SEOUL, Jun. 18 (Korea Bizwire) — South Korea’s financial regulator unveiled a set of measures Thursday aimed at encouraging big name local IT firms to invest in the Internet-only banking industry with a focus on lowering entry barriers and easing related regulations. Under the measures, Internet-only banks will be off limits to the country’s conglomerates, [...]
SEOUL, Jun. 4 (Korea Bizwire) — BNP Paribas South Korea sued its customers most frequently when facing disputes with them, among all the non-life insurance companies in Korea last year. According to the Financial Consumer Agency on June 3, BNP Paribas South Korea dealt with seven dispute cases at the court, with 26.9 percent of [...]
SEOUL, May 26 (Korea Bizwire) — South Korean lender Woori Bank said Tuesday it has launched a mobile-only bank service ahead of establishing an Internet-only bank. Woori Bank’s “WiBee Bank” will serve as a test bed for simplified services that will later be part of its envisioned Internet-only bank unit, the lender said in a press [...]
SEOUL, May 22 (Korea Bizwire) — As local banks suffer from reduced net interest margins, they are looking to reduce operational costs to overcome their difficulties. KB Kookmin Bank is urging its employees to report their business activities verbally or via email, not through color prints or full color Powerpoint charts to save costs on printer toner [...]
SEOUL, May 19 (Korea Bizwire) — Korean banks are decreasing the number of their ATMs around the nation to compensate for losses they have been facing due to a recent drop in net interest margins. According to industry representatives on May 17, the number of ATMs at 6 major Korean banks, KB Kookmin, Shinhan, Hana, [...]
SEOUL, May 17 (Korea Bizwire) — As Internet-only banking services are expected to lead the Fintech industry, SK C&C, the IT arm of SK Group, will support internet-only banks by developing a customized IT platform with premium services. SK C&C announced on May 13 that it would set up a specialized IT service business model [...]
BUSAN, May 14 (Korea Bizwire) — HSH Nord Bank, a German financial institution specializing in ship and marine affairs is expected to extend its reach to Busan, the largest port city in Korea. On May 13, Busan Metropolitan City signed an MoU together with Nord Bank and the Export-Import Bank of Korea on the opening of [...]
SEOUL, April 27 (Korea Bizwire) – For young adults and college students suffering from high interest rate loans, a special service has been introduced to convert them to products with lower interest rates. The Credit Counselling and Recovery Service (CCRS) rolled out the revised Sunshine Loan Program on April 27, which was originally introduced for [...]
SEOUL, April 27 (Korea Bizwire) – The Financial Services Commission (FSC) is set to introduce a simpler authentication process for entering into insurance contracts online, which only involves authentication through SMS or ARS, rather than the current authentication process using public-key-certificates. This change is part of the response to 614 complaints related to financial services in Korea [...]
SEOUL, Apr. 16 (Korea Bizwire) — South Korea’s top financial regulator said Thursday that he will relax regulations on bank ownership in order to pave the way for information technology firms to invest in the untouched Internet-only bank sector. Under the current laws, an industrial company is banned from holding more than a 4 percent [...]