SEOUL, Jan. 6 (Korea Bizwire) – South Korea’s securities industry faces an unabated wave of layoffs this year as brokerages strive to bolster their bottom lines and cut costs amid a bearish stock market and growing online stock trading, experts said Wednesday. Over the past several years, local securities companies have been trimming their workforces [...]
SEOUL, Jan. 3 (Korea Bizwire) – South Korean firms may experience a credit crisis this year after a number of them have suffered cuts in their credit ratings, market observers said Sunday. According to Korea Ratings, one of the country’s three largest credit appraisers, the number of local firms suffering credit rating downgrades in 2015 [...]
SEOUL, Dec. 31 (Korea Bizwire) - South Korea’s top central banker said Thursday he will continue an easing monetary policy in 2016 to boost growth while guarding against any financial instabilities. “It is necessary to put the focus on downward risks in economic growth and prices, while closely checking the macroeconomic circumstances,” Bank of Korea Gov. [...]
SEOUL, Dec.16 (Korea Bizwire) – Uber Technology has announced that it signed an agreement with KEB Hana Bank and Hana Capital to provide financial services to Uber Taxi and Uber Black. With the signing of the agreement, taxi drivers who use the Uber platform will be provided with various financial services by the two organizations. [...]
SEOUL, Dec.4 (Korea Bizwire) – Over the past three days, nearly 100,000 individuals have visited the new online insurance supermarket known as Insurance Damoa, where users can compare different insurance plans make online insurance purchases. According to the General Insurance Association of Korea, as of midnight on December 2, a total of 98,210 users had [...]
SEOUL, Dec.3 (Korea Bizwire) – A new type of identity authentication that does not require face-to-face interaction and will make it possible for clients to open new bank accounts without actually visiting a bank was demonstrated on December 2. ‘Bio authentication methods’, such as confirming one’s identity by putting their palm near a device, will [...]
SEOUL, Dec.3 (Korea Bizwire) – Second-tier car insurance companies will launch plans that can be purchased online, starting from January 1. Since the internet insurance supermarket known as Insurance Damoa officially opened on November 30, the competition to draw clients online is increasingly fierce. According to industry analysts, Hyundai Marine & Fire Insurance will launch [...]
SEOUL, Dec.1 (Korea Bizwire) – K Bank Consortium, which has gained preliminary approval as an internet-only bank, pledged that it will create an innovative success model and lead the revitalization of the economy. Company officials also mentioned their vision to make ‘community neo-banks’ that are friendly and easy to use for everyone. Officials also laid [...]
SEOUL, Nov. 30 (Korea Bizwire) - Kakao Bank, an Internet-only bank consortium led by Kakao Corp., said Monday that it is planning to begin operations in the second half of next year to lead the unprecedented market by making use of its millions of mobile chat application users. Along with the K-Bank team headed by KT [...]
SEOUL, Nov. 30 (Korea Bizwire) - Kakao Bank led by online portal giant Kakao Corp. and KT Corp.-initiated K-Bank have been picked as the operators of South Korea’s first-ever Internet bank on Sunday. It is the first time in 23 years that a new commercial bank has opened in the country’s banking industry. Two big IT firms — Kakao and KT — won the rights to operate onlinebanks, beating the Interpark-led I-Bank consortium. As the operator [...]