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Internet Banks Under Fire for Failing to Meet Their Original Purpose

Internet Banks Under Fire for Failing to Meet Their Original Purpose

SEOUL, Nov. 13 (Korea Bizwire) — South Korea’s internet banks, including Kakao Bank, are being blamed for failing to meet their original purpose of establishment despite the South Korean financial regulator’s strong desire and support in anticipation of innovation. During the parliamentary audit of the Financial Services Commission (FSC) held last month, Kakao Bank faced [...]

Insurance Firms to Undergo Deliberations Before Seeking Indemnity Against Minors and Economically Vulnerable People

Insurance Firms to Undergo Deliberations Before Seeking Indemnity Against Minors and Economically Vulnerable People

SEOUL, Nov. 10 (Korea Bizwire) — South Korean insurance companies will now be obliged to undergo deliberations by internal committees before exercising indemnity rights against minors and economically vulnerable people and the result of the deliberations should be disclosed to the public. This move is part of efforts to prevent the recurrence of a controversy [...]

Growth of Bank Credit Loans Slows in September

Growth of Bank Credit Loans Slows in September

SEOUL, Oct. 6 (Korea Bizwire) — South Korean banks’ credit loans to individuals grew at a slower pace in September than a month earlier amid financial authorities’ tougher restrictions, industry data showed Tuesday. Outstanding unsecured loans to individuals by five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup — totaled 126.4 trillion [...]

Internet Banking Transactions at New Record High in H1

Internet Banking Transactions at New Record High in H1

SEOUL, Sept. 28 (Korea Bizwire) — South Korea’s internet banking services continued to grow in the first half, with the number of users and daily transactions rising to new highs, central bank data showed Monday. The number of internet banking, including mobile banking, came to 164.8 million as of end-June, up 3.5 percent from six [...]

Short-term Mini Insurance Plans Gaining Popularity Among Young Koreans

Short-term Mini Insurance Plans Gaining Popularity Among Young Koreans

SEOUL, Sept. 23 (Korea Bizwire) — South Korean life insurance companies are launching mini-plans that come with affordable premiums and simple insurance policies to target young customers. The Korea Life Insurance Association said on Tuesday that mini-plans are becoming a new trend in the insurance industry. Normally, a life insurance plan requires customers to pay [...]

Insurers Launch Policies for Autonomous Vehicles

Insurers Launch Policies for Autonomous Vehicles

SEOUL, Sept. 18 (Korea Bizwire) — South Korean insurance companies will start selling autonomous car-related insurance products from late this month, the financial watchdog said Thursday. The Financial Supervisory Service announced that the nation’s 12 non-life insurance companies will start selling new insurance products that can cover the risk related to accidents involving commercial self-driving [...]

Non-life Insurance Product to Cover Infectious Diseases Available in 2021

Non-life Insurance Product to Cover Infectious Diseases Available in 2021

SEOUL, Sept. 17 (Korea Bizwire) — A new non-life insurance product to compensate individuals and businesses for financial losses caused by the spread of infectious disease like COVID-19 is expected to be available late next year. The Korea Insurance Development Institute (KIDI) announced on Wednesday that it had started developing an infectious disease risk evaluation [...]

Daily Money Transfers via Mobile Payment Apps Up 20 pct in H1 amid Pandemic

Daily Money Transfers via Mobile Payment Apps Up 20 pct in H1 amid Pandemic

SEOUL, Sept. 14 (Korea Bizwire) – The value of daily money transfers via mobile payment apps in South Korea rose 20.3 percent in the first half from six months earlier as online financial transactions increased amid the new coronavirus outbreak, central bank data showed Monday. The value of daily money transfers via smartphone apps, such [...]