SEOUL, Oct. 17 (Korea Bizwire) — The value of daily money transfers via mobile payment apps in South Korea surpassed 200 billion won (US$168.6 million) in the first half of the year, central bank data showed Thursday, as more people used smartphones for financial services. The value of daily money transfers via smartphone apps, such [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it received applications from three consortia, including one led by a fintech firm, for a license to set up a new internet-only bank. Fintech firm Viva Republica led one consortium, which included KEB Hana Bank, Hanwha Investment & Securities and the Korean unit [...]
SEOUL, Oct. 14 (Korea Bizwire) — While the private equity (PE) market has grown at a fast pace since deregulation in 2015, a number of problems have been exposed. According to Korea Financial Investment Association on Sunday, private equity funds (PEFs) are valued at 394.95 trillion won (US$333.2 billion), an all-time record. This year alone, [...]
SEOUL, Oct. 14 (Korea Bizwire) — High-risk financial instruments that are designed to bet on Hong Kong’s stock market need to be carefully monitored amid concerns about potential losses, as massive democracy protests there have wobbled financial markets, an industry source said Monday. At the end of September, the outstanding amount of equity-linked trusts (ELTs) [...]
SEOUL, Oct. 14 (Korea Bizwire) — More than half of all commercial bank account savings are stored in the accounts of the top 1 percent. According to a report the Financial Supervisory Service submitted to Rep. Lee Tae-kyu, commercial bank account savings in South Korea had reached 623 trillion won (US$525 billion) as of July [...]
SEOUL, Oct. 13 (Korea Bizwire) — South Korea’s national pension fund saw the value of its stock holdings in 10 major conglomerates increase more than 16 percent in the first nine months, driven by gains in Samsung, Hyundai and SK affiliates, a market tracker said Sunday. The total value of stocks in the top 10 [...]
SEOUL, Oct. 11 (Korea Bizwire) — The construction segment, traditionally considered to be somewhat conservative and manpower-reliant, is bracing for a change with more and more tech startups in queue to instill a new breath into the industry — digitalization that could boost efficiency and productivity. According to data from the Korea Institute of Startup [...]
SEOUL, Oct. 8 (Korea Bizwire) — Nearly three out of every 100 households in South Korea may be unable to repay their debt in case of a sudden change to their income or the value of their assets, central bank data showed Tuesday. According to the Bank of Korea (BOK), the number of households with [...]
SEOUL, Oct. 8 (Korea Bizwire) — KEB Hana Bank, a major South Korean commercial bank, has withdrawn from a consortium led by brokerage Kiwoom Securities that is expected to submit a bid for a license to set up an internet-only bank, an industry source said Tuesday. The consortium led by Kiwoom Securities was one of [...]
SEOUL, Oct. 7 (Korea Bizwire) — Fewer South Koreans are filing for personal bankruptcy, with the notable exception of those in their 20s, the only age group for which bankruptcies are actually increasing. The Supreme Court reported to Rep. Kim Byung-wook that the number of personal bankruptcies among 20-somethings increased from 691 cases in 2015 [...]