SEOUL, Mar. 21 (Korea Bizwire) — The government has announced a series of reforms to boost the South Korean financial technology industry, which could see brand new products including artificial intelligence-based insurance products introduced. The plans revealed by the Financial Services Commission (FSC) on Tuesday revealed a number of new financial products, including insurance products based [...]
SEOUL, March 8 (Korea Bizwire) — South Korean consumers are increasingly pulling out their debit cards to make purchases, thanks in part to the income tax deductions their use engenders and attractive loyalty programs, new data from the Bank of Korea (BOK) has revealed. According to the report released by the BOK on Tuesday, spending on [...]
SEOUL, Mar. 5 (Korea Bizwire) — Chinese investors turned net buyers of South Korean stocks in 2017 as Seoul and Beijing mended fences after a row over an advanced U.S. missile shield, data showed Monday. Investors from the neighboring country bought a net 388 billion won (US$358 million) worth of South Korean stocks last year, [...]
SEOUL, Feb. 28 (Korea Bizwire) — South Korea’s central bank is expected to raise its key interest rate in May or July in an effort to cope with rising U.S. rates, analysts said Wednesday. In a widely expected move, the monetary policy board of the Bank of Korea (BOK) held the base rate steady at [...]
SEOUL, Feb. 23 (Korea Bizwire) — South Korea’s short-term foreign debt rose sharply last year, with its ratio to the total reaching a five year high, the finance ministry said Friday. The country’s total external debt stood at US$418.8 billion at the end of last year, up $34.7 billion from a year ago, according to [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea will expand investment in food and agriculture companies with good growth potential to help tide them over during the challenges of their early development, the farm ministry said Monday. The Ministry of Agriculture, Food and Rural Affairs said it will create a fund worth 50.5 billion (US$47.2 [...]
SEOUL, Feb. 19 (Korea Bizwire) — Money pouring into stock market funds reached new record highs as of late last month, on the strength of the recent market rally, financial data showed Sunday. The total held by investor deposits, money for derivatives trading, repurchase agreements (RP) account receivables for consignment, credit loans for stock investment [...]
SEOUL, Jan. 30 (Korea Bizwire) – South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities. The real-name trading system is also part of the government’s latest measures to curb speculative investment [...]
SEOUL, Jan. 29 (Korea Bizwire) — Stock values for stakeowners of biopharmaceutical companies nearly doubled over the past year, with Celltrion leading the pack, data showed Sunday. According to Chaebul.com, which tracks corporate records, 32 people each owned more than 100 billion won (US$93.76 million) worth of shares in biopharmaceutical firms as of Friday’s closing. [...]
SEOUL, Jan. 24 (Korea Bizwire) — The amount of crowdfunding in South Korea soared about 60 percent last year, data showed Wednesday, signaling the platform grew as an effective financing option for startups. According to the data by the Financial Services Commission (FSC), 183 companies raised a combined 27.8 billion won (US$25.9 million) last year, [...]