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Woori privatization plan losing momentum


Woori privatization plan losing momentum
Posted : 2021-03-07 15:01
Updated : 2021-03-07 18:34
Woori Financial Group Chairman Son Tae-seung delivers a speech during the group s management strategy meeting at its headquarters in Seoul on Jan. 17. Yonhap
By Lee Min-hyung
Woori Financial Group s planned privatization has hit another snag after its recent decision to reduce dividend payouts.
Last year, the Financial Services Commission (FSC) was supposed to start selling part of the government s 17.25-percent stake in the financial holding firm aiming to achieve Woori s 100-percent privatization by the end of 2022.
But the state-run Korea Deposit Insurance Corporation, which holds ownership of Woori with the stake, did not sell any of it last year, as Woori s stock price failed to bounce back to levels that met the government s expectations due to the coronavirus outbreak. The corporation s earlier plan was to start selling Woori shares sometime in the fi ....

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South Korea to introduce law to help reverse erroneously made mobile payments


News
South Korea to introduce law to help reverse erroneously made mobile payments
Wednesday 17 February 2021 15:25 CET | News
South Korea is set to introduce a law aimed at helping to reverse and refund wrongful fund transfers that have been erroneously made via mobile payment services.
According to regulationasia.com, starting 6 July 2021, the amended Depositor Protection Act will authorise the Korea Deposit Insurance Corporation (KDIC) to legally assist with the possible reversal of fund transfers mistakenly remitted into accounts of financial institutions and mobile payment services.
For a transaction to be considered for reversal and possible refund, the affected party would be required to provide the KDIC with the recipient’s identifiers such as name and ID number. However, erroneous transfers made via a mobile phone number or social media without traceable identifiers will have limited assistance. ....

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