Korea

Korea's GDP shrank 1.4% year-on-year from January to March period, its biggest quarterly decline since the 2008 global financial crisis.

In a welcome speech for Online Korea Fintech Week, FSC chairman Eun Sung-soo said the regulator will pursue innovation based on three main pillars.

FSS governor Yoon Suk-heun said financial firms should brace for a "prolonged fallout of Covid-19" and focus on boosting internal reserves and loss absorbency capacity.

The updated system will allow account customers to switch their monthly automatic payments between first- and second-tier financial firms for handling.

The raft of government measures designed to stave off corporate raiders is unlikely to abate soon, compliance practitioners say.

The SPV is a separate initiative from the bond market stabilisation fund, which focused on corporate bonds rated AA and higher.

The requirement for ABS issuers to be rated BB or higher will be removed to facilitate the use of securitisation for SME and startup financing, among other measures.

Korea will join Japan, Thailand, Australia and New Zealand in implementing ARFP on 27 May, paving the way for cross-border sales of eligible publicly offered local funds.

Higher expected capital adequacy under the internal ratings-based approach for calculating risk-weighted assets will help to fuel M&A activity at the bank.

The FSC will impose a new minimum deposit requirement on retail investors investing in ETFs and ETNs, and require them undergo mandatory investor education, among other measures.