Banks in South Korea will be allowed to trade in a wider range of financial products after the country’s regulator announced it was relaxing rules.
The relaxation of regulatory rules is just one of the tasks that will help South Korea to become a global financial power, according to reports in the Financial Times.
“If we implement the roadmap according to the schedule, the portion of the financial industry, which currently takes up 7.5 per cent of the country’s gross domestic product, will grow to 9 per cent by 2016,” says Kim Yong-Duk, the new chairman of the Financial Supervisory Commission, speaking to the Financial Times.
Local financial companies will have more leeway to manage their assets as their country tries to support development in the financial sector. It is also hoped that foreign investors will look more favourably on the market as foreign companies can set up offices without having to receive prior approval.