SEOUL, May 26 (Korea Bizwire) — South Korea’s credit card companies are cutting overseas automated teller machine (ATM) withdrawal limits as part of their risk management efforts. The nation’s largest credit card company, Shinhan Card Co., announced on Tuesday that it will reduce per-client overseas ATM withdrawal limits to US$50,000 per month starting from next [...]
SEOUL, May 12 (Korea Bizwire) – In the near future, it will become possible to settle the payments of a variety of credit cards through a single app as part of a new simple settlement system. South Korea’s six card issuers, together with BC Card Co. and NH Nonghyup Card Co., recently held a consultative [...]
SEOUL, April 26 (Korea Bizwire) — Kakao Pay, the mobile payment service arm of South Korea’s top messenger app Kakao Corp., filed for preliminary approval of an initial public offering on the main bourse KOSPI, the Korea Exchange said Monday. The filing by the fintech firm is expected to be cleared around the end of [...]
SEOUL, April 19 (Korea Bizwire) — Major South Korean lender Woori Bank has launched a drive to develop an artificial intelligence (AI) banker. The bank said recently that it had signed a business agreement with LionRocket, a local tech startup specializing in deep learning-based image synthesis technologies, for development of the AI banker. The AI [...]
SEOUL, April 15 (Korea Bizwire) — Citigroup said Thursday it will exit consumer banking operations in 13 markets including South Korea as part of its global business reorganization. The U.S. banking giant opened its first branch in South Korea in 1967 and launched Citibank Korea Inc. in 2004 after acquiring KorAm Bank. The group announced [...]
SEOUL, April 1 (Korea Bizwire) — K-Bank, South Korea’s first internet-only bank, said Thursday its customers and deposits grew exponentially in the first quarter of the year amid the coronavirus outbreak. The number of customers stood at 3.91 million as of the end of March, 1.72 million more than three months earlier, said the lender, [...]
SEOUL, March 26 (Korea Bizwire) — Insurance companies are coming up with plans that offer compensation for severe allergic reactions to coronavirus vaccines as South Korea begins inoculations. LINA Korea introduced a new short-term, micro-insurance plan on Thursday that offers compensation for various kinds of anaphylactic shock. If a subscriber suffers from anaphylactic shock for [...]
SEOUL, Feb. 16 (Korea Bizwire) — Artificial intelligence (AI) and machine learning technology are altering the landscape of the banking industry. This year, Shinhan Bank has set out on building infrastructure for ‘digital innovation banks’ where customer services will be replaced with AI technology. These offices will replace staff with AI bankers, who will be [...]
SEOUL, Jan. 21 (Korea Bizwire) — The sense of crisis felt by South Korea’s general insurance companies is growing as internet giant Kakao Corp. is pushing to establish the nation’s third digital general insurance company. Against this backdrop, existing insurance companies are accelerating efforts to speed up their digitalization. Hanwha General Insurance Co. introduced the [...]
SEOUL, Jan. 5 (Korea Bizwire) — Kakao Pay Corp., South Korea’s No. 1 mobile payment service provider, said Monday that it took its first step into the insurance market by applying for preliminary approval for a digital non-life insurance service. Kakao Pay aims to obtain final approval and launch the digital non-life insurance business by [...]