SEOUL, Feb. 15 (Korea Bizwire) – As the appeal of car insurance comparison and recommendation services wanes, industry insiders are turning their gaze towards pet insurance as the next promising market. Amid the growing trend of value-seeking consumers in a high-cost economy, pet insurance is emerging as a new focal point for financial tech services. Notably, [...]
SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s financial regulator said Wednesday it will make it easier for regional lenders to become nationwide commercial banks, in a move aimed at promoting competition in the banking sector. “The government announced on July 5, 2023, that it will seek to promote the transition of local banks to [...]
SEOUL, Dec. 5 (Korea Bizwire) – Smartphone users in South Korea will be able to use bank deposits and withdrawal services with QR codes starting this week in addition to the existing near field communications (NFC) system, the central bank said Tuesday. According to the Bank of Korea, 17 local banks will start providing a [...]
SEOUL, Nov. 20 (Korea Bizwire) – South Korean banks’ net profit rose sharply from a year earlier in the third quarter on an increase in interest income, preliminary data showed Monday. The combined net profit of 20 banks in the July-October period came to 5.4 trillion won (US$4.15 billion), up 38.2 percent from a 4.2 [...]
SEOUL, Nov. 10 (Korea Bizwire) – The government is poised to announce a series of measures later this year to break the monopoly held by banks as they have been raking in record profits from interest income, according to sources from the presidential office on Friday. This decision follows President Yoon Suk Yeol’s strong criticism [...]
SEOUL, Nov. 10 (Korea Bizwire) – Five major commercial banks have been considering issuing a syndicated loan to help finance South Korean companies’ arms export to Poland, an industry source said Friday. Last year, South Korean companies secured major deals worth 17 trillion won (US$12.9 billion) to supply K2 tanks, K9 self-propelled howitzers, FA-50 light [...]
SEOUL, Oct. 23 (Korea Bizwire) – In the current bond purchasing trend, individual investors are transitioning from bonds with maturities exceeding 10 years to short-term bonds with maturities of less than one year. As interest rates surge and bond prices decline, driven by the Federal Reserve’s indication of a prolonged tightening stance, individual investors are displaying [...]
SEOUL, Oct. 17 (Korea Bizwire) – Thanks to the invigoration of fintech companies’ loan comparison services, it is estimated that non-banking financial institutions have reduced their annual commission burden by more than 10 billion won. According to the parliamentary inspection data submitted by the Financial Supervisory Service on Monday, the average commission rate that the nation’s five [...]
SEOUL, Oct. 16 (Korea Bizwire) – Recently, online banks have been striving to attract more depositors by offering unique savings accounts. These accounts include options like “idol support passbooks” and “group savings accounts for managing contributions.” Low-cost deposits typically refer to accounts like money market deposit accounts (MMDAs), often known as “free deposit and withdrawal” accounts, which [...]
SEOUL, Oct. 10 (Korea Bizwire) – Recent statistics show that premiums paid by customers for storm and flood damage insurance, providing protection against weather-related disasters such as typhoons, floods, and earthquakes, have seen an increase. However, the claim payout rates offered by insurers have remained static. According to data presented by the Financial Supervisory Service (FSS) [...]