Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Contentious grain bill put directly to plenary meeting for vote

    Contentious grain bill put directly to plenary meeting for vote
  2. 2

    Yoon's approval rating plunges to all-time low

    Yoon's approval rating plunges to all-time low
  3. 3

    Will tug-of-war between doctors, government end soon?

    Will tug-of-war between doctors, government end soon?
  4. 4

    Climate impacts set to cut 2050 global GDP by nearly a fifth

    Climate impacts set to cut 2050 global GDP by nearly a fifth
  5. 5

    Trilateral talks acknowledge ‘serious’ slumps of won, yen

    Trilateral talks acknowledge ‘serious’ slumps of won, yen
  1. 6

    [Graphic News] More Koreans say they plan long-distance trips this year

    [Graphic News] More Koreans say they plan long-distance trips this year
  2. 7

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
  3. 8

    North Korea removes streetlights along cross-border roads with South

    North Korea removes streetlights along cross-border roads with South
  4. 9

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
  5. 10

    Farming households dip below 1m for first time in 2023

    Farming households dip below 1m for first time in 2023
소아쌤

Korea to map out plan for financial deregulation by year-end

By Yonhap

Published : Aug. 22, 2017 - 13:38

    • Link copied

South Korea's state regulator said Tuesday it will map out a plan by the end of this year to ease regulations on the financial industry, aimed at reinvigorating the sector suffering from slow growth.

The main goal is to ease restrictions and cut red tape that has discouraged companies from making inroads into the financial sector, the Financial Services Commission said in a statement.

Another goal is to encourage banks and other financial institutions to lend money to start-ups and other promising companies, instead of their current business practices that focus on household lending, the regulator said.

FSC Vice Chairman Kim Yong-beom. (Yonhap) FSC Vice Chairman Kim Yong-beom. (Yonhap)

FSC Vice Chairman Kim Yong-beom held the first meeting on Tuesday to discuss the deregulation plan.

Two Internet-only banks were launched this year in South Korea with the aim of driving innovation and deregulation in the financial industry.

It was the first time in 25 years that South Korea granted the two licenses to launch banks.

In the statement, the FSC said "innovative and convenient services" offered by the Internet-only banks have prompted traditional banks to follow suit. (Yonhap)

More from Headlines