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Executive Job a Pipe Dream for Most Bankers

Executive Job a Pipe Dream for Most Bankers

SEOUL, Nov. 13 (Korea Bizwire) — Recent data has confirmed that it is almost impossible for bankers to reach executive positions. According to the Financial Supervisory Service’s Financial Statistics and Information System, out of 230,595 employees working in the country’s financial sector, including banks and insurers, as of the end of June, only 2,969 were [...]

Hundreds of Suspected Cases Discovered of Improperly Sold Rates-tied Derivatives

Hundreds of Suspected Cases Discovered of Improperly Sold Rates-tied Derivatives

SEOUL, Oct. 1 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it has discovered 790 suspected cases of improper sales of derivatives linked to overseas interest rates that carry the risk of losing nearly all the money invested in them. Announcing an interim outcome for its 40-day probe into banks and brokerages that sold [...]

New Savings Accounts Combine High Interest and Travel Benefits

New Savings Accounts Combine High Interest and Travel Benefits

SEOUL, Sept. 5 (Korea Bizwire) — Recently, commercial banks have been offering a series of “travel-themed” installment savings products. Subscribing to related products has become popular as account holders can receive airline mileage or travel-related benefits along with basic interest at maturity. On Wednesday, KEB Hana Bank unveiled its one-year installment savings product “My Trip,” [...]

New Virtusa Study Finds Digital Customer Experience, Innovation, and Cost Reduction are Top Priorities for Banks

New Virtusa Study Finds Digital Customer Experience, Innovation, and Cost Reduction are Top Priorities for Banks

SOUTHBOROUGH, Mass., Aug. 19 (Korea Bizwire) – Virtusa Corporation (NASDAQ GS:VRTU), a global provider of digital strategy, digital engineering, and IT outsourcing services that accelerates business outcomes for its clients, today announced the findings from The Top Global Banking Technology Trends, a July 2019 research paper commissioned by Virtusa and conducted by Finextra. The paper highlights the [...]

Banks to Fully Open Payment System to Fintech Firms in December

Banks to Fully Open Payment System to Fintech Firms in December

SEOUL, Jun. 20 (Korea Bizwire) — South Korean banks will fully open their payment system to fintech firms in December, officials said Thursday, in a move that could encourage the development of new payment services and greater competition in the financial sector. Currently, the financial payment network in South Korea has a closed system accessible [...]

Banks Push Initiatives to Boost Efficiency Ahead of 52-Hour Workweek Implementation

Banks Push Initiatives to Boost Efficiency Ahead of 52-Hour Workweek Implementation

SEOUL, Jun. 19 (Korea Bizwire) — South Korea’s major commercial banks have begun cutting unnecessary work hours ahead of the full implementation of the government’s new 52-hour workweek policy in July. The banking sector introduced the 52-hour workweek system earlier this year, but since the actual legal enforcement date is from the first day of [...]

Gov’t to Let Banks Open Payment Systems to Fintech Firms

Gov’t to Let Banks Open Payment Systems to Fintech Firms

SEOUL, Feb. 20 (Korea Bizwire) — The government plans to let banks open their payment systems to financial technology firms, in a move that would provide a level playing field for new players and increase competition in the financial industry, officials said Wednesday. The plan was announced at a meeting chaired by Finance Minister Hong [...]

Major Commercial Banks to Adopt Shorter Working Hours This Year

Major Commercial Banks to Adopt Shorter Working Hours This Year

SEOUL, Jan. 28 (Korea Bizwire) — South Korea’s leading lenders have wrapped up their labor deals for the new year that aim to help employees better strike a balance between work and their personal lives, industry watchers said Monday. Late last week, the labor and the management of KB Kookmin Bank reached a deal on [...]