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Financial Watchdog to Simplify Internet Banking Procedures

Financial Watchdog to Simplify Internet Banking Procedures

SEOUL, Nov. 24 (Korea Bizwire) – South Korea’s financial authorities said Thursday they will step up efforts to streamline Internet banking procedures by promoting the removal of unnecessary security software and the minimum use of digital certificates.  The measures are part of the government’s financial reform drive, and were drawn up by a council of [...]

Mobile Banking Use up 6.3 Pct in Q2: BOK Data

Mobile Banking Use up 6.3 Pct in Q2: BOK Data

SEOUL, Aug. 9 (Korea Bizwire) – South Korea’s mobile banking, mostly based on smartphones, continued to grow quickly in the second quarter of 2016, with the daily average transaction volume exceeding 3 trillion won (US$2.7 billion), central bank data showed Tuesday.  The daily transaction volume rose 6.3 percent on-quarter to 3.78 trillion won during the [...]

New Internet Bank to Stage Competition in Banking Industry

New Internet Bank to Stage Competition in Banking Industry

SEOUL, Nov. 30 (Korea Bizwire) - Kakao Bank led by online portal giant Kakao Corp. and KT Corp.-initiated K-Bank have been picked as the operators of South Korea’s first-ever Internet bank on Sunday. It is the first time in 23 years that a new commercial bank has opened in the country’s banking industry. Two big IT firms — Kakao and KT — won the rights to operate onlinebanks, beating the Interpark-led I-Bank consortium. As the operator [...]

Hardware Security Module Comes into Spotlight as Security Token

Hardware Security Module Comes into Spotlight as Security Token

Five of Korean Authentication Agencies will distribute a Hardware Security Module (HSM) to the public for free within this month that does not require people to save security module in their hard drive or a USB(Image:Wikipedia/Flicker) SEOUL, Nov.13 (Korea Bizwire) – Five of Korean Authentication Agencies will distribute a Hardware Security Module (HSM) to the public [...]

No. of Internet Banking Users Approaching 100 Mil.

No. of Internet Banking Users Approaching 100 Mil.

SEOUL, Aug. 20 (Korea Bizwire) — The number of Internet banking service subscribers is projected to reach 100 million within this quarter by the end of September. Of these, the ratio of smartphone-based banking customers has increased to 45.5 percent. According to the Bank of Korea on August 19, the total number of registered customers to Internet [...]

Banks Rush Into the “War of Mobile Wallet”

Banks Rush Into the “War of Mobile Wallet”

  SEOUL, July 23 (Korea Bizwire) –The sense of urgency that IT companies are encroaching on the mobile payment market is making banks to competitively beef up their smartphone-based electronic commerce services and scramble into the “war of mobile wallet.” Mobile Wallet or E-Wallet is a service that provides a convenient and technologically quick method [...]