SEOUL, Aug. 30 (Korea Bizwire) – South Korea launched an “open platform” Tuesday to assist financial institutions in developing financial technology, called fintech, a government agency said, adding the system is the first of its kind in the world. It is designed to offer standardized financial transaction programs involving all major banks and securities firms [...]
SEOUL, Aug. 29 (Korea Bizwire) – South Korea will soon begin the process of introducing a full-fledged computer-advised asset management system, the nation’s financial regulator said Sunday. Some brokerage firms here have operated robo-advisors on a limited basis with brokers involved. The Financial Services Commission (FSC) said it plans to first confirm whether the industry [...]
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. 25 (Korea Bizwire) – South Korea will control the supply of new apartments in a bid to curb demand for mortgage loans, the main culprit for soaring household debt in Asia’s fourth-largest economy, government officials announced Thursday. Household credit jumped 11.1 percent on-year to an all-time high of 1,257.3 trillion won (US$1,123.5 billion) [...]
SEOUL, Aug. 25 (Korea Bizwire) – The South Korean market for so-called equity crowdfunding has been gaining momentum recently on growing investor interest amid ultra-low interest rates, industry sources said Thursday. Also referred to as crowdinvesting, equity crowdfunding is the online offer of unlisted shares and corporate bonds to a group of investors. In January, [...]
SEOUL, Aug. 24 (Korea Bizwire) – South Korea will set up a new stock market monitoring system using artificial intelligence (AI) by 2018, the nation’s bourse operator announced Wednesday. The move is intended to counter unfair stock trading taking advantage of information technology (IT), social micro-blogging sites and robo-advisors, according to the Korea Exchange. “Market [...]
SEOUL, Aug. 24 (Korea Bizwire) – Samsung Electronics Co.’s mobile-payment service, Samsung Pay, has hit 2 trillion won (US$1.8 billion) in accumulated transaction volume in South Korea, the company said Wednesday. The record came about one year after Samsung launched the mobile-payment service at home. Of the accumulated transaction volume, the value of fingerprint-identification mobile [...]
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. 22 (Korea Bizwire) – Market players in South Korea have placed mixed bets on shares of Samsung Electronics Co. this month, with foreigners remaining a net seller of the stock while local institutional investors keep buying it. Shares of Samsung hit an all-time closing high of 1,675,000 won (US$1,492) last Friday. The stock [...]
SEOUL, Aug. 19 (Korea Bizwire) – South Korean shares hit this year’s new high on Friday, led by the continued rally of the top cap Samsung Electronics. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.77 point, or 0.04 percent, to 2,056.24. Samsung Electronics climbed 2.13 [...]