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 [...]
GWANGJU, Jan. 30 (Korea Bizwire) — Automated teller machines (ATMs) are increasingly losing ground due to a boost in credit card use and the growing popularity of Internet and mobile banking. Some predict that these automated banking devices, which have drastically changed financial culture, will gradually disappear into history. According to data from Kwangju Bank, [...]
SEOUL, Jan. 6 (Korea Bizwire) — South Korea’s wealth management services market is rapidly expanding as an increasing number of high-net-worth individuals in Asia’s fourth-largest economy look for reliable, effective means to manage their assets. Private banking (PB) and wealth management services have long been exclusively tailored to a limited number of customers that include [...]
SEOUL, Jan. 6 (Korea Bizwire) — South Korea’s banking industry is continuing to shrink. Hundreds of employees have already left or are preparing to leave due to special retirement at the end of the year and the beginning of the year. The country’s five major lenders — KB Kookmin, Shinhan, Woori, KEB Hana, and NH [...]
SEOUL, Dec. 5 (Korea Bizwire) — South Korea’s financial watchdog said Thursday that two local banks should provide compensation for up to 80 percent of their customers’ losses from a recent misselling of derivatives linked to overseas interest rates. The arbitration committee of the Financial Supervisory Service recommended the compensation rate of 40-80 percent to [...]
SEOUL, Nov. 27 (Korea Bizwire) — South Korean banks are going beyond past practices to collaborate with other industries. KB Kookmin Bank’s Liiv Mobile is gaining the attention of the financial services market by combining finance and communications technology. Current legislation states that banks cannot engage in business activities outside of their traditional domain. However, [...]
SEOUL, Nov. 15 (Korea Bizwire) — A non-profit financial organization has introduced a new service to analyze the usage of ATMs across a number of regions. The Korea Financial Telecommunications and Clearings Institute (KFTC) will begin testing the cash dispensers (CD) and automated teller machines (ATM) operational effectiveness diagnostic services jointly with the banking sector [...]
SEOUL, Nov. 15 (Korea Bizwire) — Local securities firms are moving quickly to preempt the emerging retirement pension market as a future growth engine. The government will push for the mandatory introduction of retirement pensions through a legal revision, while introducing a retirement pension fund for small and medium-sized companies. The plan is aimed at [...]
SEOUL, Nov. 14 (Korea Bizwire) – South Korea’s financial regulator on Thursday unveiled a raft of measures to better protect consumers in the wake of improper sales of derivatives linked to overseas interest rates that carry the risk of losing nearly all the money invested in them. Under the measures, banks will be banned from [...]
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 [...]