Bae, Kim & Lee LLC fields a diverse group of lawyers with experience as in-house counsel, working with regulatory authorities and foreign experts, to advise on the full range of Korean financial regulations. The firm also draws on its broader banking expertise to advise on fintech, digital banking, and blockchain assets. Formed in 2021, its subteam is headed by Jong-Baek Park and Young Mo Kim and advises on payment and settlement, e-commerce, unlisted stock trading, data-based financial transactions and NFTs. Jae In Lee and Young Ju Park lend supports in authorizations of financial institutions and investigations.
Fintech and financial services regulatory in South Korea
Bae, Kim & Lee LLC
Jong Baek Park; Young Mo Kim
Other key lawyers:
Jae In Lee; Young Ju Park
FORIS GFS KR Limited
Hana Financial Group
Kakao Pay Securities
KEB Hana Bank
- Advised Foris on launching of Crypto.com’s service in South Korea.
- Advised Hana Financial Group on obtaining of approval for MyData business from The Financial Services Commission, Korea’s integrated supervisory authority.
- Advised Kakao Pay on obtaining of approval for launching digital insurance business (as the first fintech-led digital non-life insurer) from The Financial Services Commission, Korea’s integrated supervisory authority.
Kim & Chang
Kim & Chang is a top-tier choice for IT-related technical and financial regulations. Its fintech advisory team remains among the most sought after in the market, from advising on introduction of Korea’s new internet-only banks from the preliminary licensing stage, to assisting on regulations applicable to token sellers, cryptocurrency exchanges, ventures, hedge and private equity funds. Senior partner Kye-Sung Chung works alongside a sizeable group of colleagues in its esteemed banking department.
Kye Sung Chung
‘They have a deep and broad understanding of the Fintech field. In addition, they fully understand business needs and offer appropriate solutions.’
‘Kim & Chang is best well known legal counsel in Korea, and they provide good service to all clients, especially to all foreign financial companies. They have accumulated in-depth knowledge for every case and have known what to do with Korean regulators.’
Viva Republica Inc.
KB Financial Group
Woori Financial Group
Shinhan Financial Group
NH Financial Group
Korea Development Bank
Bank of America N.A., Seoul Branch
Mizuho Bank, Ltd. Seoul Branch
- Advised Ground X, an affiliate of Kakao which focuses on blockchain industry, on launching an NFT trading platform.
- Obtaining Internet-only banking license for Toss Bank.
- Advised Korean Virtual Asset Exchanges (Bithumb, Coinone, Korbit) on acquiring Virtual Asset service licenses.
Lee & Ko
Lee & Ko‘s banking team includes a number of lawyers with experience in the Financial Supervisory Service and other financial regulators, in addition to its strong support from the regulatory team, led by former governor of the FSS and recent hire, Woong Seob Zhin. Furthermore, the practice recently welcomed Hyeong Min Yoo, another senior regulatory practice lawyer, from Kim & Chang in late 2021. Yoo’s practice focuses on assisting clients on the newly enacted Financial Consumer Protection law and its compliance, and is a key advisor in the defence of a major Korean securities company client against FSS attempt to impose the largest-ever fine against nine market makers. The practice is chaired by fintech and TMT partners Jongsoo (Jay) Yoon and Kwang Bae Park and financial regulatory experts, Seung Hoon Choi and Hyun Goo Kang.
Jongsoo Yoon; Kwang Bae Park; Seung Hoon Choi; Hyun Goo Kang
Other key lawyers:
Woong Seob Zhin; Hyeong Min Yoo
‘The practice consists of attorneys with unique sets of expertise, which enables its clients to easily gain legal insights about the fintech industry. Not only that, the practice proactively provides legal advice on regulatory issues even before the clients perceive the issues. I think both the wide spectrum of legal expertise on fintech and the proactivity for the sake of clients make the practice unique and different than other firms.’
‘They are professional and present an objective opinion from a neutral standpoint. In addition, there are people who have been in the Financial Services Commission, so I can figure out the tone and manner of the authorities, as well as the legal service.’
‘Hyun Goo, Kang has many years of experience in finance-related fields and has been interested in and researching new financial technologies. He is prominent not only in virtual assets, but also electronic finance.’
Mirae Asset Securities Co., Ltd.
Woori Financial Capital Co.,Ltd Co.
Standard Chartered Bank Korea Limited
KB Investment & Securities Co., Ltd.
Korea Securities Depositary
ING Bank N.V., Seoul Arab
SHINHAN INVESTMENT CO.
INMARK REITs Management Inc.
Kasa Korea Co., Ltd.
- Advised the largest cryptocurrency exchange in Korea (Dunamu) on new trading platform for the NFTs.
- Assisted Korbit, the first cryptocurrency exchange and one of the big four cryptocurrency exchanges in Korea, in registering it as a Virtual Asset Service Provider with the Korea Financial Intelligence Unit under the amended Act on Reporting and Using Specified Financial Transaction Information.
- Advised Antler Innovation on all aspects and possible schemes of setting up a fund in Korea and played a key role in finalizing the optimal investment structure for Antler.
Yulchon‘s practice is led by fintech and data protection partner Doil Son, together with Young Su Shin, head of the firm’s corporate and finance department. Advising across the full gamut of fintech and financial regulatory services, the team is particularly strong in advising on foreign exchange transactions, privacy-related issues, liaising with financial authorities and on investments and M&A relating to fintech companies. Jun-Hee Lee leads the fintech subteam.
Doil Son; Young Su Shin
Other key lawyers:
Jun Hee Lee; Gun Kim
KB Kookmin Bank
Shinhan Financial Group
BNK Financial Group
Hanwha Investment & Securities
NH Investment & Securities
DGB Daegu Bank
- Provided financial regulatory advise on integrated finance platform “MONIMO” of Samsung Electronics Group financial affiliates.
- Advised Shinhan Financial Group on the overall matters of a merger between subsidiaries of a financial holding company.
- Assisted on an independent audit on Naver’s electronic financial business as required by the Specified Financial Information Act.