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Over 10 Million South Koreans Swipe Credit Cards Overseas

Over 10 Million South Koreans Swipe Credit Cards Overseas

SEJONG, Oct. 2 (Korea Bizwire) – More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday. A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a [...]

Bank of Korea Offers Net 7 Trillion Won in Liquidity Ahead of Chuseok Holiday

Bank of Korea Offers Net 7 Trillion Won in Liquidity Ahead of Chuseok Holiday

SEOUL, Sept. 29 (Korea Bizwire) – The Bank of Korea said Friday it has injected a net 7 trillion won (US$6.1 billion) in liquidity into the financial system to help keep the money supply stable ahead  of the Chuseok holiday.  The central bank said its money injection for the 10 business days leading up to the  holiday jumped 43.3 percent from a year ago as this year’s holidayis the longest in decades. The government gave [...]

South Korea to Take Market-Stabilizing Measures to Deal with Possible FX Fluctuation

South Korea to Take Market-Stabilizing Measures to Deal with Possible FX Fluctuation

SEJONG, Sept. 29 (Korea Bizwire) – South Korea will take market stabilizing measures if the country’s foreign exchange becomes more exposed to volatility due to an external shock, a senior finance ministry official said Thursday. “Foreign exchange rates will be decided autonomously by the market,” Deputy Finance Minister Hwang Kun-il said at a symposium in Seoul. “But the government will take action if the rates experience [...]

Bank Investment in Tech Startups Soars in H1

Bank Investment in Tech Startups Soars in H1

SEOUL, Sept. 28 (Korea Bizwire) — South Korean banks sharply scaled up their investment in tech startups in the first half of the year with their lending to the sector climbing solidly, the financial regulator said Thursday. Domestic lenders’ investment in low-credit startups with a high level of technology stood at some 1.2 trillion won [...]

K-Bank to Launch Lending for Home Mortgages, Insurance Distribution

K-Bank to Launch Lending for Home Mortgages, Insurance Distribution

SEOUL, Sept. 27 (Korea Bizwire) – K-Bank said Wednesday it will launch lending services for home mortgages and non-life insurance distribution by the end of this year, expanding its business portfolio to intensify competition with traditional banks. The Internet-only bank, which was launched in April with paid-in capital of 250 billion won, will also launch [...]

Hong Kong-based Investment Firm Oasis Management First Foreign Investor to Follow Korea’s Stewardship Code

Hong Kong-based Investment Firm Oasis Management First Foreign Investor to Follow Korea’s Stewardship Code

SEOUL, Sept. 27 (Korea Bizwire) – Hong Kong-based Oasis Management has become the first foreign investor to agree to follow Korea’s Stewardship Code since the policy was enacted in December last year. To agree to a nation’s Stewardship Code means that an institutional investor – an investment firm that manages people’s assets – agrees to [...]

Financial Authorities to Sway Investors’ Interest from Housing to Startups

Financial Authorities to Sway Investors’ Interest from Housing to Startups

SEOUL, Sept. 26 (Korea Bizwire) – South Korean financial authorities have announced it is set to reform the regulatory landscape of the country’s investment sector to sway investors’ interest away from housing investment and towards startups and venture capital for innovative companies. According to the Financial Services Commission on Sunday, South Korean financial authorities are poised [...]

Number of Venture Businesses With Over 100 Billion in Sales Exceeds 500 in South Korea

Number of Venture Businesses With Over 100 Billion in Sales Exceeds 500 in South Korea

SEOUL, Sept. 26 (Korea Bizwire) – The number of venture businesses with annual sales of over 100 billion won has reached 513, the highest figure since records began in 2005, according to a new survey. Findings from the survey conducted by the Ministry of SMEs and Startups and the Korea Venture Business Association last year were [...]

Most South Korean Financial Consumers Prefer Savings Plans Over Investment

Most South Korean Financial Consumers Prefer Savings Plans Over Investment

SEOUL, Sept. 21 (Korea Bizwire) – A new survey has revealed that most South Korean financial consumers still prefer safer choices such as installment savings plans, despite low interest rates and a booming stock market. According to the online survey conducted by pollster NICE R&C with a sample of 19,300 people aged between 20 and 64 [...]