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Kakao Pay Moves to Rapidly Compensate Victims of Identity Theft

Kakao Pay Moves to Rapidly Compensate Victims of Identity Theft

SEOUL, July 6 (Korea Bizwire) – Kakao Pay, a mobile payment platform operated by South Korean IT behemoth Kakao Corp., will be introducing a more customer-friendly policy in the event of identity theft, which is on the rise as consumer payment patterns shift online. According to sources knowledgeable with the company, Kakao Pay will offer [...]

S. Korea’s Gold Bourse Turnover Hits New Record High amid Virus Pandemic

S. Korea’s Gold Bourse Turnover Hits New Record High amid Virus Pandemic

SEOUL, July 5 (Korea Bizwire) – South Korea’s gold turnover reached an all-time high in the first half of 2020 as investors flocked to safer assets amid the coronavirus pandemic around the globe, data showed Sunday. The combined turnover on the gold bourse stood at 710 billion won (US$591 million) over the January-June period, exceeding [...]

Investment Funds Suffer Cash Outflow as Retail Investors Rush to Market

Investment Funds Suffer Cash Outflow as Retail Investors Rush to Market

SEOUL, June 28 (Korea Bizwire) — Investment funds in South Korea are suffering from a large outflow of cash in a sharp contrast to rising direct investment by individuals, financial industry data showed Sunday. Some 1,863 investment funds had 86.5 trillion won (US$71.8 billion) in assets under management as of Thursday, down 12.97 trillion won [...]

Dollar-denominated Deposits at Banks Rise 30 pct over Pandemic

Dollar-denominated Deposits at Banks Rise 30 pct over Pandemic

SEOUL, June 14 (Korea Bizwire) — U.S. dollar-denominated deposits at South Korean banks have risen nearly 30 percent since February as investors have chased after safer assets amid the new coronavirus outbreak, industry data showed Sunday. Outstanding dollar deposits at five local banks reached US$47 billion as of Thursday, up 28 percent from $36.6 billion [...]

KOSPI Valuation Hits Highest Level Since 2002

KOSPI Valuation Hits Highest Level Since 2002

SEOUL, June 8 (Korea Bizwire) — South Korea’s main stock index hit the highest level in valuation since 2002, highlighting stock prices’ roller-coaster gains compared with the actual earnings of the pandemic-hit companies, analysts said Monday. The price-to-earnings ratio (PER) of the benchmark Korea Composite Stock Price Index (KOSPI) stood at 25, the highest since [...]