Press Releases - Financial Services Commission

Press Releases

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Feb 27, 2024

FSC Vice Chairman Holds Investor Relations in Singapore and Introduces the Corporate Value-up Program

Vice Chairman Kim Soyoung of the Financial Services Commission held an investor relations event in Singapore with major institutional investors from Asia participating on February 27. During the dialogue, Vice Chairman Kim outlined the governments capital market reform initiatives with a particular attention on the recently announced Corporate Value-up Program, which have gained much interest from both domestic and overseas investors. The following is a summary of Vice Chairman Kims remarks. The Korean governments capital market reform measures have been focused on the following three areas. First, to establish a fair and transparent market order, the government has bolstered measures against unfair trading activities. A temporary ban on short-selling has been put in place to make trading conditions more equal for both retail and institutional investors and to build a completely electronic short-selling transaction system designed to prevent naked short-selling activities. Second, to make Koreas capital markets more accessible to investors, the authorities have already abolished the foreign investors registration requirement, mandated companies to file disclosures in English in phases, and eased the reporting requirement to facilitate the use of omnibus account. To help expand domestic investor base, the government has already decided to repeal the planned introduction of capital gains tax on financial investments and plans to expand tax benefits for individual savings accounts (ISAs). Third, to promote shareholder values in corporate management practices, the government has been consistently working on various measures aimed at protecting the rights of general shareholders. As a consequence, many large companies have now adopted the improved dividend payout procedure in which investors are able to make investment decisions while knowing how much they will receive in dividends. In addition, the Corporate Value-up Program, which was unveiled on February 26, is design
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Feb 01, 2024

FSC Seeks to Bolster Cyber and Information Security Capacity and Resilience of Financial Industry

The Financial Services Commission held a meeting with relevant authorities and financial companies on February 1 and announced plans to bolster cyber and information security capacity and resilience of the financial industry. At the meeting, authorities also unveiled and discussed key details of the revision proposal for the supervisory regulation on electronic financial services, which is put up for public comment until March 12. Vice Chairman Kim Soyoung of the FSC delivered opening remarks at the meeting, emphasizing on the need to establish a forward-looking cyber and information security system in the financial industry amid rapid changes taking place in digital sphere, such as cloud computing and artificial intelligence, and the evolving nature of cybersecurity threats. In this regard, Vice Chairman Kim said that it is necessary to focus on making financial industrys cybersecurity system more adaptable and resilient. To this end, the FSC will make the cyber and information security system more goal- and principle-oriented and encourage financial companies to boost their own cybersecurity capacity and bolster resilience to cyberthreats. With the revision of the supervisory regulation being proposed today, Vice Chairman Kim said that the approach to cyber and information security will shift from a narrow and compliance-focused practice of the past to a more comprehensive, proactive and self-driven one. Beginning with this rules change, the FSC will seek to revise the Electronic Financial Transactions Act in the future to strengthen financial companies self-governance responsibility over cyber and information security. Some of the key details of the revision proposal for the supervisory regulation on electronic financial service include (a) making rules simpler and allowing more room to make autonomous decisions for financial companies by reducing the number of rules to 166 from 293 previously, (b) requiring certain types of small- and medium-sized financial comp
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Jan 17, 2024

Government Holds Policy Forum on Enhancing the Role of Finance to Expand Co-prosperity and Ladder of Opportunity

