SEOUL, May 13 (Korea Bizwire) — South Korea’s market for promissory notes issued by mega investment banks (IBs) is expected to grow sharply this year to top the 10 trillion won (US$8.5 billion) mark, industry sources said Monday. The outstanding value of promissory notes floated by two mega IBs — Korea Investment & Securities Co. [...]
SEOUL, May 7 (Korea Bizwire) — Two South Korean banks have stopped offering settlement services for trade with Iran in line with U.S. economic sanctions on Tehran, industry sources said Tuesday. Last week, Woori Bank and the state-run Industrial Bank of Korea (IBK) suspended won-denominated accounts held by the Central Bank of Iran (CBI) for [...]
SEOUL, May 2 (Korea Bizwire) — Samsung Electronics Co. is expected to bounce back from its first-quarter earnings shock from the third quarter of this year thanks to a recovery in chip demand, analysts said Thursday. Samsung’s net profit nose-dived 57 percent on-year to 5.04 trillion won (US$4.3 billion) in the January-March period, the lowest [...]
SEOUL, Apr. 24 (Korea Bizwire) — South Korean brokerages have cut their forecasts for the first-quarter operating profits of major listed firms by 33 percent since earlier this year, as the companies are expected to feel the pinch of slowing global demand and the U.S.-China trade dispute, a market researcher said Wednesday. Brokerages expected 136 [...]
SEOUL, Apr. 22 (Korea Bizwire) — A recent study revealed that people who make an average monthly salary of between 4-5 million won (US$3,500-4,400) form the largest group to use internet-only banks, and that white-collar workers are relatively more dependent on these types of financial institutions. The Korea Information Society Development Institute announced on Sunday [...]
SEOUL, Apr. 16 (Korea Bizwire) — South Korean people are increasingly going cashless as more people rely on credit cards and digital payment tools, a survey by the Bank of Korea (BOK) showed Tuesday. Korean households had an average 78,000 won (US$68.60) in cash in their wallets at any given time in 2018, down 33 [...]
SEOUL, Apr. 15 (Korea Bizwire) — Banks in South Korea will fully open their payment network to fintech firms in December, officials said Monday, in a fresh effort to encourage development of new payment services and greater competition in the financial sector. Currently, only banks can access the payment network, but even banks are allowed [...]
SEOUL, Apr. 15 (Korea Bizwire) — South Korean lender KB Kookmin Bank has introduced a new service that allows customers to make withdrawals through hand recognition, instead of having to use a bankbook, stamp or password. The bank announced on Sunday that customers will now be able to make withdrawals at the counter using palm [...]
SEOUL, Apr. 10 (Korea Bizwire) — Foreign investors have been increasing their buying of South Korean shares in recent sessions, data showed Wednesday, amid optimism, albeit cautious, over the chip industry and progress in U.S.-China trade deals. According to the data compiled by the Korea Exchange (KRX), foreign investors extended their buying binge to eight [...]
SEOUL, Apr. 5 (Korea Bizwire) — Hyundai Card Co., a local credit card firm, said Friday that it has introduced an artificial intelligence-based counseling service in its customer center. The AI automatic response system (ARS) listens to clients’ desired service and provides them with appropriate counseling with no waiting time, according to the company. It [...]