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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
SEOUL, Aug. 5 (Korea Bizwire) — South Korea’s four major banks — KB Kookmin, Shinhan, Woori and KEB Hana — introduced joint automated teller machines (ATMs) at four Emart stores on Tuesday as part of a pilot project. The new venture comes as an alternative to the decreasing number of other ATMs caused by the [...]
NEW YORK, May 27 (Korea Bizwire) — LiquidX, the global network for working capital, trade finance and insurance, announced that it will now offer a white label deployment of the next-generation LiquidX 360 platform for banks to enhance their trade finance business with their corporate clients. The LiquidX Partner Program (LPP) enables corporate bankers to [...]
SEOUL, March 6 (Korea Bizwire) — South Korean banks are sanitizing paper currency to prevent the spread of the coronavirus. Woori Bank began disinfecting paper money sent from local branches to headquarters, while sanitizing all vaults at local branches and headquarters regularly. NH Nonghyup Bank sent three 20-liter containers of disinfectant and a spray gun [...]