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Insurance Companies Develop ‘Mini Plans’ to Attract Young Customers

Insurance Companies Develop ‘Mini Plans’ to Attract Young Customers

SEOUL, Feb. 27 (Korea Bizwire) — South Korean health insurance companies are coming up with ‘mini insurance plans’ to attract customers in their 20s to 40s. Mini insurance plans allow customers to select specific levels of protection at affordable prices of less than 10,000 won (US$8.95) per month. KB Insurance Co. announced on Tuesday that [...]

Gov’t to Let Banks Open Payment Systems to Fintech Firms

Gov’t to Let Banks Open Payment Systems to Fintech Firms

SEOUL, Feb. 20 (Korea Bizwire) — The government plans to let banks open their payment systems to financial technology firms, in a move that would provide a level playing field for new players and increase competition in the financial industry, officials said Wednesday. The plan was announced at a meeting chaired by Finance Minister Hong [...]

New Year Money Envelopes Go Digital with Kakao Pay

New Year Money Envelopes Go Digital with Kakao Pay

SEOUL, Feb. 3 (Korea Bizwire) — Kim Seung-hwa usually visits banks at this time of year to get crisp new bills to prepare to give Lunar New Year’s cash gifts to her relatives. This year, the 37-year-old office worker in Seoul deposited 300,000 won (US$267) in her digital wallet, Kakao Pay, so she could wire [...]

S. Koreans Bear Financial Burden to Support Their Children, Even After Retirement

S. Koreans Bear Financial Burden to Support Their Children, Even After Retirement

SEOUL, Jan. 29 (Korea Bizwire) — Six out of ten South Koreans in their forties and fifties continue to bear the financial burden of supporting their children, even after having retired. According to a survey conducted by the Korea Insurance Development Institute on South Korean citizens living in six major cities, 56.6 percent of those [...]

Major Commercial Banks to Adopt Shorter Working Hours This Year

Major Commercial Banks to Adopt Shorter Working Hours This Year

SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s leading lenders have wrapped up their labor deals for the new year that aim to help employees better strike a balance between work and their personal lives, industry watchers said Monday. Late last week, the labor and the management of KB Kookmin Bank reached a deal on [...]

Shinhan Card Develops Credit Evaluation Model for Foreigners in S. Korea

Shinhan Card Develops Credit Evaluation Model for Foreigners in S. Korea

SEOUL, Jan. 25 (Korea Bizwire) — High Credit, in-house venture firm of Shinhan Card Co., announced on Thursday that it had developed a credit evaluation model for foreigners living in South Korea. The newly developed credit evaluation model has greatly increased the bank’s ability to differentiate risks by applying non-financial information through big data to [...]

New Service Offers Immediate Insurance Reimbursements for Veterinary Care

New Service Offers Immediate Insurance Reimbursements for Veterinary Care

SEOUL, Jan. 24 (Korea Bizwire) — Beginning in May, those with pets will be able to make an insurance claim with an animal insurance company immediately after receiving animal care. Sung Dae-kyu, the head of the Korea Insurance Development Institute (KIDI), said at a press conference Wednesday that the ‘Pet Insurance Claims Online Processing System’ [...]