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Search results for Lee Jae Myung

Finance

Financial sector hacking spreads, delays gain support for digital asset tax postponement

A string of hacking incidents in South Korea’s financial sector has led to confirmed personal data leaks at savings banks and mutual finance groups, prompting authorities to step up inspections and security requirements. Banks are moving to raise cybersecurity spending and expand fraud prevention systems using AI. Market volatility and a steep stock selloff also drew a policy response. Political debate intensified over postponing digital asset taxation and regulating exchange shareholders.

People

Shin Jin-chang appointed vice chair of Financial Services Commission

South Korean President Lee Jae-myung on Oct. 16 appointed Shin Jin-chang, the Financial Services Commission\'s secretary general, as vice chair of the watchdog. The appointment was announced in a written briefing by senior presidential spokesperson Kang Yoo-jung. Shin, from Geumsan in South Chungcheong province, has held posts including director general for structural reform policy, and headed the financial industry and financial policy bureaus at the commission.

Industry

Solar cell domestic production tax credit pushed; Hanwha Solutions says no effect without direct pay

South Korea\'s solar industry is urging the government to add direct pay to a planned domestic production tax credit, saying loss-making companies cannot benefit without a refund mechanism. Hanwha Solutions said the domestic solar cell manufacturing base is disappearing, with local cell market share falling sharply since 2021. The government plan caps credits and does not include direct pay or transferability. The company said direct pay is needed due to high upfront and operating costs at cell plants.