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Coupang Financial to Accelerate Competition in Installment Financing Industry

Coupang Financial to Accelerate Competition in Installment Financing Industry

SEOUL, Aug. 9 (Korea Bizwire) — The installment financing industry is up for fierce competition with e-commerce giant Coupang Inc. joining the arena. The Financial Supervisory Service said Monday that Coupang Pay’s subsidiary Coupang Financial has newly registered as an installment financing company last week. Coupang Pay owns a 100-percent share of Coupang Financial. Coupang [...]

Banks Offer Hefty Bonuses to Executives After 3 Years of Interest Rate Hikes

Banks Offer Hefty Bonuses to Executives After 3 Years of Interest Rate Hikes

SEOUL, Aug. 4 (Korea Bizwire) — Banks in South Korea have offered hefty bonuses to their executives on the back of the profits they chalked up by steadily raising interest rates over the past three years, a lawmaker said Wednesday. The aggregate value of bonuses given to the executives at the nation’s top four commercial [...]

Insurance Firms Compete in Children’s Insurance Market

Insurance Firms Compete in Children’s Insurance Market

SEOUL, Aug. 4 (Korea Bizwire) — Insurance companies in South Korea are increasingly competing over children’s insurance plans. About 60 percent of the children’s insurance market, currently sized at 4 trillion won (US$3.05 billion), is dominated by non-life insurer Hyundai Marine & Fire Insurance Co., industry sources said. As of May, the company has sold [...]

Apartment Transactions Plunge in H1 on Lending Curbs, Rate Hikes

Apartment Transactions Plunge in H1 on Lending Curbs, Rate Hikes

SEOUL, July 31 (Korea Bizwire) — Apartment transactions in South Korea fell more than 50 percent on-year in the first half of 2022 due mainly to the government’s tough lending curbs and rising interest rates, data showed Sunday. The number of apartments traded nationwide stood at 184,134 units in the January-June period, down 50.6 percent [...]

S. Korea to Take Stern Actions Against Illegal Stock Short Selling

S. Korea to Take Stern Actions Against Illegal Stock Short Selling

SEOUL, July 28 (Korea Bizwire) — South Korea’s financial regulator said Thursday it plans to take stern actions against illegal stock short selling and seek to confiscate profits that were made by such practices. The measures were announced as some retail investors called for a ban on short selling amid a fall in stock prices [...]

Foreign Currency Deposits Down in June on Import Bills, Strong Dollar

Foreign Currency Deposits Down in June on Import Bills, Strong Dollar

SEOUL, July 23 (Korea Bizwire) — Foreign currency deposits at banks in South Korea shrank in June as importers paid bills and individuals sold the greenback amid a strong dollar, data showed on Friday. Residents’ outstanding foreign currency-denominated deposits had reached US$87.06 billion as of end-June, down $2.11 billion from the previous month, according to [...]

FDI in Free Economic Zones Soars 164 pct in H1: Data

FDI in Free Economic Zones Soars 164 pct in H1: Data

SEOUL, July 21 (Korea Bizwire) — Foreign direct investment (FDI) pledged to South Korea’s free economic zones (FEZs) more than doubled in the first half of this year to hit a three-year high amid post-pandemic economic recovery, data showed Thursday. The country’s nine FEZs received US$560 million worth of FDI commitment during the January-June period, [...]

Overseas Stock Dealings Dip in H1 on Weak Equity Markets

Overseas Stock Dealings Dip in H1 on Weak Equity Markets

SEOUL, July 18 (Korea Bizwire) — South Koreans’ transactions of foreign stocks fell sharply in the first half of the year from six months earlier on bearish overseas equity markets, with their bond trading edging up, data showed Monday. Local investors’ transactions of overseas shares were valued at US$167.99 billion in the January-June period, down [...]