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Alzheimer’s Insurance Increasingly Popular Among S. Koreans

Alzheimer’s Insurance Increasingly Popular Among S. Koreans

SEOUL, Jan. 16 (Korea Bizwire) — Insurance plans for Alzheimer’s disease have jumped in sales after the illness gained public interest in recent months. The Korea Credit Information Services reported on Wednesday that the number of applications for Alzheimer’s insurance plans reached 1.3 million early last year, up threefold since the second half of the [...]

Wealth Management Service Increasingly Popular in S. Korea

Wealth Management Service Increasingly Popular in S. Korea

SEOUL, Jan. 6 (Korea Bizwire) — South Korea’s wealth management services market is rapidly expanding as an increasing number of high-net-worth individuals in Asia’s fourth-largest economy look for reliable, effective means to manage their assets. Private banking (PB) and wealth management services have long been exclusively tailored to a limited number of customers that include [...]

Debt of Households, Self-employed Estimated to Exceed 2,000 tln Won

Debt of Households, Self-employed Estimated to Exceed 2,000 tln Won

SEOUL, Jan. 5 (Korea Bizwire) — Debt incurred by households and self-employed businesses in South Korea is estimated to surpass 2,000 trillion won (US$1,713 billion) as of September last year, according to central bank data on Sunday. Outstanding household loans came to 1,481 trillion won at the end of last September, up 13.6 trillion won [...]

S. Korea OKs 3rd Internet-only Bank

S. Korea OKs 3rd Internet-only Bank

SEOUL, Dec. 16 (Korea Bizwire) — South Korea’s financial regulator on Monday granted preliminary approval for a new internet-only bank, a move that could further fuel competition with established bigger players and foster the fledging market. The Financial Services Commission (FSC) gave the initial approval to the consortium led by South Korean fintech firm Viva [...]

S. Korea to Set Up 300 bln-won Fund for Fintech Unicorns

S. Korea to Set Up 300 bln-won Fund for Fintech Unicorns

SEJONG, Dec. 4 (Korea Bizwire) — South Korea plans to set up a fund of 300 billion won (US$252 million) to help fintech startups become unicorns with a valuation of more than US$1 billion, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks at a meeting with economy-related ministers in Seoul to discuss how [...]

Banks Jump into Other Industries to Better Engage with Customers

Banks Jump into Other Industries to Better Engage with Customers

SEOUL, Nov. 27 (Korea Bizwire) — South Korean banks are going beyond past practices to collaborate with other industries. KB Kookmin Bank’s Liiv Mobile is gaining the attention of the financial services market by combining finance and communications technology. Current legislation states that banks cannot engage in business activities outside of their traditional domain. However, [...]