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 [...]
SEOUL, Dec. 7 (Korea Bizwire) – South Korea’s foreign ministry said Thursday it plans to persuade the European Union (EU) to exclude Asia’s fourth-largest economy from the EU’s new blacklist of tax havens. On Tuesday, the EU unveiled a list of 17 noncooperative tax jurisdictions including South Korea, Macau and the Marshall Islands, saying that [...]
SEOUL, Dec. 7 (Korea Bizwire) – A major heavy ion accelerator project has been given the green light, with a budget of 1.4 trillion won and an expected completion date in 2021, according to the science ministry. The Ministry of Science and ICT’s business monitoring task force announced plans on Wednesday for the construction of a [...]
SEOUL, Dec. 7 (Korea Bizwire) — Hyundai Development Company is converting to a holding company through a major structure reshuffle. At a board meeting held on Tuesday, plans were announced to divide the current structure of HDC into two, including a holding company and a separate operating company with official names yet to be determined. Through [...]
SEOUL, Dec. 7 (Korea Bizwire) — Major foreign investment banks (IBs) have upgraded their 2018 growth forecasts for the South Korean economy on its strong exports, a report showed Thursday. According to the report by the Korea Center for International Finance, Barclays, Goldman Sachs and seven other foreign IBs have forecast Asia’s fourth-largest economy to [...]
SEOUL, Dec. 6 (Yonhap) — Hanwha Energy Corp., a South Korean renewable energy developer, said Wednesday that it has won a US$50 million deal to build a solar power plant in Malaysia for a local state-run power company, Tenaga Nasional. Hanwha said it is set to break ground for the 48-megawatt solar facility in Chuping, [...]
SEOUL, Dec. 6 (Korea Bizwire) — A private association of cryptocurrency exchanges in South Korea said Wednesday that it will voluntarily restrict cryptocurrency transactions with bank accounts starting next year, in a bid to prevent such transactions from being used for money laundering and other crimes. The Blockchain Association, an industry group of some 30 [...]
SEOUL, Dec. 5 (Korea Bizwire) — South Korea’s top financial regulator said Tuesday it will use artificial intelligence (AI) technology to automate some of the nation’s probe systems against money laundering. Kim Yong-beom, vice chairman of the Financial Services Commission (FSC), said it will start building the anti-money laundering compliance system using AI next year. [...]
SEOUL, Dec. 3 (Korea Bizwire) — South Korean hotel chains are targeting Southeast Asian countries to bypass tough competition at home and take advantage of the region’s fast-growing economy, industry watchers said Sunday. Industry watchers said Southeast Asia is an attractive market for local hotel chains as South Koreans also frequently visit the region for [...]
SEOUL, Dec. 3 (Korea Bizwire) — Expectations that South Korea will achieve 3 percent growth and per capita income of US$30,000 are on the rise for 2018 fueled by the strengthening of the global economy, market watchers said Sunday. Observers said that the upbeat forecast is based on gains in exports in the new year [...]