Regulatory Alerts2015-12-13
Proposed Amendments to Lower Credit Card Merchant Fees
The Financial Services Commission announced amendments to the Enforcement Decree of the Specialized Credit Finance Business Act and its supervision regulations. These updates lower member fees for small merchants while expanding the categories of businesses barred from receiving value-added network rebates. The measures aim to reduce operational costs and enhance the competitiveness of South Korea's financial services sector.
Proposed Amendments to Lower Credit Card Merchant Fees
Date
2015-12-13
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Proposed Amendments to Lower Credit Card Merchant Fees, Nov. 13, 2015_.pdf (fileSize: 140KB)
The Financial Services Commission announced on November 13, 2015, amendments to the Enforcement Decree of the Specialized Credit Finance Business Act and the Regulation on Supervision of Specialized Credit Finance Business. The proposed amendments lower the member fees for small merchants and expand merchants that are to be barred from receiving rebates from value-added network (VAN) providers.
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Amendments Proposed to Improve Competitiveness of Insurance Industry
Department/Division in charge of Information management
Department/Division In charge
International Affairs Department(Financial Hub Korea) International Cooperation Team
Phone Number
+82-2-3145-7895