Korea

KOFIA will prevent moral hazard in the hedge fund industry by providing consulting services and strengthening the role of prime brokers, intermediaries and fund managers in monitoring efforts.

The working group will seek to promote the use of artificial intelligence in financial services as part of the government’s ‘New Deal’ policy initiative.

BankSign was developed by Samsung SDS in collaboration with the Korea Federation of Banks to allow for easier customer authentication on different banks’ mobile apps.

MyData businesses will allow financial firms and fintechs to offer financial advice to customers using the data they make available through the MyData platform.

The supplementary budget will cover a 1tr won capital injection for an SPV that will purchase low-rated corporate bonds and commercial paper.

Large losses on leveraged positions at Hong Kong-based Gen2 Partners earlier this year prompted a liquidity squeeze and a freeze on early redemptions.

A new AI-based big data analytics system will be used by the National Tax Service to detect cases of tax evasion using borrowed-name accounts.

Korea's Fair Trade Commission has revised bank transaction law to allow the use of biometrics for identification in bank teller transactions.

In Asia Pacific, Hong Kong, Korea and Indonesia have in particular made significant progress towards implementing the Basel III standards.

A new inter-agency team, led by the FSS, will be established by mid-July, and refer any illegalities detected to authorities for 'swift action' including prosection.