The banks have been accused of maintaining similar terms and conditions to avoid price wars and maximise profits.
January 11, 2024The revision proposal will establish "reasonable" standards for pricing data transfer costs and allow data specialising institutions to provide consulting services.
December 11, 2023The plans were announced during a visit to Korea by Agustin Carstens, general manager of the BIS, which is providing technical support for Korea's CBDC testing.
November 24, 2023The FSC is working on plans to boost exports of Korean financial infrastructure to overseas markets such as in Southeast Asia.
August 29, 2023Nextrade, owned by 34 companies, will have 18 months to establish its systems and apply for final authorisation to operate its ATS platform.
July 21, 2023The new online platform allows existing borrowers to search for and switch to more favourable loan deals.
June 1, 2023The new service allows financial consumers to suspend payments from all of their accounts at banks and non-banks at once.
January 4, 2023The platform will allow borrowers to compare interest rates offered by lenders and transfer their loans based on repayment costs.
November 16, 2022BOK tested the use of its CBDC system to purchase NFTs, perform cross-border remittances, fulfill seizure orders, and automate AML/CFT monitoring and STR filings.
November 8, 2022Korea’s post offices will start offering deposit, withdrawal, balance inquiry and ATM services of four banks - Kookmin, Shinhan, Woori and KEB Hana.
June 22, 2022