KoFIU will begin inspections on VASPs, financial institutions, casinos and mutual finance companies starting February.
January 18, 2022The rules will limit lending to the real estate and construction sectors and require mutual finance companies to maintain a minimum liquidity ratio based on firm size.
January 14, 2022On Wednesday, 33 firms started offering MyData services, enabling consumers to centralise management of their data from different institutions.
January 6, 202217 FIs and fintechs are piloting the API-based MyData service starting today (1 December), ahead of a full launch on 1 January.
December 1, 2021Users will be able to access information about their prepaid deposit accounts from mobile applications of any FI offering open banking.
July 30, 2021Legislative revisions will expand the pool of microfinance funds available by requiring banks and other FIs to make mandatory contributions.
May 27, 2021Open banking is now being provided by all types of deposit-taking institutions in Korea. Credit card companies will start from end-May.
May 1, 2021The FSC's 2021 policy agenda for the financial sector will include measures to bolster risk management while also strengthening competitiveness and facilitating digital innovation.
February 8, 2021"With more types of financial institutions joining the open banking system, it will help promote competition and improve consumer convenience," the FSC said.
December 23, 2020The FSC will extend the debt service ratio to include non-bank financial institutions in a bid to rein in household debt.
June 3, 2019