Korea

KEB Hana Bank is said to have deleted data related to the sale of derivative-linked funds after the FSS had already declared its intent to conduct inspections at the bank.

Banks and fintechs will pilot test the ability of customers to manage multiple bank accounts and withdraw and transfer money from within a single app.

The FSC said it plans to make a decision on initial approvals in December, after three consortia submitted bids in the second round of applications for internet-only bank licences.

An FSS probe into alleged unfair trading has triggered investor redemptions which Lime Asset Management has not been able to meet.

The FSS is reportedly looking into Shinhan’s governance structure ahead of the end of its current chairman’s term in March 2020.

South Korean crypto exchange CoinOne has been ordered to repay a client after a hacker who stole his login information was able to withdraw 25mn won over the withdrawal limit.

Securities, asset management and venture capital firms can obtain a license to operate a fund which raises capital from investors to list on the KRX and invests in unlisted companies.

Access will be enabled through an ‘ETF of ETF’ structure, under which locally tradeable ETFs will invest in individual foreign ETFs.

The FSS is outlining compensation guidelines and initiating dispute mediation proceedings for investors who lost money in derivative-linked funds.

FSC chairman Eun Sung-soo told fintech executives that a 300 billion won fund will be set up to invest in the sector and regulations will be eased to promote fintech development.