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Finance

Talks gather pace on law to institutionalise basic financial rights

Discussions are gaining pace in South Korea on enacting a Basic Financial Security Act to guarantee financial access for low-income and low-credit groups. A policy forum in parliament reviewed legal and policy tasks, outcomes of existing programmes, overseas systems and potential economic and social effects. Proposals call for expanding policy-based finance beyond funding to link counselling, debt adjustment, recovery, self-reliance and asset building through a one-stop support system.

Telecommunications & Media

Up to 6 percent fines on illegal spam sales take effect Oct 1

A system to impose fines of up to 6 percent of related sales on illegal spam senders and businesses that neglect prevention obligations will take effect next month. The Broadcasting Media and Communications Commission approved a revised enforcement decree and a related notice setting detailed measures for information and communications service providers. Fines will range from 1 to 6 percent, with benchmark amounts of 100 million to 2 billion won when sales are hard to calculate.

Finance

iM Bank, Daegu City, KODIT to provide 100 billion won support for SMEs in vulnerable sectors

iM Bank will provide about 100 billion won in financial support for local small and medium-sized firms in economically vulnerable sectors such as construction, together with Daegu City and the Korea Credit Guarantee Fund. Under the agreement, iM Bank will contribute 2 billion won to the fund, including 1.2 billion won in a special contribution and 800 million won for guarantee fees, and plans to supply about 100 billion won in loans.