Korea

Money sent in KRW will be received in RMB. Woori Bank has tied up with China banks including ICBC, Bank of China and the Bank of Communications as well as financial services company UnionPay to launch a money-transfer service which will let customers to easily send money to Chinese bank account holders, reports RetailNews Asia. Through the new service, a user will be charged $8.9 (KRW10,000) for transactions less than $1,777 (KRW2m). Meanwhile, for remittances over $1,777 (KRW2m), the charge will be a flat rate of $18 (KRW20,000). Money sent in KRW will be received in RMB by the Chinese bank account holder who will receive the money. Jointly developed by Woori Bank, Woori Card, and Union Pay, the service includes a notification of the transfer result via text.

Available to nonbank players, the scheme aims to lower required usage costs.

Shinhan Financial Group and mobile app maker Viva Republica are forming a consortium.

The growth was its lowest since November 2017.

Strong capital inflow boosted yearly figures.

The central bank said there is no immediate need to introduce such currency.

The move comes after the country implemented a 40-hour work week.

JP Morgan Chase faced the highest penalty of $223,000.

Residential property prices have been losing momentum.

IT firms will soon be allowed to hold as much as 34% stake.

Shipping corporates are making good headway in the crackdown.

The share of non-bank assets hit 20.3% from 14.5% in 2013.

Lenders will focus on domestic exposure to SMEs and households.

Lenders are growing their foreign currency desks.

Such loans accounted for a fifth (22%) of total bank lending as of end-June.

Banks must cap the volume of high-risk loans they extend.