South Korea’s financial sector will begin a long-awaited “big bang” next week, with the enactment of a wide-ranging act considered Seoul’s answer to the deregulation drive that transformed the City of London two decades ago.
As part of its lofty ambition to turn Seoul into a large financial centre in Asia, the Korean government is trying to restructure the finance sector into clear areas – banking, insurance and investment – and encourage competition, consolidation and creativity.
