Bank of Korea

ESG / Sustainability

BOK, KRX to Test CBDC Use in Carbon Emissions Trading

By Editors | 01/11/2023

More specific details on the experiment will be announced at the end of November. The experiment is scheduled to be conducted in Q3 and Q4 next year.

Securities / Derivatives

Korea: Registration for Trading FX Market Opens for Foreign Firms

By Manesh Samtani | 19/10/2023

Bank of Korea said about 30 overseas FIs have expressed interest in participating in the domestic FX market when access opens in January.

Fintech / Regtech

APAC Central Banks Explore Common Protocol for Regulatory Policy

By Manesh Samtani | 05/10/2023

Project Mandala will be run by BIS Innovation Hub Singapore Centre, along with the RBA, BOK, BNM and MAS, with collaboration from FIs.

Fintech / Regtech

BIS to Advise Korea on Design & Implementation of CBDC Pilot

By Sanday Chongo Kabange | 05/10/2023

South Korean regulators will start testing a wholesale CBDC with commercial banks this month, and a retail CBDC in Q4 of next year.

Market Infrastructure

Korea to Open Access to Interbank FX Market Next Month

By Manesh Samtani | 28/09/2023

Foreign financial institutions without a branch in Korea will be able to trade in the domestic FX market through local forex brokers.

FSC Korea to Tighten Rules on 50 Year Mortgage Loans

By Editors | 14/09/2023

Banks only started offering 50-year mortgages this year, but household debt grew in August at the fastest pace since February 2020.

Market Infrastructure

Indonesia, Malaysia, Thailand to Boost Cooperation on Local Currency Use

By Editors | 25/08/2023

Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand will strengthen cooperation to promote the use of local currencies in bilateral transactions.

Sanctions

Korea Unfreezes Iranian Funds as Part of US Prison Swap Deal

By Editors | 14/08/2023

$7bn of Iran’s funds have been frozen in South Korea since May 2019, after sanctions waivers for oil imports were allowed to expire.

Capital / Liquidity

KDIC to Automate Deposit Monitoring to Avert Run Risk

By Sanday Chongo Kabange | 11/08/2023

Korea Deposit Insurance Corp is seeking to establish a monitoring system for deposits at local savings banks to ensure financial stability.