SEOUL, Oct. 8 (Korea Bizwire) — KEB Hana Bank, a major South Korean commercial bank, has withdrawn from a consortium led by brokerage Kiwoom Securities that is expected to submit a bid for a license to set up an internet-only bank, an industry source said Tuesday. The consortium led by Kiwoom Securities was one of [...]
SEOUL, Oct. 1 (Korea Bizwire) — The value of daily transactions of mobile banking services in South Korea surpassed the 6 trillion-won (US$5 billion) mark for the first time, central bank data showed Tuesday. The value of daily transactions of mobile banking services stood at 6.04 trillion won in the first half, up 10.8 percent [...]
SEOUL, Oct. 1 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it has discovered 790 suspected cases of improper sales of derivatives linked to overseas interest rates that carry the risk of losing nearly all the money invested in them. Announcing an interim outcome for its 40-day probe into banks and brokerages that sold [...]
SEOUL, Sept. 30 (Korea Bizwire) — South Korea’s initial public offering (IPO) market is expected to gather ground in the fourth quarter as several large companies are seeking to make debuts on the local stock market, an industry source said Monday, although investors remained bearish on stocks. About 10 companies have applied or plan to [...]
SEOUL, Sept. 26 (Korea Bizwire) — Accumulated peer-to-peer (P2P) loans in South Korea have surpassed 6 trillion won (US$5 billion), data showed Thursday. Outstanding P2P loans extended by 220 companies stood at 6.2 trillion won in June, compared with 4.7 trillion won at the end of last year, according to the data compiled by the [...]
SEOUL, Sept. 25 (Korea Bizwire) — Insurance policy-backed loans grew more than 20 percent over the past three years, data showed Wednesday, indicating that more people took out loans despite the risk of canceling insurance schemes before maturity amid a slowing economy. According to the data compiled by the Financial Supervisory Service, insurers’ outstanding policy [...]
SEOUL, Sept. 18 (Korea Bizwire) — Following an announcement from the government that animal registration policy will be subject to stricter implementation, experts are anticipating an increase in demand for pet insurance. The Ministry of Agriculture, Food and Rural Affairs announced on Tuesday that it will come up with stricter animal-related regulations to ensure implementation [...]
SEOUL, Sept. 17 (Korea Bizwire) — Investments supported by so-called robo advisors, or computer programs that make financial decisions, outperformed the overall market in South Korea last month, when the local stock market remained bearish, data showed Tuesday. According to the data from Koscom Corp., the system manager of the Korean bourse operator Korea Exchange, [...]
SEOUL, Sept. 11 (Korea Bizwire) — There is a wave of change at South Korean securities companies, which used to be represented by business suits and formal dress. Allowing casual wear and the liberalization of dress codes is starting at some brokerages. Shinhan Investment Corp., has decided to simplify the attire of its branch tellers [...]
SEOUL, Sept. 10 (Korea Bizwire) — One of Korea’s largest banks is seeking to innovate its work environment through a new flexible work-hour system. KB Kookmin Bank has been running a “KB Digital Office” system since mid-August that has enabled employees to call it a day from wherever their last meeting is, according to financial [...]