SEOUL, Mar. 28 (Korea Bizwire) — South Korea has failed to be added to the World Government Bond Index (WGBI) run by FTSE Russell, the London-based organization said Thursday. South Korea will remain on its watch list for a potential upgrade to a market accessibility level of 2 from 1 and consideration for inclusion in [...]
SEOUL, Mar. 26 (Korea Bizwire) – A South Korean human rights watchdog has determined that a bank’s refusal to open an account for an Iranian national residing in the country based solely on their nationality constitutes discrimination. According to the National Human Rights Commission of Korea (NHRCK) on March 25, an Iranian citizen, identified only by [...]
SEOUL, Mar. 20 (Korea Bizwire) – South Korea’s major commercial banks rewarded employees with significant pay raises last year, despite continuing a cost-cutting drive that saw further reductions in staffing levels and branch networks across the country, according to financial filings. An analysis by Yonhap News of the 2023 business reports disclosed by the nation’s four [...]
SEOUL, Mar. 18 (Korea Bizwire) – As concerns grow over household debt levels in South Korea, a new analysis has found that nearly one-third of those who have taken out loans from insurance companies are overwhelmed by obligations to multiple lenders, raising fears of potential defaults. The study by Lee Suk-ho, a senior research fellow at [...]
SEOUL, Mar. 6 (Korea Bizwire) – The value of delinquent loans among self-employed individuals in South Korea has surged by nearly 50% in a year, with the delinquency rate of young self-employed individuals in their 20s and 30s increasing the fastest. This trend indicates that self-employed individuals are facing financial difficulties due to high interest rates [...]
SEOUL, Feb. 27 (Korea Bizwire) — The potential uncollected loans by four major financial holding firms jumped 49 percent on year in 2023, as high interest rates took a toll on borrowers, data showed Tuesday. The value of potential uncollected loans came to 1.96 trillion won (US$1.47 billion) in 2023, up 48.8 percent from the [...]
SEOUL, Feb. 15 (Korea Bizwire) – As the appeal of car insurance comparison and recommendation services wanes, industry insiders are turning their gaze towards pet insurance as the next promising market. Amid the growing trend of value-seeking consumers in a high-cost economy, pet insurance is emerging as a new focal point for financial tech services. Notably, [...]
SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s financial regulator said Wednesday it will make it easier for regional lenders to become nationwide commercial banks, in a move aimed at promoting competition in the banking sector. “The government announced on July 5, 2023, that it will seek to promote the transition of local banks to [...]
SEOUL, Dec. 5 (Korea Bizwire) – Smartphone users in South Korea will be able to use bank deposits and withdrawal services with QR codes starting this week in addition to the existing near field communications (NFC) system, the central bank said Tuesday. According to the Bank of Korea, 17 local banks will start providing a [...]
SEOUL, Nov. 20 (Korea Bizwire) – South Korean banks’ net profit rose sharply from a year earlier in the third quarter on an increase in interest income, preliminary data showed Monday. The combined net profit of 20 banks in the July-October period came to 5.4 trillion won (US$4.15 billion), up 38.2 percent from a 4.2 [...]