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South Korean Banks Slammed for Making Profits off Additional Interest

South Korean Banks Slammed for Making Profits off Additional Interest

SEOUL, Oct. 18 (Korea Bizwire) – South Korean banks have been accused of staying off the radar and making profits through high additional interest rates for banking products such as loans, despite government efforts to lower interest rates. According to data from the Financial Supervisory Service (FSS) revealed by lawmaker Park Chan-dae, who is a member [...]

Growth Pace of Household Lending Slows Down in Sept

Growth Pace of Household Lending Slows Down in Sept

SEOUL, Oct. 16 (Korea Bizwire) – South Korea’s household lending by banks rose at the slowest pace in five months in September, but mortgage loans continued the upside trend amid the government’s toughened financial measures to cool down the real estate market, central bank data showed Monday. Outstanding household loans from lenders came to 749.2 [...]

Children of Chaebol Owners Control 100 Billion Won Worth of Stocks

Children of Chaebol Owners Control 100 Billion Won Worth of Stocks

SEOUL, Oct. 12 (Korea Bizwire) – Scores of children of the owners of nine conglomerates in South Korea have more than 100 billion won (US$88.2 million) worth of stocks in related companies, government data showed Thursday, amid the owners preferring the early transfer of assets to their offspring to reduce inheritance tax down the road. The amount [...]

Over 10 Million South Koreans Swipe Credit Cards Overseas

Over 10 Million South Koreans Swipe Credit Cards Overseas

SEJONG, Oct. 2 (Korea Bizwire) – More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday. A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a [...]

Bank of Korea Offers Net 7 Trillion Won in Liquidity Ahead of Chuseok Holiday

Bank of Korea Offers Net 7 Trillion Won in Liquidity Ahead of Chuseok Holiday

SEOUL, Sept. 29 (Korea Bizwire) – The Bank of Korea said Friday it has injected a net 7 trillion won (US$6.1 billion) in liquidity into the financial system to help keep the money supply stable ahead  of the Chuseok holiday.  The central bank said its money injection for the 10 business days leading up to the  holiday jumped 43.3 percent from a year ago as this year’s holidayis the longest in decades. The government gave [...]

Bank Investment in Tech Startups Soars in H1

Bank Investment in Tech Startups Soars in H1

SEOUL, Sept. 28 (Korea Bizwire) — South Korean banks sharply scaled up their investment in tech startups in the first half of the year with their lending to the sector climbing solidly, the financial regulator said Thursday. Domestic lenders’ investment in low-credit startups with a high level of technology stood at some 1.2 trillion won [...]

K-Bank to Launch Lending for Home Mortgages, Insurance Distribution

K-Bank to Launch Lending for Home Mortgages, Insurance Distribution

SEOUL, Sept. 27 (Korea Bizwire) – K-Bank said Wednesday it will launch lending services for home mortgages and non-life insurance distribution by the end of this year, expanding its business portfolio to intensify competition with traditional banks. The Internet-only bank, which was launched in April with paid-in capital of 250 billion won, will also launch [...]

Most South Korean Financial Consumers Prefer Savings Plans Over Investment

Most South Korean Financial Consumers Prefer Savings Plans Over Investment

SEOUL, Sept. 21 (Korea Bizwire) – A new survey has revealed that most South Korean financial consumers still prefer safer choices such as installment savings plans, despite low interest rates and a booming stock market. According to the online survey conducted by pollster NICE R&C with a sample of 19,300 people aged between 20 and 64 [...]

Financial Regulator Vows Flexible Rules to Help Fintech Industry Growth

Financial Regulator Vows Flexible Rules to Help Fintech Industry Growth

SEOUL, Sept. 21 (Korea Bizwire) — The head of the Financial Supervisory Service (FSS) said Thursday the regulator seeks to build an innovation-friendly financial environment to help the growth of the financial technology industry. Choe Heung-sik, governor of the FSS, made the remarks during a conference in Seoul to debate how best the financial industry [...]