Press Releases - Financial Services Commission

Press Releases

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Aug 11, 2021

FSC Chairman Discusses the Need to Provide Credit Recovery Support to Individuals

FSC Chairman Eun Sung-soo met with the heads of financial industry groups and other relevant officials on August 11 and held talks on the necessity of credit recovery support for individuals struggling through the COVID-19. For individuals, the authorities have expanded the availability of microfinance supports for vulnerable debtors. However, unlike the temporary support made available to small merchants and SMEs, such as maturity extensions and preferential credit evaluation under the COVID-19 situation, the authorities agreed that the level of support extended to individual debtors has been inadequate. As such, Chairman Eun talked about the need to provide support for individuals with credit recovery to help prevent vulnerable individuals or individual business owners from facing the risk of a credit score downgrade, etc. In this regard, the financial industry group leaders and officials agreed to hold off sharing or using the payment overdue and late payment records of individuals for the purpose of evaluating their credit scores (overdue payments and late payments occurred during the pandemic only).All financial sectors pledged active cooperation on this matter. * Please refer to the attached PDF for details.
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Aug 10, 2021

FSC Chairman Discusses Balance between COVID-19 Support and Preemptive Risk Management

FSC Chairman Eun Sung-soo met with the heads of five financial holding groups on August 10 and held talks on creating quality jobs for young adults in financial sectors, managing household debt levels and maintaining COVID-19 financial support. (Creating Job Opportunities for Young Adults) Chairman Eun stated that a rapid transition to a digital economy may lead to diminishing job opportunities for young adults. However, the growth of fintechs is contributing to the creation of new jobs. As such, financial institutions should work to create quality jobs that are desirable for young adults, especially with this years joint job fair in financial sectors scheduled to be held in next month. (Household Debt Management) In the process of responding to the COVID-19 pandemic, a growth in private sector debt level has been unavoidable. In this regard, it is time to focus on risk management as the pace of the growth has been accelerating. In order to control the pace of growth at an appropriate level (5 to 6% for this year), the financial authorities are working on strengthening supervision. As such, financial institutions should work on preemptive management to help prevent excessive debt levels turning into potential risks for the economy and financial sectors. (COVID-19 Financial Support) Over the past year, financial institutions made available KRW204 trillionworth of financial support for SMEs and small merchants in the form of maturity extensions and payment deferrals. The authorities are closely looking at the upside and downside effects of extending these support programs and making them available for longer. In the process, the authorities will maintain close communication with financial sectors. * Please refer to the attached PDF for details.
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Aug 04, 2021

Provision of Microfinance Support to be Expanded to KRW9.6 Trillion in 2021

The FSC announced that the total amount of state-backed microfinance supports made available to lower income earners and low credit holders reached more than KRW4.68 trillion in the first half of 2021. Compared with the same period of last year, 22,252 more individuals applied for assistance (up 5.7%), and the total amount of microfinance supports provided rose KRW467.7 billion (up 11%). To continue to make microfinance options available for those struggling through the pandemic and help improve access for lower income earners and low credit holders, the FSC will expand the availability of microfinance supports to KRW9.6 trillion this year. Among existing programs, the microloan programs for low income workers and young adults will be expanded by KRW1 trillion and KRW100 billion, respectively. With the maximum legal lending rate lowered from 24 percent to 20 percent beginning on July 7 this year, KRW300 billion in additional microfinance support is newly made available for those who have been on high interest rate loans (above 20% per annum) before and wishing to make a switch to lower interest rate ones. In addition, banks have begun to offer microloan products in the amount of about KRW300 billion since July 26, and credit card companies are also expected to launch microfinance services totaling some KRW50 billion in October this year. * Please refer to the attached PDF for details.
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Aug 03, 2021

