ID card (Aug. 2023), and foreign resident ID card (Jan. 2025) in coordination with related ministries. The financial sector and the financial authorities have also been making relevant changes to boost the convenience and safety of consumers in their transactions with financial companies. As such, from March 21, 2025, foreign residents will be able to open bank accounts and conduct financial transactions using their mobile foreigner residence cards from six domestic banks (Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju). Under the revised Immigration Act, mobile foreigner residence card is recognized as an equally valid form of ID as the original plastic ID card. The financial authorities in close coordination with the Ministry of the Interior and Safety and the banking sector have since then made changes and upgraded relevant procedures and systems to
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Feb 13, 2025

Transactions of Virtual Assets by Corporate Entities to be Allowed in Stages

Vice Chairman Kim Soyoung of the Financial Services Commission presided over the third meeting of the virtual asset committee on February 13 and held discussions with related ministry officials and private sector experts on the final policy measures aimed at allowing corporate transactions of virtual assets in the virtual asset market. At the meeting, the committee also discussed ways to bring about improvements to the best practice guidelines for listing virtual assets to help resolve the problem of listing competition among exchange service providers and reviewed the progress of regulatory reform regarding the introduction of security token offering (STO). A Roadmap for Allowing Corporate Participation in the Virtual Asset Market Background The transaction of virtual assets by corporate entities has been prohibited in principle following government regulations introduced in 2017. At the time, in comparison to transactions by individuals, the government was concerned that corporate transactions of virtual assets could pose significant threats of money laundering and market overheating. Thus, the government decided to ban corporate transactions of virtual assets to help ease the highly speculative market conditions, and as a routine practice, banks have been restricting the opening of real-name verified accounts for corporations intended for virtual asset transactions. However, with the implementation of the Virtual Asset User Protection Act from July 19, 2024, the legislative foundation has been established to provide protections for users. In addition, there have been changes in market environment with major countries around the world widely accepting corporate transactions of virtual assets and the demand for pursuing new blockchain-related business opportunities rising among domestic businesses. As such, there has been growing demand for permitting corporate entities to engage in virtual asset transactions in the domestic market. Against this backdrop, the virtu
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