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Securities Firm Adopts Handprint Scanning for Financial Transactions

Securities Firm Adopts Handprint Scanning for Financial Transactions

SEOUL, Jan. 17 (Korea Bizwire) – NH Investment & Securities became the first securities firm in Korea to adopt a biometric authentication system that scans veins on the palm of a user’s hand, to be used for financial transactions.  According to officials, customers who register their biometric information can take advantage of the new system [...]

Major Accounting Firms Losing Accountants

Major Accounting Firms Losing Accountants

SEOUL, Jan. 16 (Korea Bizwire) – Despite the increasing number of certified public accountants in Korea, the number of CPAs at accounting firms continues to decrease gradually.  According to the Korean Institute of Certified Public Accountants, the number of CPAs at accounting firms was at 10,100 at the end of last year, accounting for 52.9 [...]

S. Korea’s Top 100 Firms Cut Jobs amid Economic Slump

S. Korea’s Top 100 Firms Cut Jobs amid Economic Slump

SEOUL, Jan. 16 (Korea Bizwire) – South Korea’s top 100 large-cap companies have cut more than 7,000 jobs in 2016, data showed Monday, as they are reluctant to hire new employees amid the economy’s prolonged sluggishness.  According to the data by market tracker Chaebul.com, the leading companies had a combined 861,578 employees as of the [...]

FSS Pays Record Cash Rewards for Reporting Violations

FSS Pays Record Cash Rewards for Reporting Violations

SEOUL, Jan. 13 (Korea Bizwire) – South Korea’s state financial watchdog said Friday it paid more than 120 million won (US$100,000) last year in cash rewards for helping punish violators of capital market rules.  A total of 120.7 million won was given to five informers of such irregularities as stock price manipulation, unfair trading and [...]

S. Korea’s Overseas Funds to Hit 100 Tln Won Soon: Watchers

S. Korea’s Overseas Funds to Hit 100 Tln Won Soon: Watchers

SEOUL, Jan. 12 (Korea Bizwire) – The net asset of South Korea’s overseas investment fund is forecast to reach 100 trillion won (US$84.5 billion) soon, as investors are seeking higher returns amid declining rates, market watchers said Thursday.  The figure hit a record high of 91.7 trillion won on Friday after surpassing the 90 trillion [...]

Corporate Debt Weighs on Korean Financial Market

Corporate Debt Weighs on Korean Financial Market

SEOUL, Jan. 11 (Korea Bizwire) – A recent analysis by the Hana Institute of Finance revealed that although Korea has a relatively stable financial market compared to 24 other emerging markets around the world, increasing corporate debt is becoming a serious risk.  In its financial risk assessment, the institute analyzed five categories, including corporate debt, [...]

Even Wealthy Families Tighten Purse Strings amid Economic Slump

Even Wealthy Families Tighten Purse Strings amid Economic Slump

SEOUL, Jan. 11 (Korea Bizwire) – South Koreans, both poor and rich, are tightening their belts with no economic recovery in sight and the prices of goods ascending, data showed Wednesday.  The spending-to-income ratio of local households hit a record low despite stagnant wage levels.  Department stores and duty-free shops, two routine shopping spots for [...]

S. Korea to Foster Blockchain Financial Services

S. Korea to Foster Blockchain Financial Services

SEOUL, Jan. 10 (Korea Bizwire) – South Korea’s financial authorities on Tuesday announced a plan to launch a full-scale pilot project this year on blockchain-powered financial services.  South Korea, known for its ICT prowess, has accelerated its drive for capitalizing on the new platform.  Blockchain is a key technology for the digital currency bitcoin enabling [...]