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Newly Revised Bill to Make Audits of “Officetels” Mandatory

Newly Revised Bill to Make Audits of “Officetels” Mandatory

SEOUL, Sept. 21 (Korea Bizwire) — A newly proposed law is expected to have operators of large officetels audited every year. In South Korea, an officetel is a multi-use property that contains both residential and commercial units. Yesterday, the Ministry of Justice made an advance legislation notice regarding officetels to be implemented tomorrow. The law [...]

Regulator to Grant 2 Internet-only Bank Permits Next Year

Regulator to Grant 2 Internet-only Bank Permits Next Year

SEOUL, Sept. 21 (Korea Bizwire) — The financial regulator said Friday it will give preliminary approval next year for two groups to launch Internet-only banks, as the government aims to reinvigorate the banking industry. Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks a day after the National Assembly passed a bill [...]

Parliamentary Panel Passes Bill on Deregulation of Internet Bank Ownership

Parliamentary Panel Passes Bill on Deregulation of Internet Bank Ownership

SEOUL, Sept. 19 (Korea Bizwire) — A parliamentary committee on Wednesday approved a bill aimed at allowing nonfinancial firms to have up to a 34 percent stake in Internet-only banks, easing the current 4 percent ownership limit for financial industry reform. The National Policy Committee agreed that family-owned conglomerates, known as chaebol, will not be [...]

Regulator to Help People Get Back Money Transferred to Wrong Accounts

Regulator to Help People Get Back Money Transferred to Wrong Accounts

SEOUL, Sept. 18 (Korea Bizwire) — The financial regulator said Tuesday it will help people retrieve money mistakenly sent to wrong bank accounts. The move came as the number of erroneous transactions has been on the rise with more people using their smartphones for money transfers. If a person sends money to a wrong account, [...]

From White Elephant to Useful Marketing Tool, Bank Branches Evolve in Digital Era

From White Elephant to Useful Marketing Tool, Bank Branches Evolve in Digital Era

SEOUL, Sept. 14 (Korea Bizwire) — On her way home after work, office worker Lee Jun-hee often drops by a nearby bank branch in Gwanghwamun, downtown Seoul. She does so not for banking but for book shopping and “meet the author” events, which are held in a space filled with the aroma of brewing coffee. [...]

6 out of 10 Gyeonggi Residents Support New “Local Currency”

6 out of 10 Gyeonggi Residents Support New “Local Currency”

SEOUL, Sept. 13 (Korea Bizwire) –Almost 60 percent of Gyeonggi Province residents support Governor Lee Jae-myung’s plan to introduce a local currency. According to a survey released yesterday, 59 percent of 1,000 Gyeonggi respondents were in favor of the new local currency, which is expected to be launched next year. In addition, 78 percent of [...]

Seoul Set to Tackle Skyrocketing Home Prices with Tougher Measures

Seoul Set to Tackle Skyrocketing Home Prices with Tougher Measures

SEOUL, Sept. 13 (Korea Bizwire) – South Korea’s government said Thursday that owners of high-value houses and multiple homes will face tougher taxes than originally planned as it strives to rein in soaring housing prices. Over the past year, the Moon Jae-in government has unveiled a series of measures to curb housing prices that have [...]