SEOUL, Oct. 7 (Korea Bizwire) — Despite being granted various benefits as an incentive for innovation, internet-only banks are operating the same way as traditional commercial banks, relying mainly on loans for those with high credit scores, a lawmaker said Wednesday. During a State Affairs Committee meeting at the National Assembly, Rep. Bae Jin-kyo of [...]
SEOUL, Sept. 23 (Korea Bizwire) — The use of non-face-to-face bank loans that can be applied for simply through several clicks online is on a steady rise. The outstanding balance of non-face-to-face loans at the nation’s 18 commercial banks as of the end of June 2021 totaled 111.8 trillion won (US$94.4 billion), an almost threefold [...]
SEOUL, Oct. 14 (Korea Bizwire) — More than half of all commercial bank account savings are stored in the accounts of the top 1 percent. According to a report the Financial Supervisory Service submitted to Rep. Lee Tae-kyu, commercial bank account savings in South Korea had reached 623 trillion won (US$525 billion) as of July [...]