Financial Services Commission (FSC) Chairman Kim Joo-hyun embarked on a visit to Poland on Sunday to strengthen financial ties between the two nations.
Korea Federation of Banks Chair Cho Yong-byoung on Monday expressed regrets over massive losses inflicted on consumers who invested in derivatives products underlying a key Hong Kong stock market index, sold by local lenders. Earlier in the day, the country’s regulator Financial Supervisory Service advised banks and securities firms to compensate for losses incurred from their incomplete sales of equity-linked .
A hacker managed to steal 100,000 won ($75) from a local bank by exploiting the online banking verification system which confirms a person’s identity through deposits of 1 won. The suspect is accused of making 100,000 verification requests over the course of a week, swindling 1 won with each request. According to a report from local media outlet Edaily, the suspect, whose identity is being withheld, appeared to.
Internet-only banks have logged substantial growth in the number of mortgages offered to borrowers, seeing their collective balance increase year-on-year by more than 70 percent during the past year, far surpassing the country s four major lenders increase rate that stood at 3 percent last year.
The Financial Services Commission (FSC), the country s top financial regulator, has pledged to create a favorable environment for foreign financial companies through regulatory improvements that are more in line with global standards.