FSC Informs Financial Investment Businesses about Upcoming Changes in PEF Rules

The FSC has informed financial investment businesses and market participants about broad regulatory changes taking place on private equity funds in October this year. The information provided to financial investment businesses concerning changes in PEF rules is based on the revisions to the subordinate law of the Financial Investment Services and Capital Markets Act which was put up for public comment from June 23 to August 2, 2021. Key Changes The National Assembly of the Republic of Korea passed a revision to the FSCMA on March 24 with aims to improve rules on PEFs and strengthen investor protection with high-risk investment products. Key changes from the revised FSCMA and its subordinate law are as follows. (New PEF Classification Scheme) The current PEF classification system that places distinctions between the professional investment type and the management participation type based on the purpose of fund management will be changed. A new classification system of general PEFs and institution-only PEFs will be introduced according to the scope of investment entities and the type of investors. (Investor Protection) Under the new classification scheme, qualified retail investors (those investing KRW300 million or more) are eligible to invest in general PEFs only and investor safeguards will be strengthened for qualified retail investors investing in general PEFs. In addition, the revised FSCMA contains the following investor protection measures. a) PEF sellers will be required to check whether the PEFs they sold are being managed by management firms according to their prospectus requirements. b) PEF trust agencies, such as banks and prime brokerage service providers, will be subject to tighter monitoring requirements on PEFs. c) PEFs with certain sizes will be subject to external audits to help improve fairness in valuation while all PEF management firms will be required to provide quarterly asset management reports to investors. d) Stronger liquidity management me
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Jul 29, 2021

FSC Introduces Revisions to MyData Guidelines

The financial authorities announced the revised guidelines on MyData services in financial sectors on July 29. The revisions intend to (a) achieve an appropriate balance between consumer convenience and protection over provision of consumer data, (b) draw up measures to protect consumers from excessive competition and (c) establish rules on informed consent to guarantee consumers data privacy rights. In order to provide sufficient time for system tests, the revised guidelines also postpone the standardized API usage requirement from the initially planned date of August 4 to later this year. Revision Details I. Safeguards for 3rd party and other sensitive information The scope of privacy data usage is limited to the user of MyData service and for the purpose of providing analysis services about the user. The usage of privacy data for marketing or other purposes that may raise concerns about privacy violation will be prohibited. II. Informed consent system MyData businesses should establish an informed consent and data transfer system that is suitable for mobile environment and easy to understand for consumers. The guidelines also provide rules on essential consent items, etc. III. Consumer protection from excessive competition MyData businesses should provide a notice about the user guideline before users sign up for their services while refraining from engaging in excessive marketing events. IV. Schedule for standardized API usage (1st Stage) MyData businesses and data providing entities should complete the process of setting up standardized API and carrying out tests by November 30, 2021. (2nd Stage) MyData businesses will begin offering services to consumers through standardized API starting from December 1, 2021. (3rd Stage) MyData businesses will offer services only through standardized API from January 1, 2022. Further Plan The financial authorities will closely monitor and manage the status of API setup at data providing institutions according to the schedule
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Jul 28, 2021

Open Banking Service Availability to be Expanded

With 23 open banking participating fintechs making available their data about customers prepaid deposit balances for open banking, open banking users will be able to access information about their prepaid deposit accounts from mobile applications of major banks or any other open banking offering financial institutions beginning from July 30, 2021. Open banking has expanded rapidly since its first launch in December 2019 as the cumulative number of subscribers reaching more than 89.7 million with about 166.8 million accounts registered as of July 25, 2021. The FSC has worked on gradually expanding the availability of open banking services from more types of financial institutions. As a result, open banking services are now available from about 110 banks, fintechs, mutual finance firms, savings banks, securities firms, credit card companies and the Korea Post. Along with the account balance inquiry and wire transfer functions as well as checking monthly statements for credit cards that have been already in service, users can now access information about their prepaid deposit accounts from any mobile application of their choosing. The authorities will continue to work for advancement of open banking and seek ways to promote the development of an open finance platform, while continuing to work on ensuring system security. * Please refer to the attached PDF for details.
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Jul 28, 2021

Authorities to Seek Suspension of Fraudulent Accounts Held by VASPs

The FSC announced the result of comprehensive inspections conducted on the legitimacy of deposit accounts held by virtual asset service providers (VASPs) on July 28. As of the end of June, it was found that 79 VASPs had 94 deposit accounts, of which 14 of them were found to be linked to fraudulent or fictitious account activities. Many VASPs were found to use their main business accounts for deposit taking. Others had separate accounts for deposit and payment. With increased restrictions imposed on opening up new deposit accounts at financial institutions, some VASPs have created new business entities to open up deposit accounts. Small-scale VASPs have been increasingly turning to mutual finance firms and other small and medium-sized financial institutions for deposit accounts. Others have been found to switch between different financial institutions to avoid their accounts being suspended. Financial institutions are expected to suspend the accounts linked to fraudulent activities. Making use of the suspicious transaction reports, the Korea Financial Intelligence Unit (KoFIU) will relay any cases connected to money laundering or other illicit activities to law enforcement agencies. The authorities will continue to closely monitor deposit accounts held by VASPs until the registration deadline of September 24, 2021. Virtual asset service users are advised to practice caution in their dealings with VASPs and keep a close eye for their possible use of illegitimate accounts. Users also need to check whether their service providers are on schedule for registration by the September 24 deadline. * Please refer to the attached PDF for details.
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Jul 22, 2021

