SEOUL, Dec. 9 (Korea Bizwire) — Major local banks have been offering or plan to offer voluntary retirement programs to their workers as part of restructuring efforts amid a greater application of digital-driven technology, industry sources said Sunday. Nonghyup Bank announced a voluntary retirement program last month. A total of 610 employees applied for the [...]
SEOUL, Dec. 7. (Korea Bizwire) — The financial regulator has eased a rule that will allow financial firms to use personal credit information through a cloud computing service from next year, officials said Friday. So far, financial firms have been allowed to use cloud computing services on businesses that are not related to customers’ information [...]
SEOUL, Dec. 4 (Korea Bizwire) – The South Korean government’s plan to reduce credit card transaction fees for smaller business owners will affect the bottom line of local card firms, a global ratings agency has said. Late last month, the government announced its plans to expand the number of business owners eligible for preferential credit [...]
SEOUL, Dec. 4 (Korea Bizwire) — Kakao Pay announced on Monday that it will be adding a ‘sprinkle’ service using its money-wiring function. The ‘sprinkle’ service allows a user to share a certain amount of money with their friends in a KakaoTalk chatroom. The user first selects the number of recipients and the amount of [...]
SEOUL, Nov. 30 (Korea Bizwire) — Households may have to cope with higher mortgage rates as the Bank of Korea (BOK) raised its key interest rate for the first time in a year, market watchers said Friday. In a widely anticipated move to cool property prices, the BOK lifted its key rate by 25 basis [...]
SEOUL, Nov. 21 (Korea Bizwire) – The financial regulator said Wednesday it will allow financial institutions to use non-financial information for their credit evaluation of an individual who applies for a loan. Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks as the ruling Democratic Party and the government announced a set [...]
SEOUL, Nov. 20 (Korea Bizwire) — A recent study suggests that 4 out of 10 life planners in South Korea may lose their jobs once employment insurance becomes mandatory for employees with jobs categorized as “special type of labor” in South Korea. Lee Ji-man, a professor at Yonsei University, will be presenting the details of [...]
SEOUL, Nov. 15 (Korea Bizwire) — The turnover rate of deposits in South Korea hit a near 32-year low in September, central bank data showed Thursday, indicating that money circulation is clogged in Asia’s fourth-largest economy. The turnover rate of demand deposits came to 16.4 times for September, the lowest since January 1987, when the [...]
SEOUL, Nov. 1 (Korea Bizwire) — With an influx of commercial insurance companies eying the pet industry for a piece of the pie, whether to include unregistered pets in insurance policies has become a major issue among animal lovers. Since the market for pet insurance policies is still in its early stages, there are conflicting [...]
SEOUL, Oct. 31 (Korea Bizwire) — In the near future, blockchain technology will be incorporated into real estate databases, allowing users to gain access to relevant official documents without having to submit physical certifications. The Ministry of Land, Infrastructure and Transport and the Ministry of Science and Technology yesterday revealed plans to create a real [...]