Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Contentious grain bill put directly to plenary meeting for vote

    Contentious grain bill put directly to plenary meeting for vote
  2. 2

    Yoon's approval rating plunges to all-time low

    Yoon's approval rating plunges to all-time low
  3. 3

    Will tug-of-war between doctors, government end soon?

    Will tug-of-war between doctors, government end soon?
  4. 4

    Climate impacts set to cut 2050 global GDP by nearly a fifth

    Climate impacts set to cut 2050 global GDP by nearly a fifth
  5. 5

    Trilateral talks acknowledge ‘serious’ slumps of won, yen

    Trilateral talks acknowledge ‘serious’ slumps of won, yen
  1. 6

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
  2. 7

    North Korea removes streetlights along cross-border roads with South

    North Korea removes streetlights along cross-border roads with South
  3. 8

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
  4. 9

    Farming households dip below 1m for first time in 2023

    Farming households dip below 1m for first time in 2023
  5. 10

    S. Korea votes in favor of Palestinian bid for UN membership

    S. Korea votes in favor of Palestinian bid for UN membership
지나쌤

Financial watchdog urges credit card firms to focus on risk management

By Yonhap

Published : Jan. 22, 2019 - 10:43

    • Link copied

The head of the financial watchdog on Tuesday called for credit card firms to focus on their risk management processes this year, as global trade wars and market volatility further weigh on the nation's economy.

Yoon Suk-heun, governor of the Financial Supervisory Service, made the remarks at a meeting with chief executives of credit card firms earlier in the day. 


(Yonhap) (Yonhap)

"This year will be the most difficult year amid a global economic slowdown, trade pressures and household debt," Yoon told the meeting.

Yoon also called for credit card firms to improve their systems for managing liquidity risks.

Credit card firms have been under pressure from a cut in commission fees for small merchants as the government seeks to ease financial burdens on self-employed business owners.

Starting next month, credit-card processing fees for small merchants with an annual revenue of between 500 million won ($442,478) and 1 billion won will be lowered by 0.65 percentage point to 1.4 percent per transaction.

For merchants with an average revenue of between 1 billion won and 3 billion won, credit-card processing fees will be cut by 0.61 percentage point to 1.6 percent per transaction. (Yonhap)

More from Headlines