Bank of Korea

Enforcement

Korea FSS Orders IBK to Compensate Investors Over Mis-sold Funds

By Editors | 26/05/2021

The FSS said IBK failed to adequately inform customers of potential high risks and lacked internal controls to monitor the selling process.

Fintech / Regtech

Bank of Korea Seeks Technology Partner to Test CBDC

By Sanday Chongo Kabange | 25/05/2021

The testing and simulation exercise will be conducted in two phases, the first involving the creation, issuance and redemption of a digital won.

Securities / Derivatives

Korea Brokers Join Emissions Trading Scheme as Market Makers

By Editors | 24/05/2021

Participation by the brokerage firms as market makers will help reduce bid-ask spreads and keep Korea’s emissions trading market liquid.

Fintech / Regtech

BOK Seeks Authority to Monitor Crypto Transactions – Report

By Sanday Chongo Kabange | 15/05/2021

The BOK plans to use existing authorities to monitor crypto transactions, amid fears that risks in the sector could flow to the broader financial system.

FSC Korea Addresses Pandemic Impact on SME Credit Scores

By Ranamita Chakraborty | 30/03/2021

The FSC says credit support measures for SMEs will be maintained at it will minimise the impact of rating downgrades.

Enforcement

Woori Accepts FSS Compensation Guideline for Lime Losses

By Editors | 15/03/2021

Woori will compensate investors who lost money from funds managed by Lime Asset Management in line with FSS recommendations.

Market Infrastructure

FSC Announces Selection of Korea’s New Risk-free Rate

By Manesh Samtani | 03/03/2021

The FSC will work on measures to promote and facilitate the use of the new RFR, including by listing RFR futures by year-end.

Crypto / Digital Assets

BOK to Establish CBDC Pilot System Within March

By Sanday Chongo Kabange | 01/03/2021

The BOK has almost completed the design and technical study of its CBDC, but does not intend to rush into the pilot before undertaking legal and regulatory assessments.

Fintech / Regtech

Korea: Supervisory Power Struggle Deepens Between BOK, FSC

By Sanday Chongo Kabange | 25/02/2021

The BOK said it opposes the payment settlement system being used to oversee private transaction data, calling a revision bill proposed by the FSC a “Big Brother law”.