SEOUL, Nov. 1 (Korea Bizwire) – Members of the Korea Financial Investment Association (KFIA) gathered in Seoul’s Yeouido financial district on October 31 to announce the test run launch of “Chain ID”, an identification system built on blockchain technology that was described by KFIA Chairman Hwang Young-key as “the world’s first successful attempt in commercializing [...]
SEOUL, Oct. 31 (Korea Bizwire) – Sources within the financial industry reported on October 30 that a coalition of major South Korean banks consisting of KB Kookmin Bank, the Korea Exchange Bank and Nonghyup Bank had filed a $230 million suit against U.S. online retailer Newegg Inc and others in a Los Angeles district court [...]
SEOUL, Oct. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea fell in September from a month earlier as exporters decreased their deposits in U.S. dollars, central bank data showed Wednesday. Outstanding foreign currency deposits held by banks here reached US$63.66 billion at the end of September, down $3.48 billion from a [...]
SEOUL, Oct. 18 (Korea Bizwire) – South Korean banks have been accused of staying off the radar and making profits through high additional interest rates for banking products such as loans, despite government efforts to lower interest rates. According to data from the Financial Supervisory Service (FSS) revealed by lawmaker Park Chan-dae, who is a member [...]
SEOUL, Oct. 16 (Korea Bizwire) – South Korea’s household lending by banks rose at the slowest pace in five months in September, but mortgage loans continued the upside trend amid the government’s toughened financial measures to cool down the real estate market, central bank data showed Monday. Outstanding household loans from lenders came to 749.2 [...]
SEOUL, Oct. 12 (Korea Bizwire) – Scores of children of the owners of nine conglomerates in South Korea have more than 100 billion won (US$88.2 million) worth of stocks in related companies, government data showed Thursday, amid the owners preferring the early transfer of assets to their offspring to reduce inheritance tax down the road. The amount [...]
SEJONG, Oct. 2 (Korea Bizwire) – More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday. A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a [...]
SEOUL, Sept. 29 (Korea Bizwire) – The Bank of Korea said Friday it has injected a net 7 trillion won (US$6.1 billion) in liquidity into the financial system to help keep the money supply stable ahead of the Chuseok holiday. The central bank said its money injection for the 10 business days leading up to the holiday jumped 43.3 percent from a year ago as this year’s holidayis the longest in decades. The government gave [...]
SEOUL, Sept. 28 (Korea Bizwire) — South Korean banks sharply scaled up their investment in tech startups in the first half of the year with their lending to the sector climbing solidly, the financial regulator said Thursday. Domestic lenders’ investment in low-credit startups with a high level of technology stood at some 1.2 trillion won [...]
SEOUL, Sept. 27 (Korea Bizwire) – K-Bank said Wednesday it will launch lending services for home mortgages and non-life insurance distribution by the end of this year, expanding its business portfolio to intensify competition with traditional banks. The Internet-only bank, which was launched in April with paid-in capital of 250 billion won, will also launch [...]