South Korea

Alipay+ to enable cross-border payments to South Korea for four Asian e-wallet

Users of these e-wallets can now pay over 120,000 merchants in South Korea.

Alipay+ to enable cross-border payments to South Korea for four Asian e-wallet

Users of these e-wallets can now pay over 120,000 merchants in South Korea.

South Korea financial firms shutters 1,000 offline offices in one year

Banks closed 380 offline offices between March 2021 to March 2022, according to the FSS.

South Koreans’ internet banking use up 6.9% in H1

There are about 18.82 million use cases per day in Korea.

South Korea’s Toss Bank to raise $224.7m via new stock issuance: report

It will raise the company’s total capital stock to KRW1.35t.

South Korean banks’ NIMs to support stable profitability in H2

The four biggest banks’ NIMs climbed to levels higher than pre-COVID.

Card payments in South Korea to breach $1t: GlobalData

The average frequency of credit card usage in the country grew 137.5 times in 2022.

South Korean banks to further ease lending in Q3: report

Household loan growth has slowed as borrowing costs rose, according to Yonhap.   Banks in South Korea are expected to further ease lending in the third quarter, even as credit risks are expected to rise, reports Yonhap, based on a survey conducted by the Bank of Korea (BOK).   An index gauging banks’ attitude toward home-backed loans and unsecured household lending stood at 14 and 19, respectively, for the July-September period, according to the findings of a poll of officials handling credit affairs at financial institutions (FIs)—which include 18 banks.   A reading above zero means the number of lenders that will ease lending surpasses that of banks planning to tighten lending criteria. 

South Korea regulator calls for banks to intensify loan assessment: report

Fast-rising interest rates are expected to hit borrowers’ capacity to repay loans.

South Korea’s deposit, loan interest rates rose in May

Average interest rate for new deposits rose 15 basis points from April.

Woori Bank probed for alleged irregular foreign currency transactions: report

Sources said that the deals, worth billions of won, were executed over the past year.

Foreign banks in South Korea see earnings fall in 2021

Fee and commission income shrank by over 230% during the fiscal year.

South Korean banks’ household lending rise in April

Corporate lending rose to its second-highest monthly figure ever.

South Korean banks’ interest rates rise to eight year-high: report

The rising rates have spawned worries in households' repayment abilities.

Korea’s Shinhan Card vetting card numbering scheme following payment issues

There has been reports of unauthorized payments from its gift cards.