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“Stock Grant” to be Implemented to Discourage Banks’ Self-protectionism

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 [...]

Government Agencies and Financial Authorities Unite to Fight New Types of Financial Frauds

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 [...]

Number of Securities Companies to Fall below 60 Soon

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 [...]

IBK Fund Makes Profit of 14.8 Bil. from Samick Deal

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, [...]

Certificate of Authentication Is Not Mandatory Anymore

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 [...]

Domestic Card Issuers Expected to Keep Paying Transaction Fees to Visa and MasterCard

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 [...]

Samsung’s App Card Hacked by Cramming

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 [...]

In the Very Guts of Financial Incident Matter

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 [...]

Credit Card Application to Become Simplified…in Order to Protect Personal Information

SEOUL, Korea, April 14, 2014 (Korea Bizwire) – Beginning in June this year, credit card companies won’t be supposed to require new card applicants to enter their national identification numbers on the card application forms. Given credit card issuers have not found an alternative way to identify customers, however, the companies will be allowed to [...]

SMS Alert Service to Become Mandatory for Card Companies

SEOUL, Korea, Mar 27 (Korea Bizwire) – On March 25, the news that the Financial Services Commission and the Financial Supervisory Service would take follow-up measures to protect personal information arrived in the financial sector. With hundreds of millions of personal information already exposed, financial authorities appear to focus on the damage control. As domestic [...]