Standard Chartered Bank Korea is holding an event for first-time customers who sign up for its Jaeil EZ Account – an occasional deposit and withdrawal account that provides an annual pretax interest rate of up to 3.6 percent even if customers deposit money for just one day. The event, which continues until May 31, offers prizes to a few chosen customers among those who open an account and submit an entry by May 31. One event entry will be additionally counted for every 1 million won ($754)

JB Financial Group’s Jeonbuk Bank said Monday it will add 17 more banks to the list of financial institutions in Cambodia that accept real-time money transfers made through the Korean bank. This newest addition brings the total number of such institutions to 49, providing expanded opportunities for customers to make transfers to various banks. “We hope that our unique overseas real-time transfer service will be helpful to our customers who want to make transfers to Cambodia,” J

Morphing into a customer-centered financial platform company through open digital innovation, fostering digital talent and strengthening technological capabilities is one of the key strategies Hana Financial Group pushes forward. Based on big data, the banking group is developing products and services tailored to customer groups while converting offline branches into financial platforms where customers can satisfy their needs through human touch. The digital channel plays the role of an all-in-o

KB seeks to improve its credit evaluation model using mobile phone user data

State-run Industrial Bank of Korea aims to double its overseas profits in the next three years by establishing entities in Vietnam and Poland, its president said Tuesday. “We will expand our (global) network ... such as converting the Vietnam branch into an entity and setting up a new entity in Poland to support small- and mid-sized firms entering overseas markets,” IBK President and CEO Kim Sung-tae said during a press conference held to mark his first 100 days in office. By 2025,

Hackers stole more than 20 billion won ($15 million) worth of cryptocurrencies from GDAC, a South Korean crypto exchange, the company said Monday. The attack occurred at around 7 a.m. Sunday, resulting in the transfer of digital assets, including over 60 bitcoins and 350 Ethereum tokens, to unidentified wallets. The stolen cryptocurrencies were valued at 20.27 billion won, accounting for about 23 percent of total assets under GDAC's custody. GDAC said some of the assets appear to have bee

Real estate properties remain preferred investment for ‘wealthy’ Koreans

Asia's No. 1 private equity firm sets eyes on China's domestic consumption, Korea, Japan's changing demographics

Four former Hana Bank officials have been found guilty by the Supreme Court for manipulating recruitment results in favor of graduates from certain schools and those recommended by high-ranking bank officials or financial authorities. They were also accused of discriminating female applicants from 2013 to 2016, local media reported Friday. Song, a former head of the bank’s human resources department, was sentenced to one year in prison, suspended for two years, and a 2 million won ($1,550)

Shareholders of Shinhan Financial Group on Thursday approved the appointment of Jin Ok-dong, its flagship banking unit’s former CEO, as the group’s new chairman. “I feel a great sense of responsibility to meet the expectations of customers and shareholders and lead the growth of Shinhan,” Jin said in his address at the general shareholders’ meeting held at the group’s headquarters in Seoul. Having worked in Japan for almost 20 years, the new Shinhan chief is c

The umber of customers who use internet banking in South Korea continued to grow in 2022, thanks to increased availability of online services and people’s preference to make transactions on the go, Bank of Korea data showed. Registered customers for mobile banking totaled some 207.04 million at the end of last year, up 8.5 percent from a year earlier, according to the data from the BOK. The figure includes customers who hold multiple accounts. The daily average transactions made through in

The Export-Import Bank of Korea is making strides to expand its network with financial institutions based in Latin America to clear the path for South Korean companies to enter emerging markets in the region. Eximbank Chairman Yoon Hee-sung attended the 2023 Annual Meeting held by the Inter-American Development Bank in Panama from March 16 to 19. At the event, he signed a Confirming Bank Agreement with James Scriven, CEO of IDB Invest -- the private sector arm of IDB Group -- to solidify Eximban

KB Financial Group has signed a memorandum of understanding with the Korea Chamber of Commerce and Industry jointly to provide special loans for small and medium-sized enterprises making environmental, social and corporate governance efforts. KB Financial Group Vice Chairman Yang Jong-hee and Woo Tae-hee, executive vice chairman of the KCCI, gathered at the KCCI headquarters in Seoul on Thursday to sign the memorandum. "Based on this MOU, KB Financial Group plans to provide various and ex

South Korea's financial regulator said Friday it will expand the disclosure of information on loan-deposit rate differences as part of efforts to promote competition in the banking sector amid criticism that it has been bent on making profits from the "interest business" without diversifying income sources. Banks have been providing information on deposit-loan spreads on new lending and savings since mid-2022 in a bid to enhance transparency in their operation and provide customer

JB Financial Group announced Thursday that it has named Senior Vice President Song Jong-keun as its new chief financial officer. An industry veteran, Song has extensive experience in finance and business management as well as a deep knowledge and understanding of the challenges facing the traditional banking industry, JB said. Born in 1965, he received both his bachelor's and master's degrees in international economics at Seoul National University before completing his MBA at the Unive