The government held the fourth round of policy forum on the topic of strengthening the role of finance to foster co-prosperity and expand the ladder of opportunity, presided over by President Yoon Suk Yeol on January 17. At the forum, the Financial Services Commission presented the governments plans to enhance the role of finance to help expand the ladder of opportunity in the following three ways(a) strengthening the role of capital markets to facilitate asset accumulation of the public, (b) reducing the burden of high interest rates for vulnerable groups, and (c) assisting vulnerable groups to recover and regain footing from financial difficulties and debt problems. I. Strengthening the role of capital markets First, the government will strengthen tax incentives to support asset accumulation of the public. In this regard, the previously planned capital gains tax (for introduction in 2025) on financial investment income will be repealed. For individual savings accounts (ISAs), the maximum savings limit (ISA allowance) will be raised from KRW20 million a year for a total of KRW100 million previously to KRW40 million a year for a total of KRW200 million. The tax deductible limits for dividend and interest income will be raised from KRW2 million and KRW4 million (for agro-fishery types) previously to KRW5 million and KRW10 million (for agro-fishery types). A new type of ISA will be created for investments exclusively in domestic stocks and funds. Investors subject to aggregate taxation on financial income will also be eligible to sign up for this type of ISA for which a separate tax rate of 14 percent will be applied without any deductible. Second, the government will seek regulatory reforms intended to create a more investor-friendly environment in capital markets. To this end, authorities will seek to revise the Commercial Act to enhance protection for the rights and interests of small shareholders through strengthening the accountability of company executives and m
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Oct 20, 2022

Scope of Data Categories for Financial MyData Service to be Expanded

The FSC announced a plan to expand available data on financial MyData service from the end of this year. The number of personal data categories will grow significantly from 492 to 720, which can cover most financial sectors including banks, insurers, card companies, financial investment firms and public financial institutions. A demand survey on MyData service providers in March 2022, which was conducted right after the launch of financial MyData service in last January, revealed additional data categories that need to be added. To insert these categories into MyData ecosystem, many data providers like financial industry groups, financial institutions and MyData service providers voluntarily organized MyData taskforce to discuss mutual development and cooperation. Between April and August this year, the taskforce held over 40 meetings and reached an expansion plan. MyData portal (www.mydatacenter.or.kr) will provide information on new service offerings and service improvement of MyData service providers, enabled by this expansion of data categories available. Achievement So Far (Penetration of MyData Service) Since the launch of financial MyData service on January 5 this year, financial MyData service has grown rapidly. The cumulative number of subscribers grew to about 54.8 million (in September 2022), increased about 3.9 times from about 14 million users in January. The volume of API (Application Programming Interface) transfers per day went up from 274 million at the end of January to about 384 million at the end of September. The number of MyData service providers also increased from 33 to 52 for now. (Enhanced Consumer Convenience) Financial MyData service made data ecosystem more consumer-oriented where financial consumers can quickly and conveniently access a variety of their personal data scattered around financial sphere with a single sign-on. As data sharing practice changes from indiscriminate data scraping to formal data transfer under consumer acknowled
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Oct 07, 2022

FSC to Overhaul Accounting Regs to Ease Burden on SMEs while Ensuring Accounting Transparency

The FSC prepared measures to overhaul the accounting regulations to make them more SME-friendly and to support SMEs better comply with the accounting and external audit regulations. The key measures include (a) exempting small-sized listed firms (less than KRW100 billion in asset) from external audit requirement for their internal accounting control systems, (b) launching and operating an accounting support center for SMEs at the Korea Exchange (KRX), (c) reducing the scope of large unlisted firms that are subject to the same accounting regulations in place for listed firms and (d) applying a simplified auditing standard for non-listed small firms. In line with the regulatory improvements, the FSC will also strengthen the responsibility of executive officers over internal control of accounting practices and raise incentives for whistleblowing on accounting frauds within a company. For this, disclosure on the internal accounting control system will be improved substantially and the reward amount for whistleblowers will be increased significantly (by three times). Background The accounting and external auditing regulations in Korea have been designed and developed with the focus on large listed companieswhere the need for investor protection is high. SMEs have been subject to similar accounting and external auditing regulations with the large companies despite their smaller scale in terms of the size of interested parties like investors. This has resulted in relatively higher compliance burden on SMEs. As such, it has been pointed out that there is more cost than benefit in applying the same accounting regulations to SMEs. Moreover, it should be taken into account that the accounting reform of 2018 imposes financial burdens more on SMEs which usually have relatively lower profitability. The government has listened to headaches of SMEs, discussed with experts and interested parties and reached the following proposals. An in-depth discussion followed at the 3rd financia
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Nov 03, 2020

