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One in Three Borrowers From Insurers in South Korea Saddled With Multiple Loans

One in Three Borrowers From Insurers in South Korea Saddled With Multiple Loans

SEOUL, Mar. 18 (Korea Bizwire) – As concerns grow over household debt levels in South Korea, a new analysis has found that nearly one-third of those who have taken out loans from insurance companies are overwhelmed by obligations to multiple lenders, raising fears of potential defaults. The study by Lee Suk-ho, a senior research fellow at [...]

Rapid Increase in Delinquent Loans Among Self-Employed, Especially in Younger Age Groups

Rapid Increase in Delinquent Loans Among Self-Employed, Especially in Younger Age Groups

SEOUL, Mar. 6 (Korea Bizwire) – The value of delinquent loans among self-employed individuals in South Korea has surged by nearly 50% in a year, with the delinquency rate of young self-employed individuals in their 20s and 30s increasing the fastest. This trend indicates that self-employed individuals are facing financial difficulties due to high interest rates [...]

Banks’ Potential Uncollected Loans Jump 49 Pct in 2023 on High Interest Rates

Banks’ Potential Uncollected Loans Jump 49 Pct in 2023 on High Interest Rates

SEOUL, Feb. 27 (Korea Bizwire) — The potential uncollected loans by four major financial holding firms jumped 49 percent on year in 2023, as high interest rates took a toll on borrowers, data showed Tuesday. The value of potential uncollected loans came to 1.96 trillion won (US$1.47 billion) in 2023, up 48.8 percent from the [...]

Pet Insurance Set to Become the Next Big Trend in Fintech as Companies Prepare to Launch Comparison Services

Pet Insurance Set to Become the Next Big Trend in Fintech as Companies Prepare to Launch Comparison Services

SEOUL, Feb. 15 (Korea Bizwire) – As the appeal of car insurance comparison and recommendation services wanes, industry insiders are turning their gaze towards pet insurance as the next promising market. Amid the growing trend of value-seeking consumers in a high-cost economy, pet insurance is emerging as a new focal point for financial tech services.  Notably, [...]

Financial Regulator Eases Requirements for Regional Lenders to Attain Nationwide Commercial Bank Status

Financial Regulator Eases Requirements for Regional Lenders to Attain Nationwide Commercial Bank Status

SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s financial regulator said Wednesday it will make it easier for regional lenders to become nationwide commercial banks, in a move aimed at promoting competition in the banking sector. “The government announced on July 5, 2023, that it will seek to promote the transition of local banks to [...]

Government Set to Unveil Antitrust Measures Against Banking Monopoly, Sources Say

Government Set to Unveil Antitrust Measures Against Banking Monopoly, Sources Say

SEOUL, Nov. 10 (Korea Bizwire) – The government is poised to announce a series of measures later this year to break the monopoly held by banks as they have been raking in record profits from interest income, according to sources from the presidential office on Friday. This decision follows President Yoon Suk Yeol’s strong criticism [...]

South Korean Leading Banks to Assist Funding Arms Export to Poland

South Korean Leading Banks to Assist Funding Arms Export to Poland

SEOUL, Nov. 10 (Korea Bizwire) – Five major commercial banks have been considering issuing a syndicated loan to help finance South Korean companies’ arms export to Poland, an industry source said Friday. Last year, South Korean companies secured major deals worth 17 trillion won (US$12.9 billion) to supply K2 tanks, K9 self-propelled howitzers, FA-50 light [...]

Individual Investors Embrace Short-Term Bonds as Interest Rates Remain High

Individual Investors Embrace Short-Term Bonds as Interest Rates Remain High

SEOUL, Oct. 23 (Korea Bizwire) – In the current bond purchasing trend, individual investors are transitioning from bonds with maturities exceeding 10 years to short-term bonds with maturities of less than one year. As interest rates surge and bond prices decline, driven by the Federal Reserve’s indication of a prolonged tightening stance, individual investors are displaying [...]