Under new guidelines, rules limiting how much financial firms can invest in non-financial sector tech firms will be lifted, and investment will be allowed in a wider range of fintech firms.
The capital adequacy ratios of K Bank and Kakao Bank have fallen to 10.62% and 11.74%, respectively, compared 15.34% at Korea’s other institutions.
The FSC and FSS have jointly announced a set of measures designed to simplify the approval process for innovative businesses in finance.
Woori, KEB Hana and Shinhan are subject to the FSS investigation for selling high-risk private equity investment products and derivative-linked securities.
The move is expected to increase the pool of professional investors from under 2000 to over 370,000. A new trading venue for unlisted equity securities is also planned.
The project, approved under the FSC's sandbox programme, will also involve KEB Hana Bank, Hana Financial Investment and Amicus Lex, among others.
The FSC has granted approval to Shinhan AI to operate as an investment consulting service, and is expected to soon grant it an asset management licence.
Korea has adjusted its domestic implementation schedule for the incoming requirements, taking into account the one-year phased extension announced by BCBS and IOSCO in July.
Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.
According to the FSC, messenger app operator Kakao has met the qualification criteria for owning a 34% stake in Kakao Bank, one of Korea's two internet-only banks.
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