SEOUL, Aug. 13 (Korea Bizwire) — Despite the overall growth of South Korea’s fintech industry, including the market for wire transfers and payments, cryptocurrency exchanges have seen drastic cuts in revenue and operating profits. CEO Score, a business analysis agency, studied the performance of 186 fintech firms based on public reports from the last three [...]
SEOUL, July 28 (Korea Bizwire) — Beginning next year, South Koreans will be able to conveniently confirm their identities through smartphones, thanks to the planned introduction of an ID card mobile verification service, the government said Wednesday. The Ministry of the Interior and Safety said it will build the resident registration card mobile verification service [...]
SEOUL, July 28 (Korea Bizwire) — South Korea’s financial authority said Wednesday it plans to expand the ecosystem of the so-called open banking platform by inviting users of fintech services, allowing more people to enjoy simpler financial transactions. South Korea launched the open banking service in 2019, which centers on allowing customers to use any [...]
SEOUL, March 17 (Korea Bizwire) — The spread of contactless work and tasks following last year’s coronavirus outbreak has led companies to bolster efforts to prevent data leaks. The Ministry of Science and ICT and the Korea Information Security Industry Association conducted a study of 9,000 businesses with more than one employee and an internal [...]
SEOUL, March 14 (Korea Bizwire) — South Korea’s information security market grew to hit nearly 12 trillion won (US$10.6 billion) last year on the back of increasing demand for online services amid the pandemic, the ICT ministry said Sunday. Total sales of the industry, which includes digital and physical security sectors, reached 11.9 trillion won [...]
SEOUL, Feb. 18 (Korea Bizwire) — South Korea’s ICT ministry said Thursday it will spend 670 billion won (US$607 million) by 2023 to bolster the country’s cyber security capabilities to respond to growing new digital threats. The Ministry of Science and ICT said it will develop infrastructure to quickly respond to cyber security threats, by [...]
SEOUL, Dec. 9 (Korea Bizwire) — South Korea said Wednesday it will phase out an official public key certification system this week in a move to introduce easier-to-use verification services. South Koreans have used public key certificates since 1999 for verification in digital services, such as online banking and tax returns. The system, however, has [...]
SEOUL, Dec. 7 (Korea Bizwire) — With the pattern of everyday life shifting from face-to-face interactions to remote and non-face-to-face ones due to the spread of the COVID-19 pandemic, cyber threats are becoming more prevalent today than ever before. In particular, ransomware, a type of malware that encrypts a victim’s files and then demands a [...]
SEOUL, Feb. 17 (Korea Bizwire) — As the aftermath of the novel coronavirus outbreak, technologies that can reduce anxiety and fear in daily life are rapidly gaining popularity. In particular, so-called ‘untact’ ordering services are quickly gaining ground at restaurants. These types of services allow customers to order and pay for their food at the [...]
SEOUL, Dec. 21 (Korea Bizwire) — LG Uplus Corp., a major telecommunications company in South Korea, said Friday it has signed a deal to sell its payment gateway business to local fintech firm Viva Republica Ltd. Under the agreement, LG Uplus will first spin off its payment gateway business and sell its entire stake in [...]