FSC Proposes New Rules on AML Requirements on Virtual Assets

The FSC introduced a proposal of new rules to provide further details of anti-money laundering (AML) requirements on virtual assets under the revised Act on Reporting and Using Specified Financial Transaction Information (“the Act” hereinafter), which is scheduled to go into effect on March 25, 2021. The proposal will be available for public notice and comment for forty days from November 3 to December 14, 2020.KEY PROVISIONS(SCOPE OF VIRTUAL ASSET SERVICE PROVIDERS) The Act defines “virtual asset service provider (VASPs)” as business entities which engage in one or more of the following activities or operations: (i) purchase and sales of virtual assets; (ii) exchanges between virtual assets; (iii) transfer of virtual assets; (iv) safekeeping and administration of virtual assets; (v) intermediation or brokerages of virtual asset transactions; exchange of virtual assets; and (vi) other activities specified by the enforcement decree. The enforcement decree provides examples of VASPs subject to the Act such as virtual asset trading service providers, safekeeping/administration service providers, and digital wallet service providers. (SCOPE OF VIRTUAL ASSETS) The Act defines “virtual assets (VAs)” as digital tokens with economic value that can be digitally traded or transferred. The Act also provides a list of items which are not included in the scope of virtual assets: (i) digital tokens that cannot be exchangeable for fiat currencies, commodities and services and whose purpose of use is limited by the issuer; prepaid electronic payment methods or e-money; electronically registered stocks; electronic notes; electronic B/L; and others specified by the enforcement decree given the formats and features of transactions. The enforcement decree stipulates that prepaid cards, mobile gift cards and electronic bonds are excluded from the scope of VAs.(REQUIREMENTS FOR REAL-NAME ACCOUNTS) The Act mandates that VASPs use real-name accounts in their financial transacti
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Oct 05, 2020

FSC Holds Meeting on Cyber Security of Financial Institutions

FSC Chairman Eun Sung-soo held a meeting with relevant authorities to review the cyber security conditions of financial institutions on October 4.At the meeting, the authorities announced that financial institutions are maintaining strong preparedness for responding to cyberattacks amid a series of DDoS attack attempts by overseas hacking groups recently. In this regard, the Financial Security Institute will continue to work to strengthen cyber security measures while enhancing cooperation with other relevant institutions, including internet service providers and KISA.The authorities also reviewed risk factors related to the system outage that occurred at the Tokyo Stock Exchange on October 1. The FSC expects that it will have no direct impact on domestic financial transactions when markets resume after the Chuseok holiday. In this regard, the Korea Exchange, KOSCOM and securities companies will conduct a joint inspection to guarantee the safety of computer systems in domestic stock markets.* Please refer to the attached PDF for details.
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May 27, 2020

2020 Online Korea Fintech Week

The 2nd Korea Fintech Week will be held virtually starting at 10 am on May 28. It is organized into five sessions, and the virtual exhibitions are open to everyone for viewing at free of charge via www.fintechweek.or.kr/2020. SCHEDULE(OPENING SESSION) Welcoming remarks by FSC Chairman Eun Sung-soo and congratulatory remarks by key dignitaries including Lord Mayor of the City of London William Russell and Standard Chartered CEO Bill Winters(SPECIAL SESSIONS) Presentations and seminars on ‘open innovation,’ showcasing major policy and industry trends at home and abroad► FSC: Fintech in Korea and digital transformation strategy in financial sectors► KFTC: Open banking in Korea► FSI: Financial data security in the 4th industrial revolution► VISA-Fintech Center Korea: Sharing successful collaboration lessons between global financial company and fintech► MAS: Future of fintech in post-COVID-19 era► Stone Chalk: Fintech trends in Australia► World Bank: Digital finance for crisis response and economic development – Role of the WB► KPMG: Korean fintech industry in 2020 policy trends► KOSCOM: Financial cloud computing and compliance in financial services► FSI: Security evaluation trends of cloud service providers in financial sectors► Regtech suptech showcases(VIRTUAL EXHIBITION HALLS) The six virtual exhibition halls are organized into a fintech ecosystem hall, a financial enterprise hall, a fintech start-up hall, a fintech scale-up hall, a big tech hall and a global enterprise hall, participated by about 150 entitiesTo help attract investment for the K-Growth fund, a major source of fintech investment operated by the Korea Growth Investment Corporation, a shortcut to fintech investors’ relations will be placed on top of the main page.(ONLINE JOB FAIR) HR managers from 35 financial companies and fintech firms will provide information about job openings, nature of work and qualities they look for in new hires. About a dozen companies have plans t
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May 11, 2020

