SEOUL, Feb. 27 (Korea Bizwire) — South Korean credit card companies saw the number of customer complaints rise sharply in the fourth quarter of last year, amid rising controversy over the moral hazard of the financial firms, ignited by their payment of hefty performance bonuses. According to the Credit Finance Association of Korea, the nation’s [...]
SEOUL, April 22 (Korea Bizwire) — South Korea’s credit card companies are actively looking for new business opportunities as their main business area is being eroded by so-called ‘big tech’ and ‘fintech’ companies. Shinhan Card Co. launched a drive to develop a visiting car repair service platform in collaboration with integrated car management service provider [...]
SEOUL, Dec. 12 (Korea Bizwire) — The government’s plans to cut credit card commission fees will cost credit card firms about 700 billion won (US$619.8 million) per year in lost revenue, a government report showed Wednesday. Financial authorities unveiled two plans this year to reduce credit card commission fees for small merchants in a move [...]
SEOUL, Dec. 4 (Korea Bizwire) – The South Korean government’s plan to reduce credit card transaction fees for smaller business owners will affect the bottom line of local card firms, a global ratings agency has said. Late last month, the government announced its plans to expand the number of business owners eligible for preferential credit [...]