SEOUL, Aug. 21 (Korea Bizwire) – Security loopholes have been found in the newly launched South Korean internet-only bank Kakao Bank, as a number of cases of identity theft have been reported to the company. According to Kakao Bank on Sunday, up to ten reports were filed after users found out either a bank account [...]
SEOUL, Aug. 17 (Korea Bizwire) – Foreign currency deposits held by banks operating in South Korea rose in July from a month earlier as exporters increased their deposits of dollar-denominated earnings, central bank data showed Thursday. Outstanding foreign currency deposits held by local lenders, domestic and foreign, reached US$69.11 billion in July, up $5.5 billion [...]
SEOUL, Aug. 14 (Korea Bizwire) - Citibank will face disciplinary action after a leak of its “A+ Check Card” security data caused domestic card holders to suffer losses. The leak was traced to online payments service Paypal, which was hit by a BIN attack. Denoting the first six numbers of a check or credit card’s number, the [...]
SEOUL, Aug. 9 (Korea Bizwire) — K-Bank, South Korea’s first Internet-only bank, said Wednesday it has raised its deposit rate, in an apparent bid to fend off its competitor, Kakao Bank. K-Bank increased the rate it offers on a 1-year time deposit by 10 bps to 2.1 percent, compared with 2 percent offered by Kakao [...]
SEOUL, Aug. 3 (Korea Bizwire) – Kakao Bank, South Korea’s second Internet-only bank, said Thursday it has attracted over 1.5 million accounts during the first week of operation, far outpacing the growth of its competitor and traditional banks. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, started operations on July [...]
SEOUL, Aug. 2 (Korea Bizwire) – South Korea’s top financial regulator on Wednesday urged banks and other financial institutions to tighten screenings of applications for home mortgages in a move to block speculative demand for homes before the government’s stricter lending rules go into force. Financial Services Commission (FSC) Chairman Choi Jong-ku made the remarks at [...]
SEOUL, Aug. 1 (Korea Bizwire) — With the likes of Kakao Bank and K-Bank stirring up a storm in the South Korean banking industry, traditional banks are flocking to recruit IT professionals to jump on the online bandwagon. Following the success of online-only banks in recent months that seems to be reshaping the landscape of [...]
SEOUL, Aug. 1 (Korea Bizwire) — The Internet-only Kakao Bank has succeeded in starting big, gaining over 1 million clients in just five days following its launch, but how the initial clients are using the service suggests there is room for improvement, industry watchers said Tuesday. Kakao Bank outdid four-months-old K-Bank, the country’s first Internet-only [...]
SEOUL, Jul. 28 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Friday it attracted over 300,000 accounts during the bank’s first day of operations, far outpacing the growth of its competitor and traditional banks. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, started operations Thursday, in the [...]
SEOUL, Jul. 26 (Korea Bizwire) — South Korea’s second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation’s banking sector suffering from weaker growth. The planned launch of Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, came after [...]