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With Low Interest Rates and Nowhere to Invest, More Opt to Simply Hold Money

With Low Interest Rates and Nowhere to Invest, More Opt to Simply Hold Money

SEOUL, July 2 (Korea Bizwire) — Major banks in South Korea saw their time deposits decline from a month earlier in June, while their money market deposits jumped sharply, apparently suggesting more people were hoping to invest their money amid record low interest rates but were unable to do so amid a coronavirus-caused slump, data [...]

Credit Card Spending Drops at Record Rate in March amid Virus Woes

Credit Card Spending Drops at Record Rate in March amid Virus Woes

SEOUL, April 28 (Korea Bizwire) — South Korea’s credit card spending fell at the fastest rate ever last month, data showed Tuesday, amid the spread of the new coronavirus that continued to keep people away from unnecessary contact. In March, the amount of purchases using credit and debit cards dropped 4.3 percent from the same [...]

Credit Card Loans Soar 26 pct Due to Virus in March

Credit Card Loans Soar 26 pct Due to Virus in March

SEOUL, April 22 (Korea Bizwire) — Credit card loans in South Korea surged nearly 26 percent on-year in March as cash-strapped people rushed to borrow from card firms amid a prolonged coronavirus outbreak, industry data showed Wednesday. New loans extended by seven credit card firms — Shinhan, KB Kookmin, Woori, Hana, Samsung, Hyundai and Lotte [...]

Wealthy S. Koreans Moving Away from Real Estate Investments

Wealthy S. Koreans Moving Away from Real Estate Investments

SEOUL, April 3 (Korea Bizwire) — The portion of real estate investments by wealthy Koreans with more than 1 billion won (US$814,800) in financial assets has decreased over the past six years, according to a recent report. The preference of index-linked products, which have been considered the most sought-after financial instruments by the rich, also [...]

Online Investment Seminars Enjoy Popularity Due to Virus

Online Investment Seminars Enjoy Popularity Due to Virus

SEOUL, March 9 (Korea Bizwire) — With the novel coronavirus outbreak hampering all private investor seminars and investment counseling by securities companies, investment content published on YouTube and other online programs is gaining popularity. The web seminar on investment strategy conducted by Mirae Asset Global Investments, South Korea’s leading asset management firm on April 27 [...]

S. Korea’s Electronic Financial Transactions Grow in 2019

S. Korea’s Electronic Financial Transactions Grow in 2019

SEOUL, March 5 (Korea Bizwire) — The amount of daily financial transactions using credit cards and electronic means continued to grow last year while the use of checks and promissory notes continued to dwindle, central bank data showed Thursday. The value of daily financial transactions using non-cash payment methods, including remittance services, came to 81.4 [...]