FSC Selects Eight More 'Innovative Financial Services' for Financial Regulatory Sandbox

The FSC decided to designate eight more financial solutions as innovative financial services at its regular meeting held on July 21. This brings the total number of designated services to 153 since the regulatory sandbox program was first launched on April 1, 2019. Overview of Newly Added Innovative Financial Services 1. A real-name identification and verification service using facial recognition technologies which allows consumers to visit bank branches and use financial services without presenting their ID cards (Daegu Bank, expected in Apr. 2022) 2. A real-name identification and verification service using facial recognition technologies for checking customers personal identification in contactless settings, which will allow customers to open up bank accounts even after the banks regular work hours (Busan Bank, expected in Oct. 2021) 3~5. Online-based telemarketing insurance subscription services using mobile devices that reduce the hassle of reading and recording scripts for insurance telemarketers while still guaranteeing supplemental measures for consumer protection (Toss Insurance, DB Insurance and NongHyup Life Insurance, expected in Oct. 2021, Feb. 2022 and Mar. 2022, respectively) 6~7. QR code enabled credit card payment services which require no physical point-of-service (POS) terminal for businesses to process credit card payments which will help improve convenience for consumers while allowing more small-scale businesses to adopt mobile simply payment methods (Seeroo Information and Paycoq, both expected in H1 2022) 8. A non-recourse accounts receivable factoring service which assumes the risk of buyers failure to honor payment obligations in place of the seller, thereby helping firms with new technologies to raise funds and carry out business operations in a more stable manner (Korea Technology Finance Corporation, expected in Jun. 2022) * Please refer to the attached PDF for details.
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Jul 22, 2021

KoFIU Notifies Foreign VASPs of Their Obligation to Register

With the Act on Reporting and Using Specified Financial Transaction Information (hereinafter the Act) going into effect from March 25, 2021, all VASPs are required to register their business with the KoFIU by September 24, 2021. As such, the KoFIU has sent out a notice to 27 foreign VASPs about their obligation to register. Obligations of Foreign VASPs The Act requires VASPs to register with the KoFIU as the law equally applies to foreign VASPs that conduct activities outside Korea but have domestic consequences within Korea. Thus, if any VASPs conduct business operation targeting Koreans, they are required to register with the KoFIU and comply with requirements under the Act regarding their business operations targeting Koreans. Notice to Foreign VASPs The KoFIU has sent out a notice signed by the Commissioner of the KoFIU to 27 foreign VASPs that have business operations targeting Koreansabout their requirement under the Act to register with the KoFIU by September 24, 2021. If foreign VASPs fail to register with the KoFIU, they shall cease their business operation targeting Koreans from September 25, 2021. They are notified of the possibility of being subject to penalties as prescribed by the Act if they continue to operate without registration. Foreign VASPs that have not received any notice from the KoFIU but have business operation targeting Koreans are also required to register with the KoFIU or suspend their business operation targeting Koreans from September 25, 2021. If they continue to operate business without registration, they will be subject to up to five years of imprisonment or a maximum fine of KRW50 million as prescribed by the Act. Future Plan For foreign VASPs that continue to operate without registration beyond the September 24 deadline, the KoFIU will notify them of their illegal activities and take actions such as blocking access to their websites to inhibit their illegal business operations. The KoFIU will also bring charges against unregister
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Jul 15, 2021

