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Finance

ELS fines cut to 600 billion won after local elections, financial policy in focus

With the June 3 local elections over, attention in South Korea’s financial sector is shifting back to financial authorities and the National Assembly. Issues that lost traction during the campaign, including governance reform at financial holding firms, digital asset regulation, loan rules for non-resident single-homeowners and a compensation liability system for voice phishing, may return to the agenda in the second half. Regulators have also adjusted ELS sanctions and stepped up work on consumer protection and AI security threats.

Finance

Youth Future Savings bonus rates disclosed, banks offer up to 8 percent

South Korea will launch the Youth Future Savings policy finance product on June 22. The Financial Services Commission said it disclosed interest rates and preferential conditions by institution on the Korea Federation of Banks\' consumer portal. The product carries a fixed base rate of 5 percent for three years, with preferential rates adding 2 to 3 percentage points to as much as 7 to 8 percent. With government contributions and tax exemptions, the commission said the effect can be similar to higher simple-rate savings returns.

Finance

Overseas Koreans to digitise financial power of attorney, process directly at banks without international mail

Inconvenience for overseas Koreans who had to send powers of attorney by international mail to handle banking in South Korea is expected to ease. The Overseas Koreans Agency, the Financial Services Commission and the Korea Financial Telecommunications and Clearings Institute signed an MOU with eight financial companies to launch a digital consular-certified financial power of attorney service. The service will transmit certified documents electronically to banks and use a blockchain-based system to verify authenticity.