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FSS Publishes Financial Guidebook for English, Indonesian Speakers

FSS Publishes Financial Guidebook for English, Indonesian Speakers

SEOUL, Aug. 22 (Korea Bizwire) – The Financial Supervisory Service (FSS) said Monday it has published a guidebook on local finance for English and Indonesian speakers so that they can use full and reliable services in South Korea. The Foreign Residents’ Guide to Personal Banking and Finance in Korea contains information on banking, currency exchange, [...]

S. Korea Imposes Levy on Financial Firms over Foreign Borrowing

S. Korea Imposes Levy on Financial Firms over Foreign Borrowing

SEOUL, May 12 (Korea Bizwire) — South Korea has imposed a levy on financial firms’ non-deposit foreign borrowing to ease volatility in capital flows, the central banks said Thursday. The Bank of Korea said 66 financial companies, including 17 local banks and 34 branches of foreign lenders, are required to pay 0.1 percent of their [...]

Study Shows 88 pct of Financial Firms Threatened by Clout of Fintech

Study Shows 88 pct of Financial Firms Threatened by Clout of Fintech

SEOUL, May 2 (Korea Bizwire) — Nearly 90 percent of financial firms worldwide said their businesses are at risk from rapidly expanding fintech rivals and they fear losing revenue to the financial innovators, according to a new study released on Monday, in the latest sign of the growing influence of financial technology, known as fintech. [...]

Shinhan Bank Abolishes Paper Forms to Boost Productivity

Shinhan Bank Abolishes Paper Forms to Boost Productivity

SEOUL, March 13 (Korea Bizwire) –  South Korea’s largest financial institution, Shinhan Bank, is scrapping paper forms, and instead, going digital in an all-out effort to raise productivity. From today, all Shinhan branches will provide most banking services digitally, including applications for accounts and credit cards. Shinhan’s bold move to replace paper with digital counterparts [...]

S. Korea to Ease Rule on Banks’ Capital Adequacy Ratio

S. Korea to Ease Rule on Banks’ Capital Adequacy Ratio

SEOUL, Dec. 19 (Korea Bizwire) – South Korea will relax a regulation on the capital ratio of local banks this week in a move to reduce their financial burden, the country’s finance regulator said Monday.  The Financial Services Commission (FSC) will allow them to designate their loan-loss reserves as common capital stock under the revised [...]

Financial Watchdog Urges Careful Monitoring of Banks’ Financial Health

Financial Watchdog Urges Careful Monitoring of Banks’ Financial Health

SEOUL, Oct. 13 (Korea Bizwire) – South Korea’s financial watchdog said Thursday it will step up efforts to early detect possible risks in the local banking sector amid a full-fledged corporate restructuring drive at home and unrelenting uncertainties abroad.  Speaking to lawmakers, Zhin Woong-seob, governor of the Financial Supervisory Service (FSC), reminded domestic banks of [...]

Gov’t to Ease Restrictions on Banks’ Capital

Gov’t to Ease Restrictions on Banks’ Capital

SEOUL, Oct. 7 (Korea Bizwire) – South Korea will relax regulations on local banks’ capital to help them improve profitability and raise global competitiveness, the nation’s top financial regulator said Friday.  Yim Jong-yong, chairman of the Financial Services Commission (FSC), admitted that banks here are subject to some “excessive” rules including those on loan loss [...]

Korean Banks to Increase Commissions Following Poor Interest Earnings

Korean Banks to Increase Commissions Following Poor Interest Earnings

SEOUL, June 15 (Korea Bizwire) – Thanks to poor net interest margins, which have reached the lowest levels in history, Korean banks are suffering from worsening profitability.  According to the Financial Supervisory Service (FSS), the net interest margin for domestic banks in Q1 2016 was 1.55 percent, which was a 0.08 percent decline from Q1 [...]