SEOUL, May 6 (Korea Bizwire) — South Korea’s top financial regulator said Wednesday that it will pave the way for local banks to invest in financial technology firms as part of its efforts to boost the integration of the two industries. According to current financial laws, financial institutions are allowed to buy stakes in or [...]
SEOUL, Apr. 16 (Korea Bizwire) — South Korea’s top financial regulator said Thursday that he will relax regulations on bank ownership in order to pave the way for information technology firms to invest in the untouched Internet-only bank sector. Under the current laws, an industrial company is banned from holding more than a 4 percent [...]
SEOUL, Mar. 11 (Korea Bizwire) — Loans extended by South Korean banks to companies using their high-level technologies as collateral have soared 70-fold in the past seven months on a strong drive by the government, industry data showed Wednesday, spawning concerns that a huge chunk of such loans could turn sour, thus undermining lenders’ financial [...]
SEOUL, Korea, April 30, 2014 (Korea Bizwire) – New loans offered by commercial banks to small business owners are gaining popularity. According to banking sources on April 29, “Neighborhood Loan” given out to self-employed businesspeople was sold 20.3 billion won in 544 cases as of April 22, with an outstanding loan balance at 15.4 billion [...]
SEOUL, Korea, Feb 23 (Korea Bizwire) – Ahead of the enforcement of a new law on personal information protection on August 7 this year, those in the financial service industry are nervous about what will happen afterward. Unless credit card companies, finance companies, and other smaller lenders are able to find legally permissible grounds for [...]
SEOUL, Korea, Feb 18 (Korea Bizwire) – Hyundai Economic Research Institute has published a report “Household Debt 1,000 Trillion Won and How to Address the Problem by income Group.” The following is an excerpt: The volume of household debt is estimated at 992 trillion won as of the end of September 2013. It is expected to [...]