SEOUL, Jan. 14 (Korea Bizwire) — South Korean wealth creators accumulate an average of 1.57 billion won (US$1.4 million) through savings and investment, a recent study revealed. Standard Chartered Bank Korea Ltd., the local unit of Britain-based banking giant Standard Chartered PLC., joinly conducted a survey of 1,000 wealth creators in Seoul and Busan. They [...]
SEOUL, Nov. 15 (Korea Bizwire) — Local securities firms are moving quickly to preempt the emerging retirement pension market as a future growth engine. The government will push for the mandatory introduction of retirement pensions through a legal revision, while introducing a retirement pension fund for small and medium-sized companies. The plan is aimed at [...]
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) [...]
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) [...]
SEOUL, Oct. 14 (Korea Bizwire) — More than half of all commercial bank account savings are stored in the accounts of the top 1 percent. According to a report the Financial Supervisory Service submitted to Rep. Lee Tae-kyu, commercial bank account savings in South Korea had reached 623 trillion won (US$525 billion) as of July [...]
SEOUL, Oct. 8 (Korea Bizwire) — Nearly three out of every 100 households in South Korea may be unable to repay their debt in case of a sudden change to their income or the value of their assets, central bank data showed Tuesday. According to the Bank of Korea (BOK), the number of households with [...]
SEOUL, Oct. 7 (Korea Bizwire) — Fewer South Koreans are filing for personal bankruptcy, with the notable exception of those in their 20s, the only age group for which bankruptcies are actually increasing. The Supreme Court reported to Rep. Kim Byung-wook that the number of personal bankruptcies among 20-somethings increased from 691 cases in 2015 [...]
SEOUL, Oct. 4 (Korea Bizwire) — The Bank of Korea (BOK) announced plans to introduce a new service this year that will allow citizens to receive change through their bank account as part of its ‘coinless society’ initiative. “We will introduce a new service by the fourth quarter of this year that will allow customers [...]
SEOUL, Oct. 2 (Korea Bizwire) — Household loans extended by five major lenders here have been growing at a steady pace, nearing a record high of 600 trillion won (US$499 billion) for the first time in history, industry data showed Wednesday. As of end-September, outstanding household loans extended by the five local banks came to [...]
SEOUL, Oct. 1 (Korea Bizwire) — There are currently 323,000 rich people in South Korea who own financial assets worth more than 1 billion won (US$833,750), up by 13,000 since last year. The KB Financial Group Institute of Management reported that the wealthy population in South Korea increased by 4.4 percent between 2017 and 2018, [...]