SEOUL, May 20 (Korea Bizwire) — Following the enactment of a new provision that enables value appreciation of chattel mortgages, for items such as factory machinery, when Internet of Things (IoT) systems are in place to manage them, South Korean banks are offering various IoT-based mortgage loan products and services. The Korea Federation of Banks [...]
SEOUL, May 20 (Korea Bizwire) — Kakaopay Corp. said Monday that it will expand its offline payment business to solidify its status as South Korea’s leading fintech service platform provider. Kakaopay said it plans to launch its own application within this year so that more users can use credit cards through the one-click payment system [...]
SEOUL, May 15 (Korea Bizwire) — Hana Financial Group Inc., a major South Korean banking group, said Wednesday it has won an international arbitration suit against U.S. buyout group Lone Star over its purchase of KEB Hana Bank, formerly known as Korea Exchange Bank. Lone Star filed the suit at the International Court of Arbitration [...]
SEOUL, May 14 (Korea Bizwire) — South Korean financial firms plan to spend a total of 585 billion won (US$492 million) this year to adopt new technologies, such as artificial intelligence and big data analytics, data showed Tuesday. The planned spending reflects efforts by financial authorities to take deregulatory actions and cut red tape to [...]
SEOUL, May 13 (Korea Bizwire) — Investments in South Korean startups grew at a record pace in 2018, outstripping gains in the United States and China, data showed Monday. South Korean startups attracted a combined US$4.5 billion last year, up a whopping 106 percent from the previous year, according to the data from the Korea [...]
SEJONG, May 13 (Korea Bizwire) — POSCO Engineering & Construction Co., the construction arm of South Korea’s leading steelmaker, POSCO, had the highest number of workplace fatalities among local builders last year, government data showed Monday. The Ministry of Land, Infrastructure and Transport said 10 workers died at construction sites run by POSCO E&C after [...]
SEOUL, May 13 (Korea Bizwire) — South Korea’s market for promissory notes issued by mega investment banks (IBs) is expected to grow sharply this year to top the 10 trillion won (US$8.5 billion) mark, industry sources said Monday. The outstanding value of promissory notes floated by two mega IBs — Korea Investment & Securities Co. [...]
SEOUL, May 7 (Korea Bizwire) — Two South Korean banks have stopped offering settlement services for trade with Iran in line with U.S. economic sanctions on Tehran, industry sources said Tuesday. Last week, Woori Bank and the state-run Industrial Bank of Korea (IBK) suspended won-denominated accounts held by the Central Bank of Iran (CBI) for [...]
SEOUL, May 2 (Korea Bizwire) — Samsung Electronics Co. is expected to bounce back from its first-quarter earnings shock from the third quarter of this year thanks to a recovery in chip demand, analysts said Thursday. Samsung’s net profit nose-dived 57 percent on-year to 5.04 trillion won (US$4.3 billion) in the January-March period, the lowest [...]
SEOUL, Apr. 26 (Korea Bizwire) — Yoon Hwan was on cloud nine last year when his girlfriend said “yes” after he popped the question. He envisioned a happy future full of precious moments with his wife and children. But that euphoria quickly gave way to a heavy heart when his dream was deflated by a [...]