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Turnover Rate of Deposits Nears 32-year Low

Turnover Rate of Deposits Nears 32-year Low

SEOUL, Nov. 15 (Korea Bizwire) — The turnover rate of deposits in South Korea hit a near 32-year low in September, central bank data showed Thursday, indicating that money circulation is clogged in Asia’s fourth-largest economy. The turnover rate of demand deposits came to 16.4 times for September, the lowest since January 1987, when the [...]

Insurance Firms Fight for a Piece of the Pet Market as Controversy Surrounding Unregistered Pets Grows

Insurance Firms Fight for a Piece of the Pet Market as Controversy Surrounding Unregistered Pets Grows

SEOUL, Nov. 1 (Korea Bizwire) — With an influx of commercial insurance companies eying the pet industry for a piece of the pie, whether to include unregistered pets in insurance policies has become a major issue among animal lovers. Since the market for pet insurance policies is still in its early stages, there are conflicting [...]

The Future of Banking is Paper-free

The Future of Banking is Paper-free

SEOUL, Oct. 31 (Korea Bizwire) — In the near future, blockchain technology will be incorporated into real estate databases, allowing users to gain access to relevant official documents without having to submit physical certifications. The Ministry of Land, Infrastructure and Transport and the Ministry of Science and Technology yesterday revealed plans to create a real [...]

ATM to Offer Services that Verify Customers Based on “Vein Matchmaking”

ATM to Offer Services that Verify Customers Based on “Vein Matchmaking”

SEOUL, Oct. 25 (Korea Bizwire) – Suhyup Bank announced yesterday that it was adopting a new service that allows customers to access their bank accounts via ATM by merely having the machines scan the veins in their palms. The banking service dubbed “Hands Up banking” is possible when customers are verified simply by presenting their [...]

Korea Trade Insurance Corporation at Risk Due to Iran Sanctions

Korea Trade Insurance Corporation at Risk Due to Iran Sanctions

SEOUL, Oct. 23 (Korea Bizwire) – Iran has been cut off from paying for South Korean imports with the United States re-imposing sanctions, and South Korea is concerned that the Korea Trade Insurance Corporation (KTIC) may be on the hook for compensation payouts for the losses sustained by South Korean companies. Representative Lee Hun, a [...]

About 60 pct of Bank Products Sold Online

About 60 pct of Bank Products Sold Online

SEOUL, Oct. 10 (Korea Bizwire) — Some 60 percent of bank services and products, including deposits and lendings, are processed online, regulator’s data showed Wednesday, indicating a trend for non-face-to-face financial services. Records provided by Financial Supervisory Service to Rep. Lee Hack-young of the ruling Democratic Party showed that, of the 11.69 million banking services [...]

Institute Predicts Insurance Companies Will Experience “Degrowth”

Institute Predicts Insurance Companies Will Experience “Degrowth”

SEOUL, Oct. 5 (Korea Bizwire) — Due to the increase in the aging population and decrease of a productive workforce, local insurance companies are expected to go through “degrowth.” According to the Korea Insurance Research Institute (KIRI), the insurance premiums of insurance companies are expected to fall 1.7 percent per year by 2022 compared to [...]

S. Korean Households’ Excess Funds Shrink in Q2

S. Korean Households’ Excess Funds Shrink in Q2

SEOUL, Oct. 2 (Korea Bizwire) – Excess funds held by South Korean households fell in the second quarter of this year from a quarter earlier on increased purchases of new houses amid a property boom, central bank data showed Tuesday. Net financial funds, covering assets minus liabilities, controlled by households and nonprofit organizations totaled 11 trillion won [...]

Tougher Loan Screening in Store for Insurers

Tougher Loan Screening in Store for Insurers

SEOUL, Sept. 28 (Korea Bizwire) — South Korea’s financial watchdog said Friday it will implement a stricter loan screening rule for insurance companies next week to help control risk from the country’s fast rising household debt. Local insurers will have to apply to the so-called debt service ratio to almost all household loans on a [...]

Life Insurance Companies Continue Devious Practices

Life Insurance Companies Continue Devious Practices

SEOUL, Sept. 25 (Korea Bizwire) –A few South Korean life insurance companies still have misselling rates reaching nearly 1 percent regarding their insurance policies. Misselling is a sales practice in which a financial product or service is deliberately misrepresented or a customer is misled pertaining to certain information regarding the product. The practice has become [...]