SEOUL, Aug. 23 (Korea Bizwire) – It has been almost three months since the Supreme Court of Korea ruled that insurance companies must pay the families of suicide victims, but a recent report from the Financial Supervisory Service (FSS), submitted to lawmaker Min Byung-doo (Minjoo Party of Korea), revealed that insurance companies have yet to [...]
SEOUL, Aug. 9 (Korea Bizwire) – South Korea’s mobile banking, mostly based on smartphones, continued to grow quickly in the second quarter of 2016, with the daily average transaction volume exceeding 3 trillion won (US$2.7 billion), central bank data showed Tuesday. The daily transaction volume rose 6.3 percent on-quarter to 3.78 trillion won during the [...]
SEOUL, Aug. 2 (Korea Bizwire) – South Korea’s top financial regulator unveiled a set of measures Tuesday to foster big investment banks, a move that could expedite the mergers and acquisitions of local brokerage houses. The Financial Services Commission (FSC) said it will allow brokerage houses with a capital base worth more than 4 trillion [...]
SEOUL, July 29 (Korea Bizwire) – ISAs, or Individual Savings Accounts, have been among the most popular financial products in Korea since their launch in the first half of 2016. In a nutshell, an ISA is an integrated asset management account that can consist of various financial products, including savings accounts, stocks, mutual funds, and [...]
SEOUL, July 26 (Korea Bizwire) – Shinhan Bank, one of Korea’s leading banks, has stepped forward to improve its work environment for employees by implementing what it calls a ‘Smart Work System’, which launched on Monday. To begin with, the company implemented a work-from-home system for employees who don’t necessarily require the use of a [...]
SEOUL, July 19 (Korea Bizwire) – The loss ratio in the automobile insurance industry refers to the total loss paid by an insurance company in the form of claims out of total collected premiums, for which the ratio must be kept at 78 percent for insurance companies to avoid incurring losses. However, the car insurance industry in [...]
SEOUL, July 12 (Korea Bizwire) – The latest predictions of the future of the Korean asset management market indicate that the use of robo-advisors, AI-based asset management services, will become more prevalent in coming years. The AI platforms will serve as investment advisors that recommend specific financial products and investment portfolio composition via analysis of [...]
SEOUL, July 11 (Korea Bizwire) – Foreign banks in Korea are going all out to target high-net-worth individuals. With the prolonged decline in net interest margins and the prevalence of mobile banking, banks in Korea have seen former revenue streams dry up. Foreign banks are seeking a breakthrough by diversifying their services in asset management. [...]
SEOUL, July 7 (Korea Bizwire) – “What is the use of interest rates if they are already too low? Aren’t you tired of entering long account numbers every time you transfer money?” Kakao Bank, an Internet-only bank, held a presentation to discuss its business model and the future of its services on Wednesday, July 6, at [...]
SEOUL, Jun. 21 (Korea Bizwire) – South Korea’s top mobile messenger operator Kakao Corp. said Monday its mobile payment platform Kakao Pay currently has more than 10 million users, roughly 19 months after its launch in the country. Introduced in September 2014 and similar to the world-famous PayPal, users pre-register their credit and debit cards, [...]