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Second Pangyo Techno Valley to Accommodate 1200 Startups by 2022

Second Pangyo Techno Valley to Accommodate 1200 Startups by 2022

SEJONG, Dec. 12 (Korea Bizwire) — The South Korean government has announced plans for a second Pangyo Techno Valley by 2022, which will provide office space to nearly 1,400 businesses at affordable prices to boost promising startup companies. Under the startup complex project plan revealed on Monday, a new industrial complex will be built in addition [...]

Security Agency Warns of Possible North Korea Attacks on Bitcoin Exchanges

Security Agency Warns of Possible North Korea Attacks on Bitcoin Exchanges

SEOUL, Dec. 11 (Korea Bizwire) — Amid growing interest in cryptocurrency, security experts have warned that North Korean hackers could target bitcoin exchanges next year. During a press conference held on Friday, the Korea Internet & Security Agency (KISA) revealed a report predicting seven cyberattacks would likely come next year, with cryptocurrency exchanges as the likely [...]

Desktop Internet Banking a Relic of the Past

Desktop Internet Banking a Relic of the Past

SEOUL, Dec. 11 (Korea Bizwire) — Only 3 in 10 South Koreans currently use desktop online banking, while the majority have turned to mobile banking services accessed via smartphones and tablet PCs, a new survey has found. According to data provided by pollster DMC Media, around 28 percent of South Korean bank account holders aged between [...]

S. Korea Mulling All-Out Ban on Cryptocurrency

S. Korea Mulling All-Out Ban on Cryptocurrency

SEOUL, Dec. 11 (Korea Bizwire) – South Korea is considering banning all kinds of cryptocurrency transactions in the country as a way to cool down the worldwide craze for digital currencies, the top financial regulator said Monday. “I don’t see bitcoin transactions as financial deals,” Financial Services Commission (FSC) Chairman Choi Jong-ku said in a luncheon meeting with reporters. ”They are not institutionalized [...]

Samsung Pay Expanding into Mobile Banking Service

Samsung Pay Expanding into Mobile Banking Service

SEOUL, Dec. 10 (Korea Bizwire) — Samsung Electronics Co.’s mobile payment system is moving to expand into the banking sector to offer more diverse services to users, the South Korean tech giant said Sunday. The company said that starting Thursday, the payment system installed on some of its newer smartphones can be used to carry [...]

Majority of Middle Class Households Face Poverty After Retirement

Majority of Middle Class Households Face Poverty After Retirement

SEOUL, Dec. 7 (Korea Bizwire) – A shocking report has revealed that 6 in 10 middle class families in South Korea could suffer from financial hardships after retirement due to a lack of proper preparation. A study conducted by NH Investment & Securities’ research center found that 61.7 percent of middle class households believe their income [...]

Internet-only Banks Beat Out Traditional Mobile Banking in Consumer Satisfaction Survey

Internet-only Banks Beat Out Traditional Mobile Banking in Consumer Satisfaction Survey

SEOUL, Dec. 7 (Korea Bizwire) – Internet-only banks like K Bank and Kakao Bank are rated higher in consumer satisfaction than online banking services provided by traditional financial institutions, but trust issues with the online services remain. Consumer satisfaction with internet-only banks was higher in six categories, among them bank fees and interest rates, compared [...]