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Finance

FSS to review governance at 8 financial holding firms next week

South Korea's Financial Supervisory Service said it will inspect overall governance conditions at eight financial holding companies from Jan. 19 to 23. The watchdog is already conducting an inspection of BNK Financial Group after President Lee Jae-myung criticised reappointment practices among group chairmen as a "corrupt inner circle". The FSS said it will focus on whether governance operates soundly, rather than outward structures, and will reflect findings in discussions by a governance advancement task force.

Finance

South Korea financial authorities to pilot accountability maps for large credit firms, savings banks

South Korea's financial authorities said on Jan. 14 that large specialised credit finance companies and savings banks must submit accountability structure maps by July 2 under the law on corporate governance of financial companies. Eligible firms are those with at least 5 trillion won in assets for credit finance companies and at least 700 billion won for savings banks. Participants submitting by April 10 can run a pilot internal control programme through July 2 and receive incentives, including consulting and leniency on responsibility and sanctions.

AI & Enterprise

MSIT wraps up agency briefings, steps up public communication with live disclosure

South Korea’s Ministry of Science and ICT said it live-streamed three days of briefings from 55 agencies to disclose its push for a national transformation based on science and AI. The National Science and Technology Council plans to open a National Science AI Institute in June with a 40 billion won budget. Postal authorities outlined pilot empty-home checks and logistics plans. NIPA targets 15,000 advanced GPUs and progress on a National AI Computing Center. KISA plans to introduce special judicial police for cyber incidents.