SEOUL, Feb. 10 (Korea Bizwire) — South Korea’s major banks are rapidly closing physical branches, citing the rise of digital banking and cost-cutting measures, even as they continue to report record-high interest income. The trend, however, is sparking concerns over reduced financial accessibility for elderly customers and those unfamiliar with mobile banking. KB Kookmin Bank [...]
SEOUL, Feb. 9 (Korea Bizwire) — As South Korea’s once-booming commercial real estate sector faces a downturn, banks are seeing a sharp rise in lawsuits from borrowers seeking to void their debt obligations. Many of these legal disputes stem from investments in knowledge industry centers, a type of commercial property that had gained popularity as an [...]
SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s Financial Supervisory Service (FSS) announced on February 9 that it will enhance access to corporate disclosure information for foreign investors by expanding English-language content on its electronic disclosure system (DART) and launching a new open data platform on Sunday. The updated English DART system now allows real-time access [...]
SEOUL, Feb. 7 (Korea Bizwire) — The International Monetary Fund (IMF) has cautioned that downside risks to South Korea’s economy remain significant, citing prolonged political uncertainty as a key factor that could dampen investment and consumer sentiment while heightening financial volatility. In its 2024 Annual Consultation Report on South Korea, released on February 7, the IMF [...]
SEOUL, Feb. 7 (Korea Bizwire) — The number of exclusive insurance agents in South Korea has increased despite the growing influence of independent insurance agencies (GAs) in the market, according to industry data released on February 6. Unlike GA agents who sell products from multiple insurers, exclusive agents are directly employed by insurance companies and sell [...]
SEOUL, Feb. 4 (Korea Bizwire) - South Korea’s financial watchdog said Tuesday that it will map out a stricter supervisory system for banks and take stern measures against their lack of internal control systems and risk management. According to the Financial Supervisory Service (FSS), Woori Bank, KB and NH Nonghyup had extended inappropriate loans worth [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korea’s gross domestic product (GDP) per person is estimated to have exceeded the US$36,000 mark last year, data showed Sunday. The GDP per capita for 2024 is estimated at $36,024, up $454, or 1.28 percent, from a year earlier, according to the data compiled by the Ministry of [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s Financial Stress Index (FSI) spiked in December 2024 to levels last seen during the Legoland crisis in September 2022, reflecting mounting economic instability amid political uncertainty. According to data submitted by the Bank of Korea (BOK) to lawmaker Lim Kwang-hyun of the National Assembly’s Strategy and Finance Committee, [...]
SEOUL, Jan. 28 (Korea Bizwire) — Investors are pouring a large amount of money into funds that invest in U.S. stocks on hopes that President Donald Trump’s “America First” policy would help further boost the U.S. stock market, data showed Tuesday. According to the data from market tracker FnGuide, 167 funds that invest in U.S. [...]
SEOUL, Jan. 26 (Korea Bizwire) — The South Korean won experienced its steepest decline in real effective exchange rate (REER) in over two years last December, following political instability that shook financial markets. According to data released by the Bank for International Settlements (BIS) on January 26, South Korea’s REER index stood at 91.03 (2020=100) at [...]