Led by mobile money transfer app operator Viva Republica, the Toss Bank consortium expects to commence operations as an internet-only bank during the first six months of 2021.
The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.
Korea Exchange plans to reform the listing requirements of the KOSDAQ market by shifting the focus to the future growth potential of companies.
Algorithmic trading is not illegal in Korea, but authorities have long been concerned that the practice may cause market confusion and disadvantage retail investors.
Employees were ordered to destroy and conceal internal documents, including by burying nearly two dozen computers and notebooks as well as computer servers beneath factory floors.
Among other measures, the FSC said that it would promote the use of regulatory sandboxes to produce at least 100 cases of innovative financial services by March 2020.
Korea Exchange has expanded the scope of investors permitted to participate in its repo market to include pension funds, insurance companies and collective investment vehicles.
At a meeting with bank and asset manager heads, the FSS promised to lower regulatory and operational barriers for foreign firms looking to enter Korea’s financial markets.
October’s 10-bank pilot attracted over 5.5 million bank accounts with the open banking service now expanded to include eight additional banks and fintech firms.
The bill, approved by the national policy committee, contains six sales regulations to be applied to all financial products and establishes a legal basis for penalising firms in violation.