The sucess behind South Korea’s fast action toward containing the spread of COVID-19 is in its legal access to private information of credit card tranaction, according to observers on Wednesday. Despite disputes on infringing on individuals’ privacy, the method is being touted in and out of the country for its efficiency, as it can take just 10 minutes to track the movement of patients infected with the virus. Since the first case of the novel coronavirus was confirmed on Jan. 20,

Economy April 9, 2020

Small business owners have increasingly turned to nonbanking lending despite the higher-interest loans to withstand the economic fallout from the coronavirus pandemic, data showed Tuesday. According to the Korea Federation of Community Credit Cooperatives, a mutual financial institution, its banks extended emergency rescue loans worth 15.5 billion won ($12.67 million) to coronavirus-hit small business owners without credit ratings between March 11 and Friday. The demand for loans from KFCC

Market April 8, 2020

South Korea’s foreign exchange reserves last month posted the sharpest drop in over a decade due to the government’s intervention in the foreign exchange market and the strengthened US dollar value, the central bank said Friday. As of the end of March, the nation’s foreign exchange reserves stood at $400.21 billion, down $8.96 billion from a month earlier, according to the Bank of Korea. It fell by the largest margin since November in 2008 when the global financial crisis wa

Market April 3, 2020

NH Investment and Securities, a local brokerage firm under NH Financial Group, last year paid 123 million won ($99,600) in annual salary on average, higher than any company with assets over 10 trillion won, industry data showed Thursday.  According to Infobigs, a local industry tracker, an employee at NH Investment and Securities received a paycheck higher than the average figure of Samsung Electronics’ employees, which stood at 108 million won.   The average annual salary of

Market April 2, 2020

Hana Bank said Wednesday that it has selected Korean actor Kim Soo-hyun as its new model for TV commercials. “Kim Soo-hyun embodies the bank’s global image,” said an official. “His strong public impression will boost our public relations move for overseas branches in Southeast Asian countries.” Kim previously modeled for Hana Financial Group in 2014. He will star in the bank’s new TV commercial for Hana 1Q Bank, a mobile banking application.  The b

Market April 1, 2020

Amid plunging crude oil prices, the nation’s gasoline retail prices dipped below 1,400 won ($1.15) per liter, the lowest level in a year, industry data showed Tuesday.  As of March 30, nearly 12,000 gas stations here are selling gasoline at 1,398 won per liter on average, the lowest since April last year when the South Korean government cut the fuel tax, according to the Korea National Oil Corp.’s oil information provider Opinet.  The weekly gasoline prices also continu

Economy March 31, 2020

South Korea announced Sunday that it will supply disaster relief funds to low-income households amid the economic fallout from the coronavirus pandemic. The government will send emergency aid in the form of one-time cash payments to 10 million households earning less than the median income, according to the Ministry of Finance and Economy.  The median income is the middle of the income distribution, where half the households earn more and half earn less. The median income of a four-membe

Economy March 29, 2020

  It’s not a fancy car or a Louis Vuitton bag that Joung Hye-dan, a 27-year-old former nurse in Seoul, is interested in.  Once called a big spender by college friends, she transferred nearly 80 percent of her monthly income from her former job into 10 separate bank and investment accounts. She has now diversified her personal financial portfolio from regular deposits to peer-to-peer investing, profiting by 1.2 million won ($980) so far.  “I started my nursing career

Market March 26, 2020

   Local credit card issuer KB Kookmin Card said Thursday it will launch a new leasing service of Apple devices -- from iPhones to iPads -- starting April. The company will purchase products on behalf of customers and charge them regular payments for an agreed upon period, according to the officials. The company has signed a contract with six Apple premium resellers to start the service.  “In response to the latest consumer trend of using different smart devices rather th

Market March 26, 2020

The Bank of Korea said Wednesday that it will release its first batch of US dollar reserves in the financial market next week in accordance with a currency swap deal with the US Federal Reserve. “Negotiations on the swap contract are still underway and we plan to start supplying US dollars next week,” BOK Deputy Gov. Ryoo Sang-dai told reporters. The US dollars will be made available in different installments, but the exact amount has yet to be confirmed, he said.  Earlier,

Market March 25, 2020

The plunging crude oil prices may increase pressure on South Korea’s financial market with rising volatility forcing investors to secure cash, not to mention its negative impact on the economy. The sharp drop in oil prices in recent weeks has rattled the stock market, already reeling from the deepening coronavirus pandemic. Oil refining and chemical industries are bearing the brunt, not only from plummeting demand but also lackluster investor sentiment.  According to data of the

Economy March 24, 2020

Concerns about the fast-spreading novel coronavirus are fueling growing demand for “untact banking,” but foreign residents in South Korea still cannot subscribe to online banking services, due to the lack of a verification system. Untact banking refers to online or mobile banking services without physical contact between bank staff and customers.  Online-only banks, which have been in Korea since 2015, allow a totally contactless service, but regulatory issues meant that the

Market March 19, 2020

  The price gap between apartments in areas south and north of the Han River has increasingly widened last month, data showed Wednesday.  In February, the average price per pyeong (3.31 square meters) for apartments in 11 areas of Gangnam-gu, southern Seoul surpassed 40 million won ($32,372) while apartments in 14 areas in Gangbuk-gu, northern Seoul, recorded 27 million won ($21,851), according to data released by real estate information provider 10000-lab.  The apartment pric

Market March 18, 2020

NongHyup Financial Group’s committee for nominating executive members announced Tuesday that it has recommended incumbent Vice President Son Byung-hwan as the sole candidate for the new CEO post of its bank subsidiary.  The announcement came after the bank’s former CEO Lee Dae-hoon offered to resign earlier this month.  Son, 58, joined the National Agricultural Cooperative Federation in 1990 and has led the bank’s digital transformation by implementing an open ap

Market March 17, 2020

The state-run Export-Import Bank of Korea has donated 250 million won ($201,000) to nonprofit groups to support small business owners and senior residents living in Daegu, the southeastern city hit hardest by the novel coronavirus outbreak. Korea Eximbank has donated 100 million won to the comprehensive welfare center for the elderly staying at home alone, outsourced by the Ministry of Health and Welfare. The center will purchase food from traditional markets in Daegu and deliver them to the

Market March 17, 2020