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Insurance Comparison Website Offers More Vehicle Options

Insurance Comparison Website Offers More Vehicle Options

SEOUL, Jan. 2 (Korea Bizwire) – Starting Monday, consumers will have more options available when they search for car insurance on Boheom Damoa (e-insmarket.or.kr), a comparison website for various insurance products (including car, health, travel, etc.).  According to the Financial Services Commission, the website, which in the past only allowed insurance premium comparisons for domestic [...]

Flextime Grows in Popularity among Local Banks

Flextime Grows in Popularity among Local Banks

SEOUL, Dec. 26 (Korea Bizwire) – The implementation of flextime – a workplace arrangement that allows employees to choose their working hours – is quickly expanding across the local banking industry.  KB Kookmin Bank currently has 45 branches that have adopted a flextime system, allowing employees to delay their work hours by an hour or [...]

Insurers Bolster Capital to Brace for New Rules

Insurers Bolster Capital to Brace for New Rules

SEOUL, Dec. 26 (Korea Bizwire) – Major insurance companies in South Korea are increasing their capital to prepare for new accounting rules set to take effect next year and more U.S. rate hikes, industry sources said Monday.  Local insurance companies are estimated to expand their capital by a combined 1.41 trillion won (US$1.17 billion) this [...]

S. Korea to Ease Rule on Banks’ Capital Adequacy Ratio

S. Korea to Ease Rule on Banks’ Capital Adequacy Ratio

SEOUL, Dec. 19 (Korea Bizwire) – South Korea will relax a regulation on the capital ratio of local banks this week in a move to reduce their financial burden, the country’s finance regulator said Monday.  The Financial Services Commission (FSC) will allow them to designate their loan-loss reserves as common capital stock under the revised [...]

Gov’t Approves S. Korea’s First Internet-Only Bank

Gov’t Approves S. Korea’s First Internet-Only Bank

SEOUL, Dec. 14 (Korea Bizwire) – South Korea’s financial authorities on Wednesday approved a plan to establish the country’s first online-only bank, opening a new chapter in its banking history.  It would mark the first time here in 24 years for a brand-new bank to be born, according to the Financial Services Commission (FSC).  The [...]

Banks’ Decision on Merit Pay System Faces Strong Resistance

Banks’ Decision on Merit Pay System Faces Strong Resistance

SEOUL, Dec. 13 (Korea Bizwire) – The board of directors at seven major commercial banks decided Monday to implement a performance-based pay system – a controversial wage system introduced under the troubled Park Geun-hye administration.  The seven institutions are Woori Bank, Shinhan Bank, KB KookminBank, KEB Hana Bank, SC Cheil Bank, and Citibank.  Officials have [...]

Korea Takes Step Forward to “Coinless Society”

Korea Takes Step Forward to “Coinless Society”

SEOUL, Dec. 1 (Korea Bizwire) – The Bank of Korea announced Thursday a pilot project to allow convenience store customers to charge their prepaid public transportation cards using spare change, the first step forward to a “coinless society.”  According to representatives, the BOK will begin a selection process of convenience store franchises that will take [...]