Search results for mutual financial institutions
Finance
Financial sector hacking leaks 100,000 records; FSC tightens CEO security accountability
A string of hacks targeting South Korea\'s financial sector has led to confirmed breaches at 16 financial companies and the leakage of about 100,000 items of personal information, authorities said. After an emergency inspection of 555 financial firms, 130 reported shortcomings in security management. The Financial Services Commission plans institutional changes to strengthen CEOs\' and boards\' responsibility for security, expand vulnerability checks and improve threat-information sharing and monitoring systems.
Finance
Online investment-linked finance industry welcomes FSC reforms, aims to supply mid-rate loans in 8% range
South Korea\'s online investment-linked finance industry welcomed the Financial Services Commission\'s steps to boost funding for borrowers with mid to low credit. The industry said it would expand mid-rate loan supply and raise trust in the sector, citing growth in personal credit loan balances since savings bank-linked investment began. The plan includes selective incentives for qualified firms and expands participation in linked investment to mutual financial institutions.
Finance
FSC to expand mid-to-low credit lending by online investment-linked finance, raise investment limits
South Korea\'s financial authorities will raise investment limits and expand linked investment by financial companies to increase lending to mid-to-low credit borrowers through online investment-linked finance. The Financial Services Commission will double the proprietary-fund investment limit for qualifying platforms to 40 percent and lift financial-company linked investment to 50 percent. It will also raise the cap for retail investors to 50 million won and broaden eligible investments.
