The policy tasks include measures to direct capital to SMEs and innovative startups, and promote inclusive finance, fintech and open banking.
The central bank is working on financial aid packages for the sectors directly affected by Covid-19, on top of the 1.9bn won package already announced by the government to aid SMEs and small merchants.
The FSC will impose lower penalties than what was recommended by the FSS, citing the two banks’ cooperation and their agreements to compensate clients for damages.
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The FSC will cap illiquid investments at 50% for open-ended funds, require them to conduct regular stress tests, raise transparency of complex fund structures, and enhance supervisory monitoring.
Funding will be provided through policy banks to help SMEs, small merchants, and self-employed business owners address financing challenges amid the coronavirus outbreak.
The FSC has granted final approval to KakaoPay allowing it to acquire Baro Investment & Securities and enter the brokerage services space.
The FSS has identified at least four firms whose funds face potential liquidity crisis risks, similar to Lime Asset Management, which has so far frozen 1.7tr won in assets.
While Hong Kong and Korea are scheduled to undergo the assessment, as required every five years, the Philippines has voluntarily requested its assessment.
The FSS is also recommending a 20-billion-won penalty be imposed on both banks, and for some of their operations to be suspended for six months.
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