Small merchants who borrowed from nonbank financial institutions with interest rates ranging from 5 to 7 percent can apply for partial refunds.
March 13, 2024A higher loan loss provisioning ratio will apply to exposures to the construction and real estate industries.
February 22, 2024Regulators proposed to raise the loan loss reserve requirement for lending to real estate and construction firms to boost loss-absorbing capacity.
April 5, 2023KoFIU 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, 2021