2020 Online Korea Fintech Week to Start May 28

The FSC will hold the 2020 Online Korea Fintech Week from May 28. With the theme of “Fintech for Open Innovation,” this year’s virtual expo will feature special information sessions, virtual exhibitions and an online job fair.The following is a schedule of the virtual expo.(OPENING SESSION) Welcoming remarks, congratulatory remarks by key dignitaries(SPECIAL SESSIONS) Key information sessions and seminars about open innovation, industry trends in domestic and foreign marketsa) FSC: Digital finance innovation in Koreab) FSS: Showcasing regtech and suptech firmsc) KPMG: Korean fintech industry in 2020 policy trendsd) World Bank: Digital finance for crisis response and economic development – Role of the WBe) VISA-Fintech Center Korea: Sharing a successful collaboration lesson between a global financial company and a fintechf) KFTC: Open banking – achievements and futureg) FSI: Financial data security in the era of 4th industrial revolutionh) KOSCOM: Financial cloud computing and compliance in financial services(ONLINE JOB FAIR) Co-hosted by the Fintech Center Korea and Korea Internet Security Agency and participated by 34 hiring institutions looking for 40 new hires(VIRTUAL EXHIBITIONS) The six virtual exhibition halls will be organized into a fintech ecosystem hall, a financial enterprise hall, a fintech start-up hall, a fintech scale-up hall, a big tech hall and a global enterprise hall, participated by about 150 firms(CYBER VOICE PHISHING PREVENTION HALL) Introduce voice phishing prevention app and the relevant technology and provide education on how to detect voice phishingFor further information, please contact the Fintech Center Korea via email at fintechweek@fintechcenter.or.kr or by phone at +82-70-4150-4490 and +82-70-8873-9006.* 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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Mar 24, 2020

Measures to Stabilize Financial Markets

The government unveiled the financial market stabilization measures on March 24 to help provide sufficient liquidity to businesses and deploy market stability tools to absorb shocks in the financial markets amid the spread of COVID-19.In order to address financing difficulties and help restore stability in the financial markets, the measures will increase the financing support package from KRW50 trillion to more than KRW100 trillion. This includes financing support through policy banks in the amount of KRW58.3 trillion and KRW41.8 trillion funds to help restore stability in the country’s bond market, stock market and short-term money markets.FINANCIAL MARKET CONDITIONSThe concern over a global economic slowdown due to the spread of COVID-19 has brought market volatility in the global financial markets, thus limiting corporate financing channels. From the beginning of March, stock prices in major economies plunged and the won-dollar exchange rate spiked due to a strong dollar.Amid rising uncertainties surrounding the COVID-19, market anxiety has expanded to the corporate bond market and short-term money markets.Unlike the past financial crises, the downturn in the financial markets today started from the real economy — an abrupt slowdown in consumption, production and investment, a breakdown in global supply chains, and a drop in global trade.Due to the decline in domestic demand, a contraction in the real economy and financial market anxieties, it remains difficult to accurately predict the ripple effects of the current economic slowdown caused by COVID-19. Thus, preemptive and bold responses are required to bring stability to the markets.KEY MEASURESI. FINANCING SUPPORT FOR BUSINESSES: KRW58.3 TRILLIONA total of KRW 29.2 trillion in financing support for SMEs and small merchants will be provided.► KRW12.0 trillion in emergency financing support for small merchants► KRW5.5 trillion in special guarantees for SMEs and small merchants► KRW3.0 trillion in full
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Mar 14, 2016

