SEOUL, Feb. 16 (Korea Bizwire) — Artificial intelligence (AI) and machine learning technology are altering the landscape of the banking industry. This year, Shinhan Bank has set out on building infrastructure for ‘digital innovation banks’ where customer services will be replaced with AI technology. These offices will replace staff with AI bankers, who will be [...]
SEOUL, Jan. 21 (Korea Bizwire) — The sense of crisis felt by South Korea’s general insurance companies is growing as internet giant Kakao Corp. is pushing to establish the nation’s third digital general insurance company. Against this backdrop, existing insurance companies are accelerating efforts to speed up their digitalization. Hanwha General Insurance Co. introduced the [...]
SEOUL, Jan. 5 (Korea Bizwire) — Kakao Pay Corp., South Korea’s No. 1 mobile payment service provider, said Monday that it took its first step into the insurance market by applying for preliminary approval for a digital non-life insurance service. Kakao Pay aims to obtain final approval and launch the digital non-life insurance business by [...]
SEOUL, Dec. 30 (Korea Bizwire) — The South Korean government said Wednesday it plans to complete the sale of its 17.25 percent stake in Woori Financial Holdings Co. by 2022, despite a delay in its sale amid the new coronavirus outbreak. The public funds oversight committee, which handles state asset sales, will make efforts to [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korean banks plan to introduce a new service to check the authenticity of its customers’ passports used as an identification method, officials said Sunday. The verification system will be available in 12 local banks starting from Monday and will expand to other banks and savings banks next year, [...]
SEOUL, Nov. 13 (Korea Bizwire) — South Korea’s internet banks, including Kakao Bank, are being blamed for failing to meet their original purpose of establishment despite the South Korean financial regulator’s strong desire and support in anticipation of innovation. During the parliamentary audit of the Financial Services Commission (FSC) held last month, Kakao Bank faced [...]
SEOUL, Nov. 10 (Korea Bizwire) — South Korean insurance companies will now be obliged to undergo deliberations by internal committees before exercising indemnity rights against minors and economically vulnerable people and the result of the deliberations should be disclosed to the public. This move is part of efforts to prevent the recurrence of a controversy [...]
SEOUL, Oct. 7 (Korea Bizwire) — The Bank of Korea (BOK) said Wednesday it plans to test-run issuing and circulating a central bank-issued digital currency (CBDC) next year, as the bank will launch a pilot program to study the potential introduction of a new cryptocurrency. In March this year, the BOK began reviewing legal and [...]
SEOUL, Oct. 6 (Korea Bizwire) — South Korean banks’ credit loans to individuals grew at a slower pace in September than a month earlier amid financial authorities’ tougher restrictions, industry data showed Tuesday. Outstanding unsecured loans to individuals by five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup — totaled 126.4 trillion [...]
SEOUL, Sept. 28 (Korea Bizwire) — South Korea’s internet banking services continued to grow in the first half, with the number of users and daily transactions rising to new highs, central bank data showed Monday. The number of internet banking, including mobile banking, came to 164.8 million as of end-June, up 3.5 percent from six [...]