Korea

The addition of the 20 brokerages is expected to stimulate the carbon emissions trading market and facilitate more appropriate pricing of emissions.

The platform provides information about listed companies’ ESG activities, ratings, sustainability reports and environmental disclosure information.

The move is aimed at helping Korea win inclusion in the MSCI developed markets index. Currently, there is no offshore currency market for the won.

The pandemic situation has posed challenges for listed companies in setting up their consolidated internal accounting management systems, the FSC said.

The regulator said financial support for key industries will be provided in the amount of KRW 10 trillion until end-December 2022.

The FSS has introduced a guideline on the management of climate risks in the financial sector.  Meanwhile, a green finance handbook will be finalised for publication next year.

The approval process will be simplified for foreign securities firms to change their status in Korea from a branch office to a subsidiary, and vice versa.

17 FIs and fintechs are piloting the API-based MyData service starting today (1 December), ahead of a full launch on 1 January.

The FSC will adjust the evaluation criteria it uses to assess banks' tech financing performance to promote more lending to innovative SMEs.

The KRW 100 billion fund will comprise KRW 80 billion from the private sector and retail investors and KRW 20 billion from the government.