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Insurtech Used to Offer Insurance Discounts Based on Client Performance

Insurtech Used to Offer Insurance Discounts Based on Client Performance

SEOUL, May 22 (Korea Bizwire) — Insurtech, a combination of insurance and technology, is known as an underdeveloped sector despite its potential. The Financial Supervisory Service (FSS), in its analysis on how Internet of Things (IoT), big data, artificial intelligence (AI), blockchain, and other new technologies are being used in the South Korean insurance market, [...]

S. Korea Expected to Grant Initial Approval for 3rd Internet-only Bank Next Week

S. Korea Expected to Grant Initial Approval for 3rd Internet-only Bank Next Week

SEOUL, May 22 (Korea Bizwire) – South Korea’s financial regulator is expected to give preliminary approval next week to a consortium to set up the nation’s third Internet-only bank, senior officials at financial authorities said Wednesday. Two consortia, one led by fintech firm Viva Republica and another by brokerage Kiwoom Securities, have been short-listed for [...]

IoT Devices for Factory Machinery Will Raise Chattel Mortgage Values

IoT Devices for Factory Machinery Will Raise Chattel Mortgage Values

SEOUL, May 20 (Korea Bizwire) — Following the enactment of a new provision that enables value appreciation of chattel mortgages, for items such as factory machinery, when Internet of Things (IoT) systems are in place to manage them, South Korean banks are offering various IoT-based mortgage loan products and services. The Korea Federation of Banks [...]

Kakaopay to Expand Offline Payment Service

Kakaopay to Expand Offline Payment Service

SEOUL, May 20 (Korea Bizwire) — Kakaopay Corp. said Monday that it will expand its offline payment business to solidify its status as South Korea’s leading fintech service platform provider. Kakaopay said it plans to launch its own application within this year so that more users can use credit cards through the one-click payment system [...]

Financial Firms to Spend 585 bln Won to Adopt New Technologies

Financial Firms to Spend 585 bln Won to Adopt New Technologies

SEOUL, May 14 (Korea Bizwire) — South Korean financial firms plan to spend a total of 585 billion won (US$492 million) this year to adopt new technologies, such as artificial intelligence and big data analytics, data showed Tuesday. The planned spending reflects efforts by financial authorities to take deregulatory actions and cut red tape to [...]

Market for Mega IBs’ Promissory Notes Tipped to Grow Rapidly

Market for Mega IBs’ Promissory Notes Tipped to Grow Rapidly

SEOUL, May 13 (Korea Bizwire) — South Korea’s market for promissory notes issued by mega investment banks (IBs) is expected to grow sharply this year to top the 10 trillion won (US$8.5 billion) mark, industry sources said Monday. The outstanding value of promissory notes floated by two mega IBs — Korea Investment & Securities Co. [...]

Internet-only Banks Most Popular Among White-collar Workers

Internet-only Banks Most Popular Among White-collar Workers

SEOUL, Apr. 22 (Korea Bizwire) — A recent study revealed that people who make an average monthly salary of between 4-5 million won (US$3,500-4,400) form the largest group to use internet-only banks, and that white-collar workers are relatively more dependent on these types of financial institutions. The Korea Information Society Development Institute announced on Sunday [...]