SEOUL, Oct. 1 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it has discovered 790 suspected cases of improper sales of derivatives linked to overseas interest rates that carry the risk of losing nearly all the money invested in them. Announcing an interim outcome for its 40-day probe into banks and brokerages that sold [...]
SEOUL, Sept. 26 (Korea Bizwire) — Accumulated peer-to-peer (P2P) loans in South Korea have surpassed 6 trillion won (US$5 billion), data showed Thursday. Outstanding P2P loans extended by 220 companies stood at 6.2 trillion won in June, compared with 4.7 trillion won at the end of last year, according to the data compiled by the [...]
SEOUL, Sept. 25 (Korea Bizwire) — Insurance policy-backed loans grew more than 20 percent over the past three years, data showed Wednesday, indicating that more people took out loans despite the risk of canceling insurance schemes before maturity amid a slowing economy. According to the data compiled by the Financial Supervisory Service, insurers’ outstanding policy [...]
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 [...]
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 [...]
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 [...]
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 [...]
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,” [...]
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’ [...]
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 [...]