Bank of Korea

Fintech / Regtech

BOK to Boost AI Capabilities Through Kakao Partnership

By Editors | 23/06/2020

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.

Fintech / Regtech

BOK Panel to Explore Legal Issues of CBDC Issuance

By Editors | 17/06/2020

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.

Fintech / Regtech

BOK to Form Dedicated Digital Innovation Division

By Editors | 09/06/2020

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.

Fintech / Regtech

FSC Korea Opens Access to Public Financial Institution Data

By Editors | 09/06/2020

The public release of the data is expected to contribute to the advancement of the data economy and fintech industry, while also creating more jobs in data-driven innovative services.

AML / KYC

US Seeks Extradition of Money Launderer Jailed in S. Korea

By Editors | 07/06/2020

A civil forfeiture complaint alleges that Kenneth Zong, a US citizen held in Korea, conspired with Iranian nationals in 2011 to launder $1bn through the UAE and other countries.

Bank of Korea Cuts Policy Rate to All-time Low

By Editors | 29/05/2020

Korea’s GDP shrank 1.4% year-on-year from January to March period, its biggest quarterly decline since the 2008 global financial crisis.

Securities / Derivatives

S. Korea to Set Up SPV to Support Lower Grade Corporate Debt

By Editors | 22/05/2020

The SPV is a separate initiative from the bond market stabilisation fund, which focused on corporate bonds rated AA and higher.

Market Infrastructure

BOK Asks FIs to Get Ready for LIBOR Roadmap Release

By Editors | 18/05/2020

A subgroup of the Benchmark Rate Reform Task Force is in the process of drafting a LIBOR transition roadmap to ensure that Korean FIs can use alternative rates starting from 2022.

AML / KYC

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

By Editors | 21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.