Korea

Shinhan Financial Group subsidiary Jeju Bank has been removed pursuant to April's temporary easing of regulations to exclude small-sized regional banks from the designation.

Kakao Enterprise's AI technology will initially be used for task support such as taking meeting minutes, before the partnership later expands to support BOK policy-making.

The BOK has formed a legal advisory group comprising internal and external experts to discuss the legal and regulatory issues surrounding a central bank digital currency.

SMEs will be allowed to raise funds through crowdfunding platforms, and the capital raising limit will be raised, among other enhancements to the existing framework.

KAMCO, a state-run distressed asset manager which was deployed during the 1997 financial crisis, will set up a special purpose vehicle to buy up corporate assets for fair market prices.

The measures include continued support for businesses and individuals, with some focus being diverted back to pre-Covid policy work to support innovation and data-driven initiatives.

The FSS is considering conducting reviews of some 40 fintech companies after eight unauthorised transactions were detected on Viva Republica's payments platform Toss.

Twenty firms, including banks and brokers, will set up a new entity to manage the estimated 1.7tr won in assets frozen by Lime Asset Management since October.

Designated 'data specialising institutions' will be able to use anonymised and pseudonymised customer data for statistical and industry research and for public documentation purposes.

The new division will study the use of AI and big data to deliver more sophisticated economic forecasts and statistical data, and ramp up efforts to develop CBDC capabilities.