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 [...]
SEOUL, Dec.3 (Korea Bizwire) – A new type of identity authentication that does not require face-to-face interaction and will make it possible for clients to open new bank accounts without actually visiting a bank was demonstrated on December 2. ‘Bio authentication methods’, such as confirming one’s identity by putting their palm near a device, will [...]
SEOUL, Oct. 30 (Korea Bizwire) – On the first day of Korea’s new ‘account transfer system’, users showed much interest. The Payinfo site where the service is provided even went down after being flooded with traffic. According to the Korea Financial Telecommunications and Clearings Institute, the number of connections as of 3 p.m. reached 159,205, [...]
LEAWOOD, Kan., Jun. 15 (Korea Bizwire) — Euronet Worldwide, Inc. (Nasdaq:EEFT), today announced the addition of three new countries to its portfolio of Independent ATM Deployment (IAD) networks. The new ATMs in Malaysia, Cyprus and Portugal expand Euronet’s position as the world’s fastest growing and most geographically diverse independent ATM deployer. While expanding geographically, Euronet [...]
SEOUL, May 17 (Korea Bizwire) — As Internet-only banking services are expected to lead the Fintech industry, SK C&C, the IT arm of SK Group, will support internet-only banks by developing a customized IT platform with premium services. SK C&C announced on May 13 that it would set up a specialized IT service business model [...]
SEOUL, Oct. 28 (Korea Bizwire) – Consumers in South Korea can now enjoy banking and securities services in one sitting. The Financial Services Commission announced on October 24 that it would allow banks to provide banking and securities services at the same time, as a follow-up to a plan to lift financial regulations reported last July. [...]
SEOUL, July 25 (Korea Bizwire) – Ahead of a measure to relax regulations on barriers between different financial services such as banking, securities, and insurance, responses are mixed. Some large financial service firms with operations across multiple areas welcome the announcement while those that are not big enough fret that the measure would change the industry landscape completely [...]