Introduction of Korea's Individual Savings Accounts (ISAs)

Korea’s Individual Savings Accounts (ISAs) were introduced on March 14, 2016, in which individuals can invest into various financial products such as savings, funds and derivative-linked securities. Previously, individuals had to open separate accounts for each financial product. The introduction of ISAs is expected to help individuals build an investment portfolio tailored to their risk appetite and investment purpose and manage their wealth more efficiently with the aid of asset management experts. ISA products are now on sale starting from March 14 through branches of 33 financial institutions – banks, securities firms and insurers. TYPES OF ISASThere are two types of ISAs: a trust-type product and a discretionary investment product. ▪ Trust-type ISAs The trust-type ISA is aimed at individuals who want to choose financial products to be included into their accounts on their own. Without the account holder’s direction, financial institutions cannot change the composition of investment portfolio. ▪ Discretionary ISAs The discretionary ISA is targeted for those who want to let asset managers manage their money. Financial institutions provide clients with model portfolios, considering their risk appetite and investment purpose. The client is then supposed to pick one of the model portfolios to let asset managers on behalf of them choose products to be included in the account. Without the account holder’s direction, financial institutions are allowed to rebalance assets within the account every quarter, evaluating profitability and safety of such assets. ※ Since only one ISA is allowed per person, individuals have to choose either a trust-type ISA or a discretionary ISA, considering which type of the ISAs is more suitable for themselves. WHAT PRODUCTS CAN BE INCLUDED IN ISAS▪ Savings products – savings and installment savings with banks and mutual savings banks; deposits with mutual financial institutions; and RPs▪ Investment products – public of
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Feb 02, 2016

Financial Policy Roadmap for 2016

The FSC outlined its financial policy roadmap for 2016, focused on two main themes: Financial Reform and Financial Stability. The FSC will speed up the implementation of financial reform to promote competition and innovation in the financial sector, while strengthening financial stability in response to internal and external risks. Ten key policy tasks were laid out to push forward financial reform and financial stability: - financing innovative businesses to support the creative economy; - encouraging cultural changes in financial institutions; - promoting the financial industry as new growth driver; - enabling more convenient and innovative financial services; - supporting the growth of household wealth; - managing potential risks of household debt; - managing corporate default risks preemptively;- ensuring stability and fairness in financial markets; - expanding policy support for microfinance; and- strengthening financial consumer protection. 1. FINANCING INNOVATIVE START-UPS AND VENTURE COMPANIES The FSC will further stimulate investments in tech start-ups through tech investment funds worth KRW 750billion. We will continue to make our policy efforts to help the newly-introduced crowdfunding system take root as a fundraising channel for start-ups and venture companies. We will push forward the restructuring of the KRX into a holding company in an effort to bring more competition into the local bourse system. The KOSDAQ and KONNEX will be also reformed to attract more listings. The roles of policy banks such as IBK and KDB will be realigned to provide policy loans and state-backed guarantees for start-ups and SMEs in accordance with their growth cycle. 2. ENCOURAGING CULTURAL CHANGES IN FINANCIAL INSTITUTIONS We will continue our reform of financial supervisory practice and regulation to ease regulatory burden on financial institutions and encourage more private initiatives in the financial sector. Financial institutions will be also required corresponding chang
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Jan 19, 2016

