SEOUL, Sept. 23 (Korea Bizwire) – Tens of thousands of unionized bank workers in South Korea staged a walkout Friday against the expansion of a performance-based pay system in the nation’s financial industry. There were no reports yet of major disruptions in banking services across the country, as the participation rate was apparently lower than [...]
SEOUL, Sept. 22 (Korea Bizwire) – Amid concerns over last week’s historic earthquake and the hundreds of aftershocks that have followed, some insurance companies have ceased to offer earthquake insurance products. A record magnitude-5.8 earthquake struck the peninsula on September 12 with its epicenter some eight kilometers south of Gyeongju. Since the original temblor, some [...]
SEOUL, Sept. 21 (Korea Bizwire) – South Korea’s chief financial regulator called on the nation’s umbrella bank union Wednesday to withdraw its plan to go on a general strike later this week, saying such a collective action will never win public support especially at a time when the local banking industry faces a “life-or-death” crisis. [...]
SEOUL, Sept. 7 (Korea Bizwire) – Starting October 5, Korea will launch its first debit card cashback service at convenience stores. Although a popular practice in a number of western countries, the service has not yet been introduced to Korean consumers. In a nutshell, the service is offered to customers who wish to add a certain [...]
SEOUL, Sept. 2 (Korea Bizwire) – The head of South Korea’s financial watchdog on Friday called for local financial services firms to beef up security-related measures for their fast-developing fintech operations. “Responsible innovation is needed in the financial industry,” Financial Supervisory Service (FSS) Governor Zhin Woong-seob said in a forum hosted by the Korea Institute [...]
SEOUL, Sept. 1 (Korea Bizwire) – The government plans to allow financial service companies here to share the personal information of their customers for big data collection purposes while keeping their names and other details undisclosed, the top financial regulator said Thursday. The measure would pave the way for banks, insurers, securities firms, fintech operators [...]
SEOUL, Aug. 25 (Korea Bizwire) – Starting September 1, adult ADHD patients in Korea will be able to have their ADHD medication expenses partially covered by the national health insurance plan. Attention deficiency hyperactivity disorder, or ADHD, although largely perceived as a condition most prevalent in children and teenagers, is also becoming common among adults. [...]
SEOUL, Aug. 23 (Korea Bizwire) – It has been almost three months since the Supreme Court of Korea ruled that insurance companies must pay the families of suicide victims, but a recent report from the Financial Supervisory Service (FSS), submitted to lawmaker Min Byung-doo (Minjoo Party of Korea), revealed that insurance companies have yet to [...]
SEOUL, Aug. 12 (Korea Bizwire) – Iris scanning is no longer something from the future, or a mundane cliché technology from a sci-fi movie. With Samsung Electronics introducing a form of the technology in its latest flagship phablet, the Galaxy Note 7, it’s clear that a new era of personal identification is here. Boasting its [...]
SEOUL, Aug. 9 (Korea Bizwire) – South Korea’s mobile banking, mostly based on smartphones, continued to grow quickly in the second quarter of 2016, with the daily average transaction volume exceeding 3 trillion won (US$2.7 billion), central bank data showed Tuesday. The daily transaction volume rose 6.3 percent on-quarter to 3.78 trillion won during the [...]