South Korea: Financial Services Commission Discloses Its 2019 Financial Policy Roadmap

On March 7, 2019, the South Korean Financial Services Commission (FSC) released its financial policy roadmap for 2019, which has a three-fold scope: to promote financial innovation; ensure consumer confidence in finance; and secure financial stability.

According to the roadmap, the set goals will be achieved by virtue of the newly-enacted laws on online-only banks and the financial regulatory sandbox that will become fully effective in 2019. At the same time, the FSC commits itself to make progress on all necessary legislative amendments to create a comprehensive framework for supervising financial conglomerates and improving financial institutions’ internal corporate governance.

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