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 [...]
SEOUL, Aug. 31 (Korea Bizwire) — Starting next month, those who refuse bank-issued passbooks when creating accounts will be exempt from certain fees according to the Financial Supervisory Service (FSS). Bank tellers will present the option for paper-based passbooks (bank ledgers) and customers will make the decision to apply for one or go without. The [...]
SEOUL, Aug. 17 (Korea Bizwire) – According to a statement released by the National Policy Committee, a report submitted by online-only moneylender Kakao Bank showed that elderly users over the age of 60 were significantly underrepresented in numbers relative to other age groups of users. Since its inauguration on July 27, the online bank has [...]
SEOUL, Jul. 24 (Korea Bizwire) — The combined spending by banks on social contributions again fell in 2016, marking its fourth straight year of decline despite their healthier earnings, industry data showed Monday. According to the data by the Korea Federation of Banks, 21 financial institutions, including five major retail banks, spent a total of [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Sept. 21 (Korea Bizwire) – South Korea’s chief financial regulator called on the nation’s umbrella bank union Wednesday to withdraw its plan to go on a general strike later this week, saying such a collective action will never win public support especially at a time when the local banking industry faces a “life-or-death” crisis. [...]