SEOUL, July 28 (Korea Bizwire) — South Korea’s major banks are ramping up corporate lending and support for small businesses in response to President Lee Jae-myung’s recent rebuke of the financial sector for relying too heavily on mortgage lending to drive profits. During a policy meeting on July 24, President Lee criticized banks for [...]
SEOUL, Dec. 7. (Korea Bizwire) — The financial regulator has eased a rule that will allow financial firms to use personal credit information through a cloud computing service from next year, officials said Friday. So far, financial firms have been allowed to use cloud computing services on businesses that are not related to customers’ information [...]
SEOUL, Nov. 21 (Korea Bizwire) – The financial regulator said Wednesday it will allow financial institutions to use non-financial information for their credit evaluation of an individual who applies for a loan. Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks as the ruling Democratic Party and the government announced a set [...]
SEOUL, Oct. 16 (Korea Bizwire) — South Korea’s financial industry may have reached the point of excess where its growth will only undermine further economic development. According to the Korea Institute of Finance, credit lines at South Korean financial institutions tend to concentrate on unproductive household loans and small businesses that combine to hamper financial [...]
SEOUL, Aug. 25 (Korea Bizwire) — Only one month after the launch of Kakao Bank, the groundbreaking financial institution still enjoys great popularity, having already attracted some 3 million account holders. Pre-existing banks that had already entered the mobile financial space and K-Bank, the first internet bank in Korea, haven’t been able to draw as [...]
SEOUL, Oct. 31 (Korea Bizwire) – The number of employees in the financial sector has declined in 16 consecutive months, mainly driven by the fast expanding usage of FinTech, lowering demand for conventional employees such as bank tellers. According to a recent report from the Ministry of Employment & Labor, the number of employees in [...]
SEOUL, Jan.25 (Korea Bizwire) – Although January is usually a busy time at movie theaters, this year is different, and cinema owners are not happy that customers are staying away. Under these circumstances, it was revealed that the Financial Services Commission (FSC), a government organization that issues financial policies and oversees financial institutions, asked finance [...]
SEOUL, Korea, Mar 13, 2014 (Korea Bizwire) – A quiet-but-fundamental change is under way in the credit card industry. The check card, also known as the debit card, is fast replacing the credit card as the main means of payment after 14 years since LG Card began issuing the card in 2000 for the first [...]