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, [...]
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 [...]
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 [...]
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 [...]
SEOUL, May 15 (Korea Bizwire) — Hana Financial Group Inc., a major South Korean banking group, said Wednesday it has won an international arbitration suit against U.S. buyout group Lone Star over its purchase of KEB Hana Bank, formerly known as Korea Exchange Bank. Lone Star filed the suit at the International Court of Arbitration [...]
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 [...]
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. [...]
SEOUL, May 7 (Korea Bizwire) — Two South Korean banks have stopped offering settlement services for trade with Iran in line with U.S. economic sanctions on Tehran, industry sources said Tuesday. Last week, Woori Bank and the state-run Industrial Bank of Korea (IBK) suspended won-denominated accounts held by the Central Bank of Iran (CBI) for [...]
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 [...]
SEOUL, Apr. 16 (Korea Bizwire) — South Korean people are increasingly going cashless as more people rely on credit cards and digital payment tools, a survey by the Bank of Korea (BOK) showed Tuesday. Korean households had an average 78,000 won (US$68.60) in cash in their wallets at any given time in 2018, down 33 [...]