SEOUL, Sept. 15 (Korea Bizwire) — South Koreans’ use of internet banking services grew 6.9 percent in the first half of this year from six months earlier as customers preferred financial services through mobile devices, central bank data showed Thursday. The daily use of online banking services, including mobile banking, reached 18.82 million cases in [...]
SEOUL, Sept. 15 (Korea Bizwire) — Amid the upward trend in interest rates, South Korean banks have released a string of high interest rate deposit and installment savings products. Such products, however, have complicated preferential conditions, making it difficult for depositors to receive the highest interest rate. Welcome Savings Bank, for instance, released a 12-month [...]
SEOUL, Sept. 14 (Korea Bizwire) — An increasing number of South Korean retail investors are buying Japanese stocks, which are showing stable movement on the back of the recent plunge in the yen’s value. According to the Korea Securities Depository, domestic investors net purchased US$9.46 million worth of Japanese shares during the period from August [...]
SEOUL, Sept. 8 (Korea Bizwire) — Asset management firms in South Korea saw their combined net earnings plunge in the second quarter of this year due to massive investment losses amid sluggish financial markets, data showed Thursday. The combined net income of 380 firms came to 170.1 billion won (US$122.6 million) in the April-June period, [...]
SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s financial holding firms saw their combined net profit jump 7.9 percent in the first half this year primarily due to higher interest income, data showed Tuesday. The combined net profit of KB Financial, Shinhan Financial and eight other financial holding firms stood at 12.41 trillion won (US$9.08 [...]
SEOUL, Sept. 4 (Korea Bizwire) — Foreigners’ net stock purchases reached nearly 4 trillion won (US$2.9 billion) in the South Korean stock markets last month despite the won’s weakness against the dollar, data showed Sunday. In August, foreigners bought 3.98 trillion won worth of stocks in the main KOSPI, tech-heavy KOSDAQ and small businesses-focused KONEX [...]
SEOUL, Sept. 2 (Korea Bizwire) — Private equity funds (PEFs) are gaining a strong presence in South Korea as they work as solutions for problems among large conglomerates to evading monopoly restrictions during the transition of management and changing management structure. London-based investment data company Preqin reported that major private placement funds’ assets under management [...]
SEOUL, Aug. 31 (Korea Bizwire) — Toss Bank, one of the country’s internet-only banking services, on Wednesday said it suffered a massive loss in the first half of the year due to increased loan-loss reserves and other costs. Net loss came to 124.3 billion won (US$92.7 million) on a consolidated basis in the January-June period, [...]
SEOUL, Aug. 29 (Korea Bizwire) — South Korea’s financial watchdog has launched an inspection into Morgan Stanley as part of efforts to intensify monitoring of stock short selling that has been blamed for excessive market swings, industry sources said Monday. The inspection came about two weeks after Lee Bok-hyun, the head of the Financial Supervisory [...]
SEOUL, Aug. 29 (Korea Bizwire) — An increasing number of financial institutions are replacing redundant work with automation robots to improve work efficiency. The Korea Technology Finance Corp. (KOTEC) is applying Robotic Process Automation (RPA) technology for its entire in-house operations. The KOTEC introduced RPA in 2019 and started automation from simple clerical work such [...]