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 [...]
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 [...]
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 [...]
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 [...]
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 [...]