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Financial Regulator Eases Requirements for Regional Lenders to Attain Nationwide Commercial Bank Status

Financial Regulator Eases Requirements for Regional Lenders to Attain Nationwide Commercial Bank Status

SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s financial regulator said Wednesday it will make it easier for regional lenders to become nationwide commercial banks, in a move aimed at promoting competition in the banking sector. “The government announced on July 5, 2023, that it will seek to promote the transition of local banks to [...]

Police Joins Hands with Woori Bank for Missing Children Initiative

Police Joins Hands with Woori Bank for Missing Children Initiative

SEOUL, Sept. 16 (Korea Bizwire) — The Seoul Metropolitan Police Agency said  Thursday that it signed an agreement with major lender Woori Bank for a new missing children initiative. Under terms of the agreement, the two parties will cooperate to promote the advance fingerprint registration system that is effective in the early detection and prevention [...]

Hana, Woori Launch Joint Bank Branch

Hana, Woori Launch Joint Bank Branch

SEOUL, April 26 (Korea Bizwire) — The country’s first joint branch shared by two different banks has opened in Gyeonggi Province. Hana Bank and Woori Bank announced that their joint branch began operation in Suji District, Yongin on Monday, the first of its kind in the banking industry. The two banks’ separate branches that used [...]

Customers Inconvenienced as Bank Branches Disappear at a Rapid Pace

Customers Inconvenienced as Bank Branches Disappear at a Rapid Pace

SEOUL, Nov. 25 (Korea Bizwire) — Along with the growth of non-face-to-face financial transactions resulting from the COVID-19 pandemic, bank branches are disappearing at a rapid pace in South Korea. Against this backdrop, there is concern that this development could make banking significantly more inconvenient for elderly people, many of whom are not familiar with [...]

Number of S. Korean Bank Branches Plummets

Number of S. Korean Bank Branches Plummets

SEOUL, April 8 (Korea Bizwire) — With the growing popularity of online financial services, banks are shutting down branch offices across the country. The Financial Supervisory Service reported that there were 6,405 bank branches as of late 2020, which was 304 fewer than the previous year, representing the largest plunge since 2017 when banks shut [...]

In-person Money Remittances Wane as Mobile Banking Becomes Ubiquitous

In-person Money Remittances Wane as Mobile Banking Becomes Ubiquitous

SEOUL, Nov. 11 (Korea Bizwire) — Scenes of people remitting money at bank windows are becoming a relic of the past in South Korea. Excluding mobile banking, the classic types of non-face-to-face transactions such as Internet banking, telebanking and automated teller machine (ATM), are also losing popularity across most age groups. Only elderly people older [...]

New Investex Partner Program Launch

New Investex Partner Program Launch

ST. VINCENT and the GRENADINES, Jun. 3 (Korea Bizwire) — Investex unveils its brand-new Partner program, which streamlines and simplifies the ways affiliates engage with Investex and customers. A low barrier to entry combined with a competitive volume-based rebate structure make Investex Partner program a solution for introducers of all sizes.  Investex Partner program offers [...]

Banks to Fully Open Payment Network to Fintech Firms in December: Official

Banks to Fully Open Payment Network to Fintech Firms in December: Official

SEOUL, Apr. 15 (Korea Bizwire) — Banks in South Korea will fully open their payment network to fintech firms in December, officials said Monday, in a fresh effort to encourage development of new payment services and greater competition in the financial sector. Currently, only banks can access the payment network, but even banks are allowed [...]

The Future of Banking is Paper-free

The Future of Banking is Paper-free

SEOUL, Oct. 31 (Korea Bizwire) — In the near future, blockchain technology will be incorporated into real estate databases, allowing users to gain access to relevant official documents without having to submit physical certifications. The Ministry of Land, Infrastructure and Transport and the Ministry of Science and Technology yesterday revealed plans to create a real [...]