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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 [...]

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 [...]