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Galaxy S8′s Iris Scanner to Be Used on Financial Transactions

Galaxy S8′s Iris Scanner to Be Used on Financial Transactions

SEOUL, April 21 (Korea Bizwire) – South Korea’s credit card companies are seeking to apply the iris scanner adopted by Samsung Electronics Co.’s Galaxy S8 smartphones on mobile transactions, industry sources said Friday, lauding the feature’s security compared with fingerprints and passwords.  According to the sources, Samsung Card Co. is seeking to apply the iris [...]

South Korea Begins Pilot Project for “Coinless Society”

South Korea Begins Pilot Project for “Coinless Society”

SEOUL, April 19 (Korea Bizwire) – South Korea plans to launch a pilot project for a coinless society this week, South Korea’s central bank said Wednesday, a move that could enhance convenience for ordinary people.  Under the project set to begin Thursday, consumers can deposit small change left from purchases of goods into their prepaid [...]

Citibank Korea to Close 80 Pct of Its Branches

Citibank Korea to Close 80 Pct of Its Branches

SEOUL, April 14 (Korea Bizwire) – Citibank Korea, the South Korean unit of Citigroup Inc., said Thursday it will offer financial services via online channels while closing about 80 percent of its physical branches in South Korea. Citibank, which recently announced a plan to reduce the number of physical branches to 32 from 133 in the country, has said it won’t slash staff, despite ongoing restructuring measures. Instead, about 800 workers at the branches facing closure will be relocated to either [...]

Internet Banking Era a Nightmare for the Elderly

Internet Banking Era a Nightmare for the Elderly

SEOUL, April 13 (Korea Bizwire) – Last year, South Korea’s banking industry saw its employee count drop by 2,248 to 114,775, and 175 bank branches closed down – the biggest drop ever – with the number of ATMs falling to 48,474 from 51,115.  The trends are reflective of the inevitable prevalence of internet banking. Bank [...]

New Policy Gives Healthy Insurance Subscribers Easier Access to Discounts

New Policy Gives Healthy Insurance Subscribers Easier Access to Discounts

SEOUL, April 12 (Korea Bizwire) – Obtaining discounts on health insurance premiums will become much easier for South Koreans starting in July.  Discounted contracts, which provide up to 20 percent discounts on existing installments, are offered by 14 insurance companies for healthy individuals who meet certain health standards.  However, only 3.8 percent of the subscribers [...]

Credit Card Companies Facing Criticism Over High-Interest Loans

Credit Card Companies Facing Criticism Over High-Interest Loans

SEOUL, April 11 (Korea Bizwire) – Seven major credit card companies are being accused of exploiting their customers after reports emerged showing they profited handsomely from high-interest loans despite prevailing low interest rates. Low interest rates in South Korea are seeing credit card companies enjoy some of the biggest profit spikes in recent years, with some [...]

Korea’s Financial Services Industry Saw Robust Growth Last Year

Korea’s Financial Services Industry Saw Robust Growth Last Year

SEJONG, April 10 (Korea Bizwire) – Korea’s financial services industry recorded 9.2 percent in output growth last year largely driven by interest revenues from growing household loans, government data showed on Sunday. According to Statistics Korea, the year-on-year production growth of financial institutions in 2016 was more than triple the 3 percent reported for the overall services industry.  By institution, banks gained 9 percent, the highest since 11.8 percent in 2008. Nonbank [...]

Internet-Only Banks Held Back by Government as Financial Landscape Shifts

Internet-Only Banks Held Back by Government as Financial Landscape Shifts

SEOUL, April. 7 (Korea Bizwire) – K Bank, South Korea’s first internet-only bank that opened Monday after months of anticipation, is already off to a good start, leaving more excitement for the upcoming launch of the second bank of its kind, Kakao Bank.  Over 100,000 locals had opened a K Bank account as of Thursday, [...]