SEOUL, Oct. 2 (Korea Bizwire) — Household loans extended by five major lenders here have been growing at a steady pace, nearing a record high of 600 trillion won (US$499 billion) for the first time in history, industry data showed Wednesday. As of end-September, outstanding household loans extended by the five local banks came to [...]
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 [...]
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,” [...]
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 [...]
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 [...]
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 [...]
SEOUL, Mar. 13 (Korea Bizwire) — South Korea’s four major banks reduced their payrolls by more than 9 percent over the past two years due to the fast spread of Internet and phone banking, a corporate tracker said Wednesday. The lenders — KB Kookmin, Shinhan, KEB Hana and Nonghyup — cut their combined workforce by [...]
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 [...]
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 [...]
SEOUL, Jan. 14 (Korea Bizwire) — A recent strike by employees of KB Kookmin Bank has raised controversy over idle manpower in the banking sector. Usually, when there is a strike, all operations should stop for a while, creating inconvenience to customers. However, most KB Kookmin Bank branches ran smoothly on the day of the [...]