SEOUL, June 4 (Korea Bizwire) — South Korea’s banking industry is calling on the incoming administration to open the door for greater involvement in the digital asset space and non-financial sectors, while also seeking regulatory reforms in investment advisory services, trust systems, and enforcement transparency. According to banking officials on June 3, the Korea Federation [...]
SEOUL, May 22 (Korea Bizwire) – In an unusual move underscoring the strategic importance of South Korea’s digital currency initiatives, Bank of Korea Governor Rhee Chang-yong has personally visited the heads of the country’s major commercial banks, urging their active participation in two key central bank digital currency (CBDC) pilot projects. According to industry sources, Rhee [...]
SEOUL, May 20 (Korea Bizwire) — Internet-only K-Bank is again seeking to go public after previously delaying or nixing its initial public offering (IPO) plans on three occasions, industry sources said Tuesday. In October, the company said it would postpone its IPO till early this year, citing low demand from investors. In January, the bank [...]
SEOUL, May 20 (Korea Bizwire) — South Korea’s household credit reached a record high in the first quarter, though its growth slowed due to lending regulations and a decline in credit loans, central bank data showed Tuesday. Outstanding household credit had stood at 1,928.7 trillion won (US$1.39 trillion) as of end-March, up 2.8 trillion won [...]
SEOUL, May 15 (Korea Bizwire) — The country’s financial watchdog said Thursday that it will prod financial firms to manage their incentive systems in a proper and reasonable manner. The Financial Supervisory Service (FSS) said incentive systems can carry risks if not properly managed, which also can hurt financial institutions’ soundness as well as the [...]
SEOUL, May 2 (Korea Bizwire) — Woori Financial Group Inc. got regulatory approval on Friday for the takeovers of two life insurance companies, on condition that the group faithfully implements its planned measures aimed at strengthening its internal control. The Financial Services Commission (FSC), the country’s financial regulator, approved Woori Financial’s takeovers of Tongyang Life [...]
SEOUL, April 29 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to ease capital adequacy requirements for insurance companies to help lessen their burdens and raise the quality of their capital base. The Financial Services Commission said it will complete procedures needed to revise related laws on insurers’ capital adequacy ratio by [...]
SEOUL, April 25, (Korea Bizwire) — South Korea’s leading non-life insurers are scaling back coverage for caregiver expense riders as soaring loss ratios threaten profitability. On April 24, 2025, industry officials confirmed that companies including Samsung Fire & Marine and Meritz Fire & Marine have reduced the daily coverage limit for caregiver expenses tied to [...]
SEOUL, April 23, (Korea Bizwire) — Nearly one-third of insurance policies in South Korea are canceled within two years, with long-term contract retention rates significantly trailing those of major global markets, according to a report released April 22, 2025, by the Financial Supervisory Service (FSS). The report, titled “2024 Insurance Sales Channel Performance and Supervision [...]
SEOUL, April 18, (Korea Bizwire) — Woori Bank has officially entered South Korea’s budget telecom market with the launch of its new mobile virtual network operator (MVNO) service, WooriWON Mobile, which began operations on April 18, 2025. To mark the launch, Woori Bank is offering promotional benefits worth up to 300,000 won for new customers [...]