SEOUL, Jun. 18 (Korea Bizwire) — Starting as early as the latter half of the year, consumers who have taken out bank loans will be able to request information from banks as to how their interest rates are being calculated. In addition, a detailed breakdown of interest rates for each bank to be publicly announced [...]
SEOUL, Jun. 14 (Korea Bizwire) — South Korean banks have stepped up preparations for a possible resumption of economic projects in North Korea, as a historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un raised hopes of more reconciliation between Seoul and Pyongyang. After about five hours of talks in Singapore [...]
SEOUL, May 29 (Korea Bizwire) — Starting in the second half of the year, pet shops will be allowed to sell insurance policies for pets, while online shopping malls will be able to sell travel and leisure insurance. The Financial Services Commission said that the revised bill on insurance sales had passed in a meeting [...]
SEOUL, May 21 (Korea Bizwire) — As the South Korean population slowly ages, the number of elderly investors over 65 are also on the rise in the finance industry. According to a report released on Saturday by the Financial Supervisory Service, 23.6 percent (23.5 trillion won) of the total funds offered by financial institutions (99.9 [...]
SEOUL, May 21 (Korea Bizwire) — South Korean banks are redoubling efforts to tap into possible business opportunities in North Korea in the wake of a recent thaw in inter-Korean relations, sources said Monday. The two Koreas held a historic summit in late April, adopting a joint declaration that focuses on working toward a complete [...]
HANOI, May 18 (Korea Bizwire) — The race is on between domestic banks to venture into the Vietnamese market, which has been dubbed the ‘post-China’ economy. The growth rate of the Southeast Asian nation has continued to be high at 6 percent over the last few years, and over 6,500 Korean firms have already entered [...]
SEOUL, May 9 (Korea Bizwire) — An insurance policy that covers individuals with current illness, regardless of its gravity, and former patients with previous treatment records has reached over 50,000 subscriptions within a month of its release. According to research results announced by the Financial Service Commission yesterday, seven insurance companies sold a total of [...]
SEOUL, May 2 (Korea Bizwire) — The government will actively consider granting a license to set up the nation’s third Internet-only bank, as part of its efforts to ease entry barriers to the financial sector, officials said Wednesday. Financial Services Commission (FSC) Vice Chairman Kim Yong-beom unveiled a series of measures to soften regulations in [...]
SEJONG, Apr. 30 (Korea Bizwire) — Nonregular workers in South Korea have seen their wages rise nearly 30 percent over the past decade, but the increase has almost been offset by inflation, data showed Sunday. The gross monthly wages of temporary workers in Asia’s fourth-largest economy stood at 1.51 million won (US$1,410) as of the [...]
SEOUL, Apr. 26 (Korea Bizwire) — Telemarketers selling insurance over the phone will now have to pace their explanations at a certain speed to ensure consumer protection, one of many other new measures crafted by the Financial Supervisory Service (FSS). The FSS, drawing upon the expertise of external professionals to identify 177 specific tasks, created [...]