Global tech companies’ entry into the nation’s mobile payment market may hinder the growth of early-stage fintech startups, industry watchers say. Fintech, a convergence of finance and technology, is a range of new financial services offered through information technology platforms. Amid slow growth in the local fintech industry, global tech giants including America’s PayPal and China’s Alipay have already expanded their financial services from simple mobile transactions to loans, investment and

Jan. 2, 2015

South Korea’s consumer inflation rate was 1.3 percent last year, the same pace as in 2012, according to government data released on Wednesday. The figure was 1 percentage point below the Finance Ministry’s forecast of 2.3 percent at the end of 2013. December’s price index rose 0.8 percent on-year, the lowest on-year growth in 15 years. “The drop in oil prices has pushed the nation’s inflation rate to a zero percent level, putting downward pressure on prices for the time being,” said Kim Bo-kyung

Jan. 1, 2015

The state-run Korea Development Bank said on Thursday it had set up a new digital system for its company magazine for the first time in the local financial industry.The bank said the system would enable users to more conveniently access its content on various digital devices such as computers, smartphones and tablets in a unified form. The bank added that it was an upgraded version of conventional systems that only allow access to content on the website. Using EPUB 3.0, or electronics publicatio

Dec. 25, 2014

The South Korean government on Monday downgraded its economic growth forecast for the year 2015 to 3.8 percent from the 4 percent it predicted in July, citing weak consumption and investment amid growing economic uncertainties in its statement. This year’s growth rate was also cut to 3.4 percent from 3.7 percent on account of a slower-than-expected economic recovery despite the government’s expansionary policy moves. Next year, the government plans to put stronger emphasis on structural reforms

Industry Dec. 22, 2014

The South Korean prosecution said on Sunday it had identified the location of the hacker who posted information on nuclear reactors on the Internet. The joint investigation team looking into the cybercrime said it had dispatched investigators to the province where the Internet protocol address associated with the hacker was sourced. Investigators were also sent to nuclear reactors at the Gori and Wolseong nuclear power plant complexes, which were targeted by the hacker. On Sunday, the hacker use

Industry Dec. 21, 2014

Woori Bank employees deliver coal briquettes for fuel to low-income families in Nowon-gu, Seoul, last December. (Woori Bank)Woori Bank is forging closer partnerships with local community centers to more actively engage in corporate social responsibility activities, the bank said Thursday. The company said that through these partnerships it was stepping up its social responsibility campaigns to share its benefits with more regional communities under the mission of pursuing humanity, happiness and

Dec. 18, 2014

British American Tobacco Korea will unveil its new charcoal-filtered cigarette “Vogue Prima” later this month, according to the company on Tuesday. BAT Korea said this new super-slim tobacco would allow consumers to experience smooth taste from charcoal filters. “The demand for super-slim cigarettes continues to grow in Korea. We expect that Vogue Prima, with a competitive price, would satisfy adult consumers who are looking for smart spending,” BAT Korea’s chief Guy Meldrum said.  Vogue Prima o

Industry Dec. 16, 2014

Japan’s weak yen would continue to affect major Korean exporters following Shinzo Abe’s landslide victory in Japan’s national elections on Sunday, as he is likely to push ahead with “Abenomics,” aggressive monetary policies and fiscal stimulus spending, industry watchers said. According to local economists including Jung Kyu-cheol of the Korea Development Institute, “Japan may continue its weak yen policies in a bid to reach its 2 percent inflation target and to recover from its prolonged econom

Industry Dec. 15, 2014

The Korean financial sector should prepare for the Volcker Rule, which will be implemented in the U.S. in July next year, in order to avoid disadvantages and fines, according to a local attorney.“Local securities and asset management companies should have more understanding of the rule and its potential impact on them,” said Lee Haeng-gyu, an attorney at Jipyong, a South Korean law firm, in a recent interview with The Korea Herald. The Volcker Rule, named after former Federal Reserve Chairman Pa

Industry Dec. 14, 2014

Kim Won-sik, a 59-year-old Seoulite, is looking to move away from apartment living ahead of retirement next year. Like many other retirees, Kim also has a dream of spending the rest of his life in a house with natural surroundings and with a small yard where he can grow vegetables. However, making the decision to move to the suburbs was not easy, as he would have to give up all the amenities and conveniences he enjoyed here in Seoul as well as his relatives and friends.“As an alternative to movi

Industry Dec. 12, 2014

KB Financial Group’s chief Yoon Jong-kyoo stressed the importance of rebuilding customer trust as a part of the company’s efforts to reclaim the title of the nation’s leading financial group, the company said Thursday. The group’s new head has said he would place the highest priority on rebuilding trust and customer relationships, and also boosting employee morale. “Rebuilding the trust of our customers, who I see as our biggest assets, is of utmost importance if we are to once again become Kore

Industry Dec. 11, 2014