Vice Chairman Holds 1st Taskforce Meeting on Household Debt Management

The FSC held the 1st taskforce meeting on household debt management chaired by Vice Chairman Doh Kyu-sang on July 15 and discussed household debt management measures for the second half of this year. The following is a summary of Vice Chairman Dohs remarks. (Key Policy Direction) For the past year and a half, the Korean economy has faced an unprecedented level of crisis triggered by the COVID-19 pandemic. In response, the financial authorities introduced support measures worth KRW175 trillion-plus. As a result, the recovery has been faster than expected. However, in the process, the level of debt in the private sector has soared with a rapid rise in household debt posing risks to the economy. In the meantime, continuing with the provision of sufficient financing support remains an important task, especially with the recent spread of COVID19 variants. The financial authorities are aiming for an appropriate balance between these two objectives while aiming to control household debt growth within 5 to 6 percent this year and about 4 percent in next year. (Household Debt in H1 2021) Household debt in the first half of this year rose KRW63.3 trillion, or about KRW10.6 trillion a month. Compared to the same period from the previous year (up KRW6.1 trillion), the pace of growth has accelerated, but it has slowed down compared to the second half of last year (up KRW12.6 trillion). The household debt growth remained at about the same level in the banking sector but expanded in the non-banking sector. Given a higher rate of housing market transactions, there are growing risks in the non-banking sector. (Household Debt Management Plan for H2 2021) In order to meet the goal of containing the growth of household debt within the 5 to 6 percent level, the financial authorities will work to ensure effective implementation of the household debt management measures, such as a gradual expansion of the application of DSR on individual borrowers. In the fourth quarter, the authorities w
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Jul 14, 2021

Household Loans, June 2021

The outstanding balance of household loans in all financial sectors rose KRW10.1 trillion from the previous month at the end of June 2021 (up 9.6% y-o-y). The household loan balance increased KRW6.3 trillion in the banking sector and KRW3.8 trillion in the non-banking sector. All financial sectors (y-o-y): +10.0% (Apr 2021) +9.6% (May 2021) +9.6% (Jun 2021) By type, mortgage loans expanded KRW6.3 trillion in June, growing at a faster rate compared with the previous month (up KRW4.5 trillion y-o-y) due to active housing market transactions. Other types of loans including credit loans increased KRW3.7 trillion, remaining at a similar level to the average monthly growth rate (up KRW4.5 trillion) in the first half of this year. The financial authorities will closely monitor trends in household loans while working to ensure an effective implementation of the household debt management measures. * Please refer to the attached PDF for details.
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Jul 14, 2021

FSC Proposes 1-Year Postponement of External Audit on Consolidated Internal Accounting Control

The FSC proposed a postponement of external audit on the consolidated internal accounting control system for one year as many firms are experiencing difficulty in setting up the internal accounting management system due to COVID-19. The FSC introduced its proposal through revisions to the Enforcement Decree of the Act on External Audit of Stock Companies, which will be put up for public notice from July 14 to August 23. Under the current regulatory regime, stock companies with KRW2 trillion or more in assets would be required to set up and operate an internal accounting control system under a consolidated basis and be subject to an external audit from 2022. However, for many companies that have foreign affiliates and are unable to travel overseas due to COVID-19, it has been difficult to set up a consolidated internal accounting control system. As such, the revised Enforcement Decree proposes that the external audit on consolidated internal accounting control system be postponed for one year, while early implementation also remains an option for companies that wish to follow the previously set schedule. Aside from the postponement, the revision proposal also introduced measures to control external audit quality and to sanction registered auditors if they are found to have violated the duty to maintain certain registration requirements. The authorities plan to finish the revision process by the end of 2021. * Please refer to the attached PDF for details.
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Jul 13, 2021

FSC Grants Preliminary Approvals for Credit Information Business

The FSC granted preliminary approvals to Shinhan Card and Korea Technology Credit Bureau for their application to assume credit information business on July 13. The FSC decided that both companies satisfied all the requirements set forth by the Credit Information Act, such as the large shareholder qualification, etc. Shinhan Cards application was for individual business CB while that of Korea Technology Credit Bureau was for tech credit bureau (TCB). The granting of preliminary approvals for credit information business today is the first such decision made by the FSC since the revised Credit Information Act went into effect in August 2020.With the revised Act, it is expected that providing more accurate and diverse models for credit evaluation will become possible for both individual business owners and technology firms. This will also have a positive impact on the development of financial products suitable to the risk characteristics of different borrower types. * Please refer to the attached PDF for details.
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Jul 13, 2021

