bank Archives | Be Korea-savvy
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 [...]

Gov’t Approves S. Korea’s First Internet-Only Bank

Gov’t Approves S. Korea’s First Internet-Only Bank

SEOUL, Dec. 14 (Korea Bizwire) – South Korea’s financial authorities on Wednesday approved a plan to establish the country’s first online-only bank, opening a new chapter in its banking history.  It would mark the first time here in 24 years for a brand-new bank to be born, according to the Financial Services Commission (FSC).  The [...]

Fewer Banking Jobs as FinTech Makes Inroads

Fewer Banking Jobs as FinTech Makes Inroads

SEOUL, Oct. 31 (Korea Bizwire) – The number of employees in the financial sector has declined in 16 consecutive months, mainly driven by the fast expanding usage of FinTech, lowering demand for conventional employees such as bank tellers.  According to a recent report from the Ministry of Employment & Labor, the number of employees in [...]

S. Korea to Ease Restrictions on Banks for New Businesses

S. Korea to Ease Restrictions on Banks for New Businesses

SEOUL, Oct. 20 (Korea Bizwire) – South Korea will revise a law and administrative regulations on the local banking industry to make it easier for banks here to tap into insurance and investment-related businesses, and open new offices abroad, the financial regulator said Thursday.  The move is meant to give local banks more autonomy in [...]

Internet-Only Bank Seeks Gov’t Approval for Service

Internet-Only Bank Seeks Gov’t Approval for Service

SEOUL, Sept. 30 (Korea Bizwire) – South Korea’s financial regulatory body said Friday it will soon decide whether to issue a permit for the nation’s first online-only bank.  Two consortiums, one led by KT Corp. and the other by Kakao Corp., are preparing to enter the banking sector with their technical expertise.  KT’s consortium submitted [...]

Bank Workers Stage Strike against Merit Pay System

Bank Workers Stage Strike against Merit Pay System

SEOUL, Sept. 23 (Korea Bizwire) – Tens of thousands of unionized bank workers in South Korea staged a walkout Friday against the expansion of a performance-based pay system in the nation’s financial industry.  There were no reports yet of major disruptions in banking services across the country, as the participation rate was apparently lower than [...]