The right to request a lower loan interest rate was made law but acceptance of such requests in the financial sector has continued to be rare.
February 18, 2023New guidelines require the use of biometric authentication systems to prevent password sharing among managers and employees.
January 18, 2023The new service allows financial consumers to suspend payments from all of their accounts at banks and non-banks at once.
January 4, 2023BOK eased its collateral policies and opened a new repo facility. The FSC adjusted the loan-to-deposit ratio. KSFC and KDB are providing liquidity to securities firms.
October 28, 2022Regulators will also prepare additional market stabilisation measures in case it becomes necessary to put them into operation quickly.
September 2, 2022Restrictions on household loans appear to have caused an increase in loans to businesses from savings banks to fund housing purchases.
June 27, 2022Users will be able to access information about their prepaid deposit accounts from mobile applications of any FI offering open banking.
July 30, 2021Young adults and newly married couples will be eligible to apply for 40-year home mortgage loans under a government-sponsored programme.
June 24, 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