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Finance

South Korea FSC pushes fast-track resolution regime for financial firms including banks

South Korea\'s financial authorities are pushing to introduce a fast-track resolution regime that would allow troubled financial firms to be wound down in as little as 3 to 4 days. The plan would let authorities skip existing procedures such as bidding and shareholder meetings in emergencies where a crisis could spread across financial markets. The Financial Services Commission said it will seek amendments to the financial industry restructuring law and the deposit protection law, while adding post-resolution compensation safeguards for shareholders and creditors.

Finance

Korean financial groups post third-quarter results as stock market outlook hits zero visibility

Korean financial holding firms and banks continued to release third-quarter results, with Woori Bank posting its biggest quarterly net profit on record and Hana Financial Group lifting year-to-date profit on higher fee income. Brokerages faced weakening profitability as trading value fell and market rates rose, adding valuation loss pressure in trading. The Bank of Korea held its policy rate at 3.00 percent, while competition in retirement pensions and expanded support for small firms continued.

Finance

Lawmakers urge loan rule and simple payment changes as bank concentration deepens

South Korea\'s parliamentary audit raised concerns that funds are increasingly concentrating in banks while savings banks and mutual finance institutions shrink. Lawmakers also questioned the legal basis and procedures for the financial authorities\' household loan volume controls, calling them de facto mandatory rules. Separate inquiries focused on payment inconveniences for foreign tourists, Apple Pay fees and infrastructure costs, and limits on using iPhone NFC for local simple payment services. Authorities said they would review improvements.