SEOUL, Jul. 24 (Korea Bizwire) — Global app-based rideshare service operator Uber Technologies Inc. and South Korea’s KB Financial Group Inc. have signed an agreement to work together to launch a domestic food delivery service, the financial conglomerate said Monday. Uber is expected to launch the food delivery service, UberEATS, in South Korea by the [...]
SEOUL, Jul. 23 (Korea Bizwire) — The size of assets under management by South Korea’s state pension fund surpassed the 600 trillion won (US$536.2 billion) mark for the first time ever, the government said Sunday. According to the Ministry of Health and Welfare, the total value of funds controlled by the National Pension Service (NPS) [...]
SEOUL, Jul. 21 (Korea Bizwire) — South Korean law enforcement agencies have revealed that 108 colleges entered into illicit agreements credit card companies, and received rebates for giving them exclusive rights to processing tuition payments by credit card. Financial authorities are considering imposing administrative sanctions on the card companies for their improper transactions. The Southern Gyeonggi Provincial [...]
SEOUL, Jul. 20 (Korea Bizwire) — On July 27, Kakao Bank will join K Bank as one of the first two Korean digital banks. The company is currently running its final tests before the official launch of its online service. Kakao Bank brings an immense presence to the digital bank landscape by virtue of its [...]
SEOUL, Jul. 14 (Korea Bizwire) — Convenience stores are emerging as the darling of South Korean lenders that are trying to cope with rising costs amid the fast-changing business environment centered on growth in online and mobile banking services. At the forefront of such a move are Internet-only banks such as K-Bank, which have no [...]
SEOUL, Jul. 12 (Korea Bizwire) — Financial authorities will give permits to fintech firms to provide international money transfer services for small funds, officials said Wednesday, in a move that significantly reduces commission fees on moving money. About 40 fintech firms are expected to launch international money transfer services from Aug. 15, according to officials [...]
SEOUL, July 7 (Korea Bizwire) – South Korea’s central bank is expected to hold its key rates steady this month as it could move to “normalize” interest in early 2018, Moody’s Analytics said Friday. The Bank of Korea (BOK) is set to hold its rate-review session next Thursday to decide whether to keep or adjust [...]
SEOUL, Jul. 7 (Korea Bizwire) — Citibank Korea, the South Korean unit of Citigroup Inc., began shutting down five physical branches in the country Friday, as part of its plan to reorganize its operations, according to an industry source. Citibank has said it will drastically cut the number of its physical branches to 25 from [...]
SEOUL, Jul. 5 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, aims to eventually lead the online payment market, by taking advantage of its robust mobile ecosystem, the bank’s two co-chief executives said Tuesday. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, is set to officially begin its [...]
SEOUL, July 3 (Korea Bizwire) – The Financial Services Commission (FSC) is set to pass a reform bill which will require financial companies to record conversations with vulnerable elderly customers when selling derivative-linked securities, in a bid to address concerns over unscrupulous sales tactics. The FSC’s announcement about the new financial reforms came on Sunday amid [...]