SEOUL, Sept. 19 (Korea Bizwire) — A parliamentary committee on Wednesday approved a bill aimed at allowing nonfinancial firms to have up to a 34 percent stake in Internet-only banks, easing the current 4 percent ownership limit for financial industry reform. The National Policy Committee agreed that family-owned conglomerates, known as chaebol, will not be [...]
SEOUL, Sept. 18 (Korea Bizwire) — The financial regulator said Tuesday it will help people retrieve money mistakenly sent to wrong bank accounts. The move came as the number of erroneous transactions has been on the rise with more people using their smartphones for money transfers. If a person sends money to a wrong account, [...]
SEOUL, Sept. 14 (Korea Bizwire) — On her way home after work, office worker Lee Jun-hee often drops by a nearby bank branch in Gwanghwamun, downtown Seoul. She does so not for banking but for book shopping and “meet the author” events, which are held in a space filled with the aroma of brewing coffee. [...]
SEOUL, Sept. 14 (Korea Bizwire) — The corporate value of more than 6 out of 10 firms in which South Korea’s state pension operator invests has risen since its introduction of the so-called stewardship code in late July, a report said Friday. The National Pension Service (NPS) adopted the stewardship code on July 30, which [...]
SEOUL, Sept. 13 (Korea Bizwire) – Securities companies in South Korea have shuttered more than 800 branches over the past seven years. As of the end of June, a total of 1,013 branches were being operated by 55 securities firms in the country, according to the Korea Financial Investment Association. This represents a 44.3 percent plunge [...]
SEOUL, Sept. 13 (Korea Bizwire) — Starting October 1, new insurance subscribers no longer need to reveal their disabilities, so as to ensure fair conditions for the physically challenged people who want to purchase insurance policies. According to the Financial Supervisory Service, the previous provision that required insurance plan seekers to notify insurance companies of any [...]
SEOUL, Sept. 12 (Korea Bizwire) — The maximum possible number of shares investors can purchase in a single order will be reduced starting next week to prevent fat-finger errors, the local bourse operator said Wednesday. Investors will be allowed to buy a maximum of 1 percent of a firm’s total shares per order starting Monday, [...]
SEOUL, Sept. 10 (Korea Bizwire) — South Korea’s financial watchdog said Monday it will provide a trial service of machine-readable regulation that would help companies better comply with state rules. As one of the financial technology sectors, machine-readable regulation allows companies to better meet regulatory requirements and avoid hefty fines. Financial Supervisory Service Gov. Yoon [...]
SEOUL, Aug. 23 (Korea Bizwire) — The amount of foreign securities held by major South Korean institutions fell for the first time in more than three years in the second quarter due to a drop in holdings of foreign currency-denominated bonds, central bank data showed Thursday. As of the end of June, the value of [...]
SEOUL, Aug. 23 (Korea Bizwire) — Applicants looking to receive government aid to help offset long-term debts amounting to 10 million won or less per individual will be given an extended deadline, which is now scheduled for the end of February. The Financial Services Commission held a meeting yesterday during which the application window to [...]