SEOUL, Jun. 14 (Korea Bizwire) — South Korean banks have stepped up preparations for a possible resumption of economic projects in North Korea, as a historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un raised hopes of more reconciliation between Seoul and Pyongyang. After about five hours of talks in Singapore [...]
SEOUL, May 21 (Korea Bizwire) — South Korean banks are redoubling efforts to tap into possible business opportunities in North Korea in the wake of a recent thaw in inter-Korean relations, sources said Monday. The two Koreas held a historic summit in late April, adopting a joint declaration that focuses on working toward a complete [...]
SEOUL, Apr. 1 (Korea Bizwire) — Local banks reduced their workforces and branch offices last year by the greatest number since 2000, with digitalization-driven downsizing accelerating, data from the financial regulator showed Sunday. The number of employees in the banking sector at the end of last year totaled 111,173, down 3,602 from the previous year, [...]
SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s financial regulator said Sunday it will require first-tier banks to implement a stricter rule for mortgage lending in the fourth quarter of next year, in a fresh bid to better manage growing household debt. Currently, people’s repayment ability for home mortgages is calculated on a ratio that [...]
Washington, D.C., Sept. 28 (Korea Bizwire) — CGAP today launched the Customer-Centric Guide, a web-based collection of toolkits and experiments to help financial service providers deliver products and services that better meet the needs of low-income customers. The number of people with a financial account grew by 721 million between 2011 and 2014, reducing the ranks [...]
SEOUL, Sept. 28 (Korea Bizwire) — South Korean banks sharply scaled up their investment in tech startups in the first half of the year with their lending to the sector climbing solidly, the financial regulator said Thursday. Domestic lenders’ investment in low-credit startups with a high level of technology stood at some 1.2 trillion won [...]
SEOUL, Aug. 31 (Korea Bizwire) — Starting next month, those who refuse bank-issued passbooks when creating accounts will be exempt from certain fees according to the Financial Supervisory Service (FSS). Bank tellers will present the option for paper-based passbooks (bank ledgers) and customers will make the decision to apply for one or go without. The [...]
SEOUL, Aug. 30 (Korea Bizwire) — Banks in South Korea saw their financial health improve slightly in the second quarter of this year helped by modest gains in their profits, the financial regulator said Wednesday. The average capital adequacy ratio of 18 commercial and state-run banks stood at 15.37 percent as of end-June, up 0.23 [...]
SEOUL, Aug. 22 (Korea Bizwire) - A report showing the number of employees at seven major banks revealed that there were 4,076 fewer employees at the end of June compared to the same time last year. Of the 4,076 employees who either quit or were let go, 3,218 were temporary staff and the remaining 858 [...]
SEOUL, June 2 (Korea Bizwire) – Samsung Electronics Co. said Friday it has reached an agreement with three local banks to allow users to use banking services via its voice command program, Bixby. The South Korean tech giant said under the project with Shinhan Bank, Woori Bank and KEB Hana Bank, users can ask the [...]