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Reporter : Anna J. Park
Tue, May 30, 2023 | 11:08
Financial authorities increase pressure on banks
The Financial Supervisory Service (FSS) will be conducting a regulator inspection into Shinhan Financial Group and Shinhan Bank later this month, the watchdog agency said Wednesday. It will be the first of its kind conducted on Shinhan in four years. The FSS' regular inspection takes place every two to five years, during which the financial watchdog thoroughly examines a fina...
Korea seeks to overhaul banks' corporate governance
One of the key areas that Korean banks are lagging behind global financial firms is corporate governance. Along with the country's complex regulations, a less-than-effective system of checks and balances has been cited as a key factor resulting in the undervaluation of stocks issued by Korean financial institutions compared to their earnings performances.
HYBE-Kakao battle intensifies for SM Entertainment management rights
The battle between HYBE and Kakao over the management rights of SM Entertainment has intensified, as HYBE, currently SM Entertainment's largest shareholder, officially urged Kakao Entertainment to clarify its exact position and the nature of its partnership with SM.
FSC to crack down on crypto phishing schemes
In a move to root out phishing schemes in the country, the Financial Services Commission (FSC) announced a set of new measures that apply larger protections for victims of phishing schemes involving cryptocurrencies or mobile payment systems. The top financial regulator explained Tuesday that it has formed a taskforce with the prosecution, police, bank association as well as ...
Insurers, brokerages likely to be allowed to enter banking business
Insurers and brokerages are likely to be allowed to enter the banking sector to promote competition as financial authorities mull over measures to break the current oligopoly in the banking industry. The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) recently formed a taskforce with key financial associations and scholars to bring changes to b...
Financial authorities scrutinize big tech's financial business
The Financial Supervisory Service (FSS) recently issued a series of sanctions on big tech's payment subsidiaries, strengthening regulatory supervision over their financial businesses, according to officials Sunday.
Financial regulator pledges to adopt more globally-adaptive capital market system
The Financial Services Commission (FSC), Korea's top financial regulator, stressed that the Yoon administration is aiming to facilitate a fairer and more globally-adaptive capital market system so as to create a “virtuous circle” for both local and foreign investors.
When will Kakao Entertainment debut on bourse?
Kakao Entertainment is widely believed to be aiming to go public by the end of this year or early next year. The entertainment subsidiary of Kakao had long considered making a debut on the local stock market, yet the IPO plan has been delayed till now, amid strong criticism against the big tech firm's continuous split-off listings that harmed Kakao shareholders' interests.
Financial regulators launch task force to break banks' oligopoly
Financial authorities made it official Wednesday their moves to bring in more competition in the local banking sector, aiming to break the current oligopoly enjoyed by the five major commercial banks. Citing the current oligopoly structure as harmful to customers' and utility, the authorities suggested the need to lower the hurdle of banking licenses for new entrants.
K bank improves efficiency through robotic process
K bank announced Tuesday that it has raised its efficiency by adopting robotic process automation (RPA), an AI-based software system that saved 28,000 hours of work last year for the digital lender.