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Banks Encouraged to Provide Policy Loans to Desperate Borrowers

Banks Encouraged to Provide Policy Loans to Desperate Borrowers

SEOUL, Dec. 21 (Korea Bizwire) — The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won (US$886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens. About 3 million borrowers, who have no option but to borrow money from [...]

Despite Decent Earnings, Banks Move to Cut Jobs in Digital Era

Despite Decent Earnings, Banks Move to Cut Jobs in Digital Era

SEOUL, Dec. 9 (Korea Bizwire) — Major local banks have been offering or plan to offer voluntary retirement programs to their workers as part of restructuring efforts amid a greater application of digital-driven technology, industry sources said Sunday. Nonghyup Bank announced a voluntary retirement program last month. A total of 610 employees applied for the [...]

From White Elephant to Useful Marketing Tool, Bank Branches Evolve in Digital Era

From White Elephant to Useful Marketing Tool, Bank Branches Evolve in Digital Era

SEOUL, Sept. 14 (Korea Bizwire) — On her way home after work, office worker Lee Jun-hee often drops by a nearby bank branch in Gwanghwamun, downtown Seoul. She does so not for banking but for book shopping and “meet the author” events, which are held in a space filled with the aroma of brewing coffee. [...]

Banks Post 20 Trillion Won in Interest Income, but Corporate Growth Slows

Banks Post 20 Trillion Won in Interest Income, but Corporate Growth Slows

SEOUL, Aug. 20 (Korea Bizwire) — Listed companies showed slower growth in net profits in the first half of the year, while banks raked in approximately 20 trillion won in interest fees alone. As the growth rate of listed companies was smaller, banks enjoyed a boom with interest income proving to be a significant driver [...]

Ondot’s Mobile Card Controls Provide Protection to Thousands of Banks from ATM Heist Threat

Ondot’s Mobile Card Controls Provide Protection to Thousands of Banks from ATM Heist Threat

Santa Clara, Calif., Aug. 17 (Korea Bizwire) — US mainstream media is reporting on a FBI warning to banks of an impending cybercrime wave targeting ATMs in which thieves seek to steal millions of dollars by using cloned cards for fraudulent withdrawals. Ondot, the global leader in mobile payments services, provides consumers a simple protection [...]

Average Wage at S. Korea’s Top 4 Banks Nearing 100 mln Won Mark

Average Wage at S. Korea’s Top 4 Banks Nearing 100 mln Won Mark

SEOUL, Jul. 30 (Korea Bizwire) — The average annual wage for a bank employee working at South Korea’s top four lenders is nearing the 100 million won (US$89,700) mark, market data showed Sunday. Assessment of quarterly reports by KB Kookmin Bank, Shinhan Bank, Woori Bank and KEB Hana Bank showed that in the first three [...]

S. Korean Banks’ Investment in Crypto-assets Totals 2 tln Won in 2017

S. Korean Banks’ Investment in Crypto-assets Totals 2 tln Won in 2017

SEOUL, Jul. 6 (Korea Bizwire) — South Korean banks’ investment in crypto-assets remained low despite a recent craze for the new type of digital currencies, a central bank report said Friday. The outstanding balance of virtual accounts in local banks reached 2 trillion won (US$1.79 billion) as of December last year, according to the report [...]

Gov’t Requires More Transparency from Banks

Gov’t Requires More Transparency from Banks

SEOUL, Jun. 23 (Korea Bizwire) — The South Korean government has announced measures aimed at strengthening the transparency of banks, as they are being advised to provide loan applicants with a detailed breakdown of the interest they will be charged. In the case of banks having charged unjustifiable high interest rates, the surplus in interest [...]

Banks Target Foreign Residents in South Korea

Banks Target Foreign Residents in South Korea

SEOUL, Jun. 19 (Korea Bizwire) — With more than 2 million foreign residents in South Korea, and the number of individuals with voting rights surpassing 100,000 people for the first time this year, local banks are targeting foreign retail banking customers to cash in on the rising expat population. Some banks have started offering banking [...]

More Transparency for Bank Loan Interest Rates

More Transparency for Bank Loan Interest Rates

SEOUL, Jun. 18 (Korea Bizwire) — Starting as early as the latter half of the year, consumers who have taken out bank loans will be able to request information from banks as to how their interest rates are being calculated. In addition, a detailed breakdown of interest rates for each bank to be publicly announced [...]