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Experts Anticipate Boom in Pet Insurance Market Following Stricter Animal Registration Policies

Experts Anticipate Boom in Pet Insurance Market Following Stricter Animal Registration Policies

SEOUL, Sept. 18 (Korea Bizwire) — Following an announcement from the government that animal registration policy will be subject to stricter implementation, experts are anticipating an increase in demand for pet insurance. The Ministry of Agriculture, Food and Rural Affairs announced on Tuesday that it will come up with stricter animal-related regulations to ensure implementation [...]

Securities Companies Do Away with Formal Work Attire

Securities Companies Do Away with Formal Work Attire

SEOUL, Sept. 11 (Korea Bizwire) — There is a wave of change at South Korean securities companies, which used to be represented by business suits and formal dress. Allowing casual wear and the liberalization of dress codes is starting at some brokerages. Shinhan Investment Corp., has decided to simplify the attire of its branch tellers [...]

Major Bank Experiments with Flexible Work Hours via Digital Office Initiative

Major Bank Experiments with Flexible Work Hours via Digital Office Initiative

SEOUL, Sept. 10 (Korea Bizwire) — One of Korea’s largest banks is seeking to innovate its work environment through a new flexible work-hour system. KB Kookmin Bank has been running a “KB Digital Office” system since mid-August that has enabled employees to call it a day from wherever their last meeting is, according to financial [...]

S. Korea’s Internet Banking Transactions Surge to Record High in 2018

S. Korea’s Internet Banking Transactions Surge to Record High in 2018

SEOUL, Sept. 10 (Korea Bizwire) — The number and value of daily banking transactions via the internet climbed to new highs last year, with internet banking accounting for more than half of all bank transactions for the first time in history, central bank data showed Tuesday. The average number of daily transactions processed via the [...]

New Savings Accounts Combine High Interest and Travel Benefits

New Savings Accounts Combine High Interest and Travel Benefits

SEOUL, Sept. 5 (Korea Bizwire) — Recently, commercial banks have been offering a series of “travel-themed” installment savings products. Subscribing to related products has become popular as account holders can receive airline mileage or travel-related benefits along with basic interest at maturity. On Wednesday, KEB Hana Bank unveiled its one-year installment savings product “My Trip,” [...]

Regulator to Ease Investment Rules on Financial Firms for Fintech Sector

Regulator to Ease Investment Rules on Financial Firms for Fintech Sector

SEOUL, Sept. 4 (Korea Bizwire) — South Korea’s financial regulator said Wednesday it will ease some rules on financial firms investing in fintech firms, as part of its effort to promote the fintech industry. The new guideline, unveiled by the Financial Services Commission (FSC), will expand the scope of fintech firms for which financial firms’ [...]

Internet Insurance Market Grows as Naver and Kakao Launch Products

Internet Insurance Market Grows as Naver and Kakao Launch Products

SEOUL, Jul. 31 (Korea Bizwire) — The Internet insurance market is heating up as Naver, Korea’s largest Internet portal operator, recently announced its plan to jump into the financial industry. South Korea’s top internet portal operator Naver Corp., which has established a separate subsidiary that specializes in providing financial services, aims to provide various financial [...]

S. Korea Sees Limited Impact from Japanese Savings Banks Scaling Back Operations

S. Korea Sees Limited Impact from Japanese Savings Banks Scaling Back Operations

SEOUL, Jul. 29 (Korea Bizwire) — South Korea’s financial watchdog said Monday that there will be limited impact if Japanese savings banks operating here scale back their exposure amid an escalating trade row between the two nations. The value of outstanding loans extended by four Japanese savings banks in South Korea, including SBI Savings Bank [...]

Innovative Pet Insurance Plan Offers Point System for Health Goals

Innovative Pet Insurance Plan Offers Point System for Health Goals

SEOUL, Jul. 26 (Korea Bizwire) — Insurance services will provide point benefits on a trial basis within this year if companion animals achieve their target health goals. The Financial Services Commission (FSC) said Thursday it has designated five more innovative financial services, including point benefits for companion animals. To that end, insurtech startup SmallTicket will [...]

Regulator OKs Upping Kakao’s Stake in Internet Bank

Regulator OKs Upping Kakao’s Stake in Internet Bank

SEOUL, Jul. 24 (Korea Bizwire) — Kakao Corp., the operator of South Korea’s leading messenger app Kakao Talk, got a nod from the country’s financial regulator Wednesday to raise its stake in the Internet-only bank Kakao Bank. Kakao Bank, the country’s second Internet-only bank, began operations in July 2017 and quickly gained popularity among local [...]