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Reporter : Anna J. Park
Tue, May 30, 2023 | 12:37
FSS to renovate supervisory framework to earn trust from global financial markets
In a move to foster effective communications with foreign financial companies as a more trusted regulator, the Financial Supervisory Service (FSS) Governor Lee Bok-hyun vowed to revamp its supervisory system, stressing the importance of transparent and streamlined regulations that are in line with global standards.
Economy | 2023-04-13 16:41
Former TikTok general manager becomes Toss Securities CEO
It is extremely rare to see a non-financial expert lead a local brokerage firm as CEO in Korea. But Kim Seung-yeon, the new CEO at Toss Securities since early April, is breaking the stereotypical mold. Kim, 42, has built an extensive career at global IT firms, including TikTok and Google, during the past 15 years.
Companies | 2023-04-13 09:00
Will secondary battery stocks enter MSCI index?
Ahead of the slated rebalancing of the Morgan Stanley Capital International (MSCI) Korea Index in May, market attention is focused on whether local secondary battery stocks could be added to the indexes and how this may influence their stock prices. Each index of the MSCI system is reviewed quarterly and rebalanced twice a year. Market experts see three secondary battery comp...
Markets | 2023-04-13 08:26
KB Kookmin Bank gets approval to continue mobile communications biz
KB Kookmin Bank's mobile virtual network operator (MVNO) service, Liiv M, has officially obtained government approval to continue business in Korea. MVNO operators refer to those who provide wireless communications services to customers, without owning the wireless network infrastructure.
Companies | 2023-04-12 16:44
FSS calls on KakaoBank to improve emergency response measures
The Financial Supervisory Service (FSS) has urged KakaoBank to revamp its disaster contingency planning, issuing management precautions and pinpointing areas of improvement. According to the FSS on Monday, the digital bank's annual disaster drills, conducted once every year, are not effective enough to counter emergency scenarios.
Companies | 2023-04-10 15:39
Banks required to get approval for partial business closing from Sept.
Banks will be required to attain financial regulators' approval from September, when they partially close their businesses, or sell or acquire other banks' businesses, as part of government efforts to better protect consumers, according to the Financial Services Commission (FSC) on Sunday. The change comes with revisions to the country's Banking Act, which will take effect fr...
Economy | 2023-04-09 16:50
Sales of gold bars soar amid growing preference for safe assets
With the price of gold peaking at its highest level in Korea, sales of gold bars at major local banks exceeded 2.49 billion won ($1.89 million) during the four days from last Monday to last Thursday. According to the local banking industry, the aggregate amount of gold bars sold at four major banks - KB Kookmin, Hana, Woori and NH NongHyup - from April 3 to 6 stood at 2.49 bi...
Markets | 2023-04-09 15:36
FSS supports US State Department-led financial sanctions symposium
In a move to raise the local banking sector's anti-money laundering capabilities and global networks, the Financial Supervisory Service (FSS) participated in a symposium hosted by the U.S. Department of State on Wednesday morning Korea time, along with 20 other local lenders. Titled “Navigating International Sanctions Regimes for Public and Private Sector Stakeholders Symposi...
Economy | 2023-04-05 16:21
MBK Partners' founder projects continued strong growth in Northeast Asia
Michael ByungJu Kim, the founder and chairman of MBK Partners, one of the largest private equity firms in Asia, stressed that he believes in the continued strong development of Northeast Asia's private equity markets. He also stressed the importance of taking a patient, long-term view to witness further growth in the region.
Companies | 2023-04-04 17:05
Financial watchdog strengthens supervision on banks' governance, internal controls
The Financial Supervisory Service (FSS), the country's financial watchdog agency, has once again urged banking firms to equip themselves with sound corporate governance and effective internal controls to prevent any possible banking crises.
Economy | 2023-04-04 17:03
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