SEOUL, Aug. 23 (Korea Bizwire) – It is expected that from the year of 2018 the more drivers may have accidents, the more they will pay insurance premiums, regardless of the damage size. According to the revision of the auto insurance premium ratings system by the Financial Supervisory Service (FSS), the current system determined by the [...]
SEOUL, Aug. 21 (Korea Bizwire) – As the number of overseas subsidiaries to Korea-based companies rises, the financial authorities are strengthening their supervision on these companies’ accounting practices. According to the Financial Supervisory Service on August 20, of the 1,594 publicly traded companies that close their books in December as much as 76.2 percent (1,214 firms) [...]
SEOUL, Aug. 20 (Korea Bizwire) — After President Park Geun-Hye publicly denounced the prevalent mannerism in the financial industry, financial authorities are considering adopting long-term performance-based incentive payment schemes such as “stock grant” for commercial bank employees to remedy the situation. Most banks have already adopted long-term incentive payment systems, but only executives and high-ranking managers are allowed [...]
SEOUL, Aug. 15 (Korea Bizwire) — Amid losses from smishing attacks and wire frauds keep rising even with the government’s continued efforts to fight them off, the financial authorities once again have rolled up their sleeves to eradicate the electronic financial fraud by implementing a comprehensive preventive measures. The Korea Financial Services Commission hosted on August 12, “Telecommunication [...]
SEOUL, July 8 (Korea Bizwire) – Amid the recession in the stock market, the number of securities firms will fall below the 60 mark soon, while the number of asset management and investment consulting firms is on the rise. According to the Financial Supervisory Service on July 6, as of March this year, there are 61 [...]
SEOUL, June 23 (Korea Bizwire) - Industrial Bank of Korea sold off all its holdings in Samick Musical Instrument. The bank, in partnership with KDB Capital, purchased bonds with warrant on the musical instrument maker last year and succeeded in netting 14.8 billion won in profit. According to the Financial Supervisory Service on June 20, [...]
SEOUL, May 20 (Korea Bizwire) – No more certificate of authentication is required to make transactions at online stores. On May 19, the Financial Services Commission and the Financial Supervisory Service announced that online transactions can be made without certificates of authentication which used to be a mandatory procedure for purchases over 300,000 won, starting [...]
SEOUL, May 19 (Korea Bizwire) - The reduction of transaction fees charged by Visa Card and MasterCard to domestic credit card companies sought by the financial authorities of Korea is likely to be postponed to the next year, Yonhap News reported on May 18. Earlier in November last year, Korea’s Financial Services Commission and Financial [...]
SEOUL, May 13 (Korea Bizwire) – Again, financial accidents were happened by stealing information of Samsung’s App card holders, which resulted some 60 million won of damage from scores of clients. Especially, more damage is expected as six credit card companies including Samsung share the same standard of mobile app card. According to the Financial [...]
SEOUL, Korea, April 17, 2014 (Korea Bizwire) – Financial incidents never seem to go away these days. By the time one scandal steps off from the list of primetime news, another breaks out. Not that Koreans are total strangers to financial disasters but the problem is that various types of incidents are happening at different [...]