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Banks’ Foreign Currency Deposits Rise in July

Banks’ Foreign Currency Deposits Rise in July

SEOUL, Aug. 17 (Korea Bizwire) – Foreign currency deposits held by banks operating in South Korea rose in July from a month earlier as exporters increased their deposits of dollar-denominated earnings, central bank data showed Thursday. Outstanding foreign currency deposits held by local lenders, domestic and foreign, reached US$69.11 billion in July, up $5.5 billion [...]

Financial Supervisory Service Sanctions Citibank Korea for Incompetence

Financial Supervisory Service Sanctions Citibank Korea for Incompetence

SEOUL, Aug. 14 (Korea Bizwire) - Citibank will face disciplinary action after a leak of its “A+ Check Card” security data caused domestic card holders to suffer losses. The leak was traced to online payments service Paypal, which was hit by a BIN attack. Denoting the first six numbers of a check or credit card’s number, the [...]

K-Bank Raises Deposit Rate to Fend off Kakao Bank

K-Bank Raises Deposit Rate to Fend off Kakao Bank

SEOUL, Aug. 9 (Korea Bizwire) — K-Bank, South Korea’s first Internet-only bank, said Wednesday it has raised its deposit rate, in an apparent bid to fend off its competitor, Kakao Bank. K-Bank increased the rate it offers on a 1-year time deposit by 10 bps to 2.1 percent, compared with 2 percent offered by Kakao [...]

Kakao Bank Attracts 1.5 Million Accounts in First Week

Kakao Bank Attracts 1.5 Million Accounts in First Week

SEOUL, Aug. 3 (Korea Bizwire) – Kakao Bank, South Korea’s second Internet-only bank, said Thursday it has attracted over 1.5 million accounts during the first week of operation, far outpacing the growth of its competitor and traditional banks. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, started operations on July [...]

Banks Urged to Tighten Mortgage Screening to Curb Property Speculation

Banks Urged to Tighten Mortgage Screening to Curb Property Speculation

SEOUL, Aug. 2 (Korea Bizwire) – South Korea’s top financial regulator on Wednesday urged banks and other financial institutions to tighten screenings of applications for home mortgages in a move to block speculative demand for homes before the government’s stricter lending rules go into force. Financial Services Commission (FSC) Chairman Choi Jong-ku made the remarks at [...]

Traditional Banks Seek IT Experts Amid Soaring Popularity of Kakao Bank

Traditional Banks Seek IT Experts Amid Soaring Popularity of Kakao Bank

SEOUL, Aug. 1 (Korea Bizwire) — With the likes of Kakao Bank and K-Bank stirring up a storm in the South Korean banking industry, traditional banks are flocking to recruit IT professionals to jump on the online bandwagon. Following the success of online-only banks in recent months that seems to be reshaping the landscape of [...]

Kakao Bank’s Usage Yet to Meet Its Size

Kakao Bank’s Usage Yet to Meet Its Size

SEOUL, Aug. 1 (Korea Bizwire) — The Internet-only Kakao Bank has succeeded in starting big, gaining over 1 million clients in just five days following its launch, but how the initial clients are using the service suggests there is room for improvement, industry watchers said Tuesday. Kakao Bank outdid four-months-old K-Bank, the country’s first Internet-only [...]

Kakao Bank Attracts 300,000 Accounts on First Day

Kakao Bank Attracts 300,000 Accounts on First Day

SEOUL, Jul. 28 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Friday it attracted over 300,000 accounts during the bank’s first day of operations, far outpacing the growth of its competitor and traditional banks. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, started operations Thursday, in the [...]

S. Korea’s 2nd Internet-only Bank to Begin Operations Thursday

S. Korea’s 2nd Internet-only Bank to Begin Operations Thursday

SEOUL, Jul. 26 (Korea Bizwire) — South Korea’s second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation’s banking sector suffering from weaker growth. The planned launch of Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, came after [...]