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Social Commerce Company Launches Comparison Website for Financial Products

Social Commerce Company Launches Comparison Website for Financial Products

SEOUL, Feb. 8 (Korea Bizwire) – Ticket Monster, South Korea’s leading social commerce company, announced Tuesday the  launch of a comparative website dubbed T-Mon Finance Mall (translated), which allows customers to compare some 5,800 on and offline financial products from 220 companies.  The products available include credit cards, insurance, loans, bank accounts, installment savings, and [...]

Digital Disruption Sweeps Through Korean Banking Industry

Digital Disruption Sweeps Through Korean Banking Industry

SEOUL, January 30 (Korea Bizwire) – Digital disruption and cutthroat competition are shaking up the banking industry, with thousands of employees making the transition away from financial services jobs that were long considered as some of the most lucrative in Korea. The emergence of the fintech revolution leaves the prospects for the banking industry uncertain. [...]

Consumers Increasingly Comfortable Buying Insurance Products Online

Consumers Increasingly Comfortable Buying Insurance Products Online

SEOUL, Jan. 30 (Korea Bizwire) – The sales of non-life insurance products via the Internet soared last year, as local insurance firms rushed to roll out cheap and online-only products to woo customers, data showed Monday. According to the General Insurance Association of Korea, local non-life insurance companies raised a total of 1.4 trillion won [...]

S. Korea to Revise Health Insurance System to Relieve Burden on Low-Income People

S. Korea to Revise Health Insurance System to Relieve Burden on Low-Income People

SEOUL, Jan. 23 (Korea Bizwire) – South Korea is pushing to revise its national health insurance program to halve the fees for low income earners in an effort to make health care more affordable, officials said Monday.  The Ministry of Health and Welfare released a revision to the national health insurance system, subject to parliamentary [...]

Insurance Comparison Website Offers More Vehicle Options

Insurance Comparison Website Offers More Vehicle Options

SEOUL, Jan. 2 (Korea Bizwire) – Starting Monday, consumers will have more options available when they search for car insurance on Boheom Damoa (e-insmarket.or.kr), a comparison website for various insurance products (including car, health, travel, etc.).  According to the Financial Services Commission, the website, which in the past only allowed insurance premium comparisons for domestic [...]

Flextime Grows in Popularity among Local Banks

Flextime Grows in Popularity among Local Banks

SEOUL, Dec. 26 (Korea Bizwire) – The implementation of flextime – a workplace arrangement that allows employees to choose their working hours – is quickly expanding across the local banking industry.  KB Kookmin Bank currently has 45 branches that have adopted a flextime system, allowing employees to delay their work hours by an hour or [...]

Insurers Bolster Capital to Brace for New Rules

Insurers Bolster Capital to Brace for New Rules

SEOUL, Dec. 26 (Korea Bizwire) – Major insurance companies in South Korea are increasing their capital to prepare for new accounting rules set to take effect next year and more U.S. rate hikes, industry sources said Monday.  Local insurance companies are estimated to expand their capital by a combined 1.41 trillion won (US$1.17 billion) this [...]

S. Korea to Ease Rule on Banks’ Capital Adequacy Ratio

S. Korea to Ease Rule on Banks’ Capital Adequacy Ratio

SEOUL, Dec. 19 (Korea Bizwire) – South Korea will relax a regulation on the capital ratio of local banks this week in a move to reduce their financial burden, the country’s finance regulator said Monday.  The Financial Services Commission (FSC) will allow them to designate their loan-loss reserves as common capital stock under the revised [...]