SEOUL, April 8 (Korea Bizwire) – South Korea’s top financial regulator said Wednesday it will allow local credit card firms to issue mobile-only credit cards, rather than conventional plastic ones, to clients later this month as part of efforts to improve convenience and speed in electronic transactions. Under the current law, mobile cards have played [...]
TORONTO, ONTARIO, Mar. 31 (Korea Bizwire) – Bank of Montreal (TSX:BMO)(NYSE:BMO) announced that the nominees listed in the bank’s management proxy circular dated February 6, 2015, have been elected as directors of BMO. The detailed results of the vote for the election of directors held at BMO’s Annual Meeting earlier today in Toronto are set [...]
SEJONG, March 26 (Korea Bizwire) – South Korea will join the China-led regional development bank as one of its founding members, the finance ministry announced Thursday, helping bolster the Asian neighbor’s growing clout in the region that is alerting the U.S. The ministry said the decision to become a member of the Asian Infrastructure Investment [...]
SEOUL, March 23 (Korea Bizwire) – Motorists in Korea most frequently call the emergency service provided by their insurance company when their car battery is dead or when they need a jump-start. According to the Korea Consumer Agency, which recently surveyed 1,000 drivers who subscribed to a roadside assistance service offered by an insurance firm, [...]
Singapore, Mar. 23 (Korea Bizwire) — MoneyGram (NASDAQ: MGI), a leading global money transfer company, has been selected for The Asian Banker’s prestigious Excellence in Remittance Business award across Asia Pacific, Central Asia and the Middle East and Africa, for the first time. A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=31564 The Asian Banker, [...]
“The Asian Infrastructure Investment Bank and the Silk Road Fund initiated by China are also very important, and they will follow internationally accepted rules in their operations” “These initiatives will provide capital and strong support to developments of major projects, such as infrastructure and connectivity in Asia.” “As you know, many countries have expressed their [...]
SEOUL, March 20 (Korea Bizwire) — The popularity of professional indemnity insurance products is rapidly increasing in Korea. The size of the professional indemnity market, calculated as the overall sum of the original premiums, was 115 billion won (US$ 102.4 million) in 2008 and 140 billion won (US$ 124.7) in 2012. It has been growing at [...]
SEOUL, Mar. 18 (Korea Bizwire) — Shinhan Card is introducing a cash-back service for remaining reward points in situations where customers decide to withdraw their membership due to mistakes or faults in the company’s operation. The cash-back service is due to start on April 15. Korean credit card companies have been allowing their customers’ reward points to [...]
SEOUL, Mar. 13 (Korea Bizwire) — Upon the Bank of Korea’s decision to cut its base rate to a record low 1.75 percent on March 12, the Korean property market is expected to be injected with new vigor. Park Hap-Soo, chief of Kookmin Bank’s real estate department, said that the effect of the central bank’s rate cut [...]
SEOUL, March 12 (Korea Bizwire) – Commission income and asset sales boosted net profit for South Korean credit card companies in 2014, the financial watchdog said Thursday. The combined net earnings of eight credit card firms stood at 1.8 trillion won (US$1.6 billion) last year, up 5 percent from the previous year, according to the [...]