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Finance

FSC to tighten real estate lending limits for specialised credit firms, mandate PG payment risk checks

South Korea’s Financial Services Commission is seeking to strengthen rules on real estate lending by specialised credit finance companies such as card and capital firms, and to require card companies to regularly check payment risks at payment gateway operators. The plan introduces new sector limits for real estate and construction lending, and caps combined exposure with real estate PF loans. It also eases limits on rental business handling while keeping a ban on entering the short-term rental market.

Finance

FSS raises whistleblower rewards to 1 billion won at savings banks, mutual finance

South Korea’s Financial Supervisory Service is expanding whistleblower rewards for internal wrongdoing at savings banks, mutual finance groups and card and capital companies to as much as 1 billion won. The scheme will allow retirees and outsiders, not only current staff, to report misconduct. It will also expand eligible cases and clarify calculation standards. Firms must prove actions were not retaliatory if disadvantages occur within 2 years after a report.

Finance

Hacking emergency spreads from banks to savings banks and capital firms in South Korea finance sector

Hacking attacks that targeted South Korea’s five biggest banks are spreading to secondary financial firms including savings banks and capital companies. Customer data leaks were confirmed at Shinhan, KB Kookmin and Hana, while leaks were also reported at Yegaram Savings Bank and Hyundai Capital. Woori Bank and NH Nonghyup Bank were attacked but no data leak has been confirmed. Regulators are bringing forward inspections and calling an emergency meeting of finance industry heads and affected CEOs.