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As Interest Rates Rise, Petition Calls for Gov’t to Prevent Banks from Excessive Profiteering

As Interest Rates Rise, Petition Calls for Gov’t to Prevent Banks from Excessive Profiteering

SEOUL, Nov. 11 (Korea Bizwire) — Amid a rapid hike in lending rates, an online petition calling for the government to prevent commercial banks from excessive profiteering was submitted to the presidential office. The petition, filed through Cheong Wa Dae’s website on Nov. 5, claimed that financial institutions are chalking up excessive profits by raising [...]

Banking Industry Moves to Ensure Efficient and Cost-effective Branch Operations

Banking Industry Moves to Ensure Efficient and Cost-effective Branch Operations

SEOUL, Sept. 23 (Korea Bizwire) — South Korea’s banking industry is performing a variety of experiments to ensure efficient and cost-effective branch operations, while, at the same time, speeding up the restructuring of branches as a way to promote a digital transformation. KEB Hana Bank and the state-run Korea Development Bank (KDB) joined hands to [...]

Regulator Tightens Curbs on Bank Credit Loans to Tackle Household Debt

Regulator Tightens Curbs on Bank Credit Loans to Tackle Household Debt

SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s financial authorities have called on local banks to tighten their screening for unsecured loans as part of efforts to cope with rising household debt, sources said Thursday. The Financial Supervisory Service (FSS) recently required all commercial lenders to submit their plans to adjust caps on credit loans [...]

Banks, Credit Card Issuers Fight Back Against Tech Giants Onslaught

Banks, Credit Card Issuers Fight Back Against Tech Giants Onslaught

SEOUL, June 7 (Korea Bizwire) — In response to the challenge posed by tech giants making inroads in the banking industry, traditional financial services companies such as banks and credit card issuers are going on the counterattack. Credit card companies are preparing to launch an ‘open pay’ service that enables customers to register and use [...]

Banks on Alert Following Surge in Foreign Transfers and Suspected Bitcoin Arbitrage

Banks on Alert Following Surge in Foreign Transfers and Suspected Bitcoin Arbitrage

SEOUL, April 15 (Korea Bizwire) — A recent surge in international cash transfers to gain profits from arbitrage between Bitcoin prices overseas and in South Korea, where the so-called ‘kimchi premium’ is added to boost the price of Bitcoin, has South Korean banks on alert. Ffive major banks — KB Kookmin, Shinhan, Hana, Woori and [...]

Banks Use AI to Manage Assets and Conduct HR Operations

Banks Use AI to Manage Assets and Conduct HR Operations

SEOUL, Feb. 16 (Korea Bizwire) — Artificial intelligence (AI) and machine learning technology are altering the landscape of the banking industry. This year, Shinhan Bank has set out on building infrastructure for ‘digital innovation banks’ where customer services will be replaced with AI technology. These offices will replace staff with AI bankers, who will be [...]

Banks to Verify Authenticity of Customers’ Passports Presented as ID in Real Time

Banks to Verify Authenticity of Customers’ Passports Presented as ID in Real Time

SEOUL, Dec. 27 (Korea Bizwire) — South Korean banks plan to introduce a new service to check the authenticity of its customers’ passports used as an identification method, officials said Sunday. The verification system will be available in 12 local banks starting from Monday and will expand to other banks and savings banks next year, [...]

Growth of Bank Credit Loans Slows in September

Growth of Bank Credit Loans Slows in September

SEOUL, Oct. 6 (Korea Bizwire) — South Korean banks’ credit loans to individuals grew at a slower pace in September than a month earlier amid financial authorities’ tougher restrictions, industry data showed Tuesday. Outstanding unsecured loans to individuals by five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup — totaled 126.4 trillion [...]

Banks’ Household Loans Increase by Record Amount in August

Banks’ Household Loans Increase by Record Amount in August

SEOUL, Sept. 9 (Korea Bizwire) — South Korean banks’ household loans increased by the largest amount on record in August amid rising home prices and a rally in the stock market, central bank data showed Wednesday. Outstanding bank loans to local households came to 948.2 trillion won (US$796.9 billion) as of end-August, up 11.7 trillion [...]

Banks Seen to Continue Support for Virus-hit Smaller Firms

Banks Seen to Continue Support for Virus-hit Smaller Firms

SEOUL, Aug. 18 (Korea Bizwire) — South Korea’s major banks are likely to continue to provide financial support for smaller firms and one-man operations to help them tide over the fallout from the coronavirus outbreak, industry sources said Tuesday. The country’s five key lenders — KB Kookmin, Shinha, Hana, Woori and NH Nonghyup — have [...]