FSC Announces Designation of Six Non-holding Financial Groups for 2021

The FSC held the 13th regular meeting on July 13 and designated six non-holding financial groups for 2021 pursuant to the new law on the supervision of financial conglomerates.The designated entities are Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai Motor and DB groups. The designated non-holding financial groups are required to select a top representative company within their group and report the selection to the Financial Supervisory Service within one month from the date of designation. Starting from January 14, 2021, or from six months after the designation, the designated non-holding financial groups should conduct self-inspection and assessment on group-wide risks (capital adequacy ratio, etc.) on a regular basis while maintaining internal control and risk management measures, which should be disclosed to the public in a transparent way and reported to the financial authority. The authorities expect that the designation of six non-holding financial groups will encourage sound management practices from the designated entities and have a positive impact on market confidence. * Please refer to the attached PDF for details.
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Jul 13, 2021

FSC Identifies D-SIBs for 2022

The FSC identified five bank holding companies (BHCs) and five banks as domestic systemically important banks (D-SIBs) for 2022 on July 13: Shinhan Financial Group, KB Financial Group, Hana Financial Group, Woori Financial Group, NH Financial Group, Shinhan Bank, KB Kookmin Bank, Woori Bank, KEB Hana Bank and NH Bank. Those identified as D-SIBs are required to set aside an additional common equity capital of 1%, and the higher loss absorbency requirement will take effect on January 1, 2022. The FSC will identify D-SIBs every year in accordance with assessment criteria recommended by the Basel Committee on Banking Supervision (BCBS). In addition, the FSC identified D-SIBs as domestic systemically important financial institutions (D-SIFIs) under the amended Act on the Structural Improvement of the Financial Industry. D-SIFIs are required to prepare and submit their own recovery plans to the Financial Supervisory Service (FSS) within three months from the day of being designated as a D-SIFI. * Please refer to the attached PDF for details.
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Jul 13, 2021

Authorities to Promote Mutual Cooperation between Insurance and Health Care Industries

The FSC held the 2nd taskforce meeting on promoting the role of insurers in providing health care-related services on July 13. At the meeting, officials discussed the progress of regulatory reforms as well as areas for further improvements, insurance companies access to public health care data managed by the Health Insurance Review Assessment Service (HIRA) and boosting cooperation between the insurance and health care industries. With regulatory reforms undertaken by the authorities thus far, insurance companies are now allowed to provide health care-related services to general customers, establish a health care or MyData business as a subsidiary and make use of the public health care-related big data managed by HIRA. Continuing with regulatory improvements, the authorities will introduce additional reform measures to allow insurance companies or their subsidiaries to provide platform-based digital health care-related services and to reduce cost and time for business registration. On July 8, 2021, six insurance companies gained approvals for making use of the public health care big data managed by HIRA. In the utilization process, the authorities will ensure that the public data is being used for enhancing convenience and lowering costs for health care users. A consultative body on big data will be set up to manage the safe usage of public health care-related data. The authorities will continue to work on regulatory reforms to promote the role of insurance business in health care-related services while encouraging mutual cooperation between the insurance and health care industries. * Please refer to the attached PDF for details.
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Jul 08, 2021

FSC Introduces Guideline on the Use of Artificial Intelligence in Financial Services

The FSC held a consultative body meeting on digital finance via teleconference on July 8, chaired by Vice Chairman Doh Kyu-sang, and introduced a guideline on the use of artificial intelligence in financial services to bolster public trust in AI-based financial services and continue to promote innovation in financial industry. All financial and finance-related institutions offering financial transactions and other customer oriented services using AI technologies should follow the guideline which sets forth the least necessary level of standards for AI. Key details of the guideline are as follows. a) (Responsibility) Establishment of three internal control mechanisms, such as adopting ethical principles for AI, designating an internal organization overseeing the entire process of AI-related services and maintaining a risk monitoring and management system for potential risks of privacy breach b) (Accuracy and Safety) Management of the origin and quality of data used for machine learning and establishing a privacy protection system to prevent abuse or misuse of personal financial data c) (Transparency and Fairness) Maintaining a bias control mechanism to prevent discriminatory services against certain consumer groups and pursuing fairness in service provision by establishing and evaluating impartiality standards d) (Consumer Rights) Adequate provision of explanations to financial consumers on AI-based financial services to help consumers better understand and practice their rights e) Equivalent level of safety and security measures applied to AI-based financial services developed and operated by third-party contractors. The authorities plan to begin applying the guideline within this year after a sufficient time for preparatory work. Based on this guideline, financial industry groups will draw up more detailed guidelines tailored to the needs of specific sectors. In the third quarter, the authorities also plan to announce plans for a data library and an AI testbed to c
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Jul 06, 2021

