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Competition to become Korea's 4th online-only bank heats up

The race to receive the license to become South Korea’s fourth internet-only bank is growing fiercer, with four bidders announcing their will to contend. There are currently three online lenders in Korea: KBank, Kakao Bank and Toss Bank. But four new contenders -- Soso Bank, Korea Credit Data Bank, and the U-Bank and Douzone Bank consortiums -- have lined up to compete for the fourth license. In line with the l...

South-korea , Korea , Lee-yoon-sok , Cho-yong-byoung , Douzone-bank , While-soso-bank , Kb-kookmin-bank , Kakao-bank , Korea-credit-data-bank , Standard-chartered-bank-korea , Shinhan-bank

2 Korean banks compensate retailers for losses linked to HK-tied ELS

Two Korean banks have compensated retail investors for their losses involving troubled Hong Kong-tied equity-linked securities (ELS) after financial authorities' probe into possible illegal activities related to the sale of the high-risk notes, industry sources said Sunday.

Seoul , Soult-ukpyolsi , South-korea , China , Hong-kong , Korea , Chinese , Korea-federation-of-banks , Shinhan-bank , Hang-seng-china-enterprises-index , Hana-bank

Korean lenders expand presence in Central Europe

Local commercial and state-run lenders are rushing to establish offices in Poland and Hungary, buoyed by rapid growth of integrated economic activities between Korean businesses and their Central Europe peers, market watchers said Sunday.

Austria , France , Ukraine , Seoul , Soult-ukpyolsi , South-korea , India , Poland , Budapest , Hungary , Korea , Polish

Finanical cooperation between Poland and Korea

Financial cooperation with Poland

South-korea , Poland , Warsaw , L67- , Korea , Polish , Kim-joo-hyun , Wlodzimierz-kicinski , Cho-yong-byoung , Tadeusz-bialek , Financial-services-commission , Bank-association

Banks offer W600b to share profits

Korean banks have rolled out a financial package worth around 600 billion won ($444 million) to support small business owners and young people, with an aim to share their profits, according to the Korea Federation of Banks, an organization representing the lenders, Wednesday. The funding is a follow-up to a financing plan worth 2.1 trillion won issued in December amid regulatory pressure to share the profits. While 1...

South-korea , Korea , Hana-bank , Korea-inclusive-finance-agency , Korea-federation-of-banks , Korea-development-bank , Korea-federation , Export-import-bank , Toss-bank ,

Korea-Poland cooperation in financial industry

Korea-Poland cooperation in financial industry

Seoul , Soult-ukpyolsi , South-korea , Poland , Korea , Polish , Cho-yong-byoung , Korea-federation-of-banks , Korea-federation , Tadeusz-bia , Fb

FSC chief visits Poland to bolster financial cooperation

Financial Services Commission (FSC) Chairman Kim Joo-hyun embarked on a visit to Poland on Sunday to strengthen financial ties between the two nations.

South-korea , Poland , Austria , Polish , Korea , Kim-joo-hyun , Financial-services-commission , Financial-supervision-authority-on , Korea-federation-of-banks , United-nations-industrial-development-organization , Korea-federation

Bank association chief expresses regret over HK ELS misselling

Korea Federation of Banks Chair Cho Yong-byoung on Monday expressed regrets over massive losses inflicted on consumers who invested in derivatives products underlying a key Hong Kong stock market index, sold by local lenders. Earlier in the day, the country’s regulator Financial Supervisory Service advised banks and securities firms to compensate for losses incurred from their incomplete sales of equity-linked ...

South-korea , Hong-kong , Korea , Cho-yong-byoung , Shinhan-financial-group , Korea-federation-of-banks , Financial-supervisory-service , Korea-federation , Banks-chair-cho-yong-byoung , Hang-seng ,

Every penny counts: W100,000 stolen from W1 bank verifications

A hacker managed to steal 100,000 won ($75) from a local bank by exploiting the online banking verification system which confirms a person’s identity through deposits of 1 won. The suspect is accused of making 100,000 verification requests over the course of a week, swindling 1 won with each request. According to a report from local media outlet Edaily, the suspect, whose identity is being withheld, appeared to...

South-korea , Korea , Korea-federation-of-banks , Kakao-bank , K-bank , Korea-federation , Toss-bank ,

Internet-only banks post 70% jump in mortgage loans

Internet-only banks have logged substantial growth in the number of mortgages offered to borrowers, seeing their collective balance increase year-on-year by more than 70 percent during the past year, far surpassing the country's four major lenders' increase rate that stood at 3 percent last year.

South-korea , Korea , Yang-kyung-sook , Democratic-party-of-korea-rep , Korea-federation-of-banks , Democratic-party , Toss-bank , Korea-federation , Kakaobank , Digital-bank , Kbank