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Equity Crowdfunding Emerges as New Investment Trend

Equity Crowdfunding Emerges as New Investment Trend

SEOUL, April 14 (Korea Bizwire) – Crowdfunding was a rather alien concept in South Korea up until 2015, when a revision to the Capital Market Act was passed by the National Assembly, paving the way for a practice called equity crowdfunding.  Unlike reward-based crowdfunding, which compensates sponsors with different prizes, equity crowdfunding allows the investor [...]

Online Shopping Sites Suffer Consecutive Losses in 2016

Online Shopping Sites Suffer Consecutive Losses in 2016

SEOUL, April 14 (Korea Bizwire) – South Korea’s online shopping site operators continued to report operating losses last year from a year earlier, as more market competition hurt their profitability, regulatory data showed Friday. Coupang Inc. suffered a combined operating loss of 560 billion won (US$490.8 million) in the January-December period of 2016 compared with [...]

Citibank Korea to Close 80 Pct of Its Branches

Citibank Korea to Close 80 Pct of Its Branches

SEOUL, April 14 (Korea Bizwire) – Citibank Korea, the South Korean unit of Citigroup Inc., said Thursday it will offer financial services via online channels while closing about 80 percent of its physical branches in South Korea. Citibank, which recently announced a plan to reduce the number of physical branches to 32 from 133 in the country, has said it won’t slash staff, despite ongoing restructuring measures. Instead, about 800 workers at the branches facing closure will be relocated to either [...]

Main Creditor Open for Negotiations with NPS on Daewoo Shipbuilding

Main Creditor Open for Negotiations with NPS on Daewoo Shipbuilding

SEOUL, April 13 (Korea Bizwire) – The state-run main creditor of Daewoo Shipbuilding & Marine Engineering Co. said Thursday it is willing to negotiate with the state pension fund on the ailing shipbuilder’s debt rescheduling measures. The remarks by Korea Development Bank (KDB) CEO Lee Dong-geol came as the National Pension Service (NPS) is set [...]

Internet Banking Era a Nightmare for the Elderly

Internet Banking Era a Nightmare for the Elderly

SEOUL, April 13 (Korea Bizwire) – Last year, South Korea’s banking industry saw its employee count drop by 2,248 to 114,775, and 175 bank branches closed down – the biggest drop ever – with the number of ATMs falling to 48,474 from 51,115.  The trends are reflective of the inevitable prevalence of internet banking. Bank [...]

North Korea Stole 100 Million Won in Bitcoin per Month from 2013-2015

North Korea Stole 100 Million Won in Bitcoin per Month from 2013-2015

SEOUL, April 13 (Korea Bizwire) – North Korea stole more than 100 million won (US$88,100) in the virtual currency bitcoin from 2013-2015 as part of efforts to increase the country’s hard currency, Radio Free Asia reported Thursday.  Choi Sang-myong, a senior official at South Korea’s cybersecurity firm Hauri Inc., told the U.S.-based media outlet that [...]

New Policy Gives Healthy Insurance Subscribers Easier Access to Discounts

New Policy Gives Healthy Insurance Subscribers Easier Access to Discounts

SEOUL, April 12 (Korea Bizwire) – Obtaining discounts on health insurance premiums will become much easier for South Koreans starting in July.  Discounted contracts, which provide up to 20 percent discounts on existing installments, are offered by 14 insurance companies for healthy individuals who meet certain health standards.  However, only 3.8 percent of the subscribers [...]

Credit Card Companies Facing Criticism Over High-Interest Loans

Credit Card Companies Facing Criticism Over High-Interest Loans

SEOUL, April 11 (Korea Bizwire) – Seven major credit card companies are being accused of exploiting their customers after reports emerged showing they profited handsomely from high-interest loans despite prevailing low interest rates. Low interest rates in South Korea are seeing credit card companies enjoy some of the biggest profit spikes in recent years, with some [...]