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Enforcement
FSC Korea Fines IBK and Fund Manager Over Mis-sold Funds
By Editors | 20/02/2022
Industrial Bank of Korea also has to suspend its private fund sales operations for 1 month. Discovery Asset Management and its CEO are suspended for 3 months.
Capital / Liquidity
Korean Banks Resist Pressure to Increase Loan Loss Provisions
By Editors | 09/02/2022
Banks are concerned that higher provisions for loan losses will hamper their growth momentum and end up reducing shareholder dividends.
BOK Decision to Halt FSS Funding to Increase Costs for Industry
By Sanday Chongo Kabange | 08/02/2022
Financial firms are estimated to face increased costs of some KRW 20 million, on average, to make up for the loss of BOK funding.
Fintech / Regtech
Bank of Korea to Advance CBDC Testing to Second Phase
By Editors | 26/01/2022
In phase two, BOK will test offline payments, remittances to accounts outside Korea, and the use of its CBDC as payment for NFTs.
Securities / Derivatives
BOK Selects 2022 Market Makers for Won-Yuan Direct Market
By Editors | 04/01/2022
Six domestic banks and five foreign banks were selected to serve as market makers of the KRW-RMB direct trading market in 2022.
Market Infrastructure
FSC Korea Says LIBOR Transition Progressing Smoothly
By Sanday Chongo Kabange | 31/12/2021
The CD rate has been actively replaced with Korea’s new RFR, known as KOFR, since its introduction on 25 November, the FSC said.
ESG / Sustainability
FSC Korea Sets Out Work Programme for 2022
By Mark Johnston | 29/12/2021
The work plan focuses on measures to maintain financial stability, reduce debt risks, promote financial innovation, and enhance the FSC’s rules on network security.
BOK to End Corporate Bond Purchase Scheme at Year-end
By Editors | 28/12/2021
The BOK said it will remain ready to resume the programme in the event that market conditions worsen in future.
Securities / Derivatives
KRX Admits 20 Brokerage Firms to Carbon Emissions Market
By Editors | 22/12/2021
The addition of the 20 brokerages is expected to stimulate the carbon emissions trading market and facilitate more appropriate pricing of emissions.
FSC Korea to Enhance Tech Financing Performance Evaluations
By Sanday Chongo Kabange | 30/11/2021
The FSC will adjust the evaluation criteria it uses to assess banks’ tech financing performance to promote more lending to innovative SMEs.
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