The Korea Fintech Industry Association and South Korea's Financial Supervisory Service held a seminar in Seoul to review internal control duties for electronic financial firms, including oversight of sub-payment gateway operators, financial soundness and reporting of transaction terms. The FSS outlined revised supervisory rules covering merchant fee disclosures and new evaluation duties for sub-PGs. Speakers also covered payment risk management, business guidance standards and procedures for drafting and reporting electronic financial transaction terms.

South Korea's Financial Supervisory Service said on Tuesday it will work with banks to improve how card spending is calculated for loan rate discounts and to narrow excluded items. Banks will provide clearer guidance in loan contracts and on digital channels, and notify long-term borrowers at least once a year. Exclusions will be cut to about 0 to 1 item per bank. Debit and credit card spending will be treated the same, and instalment payments will be counted monthly over the instalment period.