FSC Holds Symposium on COVID-19 Financial Policy

The FSC and the Korea Institute of Finance co-hosted a policy symposium on the effectiveness of COVID-19 financial policy on July 6. FSC Chairman Eun Sung-soo attended the symposium and delivered a keynote address highlighting the progress of policy implementation and future policy direction. The following is a summary of Chairman Euns remarks. (COVID-19 Crisis Policy Response) In the wake of the COVID-19 pandemic, the government rolled out policies focusing on the prevention of risk transfer channels, provision of an exhaustive level of support and setting up firewalls in financial markets to help remove market anxieties. The authorities worked on stock market and bond market stabilization measures while prioritizing support for small-scale businesses. Financial support was extended to businesses of all sizes that have been hit by the pandemic. The KRW175 trillion-plus COVID-19 financial support programs were introduced to contain fear and anxiety in markets. This unprecedented level of financial support by the government helped to quickly stabilize the financial system, provide liquidity to small merchants and SMEs while preventing large-scale bankruptcies or job losses in key industries. As a result, the Korean economy saw the smallest negative growth last year while stock markets continue to set new record highs. In March this year, the IMF stated that Koreas decisive policy response has helped the country navigate the COVID-19 shock. (Future Policy Direction) In order to overcome the pandemic-induced crisis and be prepared for potential aftershocks, an orderly process for policy normalization is necessary. First, the government will maintain close monitoring on the status of virus prevention, real economy and financial market conditions as there still exist uncertainties, such as the spread of COVID variants. Second, the government will work to ensure financial stability by preemptively managing potential risk factors, such as an excessive accumulation of debt.
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Jul 06, 2021

Maximum Legal Lending Rate Lowered to 20%

The FSC announced that a four percentage point reduction in the maximum legal lending rate from 24 percent to 20 percent will go into effect on July 7. Charging an interest rate in excess of the maximum 20 percent is illegal for new and renewal loan contracts from July 7, 2021. Financial institutions and lenders that violate this rule can face penalties of up to three years of imprisonment or maximum KRW30 million in fines. For borrowers who face difficulties in renewing their existing loan contracts or applying for new loans, various microloan opportunities are available through the Korea Inclusive Finance Agency (KINFA), including a new microloan service provided by banks that allows borrowers with low income and low credit scores who have been on other types of microloan services to make a switch to the new service. The government will operate an enhanced monitoring period between July and October to root out illegal predatory lending practices. The government also provides support for legal representation for those that are seeking to reclaim interest payments in excess of the maximum lending rate. Tailored consulting support and referral service is also available from KINFA. * Please refer to the attached PDF for details.
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Jul 02, 2021

Government to Closely Manage Risk of Rate Hike and Maintain Support for Small Businesses

Vice Chairman Doh Kyu-sang presided over the 40th financial risk assessment meeting via teleconference on July 2 and discussed the effects of looming interest rate rises on financial markets and post-pandemic transition policies. The following is a summary of Vice Chairman Dohs remarks. (Risk from Interest Rate Hike) There are growing expectations for both domestic and global economy to recover from the pandemic following a strong economic rebound seen in the U.S. However, the prospect for rate hikes poses a new challenge to economies. The Fed in June indicated that it has begun discussions on tapering and the Bank of Korea has continued to suggest the possibility of rate hikes within this year. For market participants that have largely become accustomed to the low interest rate environment, it is time to manage risks associated with possible increases in interest rates. Rate hikes are expected to have considerable effects on asset markets that have surged to record high levels on the back of abundant liquidities around the world. Unlike stock markets backed by strong fundamentals, the virtual asset and real estate markets are forecast to experience significant impact from monetary tightening. The virtual asset market is showing extremely unstable trends and housing prices surged to record levels by historical standards. Last week, the Bank of Korea identified recent asset price hikes as the main factor behind the financial vulnerability index reaching a record high level since the 2008 global financial crisis. In particular, the housing price increase in Korea in relation to income growth was found to be two to three times above the levels seen in major economies. As such, it is necessary to stay alert as experts warn about the risks of shifting monetary policy. To help mitigate risks originating from excessive debt, the government will work on effective implementation of policies, such as the application of DSR on individual borrowers. In this regard, financial in
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