SEOUL, Dec. 21 (Korea Bizwire) — New data shows that wealthy South Koreans are more indebted than ever, meaning that so called “the rich getting richer” phenomenon in household debts is becoming ever more serious. It is estimated that the top income bracket borrowed additional money to purchase real estate, but higher housing prices led [...]
SEOUL, Dec. 21 (Korea Bizwire) — The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won (US$886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens. About 3 million borrowers, who have no option but to borrow money from [...]
SEOUL, Dec. 20 (Korea Bizwire) — The financial watchdog said Thursday it has revised its guidelines to allow borrowers to make online requests to banks for lower loan rates starting in 2019. Currently, borrowers with a good credit score must visit a physical bank branch to ask a bank to cut their loan rate. From [...]
SEOUL, Dec. 4 (Korea Bizwire) — Kakao Pay announced on Monday that it will be adding a ‘sprinkle’ service using its money-wiring function. The ‘sprinkle’ service allows a user to share a certain amount of money with their friends in a KakaoTalk chatroom. The user first selects the number of recipients and the amount of [...]
SEOUL, Nov. 20 (Korea Bizwire) — Kakaopay Corp., a South Korean mobile payment platform provider, said Tuesday that four investment products sold out in just four hours and 20 minutes on the first day of launch. On Monday, the company said it will launch a new service called Kakao Investment, allowing users to invest in [...]
SEOUL, Oct. 30 (Korea Bizwire) — Contrary to popular belief, young people were found to have fallen prey to voice phishing scams more than senior citizens, data showed Tuesday. According to the data from the Financial Supervisory Service (FSS), those in their 20s and 30s lost 42.5 billion won (US$37.26 million) from this kind of [...]
SEOUL, Oct. 24 (Korea Bizwire) — An international financial research institute has published a report stating the average wealth of Korean adults is approximately 200 million won. According to the “Global Wealth Report 2018” published by Credit Suisse Research Institute (CSRI), the average monetary assets held by adult Koreans totaled $171,740, which was equivalent to [...]
SEOUL, Oct. 23 (Korea Bizwire) — About 520,000 people, or 1.3 percent of South Korea’s population, were believed to have borrowed money from loan sharks last year, a survey showed Tuesday. They borrowed an estimated 6.8 trillion won (US$6 billion) from unregistered lenders at the end of last year, according to the survey of 5,000 [...]
SEOUL, Oct. 18 (Korea Bizwire) — Nearly half of all South Koreans say they are economically unprepared for life after retirement. According to a study conducted by the Korea Insurance Research Institute, 45.9 percent of 2,440 adults surveyed said that “they were not prepared economically for the final years of their lives.” Among respondents, 38.8 [...]
SEOUL, Oct. 17 (Korea Bizwire) – There has been a rise, in recent years, of the number of South Koreans who pay national health insurance premiums, required for people to benefit from subsidized hospital bills, but yet do not pay into the national pension plan. According to data submitted by the National Health Insurance Service [...]