SEOUL, May 20 (Korea Bizwire) — South Korea’s household credit reached a record high in the first quarter, though its growth slowed due to lending regulations and a decline in credit loans, central bank data showed Tuesday. Outstanding household credit had stood at 1,928.7 trillion won (US$1.39 trillion) as of end-March, up 2.8 trillion won [...]
SEOUL, May 20 (Korea Bizwire) — The value of South Korea’s virtual asset market nearly doubled in the second half of last year from six months earlier, on rising prices of cryptocurrencies, data showed Tuesday. The market capitalization of the virtual asset market had come to 107.7 trillion won (US$77.6 billion) as of end-2024, up [...]
SEOUL, May 15 (Korea Bizwire) — Assisting senior citizens in liquidating their assets is essential to addressing elderly poverty, which, in turn, may help boost local spending, the chief of South Korea’s central bank said Thursday. Bank of Korea (BOK) Gov. Rhee Chang-yong made the point during a symposium co-hosted by the BOK and state-run [...]
SEOUL, May 13 (Korea Bizwire) — A record number of South Koreans are choosing to receive their national pension benefits early—despite steep long-term financial penalties—as rising economic pressure and delayed retirement payouts drive more people to bridge income gaps in their post-retirement years. According to data released by the National Pension Service on Monday, [...]
MILAN, May 8 (Korea Bizwire) — South Korea is preparing to roll out a new cross-border payment system that will allow travelers to make purchases abroad by simply scanning a QR code with a mobile app — no credit or debit card required. A companion feature will also enable cash withdrawals from overseas ATMs, aimed [...]
SEOUL, May 7 (Korea Bizwire) — South Korean households raising infants and toddlers spend significantly less on adult leisure and cultural activities than their childless peers, highlighting the personal sacrifices many parents make in the early years of childrearing. According to a new report released Tuesday by the Korea Institute of Child Care and Education, the [...]
SEOUL, May 7 (Korea Bizwire) — Surging gold prices have ignited a wave of investor enthusiasm in South Korea, pushing gold-linked bank deposits to record highs and triggering a nationwide shortage of physical gold bars. According to data from major South Korean banks, gold banking balances — which allow investors to buy and sell gold through [...]
SEOUL, May 6 (Korea Bizwire) — Elderly dementia patients in South Korea hold assets worth a combined 153.5 trillion won (US$110.9 billion), which is equivalent to about 6.4 percent of the country’s gross domestic product (GDP), data showed Tuesday. The assets had been owned by 1.24 million dementia patients aged 65 and above as of [...]
SEOUL, May 5 (Korea Bizwire) — South Korean investors are turning their attention from traditional tech giants to artificial intelligence (AI) leaders, with U.S.-based software firm Palantir Technologies now surpassing Apple in Korean-held investment value. According to data released by the Korea Securities Depository, as of April 30, domestic investors held $4.26 billion (approximately 6 trillion [...]
SEOUL, May 5 (Korea Bizwire) — A month after South Korea fully reinstated short selling across all listed stocks, expectations that foreign investors would return to the domestic market have yet to materialize, despite signs of market resilience and easing volatility. According to data from the Korea Exchange, total short-selling turnover on the KOSPI and KOSDAQ [...]