Large brokerage firms will be allowed to extend loans to their overseas operations to better finance their global outreach.
The loan-to-deposit rate at savings banks will be limited to 110% starting from 2020, and further tightened to 100% in 2021. Currently, commercial banks already face the 100% limit.
The FSC will reportedly increase the number of banking, financial investment and asset management experts it has on staff for inspections of banks, security firms and insurers.
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.