SEOUL, Sept. 15 (Korea Bizwire) — South Koreans’ use of internet banking services grew 6.9 percent in the first half of this year from six months earlier as customers preferred financial services through mobile devices, central bank data showed Thursday. The daily use of online banking services, including mobile banking, reached 18.82 million cases in [...]
SEOUL, Sept. 15 (Korea Bizwire) — Amid the upward trend in interest rates, South Korean banks have released a string of high interest rate deposit and installment savings products. Such products, however, have complicated preferential conditions, making it difficult for depositors to receive the highest interest rate. Welcome Savings Bank, for instance, released a 12-month [...]
SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s financial holding firms saw their combined net profit jump 7.9 percent in the first half this year primarily due to higher interest income, data showed Tuesday. The combined net profit of KB Financial, Shinhan Financial and eight other financial holding firms stood at 12.41 trillion won (US$9.08 [...]
SEOUL, Aug. 31 (Korea Bizwire) — Toss Bank, one of the country’s internet-only banking services, on Wednesday said it suffered a massive loss in the first half of the year due to increased loan-loss reserves and other costs. Net loss came to 124.3 billion won (US$92.7 million) on a consolidated basis in the January-June period, [...]
SEOUL, Aug. 29 (Korea Bizwire) — An increasing number of financial institutions are replacing redundant work with automation robots to improve work efficiency. The Korea Technology Finance Corp. (KOTEC) is applying Robotic Process Automation (RPA) technology for its entire in-house operations. The KOTEC introduced RPA in 2019 and started automation from simple clerical work such [...]
SEOUL, Aug. 23 (Korea Bizwire) — South Korea’s financial regulator said Tuesday that the recent disclosure of local banks’ lending-deposit interest rate differences will enhance transparency in their operation and provide customers with better choices in selecting products. Starting Sunday, the Korea Federation of Banks started to allow visitors on its website to know and [...]
SEOUL, Aug. 23 (Korea Bizwire) — Insurance agencies and planners have voiced strong opposition to big tech companies’ entry into the insurance sales business, criticizing it as an infringement of their commercial rights. The Insurance Agency Association and the Labor Union Solidarity for Insurance Planners held a joint press conference in front of the presidential [...]
SEOUL, Aug. 18 (Korea Bizwire) – South Korean banks saw their net profit decline 9.9 percent on-year in the first half as their non-interest income shrank, data showed Thursday. Their combined net income came to 9.9 trillion won (US$7.5 billion) in the January-June period, compared with a profit of 11 trillion won tallied a year [...]
SEOUL, Aug. 16 (Korea Bizwire) — South Korean online lender K-Bank said Tuesday it posted the strongest performance for any first half on increased interest revenue. K-Bank’s first-half net income stood at 45.7 billion won (US$34.9 million), far beyond the 22.5 billion won annual net profit of last year and marking the highest first-half earnings [...]
SEOUL, Aug. 15 (Korea Bizwire) — A local bank’s refusal to open an account for a foreigner with a long name is discriminatory, South Korea’s human rights watchdog said Monday. The move came 13 months after a foreigner filed a petition with the National Human Rights Commission of Korea for being rejected by the bank [...]