SEOUL, Mar. 26 (Korea Bizwire) – A South Korean human rights watchdog has determined that a bank’s refusal to open an account for an Iranian national residing in the country based solely on their nationality constitutes discrimination. According to the National Human Rights Commission of Korea (NHRCK) on March 25, an Iranian citizen, identified only by [...]
SEOUL, Aug. 15 (Korea Bizwire) — A local bank’s refusal to open an account for a foreigner with a long name is discriminatory, South Korea’s human rights watchdog said Monday. The move came 13 months after a foreigner filed a petition with the National Human Rights Commission of Korea for being rejected by the bank [...]
SEOUL, May 1 (Korea Bizwire) — Customers will soon be able to receive change after spending cash at convenience stores and supermarkets through a direct deposit into their bank account, an initiative that is expected to launch later this year. The Bank of Korea announced Wednesday that it has joined hands with convenience store chains [...]
SEOUL, Nov. 8 (Korea Bizwire) — A new financial service will be introduced early next year that allows consumers to buy products in cash and receive change via their bank account at convenience stores and shopping malls. The Bank of Korea (BOK) announced on Thursday that it is now recruiting distributors who wish to participate [...]
SEOUL, Oct. 14 (Korea Bizwire) — More than half of all commercial bank account savings are stored in the accounts of the top 1 percent. According to a report the Financial Supervisory Service submitted to Rep. Lee Tae-kyu, commercial bank account savings in South Korea had reached 623 trillion won (US$525 billion) as of July [...]
SEOUL, Sept. 16 (Korea Bizwire) — A special bank account for reading where readers deposit a certain amount of money every time they finish reading a book is going viral on social media. Typing in the name of the book every time the reader makes a deposit leaves a record of how many books he [...]
SEOUL, Dec. 6 (Korea Bizwire) — A private association of cryptocurrency exchanges in South Korea said Wednesday that it will voluntarily restrict cryptocurrency transactions with bank accounts starting next year, in a bid to prevent such transactions from being used for money laundering and other crimes. The Blockchain Association, an industry group of some 30 [...]
Seoul, July 9 (Korea Bizwire) — There will be no need to fill out personal information such as names, addresses or phone numbers when applying for a savings account or investment account at a financial institution one is already dealing with, starting as early as the end of the year. Repeated signatures on documents will [...]