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Startups Thank Chamber of Commerce Chief for Support

Startups Thank Chamber of Commerce Chief for Support

SEOUL, Nov. 4 (Korea Bizwire) — A South Korean business executive who has been actively working for startups in the financial sector that have been trying to navigate murky regulations is gaining praise from the industry. Recently, Kim Sung-joon, CEO of startup Lendit, a peer-to-peer (P2P) lender, said on SNS that “A major incident has [...]

Major Financial Institutions Launch Open Banking Service

Major Financial Institutions Launch Open Banking Service

SEOUL, Oct. 30 (Korea Bizwire) — A so-called “open banking” service, which allows users to withdraw and transfer money from multiple bank accounts using just one mobile application, will be put into operation on a trial basis. Ten major South Korean banks, including KB Kookmin Bank and Shinhan Bank, began piloting open banking at 9 [...]

Hyundai Card to Launch First Overseas Operation in Vietnam

Hyundai Card to Launch First Overseas Operation in Vietnam

SEOUL, Oct. 29 (Korea Bizwire) — Hyundai Card, a leading credit card issuer in South Korea, has agreed to launch a joint venture in Vietnam in its first direct overseas investment, the company said Tuesday. The company has signed an agreement to purchase a 50 percent stake in Vietnam’s Finance Company Limited for Community (FCCOM) [...]

Severe Weather Alerts Put a Damper on the Stock Market

Severe Weather Alerts Put a Damper on the Stock Market

SEOUL, Oct. 23 (Korea Bizwire) — A recent report has identified a correlation between the incidence of severe weather alerts and a drop in the stock market. Financial markets and consumers were also affected by weather forecasts and weather conditions, with credit card payments rising on sunny days. According to a report released Tuesday by [...]

Daily Money Transfers via Mobile Payment Apps Exceed 200 bln Won in H1

Daily Money Transfers via Mobile Payment Apps Exceed 200 bln Won in H1

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 [...]

Three Consortia Apply for Internet-only Bank: Regulator

Three Consortia Apply for Internet-only Bank: Regulator

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 [...]

Sudden Increase in Popularity of Private Equity Funds Calls for Intervention

Sudden Increase in Popularity of Private Equity Funds Calls for Intervention

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, [...]

Investors Eye Risks of Betting on Hong Kong-tied Equity Trusts

Investors Eye Risks of Betting on Hong Kong-tied Equity Trusts

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) [...]