South Korea Approves Crisis Response Plans for 10 Major Financial Institutions Amid Digital Banking Risks

According to Yonhap Infomax, South Korea's Financial Services Commission approved on July 15 revised crisis response plans for 10 major financial institutions, covering the five largest banking groups: KB, Shinhan, Hana, Woori, and NH Financial Group, along with their flagship banks.

The updated plans strengthen safeguards against emerging risks including digital bank runs (large-scale deposit withdrawals via mobile) and cyber attacks. The FSC also approved complementary resolution plans prepared by the Korea Deposit Insurance Corporation. The agency plans to conduct joint crisis simulation exercises in the second half of 2026 to test coordination among regulators and financial institutions.