Banking & Insurance Archives | Be Korea-savvy

Archive by category Banking & Insurance

Consortium Launches Blockchain-based Digital ID in S. Korea

Consortium Launches Blockchain-based Digital ID in S. Korea

SEOUL, Jul. 14 (Korea Bizwire) — A group of major tech companies and financial institutions have joined hands to launch a blockchain-based digital identity platform available on smartphones to provide a trustworthy and secure solution, they said Sunday. Samsung Electronics Co., three mobile carriers — SK Telecom Co., KT Corp. and LG Uplus Corp. — [...]

Kakao Bank’s Accounts Surpass 10 mln 2 Years After Launch

Kakao Bank’s Accounts Surpass 10 mln 2 Years After Launch

SEOUL, Jul. 12 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Friday it has attracted more than 10 million accounts in about two years since launching operations. Kakao Bank, controlled by Kakao Corp., the operator of South Korea’s dominant messaging app KakaoTalk, started operations on July 27, 2017, quickly gaining popularity among [...]

221 mln Coins Reborn as Banknotes

221 mln Coins Reborn as Banknotes

SEOUL, Jun. 21 (Korea Bizwire) — The Bank of Korea (BOK) said Thursday that it conducted a month-long “Pan-National Coin Exchange Campaign” in May, exchanging a total of 221 million coins worth 32.2 billion won (US$27.7 million) for banknotes. The campaign was led by the Korea Federation of Banks, Korean Federation of Community Credit Cooperatives, [...]

Banks Push Initiatives to Boost Efficiency Ahead of 52-Hour Workweek Implementation

Banks Push Initiatives to Boost Efficiency Ahead of 52-Hour Workweek Implementation

SEOUL, Jun. 19 (Korea Bizwire) — South Korea’s major commercial banks have begun cutting unnecessary work hours ahead of the full implementation of the government’s new 52-hour workweek policy in July. The banking sector introduced the 52-hour workweek system earlier this year, but since the actual legal enforcement date is from the first day of [...]

Regulator Rejects 2 Applications for Online Banks

Regulator Rejects 2 Applications for Online Banks

SEOUL, May 26 (Korea Bizwire) — In an unexpected turn of events, South Korea’s financial regulator on Sunday rejected applications by two consortia to set up the nation’s third and fourth Internet-only banks. One consortium is backed by financial technology firm Viva Republica and the other is led by brokerage Kiwoom Securities. The Financial Services [...]

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 [...]