Banking & Insurance Archives | Be Korea-savvy

Archive by category Banking & Insurance

Banks Use AI to Manage Assets and Conduct HR Operations

Banks Use AI to Manage Assets and Conduct HR Operations

SEOUL, Feb. 16 (Korea Bizwire) — Artificial intelligence (AI) and machine learning technology are altering the landscape of the banking industry. This year, Shinhan Bank has set out on building infrastructure for ‘digital innovation banks’ where customer services will be replaced with AI technology. These offices will replace staff with AI bankers, who will be [...]

Non-life Insurers Speed Up Digitalization to Fend Off Kakao

Non-life Insurers Speed Up Digitalization to Fend Off Kakao

SEOUL, Jan. 21 (Korea Bizwire) — The sense of crisis felt by South Korea’s general insurance companies is growing as internet giant Kakao Corp. is pushing to establish the nation’s third digital general insurance company. Against this backdrop, existing insurance companies are accelerating efforts to speed up their digitalization. Hanwha General Insurance Co. introduced the [...]

Kakao Pay Applies for Preliminary Approval for Digital Non-life Insurance Business

Kakao Pay Applies for Preliminary Approval for Digital Non-life Insurance Business

SEOUL, Jan. 5 (Korea Bizwire) — Kakao Pay Corp., South Korea’s No. 1 mobile payment service provider, said Monday that it took its first step into the insurance market by applying for preliminary approval for a digital non-life insurance service. Kakao Pay aims to obtain final approval and launch the digital non-life insurance business by [...]

Banks to Verify Authenticity of Customers’ Passports Presented as ID in Real Time

Banks to Verify Authenticity of Customers’ Passports Presented as ID in Real Time

SEOUL, Dec. 27 (Korea Bizwire) — South Korean banks plan to introduce a new service to check the authenticity of its customers’ passports used as an identification method, officials said Sunday. The verification system will be available in 12 local banks starting from Monday and will expand to other banks and savings banks next year, [...]

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 [...]