Korea

17 FIs and fintechs are piloting the API-based MyData service starting today (1 December), ahead of a full launch on 1 January.

The FSC will adjust the evaluation criteria it uses to assess banks' tech financing performance to promote more lending to innovative SMEs.

The KRW 100 billion fund will comprise KRW 80 billion from the private sector and retail investors and KRW 20 billion from the government.

The FSS is reviewing a decision to penalise nine market-makers, taking into account "self-correcting measures" by individual firms.

Those who obtain unfair profits from crypto trading would face at least one year in prison and at least three times the amount gained in fines.

The FSC has also fined Optimus and ordered board member removals, over "numerous counts of violations and inappropriate fund management activities".

State-operated KDIC will no longer be the largest shareholder of Woori Financial Group, 23 years after the group was created in a government bailout.

The newly added data types include information about stocks, bonds, funds, insurance products and microloan products.

Banks are also asked to allow borrowers to demand rate adjustments when their wealth increases or credit ratings improve.

The FSS said KakaoBank's weak monitoring has resulted in the lender's failure to flag suspicious overseas money transfers on several instances.