SEOUL, January 30 (Korea Bizwire) – Digital disruption and cutthroat competition are shaking up the banking industry, with thousands of employees making the transition away from financial services jobs that were long considered as some of the most lucrative in Korea. The emergence of the fintech revolution leaves the prospects for the banking industry uncertain. [...]
SEOUL, Jan. 30 (Korea Bizwire) – The sales of non-life insurance products via the Internet soared last year, as local insurance firms rushed to roll out cheap and online-only products to woo customers, data showed Monday. According to the General Insurance Association of Korea, local non-life insurance companies raised a total of 1.4 trillion won [...]
CHEONGJU, South Korea, Jan. 25 (Korea Bizwire) – The Korean Lunar New Year holiday starts Friday, and it usually means good news for children and young adults who visit their grandparents, aunts, and uncles for a bow in exchange for “lucky money”, cash gifts handed out as a token for a fruitful New Year. A [...]
SEOUL, Jan. 23 (Korea Bizwire) – South Korea is pushing to revise its national health insurance program to halve the fees for low income earners in an effort to make health care more affordable, officials said Monday. The Ministry of Health and Welfare released a revision to the national health insurance system, subject to parliamentary [...]
SEOUL, Jan. 18 (Korea Bizwire) – Yes, you can get reimbursed for damaged banknotes, but it depends on the extent of the damage. The Bank of Korea and other commercial banks in South Korea currently replace damaged banknotes and coins with new bills only if they meet certain criteria. In 2016, 1.89 billion won ($1.62 [...]
SEOUL, Jan. 2 (Korea Bizwire) – Starting Monday, consumers will have more options available when they search for car insurance on Boheom Damoa (e-insmarket.or.kr), a comparison website for various insurance products (including car, health, travel, etc.). According to the Financial Services Commission, the website, which in the past only allowed insurance premium comparisons for domestic [...]
SEOUL, Dec. 26 (Korea Bizwire) – The implementation of flextime – a workplace arrangement that allows employees to choose their working hours – is quickly expanding across the local banking industry. KB Kookmin Bank currently has 45 branches that have adopted a flextime system, allowing employees to delay their work hours by an hour or [...]
SEOUL, Dec. 26 (Korea Bizwire) – Major insurance companies in South Korea are increasing their capital to prepare for new accounting rules set to take effect next year and more U.S. rate hikes, industry sources said Monday. Local insurance companies are estimated to expand their capital by a combined 1.41 trillion won (US$1.17 billion) this [...]
SEOUL, Dec. 19 (Korea Bizwire) – South Korea will relax a regulation on the capital ratio of local banks this week in a move to reduce their financial burden, the country’s finance regulator said Monday. The Financial Services Commission (FSC) will allow them to designate their loan-loss reserves as common capital stock under the revised [...]
SEOUL, Dec. 14 (Korea Bizwire) – South Korea’s financial authorities on Wednesday approved a plan to establish the country’s first online-only bank, opening a new chapter in its banking history. It would mark the first time here in 24 years for a brand-new bank to be born, according to the Financial Services Commission (FSC). The [...]