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Cryptocurrency Exchanges Sustain Heavy Losses Despite Overall Growth of Fintech Industry

Cryptocurrency Exchanges Sustain Heavy Losses Despite Overall Growth of Fintech Industry

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 [...]

ID Card Mobile Verification Service Due Next Year

ID Card Mobile Verification Service Due Next Year

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 [...]

S. Korea Expands Open Banking Ecosystem, Invites Fintech Firms

S. Korea Expands Open Banking Ecosystem, Invites Fintech Firms

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 [...]

Businesses Invest in Data Protection Following Spread of Contactless Workflow

Businesses Invest in Data Protection Following Spread of Contactless Workflow

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 [...]

S. Korea to Spend 670 bln Won on Cyber Security by 2023

S. Korea to Spend 670 bln Won on Cyber Security by 2023

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 [...]

S. Korea to Phase Out Public Key Certification System

S. Korea to Phase Out Public Key Certification System

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 [...]

Advanced Technology Moves into Daily Life as Fear of Coronavirus Spreads

Advanced Technology Moves into Daily Life as Fear of Coronavirus Spreads

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 [...]