SEOUL, May 20 (Korea Bizwire) — South Korea’s securities transaction tax revenue will likely shoot up in 2015 from a year earlier as the recent stock market rally has led to explosive growth in trading volume, industry data showed Wednesday. According to the data, the government is expected to collect some 4 trillion won (US$3.67 [...]
SEOUL, May 19 (Korea Bizwire) — Korean banks are decreasing the number of their ATMs around the nation to compensate for losses they have been facing due to a recent drop in net interest margins. According to industry representatives on May 17, the number of ATMs at 6 major Korean banks, KB Kookmin, Shinhan, Hana, [...]
SEOUL, May 17 (Korea Bizwire) — As Internet-only banking services are expected to lead the Fintech industry, SK C&C, the IT arm of SK Group, will support internet-only banks by developing a customized IT platform with premium services. SK C&C announced on May 13 that it would set up a specialized IT service business model [...]
TORONTO, ONT, CANADA, May 14, 2015 (Korea Bizwire) –The financial fitness of Canadians is a hot topic these days. Household debt is through the roof. Nearly 20,000 jobs disappeared across the Canadian economy in April. Housing markets are uncertain. But — household assets are up, and credit card delinquency is down. So — [...]
BUSAN, May 14 (Korea Bizwire) — HSH Nord Bank, a German financial institution specializing in ship and marine affairs is expected to extend its reach to Busan, the largest port city in Korea. On May 13, Busan Metropolitan City signed an MoU together with Nord Bank and the Export-Import Bank of Korea on the opening of [...]
SEOUL, May 11 (Korea Bizwire) — South Korea’s sovereign wealth fund said Monday it has logged a cumulative US$14.7 billion in investment profit as of the end of last year following its establishment in 2005. Its overall return on investment reached 10 percent last year, while its annual return on investment in the past five [...]
BEIJING, Apr. 29 (Korea Bizwire) — South Korea is likely to hold up to 3.5 percent in equities in the Chinese-led Asian Infrastructure Investment Bank (AIIB), a diplomatic source said Wednesday. South Korea’s expected stake in the AIIB was lowered to between 3 percent and 3.5 percent as Russia, which is part of the World [...]
SEOUL, April 28 (Korea Bizwire) – South Korea’s investment in overseas stocks sharply almost has tripled over the past three years as investors sought higher returns in overseas markets, data showed Tuesday. The amount of South Koreans’ direct investment in foreign stocks came to US$2.89 billion in the January-March period, soaring from $93.05 million from [...]
SEOUL, April 27 (Korea Bizwire) – For young adults and college students suffering from high interest rate loans, a special service has been introduced to convert them to products with lower interest rates. The Credit Counselling and Recovery Service (CCRS) rolled out the revised Sunshine Loan Program on April 27, which was originally introduced for [...]
SEOUL, April 27 (Korea Bizwire) – The Financial Services Commission (FSC) is set to introduce a simpler authentication process for entering into insurance contracts online, which only involves authentication through SMS or ARS, rather than the current authentication process using public-key-certificates. This change is part of the response to 614 complaints related to financial services in Korea [...]