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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

IBK Industrial Bank of Korea launches MyData-based home subscription service

IBK Industrial Bank of Korea has launched a MyData-based service to help customers prepare for real estate housing subscriptions, it said on Sunday. The service, called Cheongyak Lounge, offers functions needed for subscriptions, from diagnosing a subscription savings account to schedule alerts, linking to applications and checking winning results. The bank said it will continue to expand services that support customers’ financial lives as well as housing and overall asset management.

Finance

IBK Industrial Bank of Korea to supply 1.5 trillion won for inclusive and productive finance with KODIT and KIBO

IBK Industrial Bank of Korea said on Wednesday it signed a memorandum of understanding with the Korea Credit Guarantee Fund and the Korea Technology Finance Corp to expand support for inclusive and productive finance. Total support will amount to 1.5 trillion won. The bank will supply 500 billion won for inclusive finance and 1 trillion won for productive finance, offering loan-rate reductions and guarantee-fee support to eligible small and medium-sized firms.