2016 Financial Policy Focus #2

PROMOTE COMPETITION AND INNOVATION IN FINANCIAL SECTOR The FSC unveiled its second part of policy plan for 2016 in a policy report to President Park Geun-hye on January 18. Following on its first statement on January 14 focused on economic risk management and financial stability, the second announcement is particularly focused on promoting competition and innovation in the financial sector to maintain the momentum for financial reform drive. 1. Financing innovative businesses to boost the “creative economy”▪ Startups and SMEs will be able to raise funds through crowd funding as the newly-introduced funding scheme is scheduled to take effect on January 25.▪ A total of KRW 750billion will be operated through tech investment funds to further stimulate investment in tech start-ups, while loans of KRW 20trillion per year will be extended to tech firms according to evaluation of their technology. ▪ The FSC will push forward the structural reform of the KRX to bring more competition among exchanges and facilitate funding for venture and start-up companies. ▪ A total of KRW 80trillion will be injected to boost new growth drivers such as ICT, software and cultural sectors. ▪ Financial regulations will be enforced in a more transparent, rational and responsible manner. Financial institutions will be also called for cultural changes on their own such as performance-based compensation and stricter standards for compliance. 2. Promoting Fintech and financial industry as key growth driver▪ The FSC will continue to make policy effort to help Korea’s fintech industry to go abroad and provide globally competitive services. ▪ Regulatory constraints will be eased to facilitate use of big data by financial institutions to provide a variety of financial services. ▪ Internet-only banks will be launched in the second half of this year to enable more convenient banking services. ▪ Securities firms will be encouraged to go into high value-added and innovative busine
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Jul 01, 2015

Major Progress in Financial Reform Initiative

Since the announcement of ‘Key Direction for Financial Reform’ on March 17, the FSC has been thriving to reform and bring innovation in the financial sector. In line with such efforts, the FSC launched a so-called ‘3+1 Initiative’ to set detailed directions for the financial reform drive based on the opinions of the financial market players.During the last three months, FSC Chairman made 37 on-site visits to listen to the financial market participants’ voices and resolve their hardships. Such sincere efforts to reform the financial sector are being positively received by the markets.MAJOR ACHIEVEMENTS1. Reform supervisory practicesThe FSC announced a plan to overhaul the fundamental framework of the financial supervisory practices. According to the plan financial regulators will conduct supervisions on financial institutions’ soundness and compliance only when it is necessary.2. Vitalize KONEX marketDeposit regulation for trading will be eased to KRW 100 million from the current KRW 300 million to lower hurdles to individual investors. The KONEX will also introduce a ‘small investment account’ to allow individual investors to invest up to KRW 30 million per year regardless of deposit levels.A special listing will be introduced for early-stage startups to allow them to be listed without designated advisors.3. Boost derivatives marketMini KOSPI 200 Futures Options will be launched with downsized trading units for derivatives products.New futures products including KOSDAQ Individual Equity Futures, Dividend Index Futures, and RMB Currency Futures will be introduced.4. Strengthen infrastructure for unlisted over-the-counter tradingKorea Over-The-Counter Bulletin Board (K-OTC BB) will be established within the Korea Financial Investment Association (KOFIA) for trading of unlisted stocks of SMEs and venture companies.5. Foster FintechProcedures and qualification standards for electronic financial business registration will be eased.Fintech Center was estab
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Mar 21, 2013

FSC Response to Cyberattack on Bank Servers

CURRENT SITUATIONAt around 2 pm on March 20, some banks including Nonghyup Bank, Shinhan Bank, and Cheju Bank suffered computer network failures. As of 11 am on March 21, banks except some branches of Nonghyup have restored their operations.Investigation is now underway to figure out the cause of the incident, but it is presumed that malicious codes were distributed through the servers that caused computer shutdowns at those banks.FSC/FSS RESPONSEThe Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) jointly formed an emergency response team to respond the crisis in real time and raised its alert to possible cyberattacks from “attention” to “caution.”The FSS dispatched inspection teams to the affected banks including Shinhan and Nonghyup to look into the cause of the incident and monitor progress in restoring operations.In cooperation with the Information Share Analysis Center (ISAC) by Korea Financial Telecommunications and Clearing institute (KFTC) and Koscom to uncover details of the incident.The Korea Internet Security Agency (KISA) distributed vaccine programs against malicious codes and temporarily shut down servers for vaccine updates in case of additional attacks.The FSC and FSS direct banks to come up with measures to compensate for any losses or damages incurred to customers by the cyberattack, if any.So far, there is no case reported that the incident caused leakage of customers’ personal information.*Please read the attached file for details.
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