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.
Banks are increasingly relying on outsourcing for cloud computing, which may become a potential vulnerability if adequate precautions are not in place.
Starting 16 September, all listed stocks and bonds must be issued and registered electronically, and no longer exist in paper form.
In his inauguration speech, the new FSC chairman Eun Sung-soo vowed to act quickly if financial market volatility increases.
Institutional investors will be exempt from disclosing major shareholding changes when exercising their rights to remove law-breaking executives or to push for improved governance.
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.