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Archive by category Financial Market

Rise of Loan Comparison Platforms Leads to Reduction in Commission Burden for Non-Banking Financial Institutions

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 [...]

Online Banks Innovate with Unique Savings Accounts While Balancing Profits and Purpose

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 [...]

Foreign Investors Shift to Net Selling of South Korean Stocks for 15 Consecutive Sessions

SEOUL, Oct. 15 (Korea Bizwire) – Foreign investors have dumped South Korean stocks for 15 consecutive trading days, the longest streak logged since 2020, according to the bourse operator Sunday. Foreigners offloaded a net 2.5 trillion won (US$1.8 billion) on the benchmark Korea Composite Stock Price Index (KOSPI) from Sept. 18 to last Friday, according [...]

IMF Holds Steady on 2023 Growth Forecast for South Korea at 1.4%

SEOUL, Oct. 10 (Korea Bizwire) – The International Monetary Fund (IMF) maintained its 2023 growth outlook for South Korea at 1.4 percent Tuesday but revised down the forecast for next year amid a global economic slowdown. The organization’s latest projection for 2023 is the same as its forecast made in July when it slashed the [...]

Rising Premiums, Stagnant Payouts: Challenges and Profits in Disaster Damage Insurance

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) [...]

Bank and Insurance Employment Declines by Nearly 10,000 Since the End of 2018

SEOUL, Oct. 8 (Korea Bizwire) – The number of employees at banks and insurance companies dipped by nearly 10,000, data showed Sunday. Bank jobs totaled at 116,582 as of June, down from 122,531 from the end of 2018, according to the Financial Supervisory Service statistics released by Rep. Yun Chang-hyun of the ruling People Power [...]

2023 Sees Surge in Insider Stock Ownership Among Conglomerates

SEOUL, Oct. 3 (Korea Bizwire) – Insider stock ownership at South Korea’s family-run conglomerates rose in 2023 from a year earlier, data showed Tuesday, as more founding members sought to tighten their grip on management. The insider stock ownership rate of 72 conglomerates that have group owners reached 61.2 percent this year, up 1.3 percentage [...]

Data Reveals 70 pct Greater Household Assets in Capital Areas Compared to Non-Metropolitan Regions

SEOUL, Sept. 30 (Korea Bizwire) – Assets held by South Korean households in Seoul and the surrounding metropolitan areas were some 70 percent larger than those owned by households in the non-metropolitan regions, data showed Saturday. The average per-household assets in Seoul, the western city of Incheon and the surrounding Gyeonggi Province came to 692.46 [...]

Hana Financial Signs MOU with Saudi Arabia’s EXIM Bank to Expand Cooperation

SEOUL, Sept. 26 (Korea Bizwire) — Hana Financial Group said Tuesday it has signed a preliminary agreement with Saudi Arabia’s Export-Import Bank (EXIM) to expand financial cooperation and support South Korean companies participating in Saudi Arabia’s national project. Hana signed a memorandum of understanding with the EXIM bank at the headquarters of Saudi Arabia’s National [...]

OECD Maintains South Korea’s 2023 Growth Outlook at 1.5%

SEOUL, Sept. 19 (Korea Bizwire) – The Organization for Economic Cooperation and Development (OECD) on Tuesday maintained South Korea’s growth outlook and inflation forecast for 2023 at 1.5 percent and 3.4 percent, respectively. The latest figure is just above a 1.4-percent growth projection suggested by the South Korean government in July. The Paris-based organization had [...]