SEOUL, Dec. 4 (Korea Bizwire) — Kakao Pay announced on Monday that it will be adding a ‘sprinkle’ service using its money-wiring function. The ‘sprinkle’ service allows a user to share a certain amount of money with their friends in a KakaoTalk chatroom. The user first selects the number of recipients and the amount of [...]
SEOUL, Nov. 20 (Korea Bizwire) — Kakaopay Corp., a South Korean mobile payment platform provider, said Tuesday that four investment products sold out in just four hours and 20 minutes on the first day of launch. On Monday, the company said it will launch a new service called Kakao Investment, allowing users to invest in [...]
SEOUL, Oct. 30 (Korea Bizwire) — Contrary to popular belief, young people were found to have fallen prey to voice phishing scams more than senior citizens, data showed Tuesday. According to the data from the Financial Supervisory Service (FSS), those in their 20s and 30s lost 42.5 billion won (US$37.26 million) from this kind of [...]
SEOUL, Oct. 24 (Korea Bizwire) — An international financial research institute has published a report stating the average wealth of Korean adults is approximately 200 million won. According to the “Global Wealth Report 2018” published by Credit Suisse Research Institute (CSRI), the average monetary assets held by adult Koreans totaled $171,740, which was equivalent to [...]
SEOUL, Oct. 23 (Korea Bizwire) — About 520,000 people, or 1.3 percent of South Korea’s population, were believed to have borrowed money from loan sharks last year, a survey showed Tuesday. They borrowed an estimated 6.8 trillion won (US$6 billion) from unregistered lenders at the end of last year, according to the survey of 5,000 [...]
SEOUL, Oct. 18 (Korea Bizwire) — Nearly half of all South Koreans say they are economically unprepared for life after retirement. According to a study conducted by the Korea Insurance Research Institute, 45.9 percent of 2,440 adults surveyed said that “they were not prepared economically for the final years of their lives.” Among respondents, 38.8 [...]
SEOUL, Oct. 17 (Korea Bizwire) – There has been a rise, in recent years, of the number of South Koreans who pay national health insurance premiums, required for people to benefit from subsidized hospital bills, but yet do not pay into the national pension plan. According to data submitted by the National Health Insurance Service [...]
SEOUL, Oct. 11 (Korea Bizwire) — The government plans to gradually cut the maximum interest rate that private lenders can charge to 20 percent per annum, the financial regulator said Thursday. In a parliamentary audit meeting, Financial Services Commission (FSC) Chairman Choi Jong-ku said the plan is aimed at further easing the financial burdens on [...]
SEOUL, Oct. 10 (Korea Bizwire) — Nearly four out of 10 South Koreans have an average household debt of 80 million won (US$70,690), an increase of 3.3 percent from a year ago, according to figures from a credit information provider. The data, provided by National Information & Credit Evaluation Inc. (NICE) to ruling party lawmaker [...]
SEOUL, Oct. 9 (Korea Bizwire) – New data reveals that there are as many as 244 people who are minors “in charge of“ real estate leasing services in South Korea, and 23 of them were found to be high-income earners making more than 100 million won per year. Kim Doo-kwan, a member of the finance [...]