The nation’s top financial regulator hinted Monday at the possibility of tightening loan regulations to curb snowballing household debts induced by the pandemic.  The country’s household debts surged to a record 1.63 quadrillion won in the second quarter.  “The government’s financial stimulus programs targeting small merchants as well as loan repayment moratoriums to counter the economic impact of the COVID-19 outbreak partly drove up household debts,”

The number of fitness centers in South Korea has soared in recent years, reflecting the rising demand for fitness and leisure activities in the midst of the work-life balance culture triggered by the government’s 52-hour workweek cap, an industry report showed Sunday. According to KB Financial Group’s report on self-employed workers here, nearly 9,900 fitness centers are in operation nationwide as of July, increasing 53 percent during the last 10 years. Of them, 1,109 opened last

South Korean full-time employees' average annual income reached $42,300 last year, placing the country 19th among 35 members of the Organization for Economic Cooperation and Development, data showed Sunday.  The figure was the highest ever for the nation’s fourth-largest economy. Korea’s next-highest average annual income was in 2003, when it posted $32,100 and ranked 24th, said Rep. Yang Kyung-sook of the ruling Democratic Party, citing the OECD data.  The average ann

Yoo Myung-soon, interim chief executive officer of Citibank Korea, was recommended as the sole candidate for the bank‘s top post, paving the way for her to become the first female CEO of the local branch of the US lender. The appointment recommendation committee under the South Korean subsidiary of the New York-based bank is set to confirm the appointment of Yoo during a general meeting of stockholders and board of directors slated to be held on Oct. 27. Yoo, the bank‘s senior ex

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, held an annual exchange program with its counterpart in Thailand to introduce the group’s ongoing projects and management tips, officials said Wednesday.  Arranged as one-day videoconference in line with the government’s strict quarantine measures against the COVID-19 resurgence, the training event provided a series of online lectures on KFCC‘s fund managemen

A string of hacking attempts to break into South Korea’s financial institutions from abroad have continued in recent years, data showed Monday, prompting calls for financial authorities to impose tougher security measures. As of August, there have been a total of 37 hacking cases targeting local financial firms from overseas over the past five years, said Rep. Hong Sung-guk of the ruling Democratic Party, quoting data from the watchdog Financial Supervisory Service. The majority of fra

Ahead of the Chuseok holidays, many Koreans expect cash, with companies offering bonuses to motivate employees and relatives exchanging money as gifts in the family reunion rituals. This year, the three-day Chuseok holiday that kicks off Wednesday for three days is coming amid the COVID-19 outbreak, and the prolonged pandemic appears to be influencing ways to save or invest the holiday pocket money. But what to do with cash in times of ultralow interest is a big question.　 Some financial consu

Standard Chartered Bank Korea said Monday it has partnered with Toss -- a financial services app operated by Viva Republica -- to launch a short-term lending program on Wednesday.  Under the partnership, SC Bank Korea outsources credit evaluation process to Toss. SC Bank Korea is the first lender operating here to outsource credit evaluation of customers to a fintech company. SC Bank Korea receives application for the program via Toss’ mobile app and requests the fintech company t

KB Financial Group said Sunday it has decided to halt financing construction of coal-fired power plants and to expand investment in infrastructure projects aimed at improving and conserving environment. As part of its corporate roadmap to combat global climate change, the South Korean financial giant will no longer participate in financing of new thermal power plant construction in and out of the country, and instead, increase investment in new eco-related investment opportunities, such as gree

Prosecutors on Thursday raided KEB Hana Bank‘s headquarters in Seoul in an apparent move to add fresh fuel to the investigation of Optimus Asset Management’s private equity fund misselling. KEB Hana Bank was one of trustee banks of the disputed funds. According to the Seoul Central District Prosecutors’ Office, investigators searched the lender’s consignment sales unit to seize computer drives and documents related to the case. The main purpose of the search is to fi

The Korea Trade Insurance Corporation said Thursday that it had signed a memorandum of understanding with the Korea Land and Housing Corporation to help South Korean companies secure more overseas construction projects. Under the deal, the state-run trade insurance firm will provide overseas business financing insurance and various trade insurance products to LH and partner companies bidding for overseas construction orders, which will help the builders minimize losses from offshore investments

The chief of South Korea’s financial watchdog on Tuesday urged private financial firms to disclose corporate environmental information, as part of a move to mitigate the detrimental effects of climate change on financial circles.  “Global consensus has arisen over the so-called ‘green finance’ and ‘sustainable financial services’ following a series of environmental improvement agreements,” Yoon Suk-heun, governor of the Financial Supervisory

The combined market capitalization of Hyundai Motor Group affiliates surpassed the 100-trillion won ($85.9 billion) mark last week on the back of market expectation on its strength in green vehicle technology, data showed Monday.  As of Thursday, the auto giant‘s 12 listed affiliates had a combined market capitalization of 100.2 trillion won, re-entering the 100-trillion-won club for the first time in 28 months, according to the Korea Exchange. Of the total, the combined market va

The South Korean government has rolled up its sleeves once again to help virus-battered small businesses. Next Wednesday it plans to expand its ongoing emergency loan program for merchants and entrepreneurs, and a Finance Ministry representative said it will also try to minimize the impact of the lockdown measures on the economy. 　 “The government has raised the credit limit on the second round of its emergency lending program, from the previous 10 million won ($8,620) to 20 million won

To facilitate remote working amid the prolonged COVID-19 pandemic, the nation’s financial watchdog will ease restrictions on external access to network systems at local financial companies.  The Financial Supervisory Service said Thursday it would allow employees to stay connected to the company’s internal communication software throughout the day by revising the regulations on the supervision of electronic finance, which stipulate the so-called “network separation syst

Global Komsco Daewoo, a Korean cotton pulp maker in Uzbekistan owned by the state-run Korea Minting Security Printing and ID Card Corp., has become a major supplier of raw materials for banknotes to minting agencies in more than 10 advanced economies, the company said Wednesday. Cotton pulp is widely used in making bills, checks, gift vouchers, and secured bank papers. It also serves as a main material for synthetic chemistry products and new material textiles. Marking its 10th anniversary t

The number of consumer complaints brought against local financial companies jumped 15 percent on-year in the first-half of 2020, mainly related to the mis-selling of private equity funds and a surge in requests for loans to counter the coronavirus impact, data showed Tuesday.  According to data from the Financial Supervisory Service, the financial watchdog received a total of 45,922 consumer complaints against securities firms, commercial banks, insurance companies and credit card operat

Responding to an explosive surge in Korean lenders’ credit loans extended to borrowers, financial authorities have embarked on working-level talks with banking circles to implement selective loan regulations, officials said Sunday.  The move came as outstanding unsecured loans extended to individuals by the nation’s five major banks -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- surged to 124.3 trillion won ($105 billion) as of end-August, up 4.1 trillion won from Jul

To help delinquent debtors get back on their feet, Korean authorities plan to draft new legislation that enables them to request a debt restructuring program to financial institutions and have a mediator in the process, the Financial Services Commission said Wednesday. The “consumer credit bill” can force local lenders to cease debt collection activities, upon the debtor‘s request, and offer a revised version of a repayment program within 10 working days. Currently, borrowe

The coronavirus pandemic has hit small businesses in South Korea. The number of self-employed people decreased at an alarming rate in July compared with a year earlier, data showed Tuesday.  According to data compiled by the Korea Small Business Institute and Statistics Korea, the country had 5.548 million self-employed people registered as of last month, down 127,000 from the previous year. The sharp on-year drop was nearly five times as steep as in July last year, when the number of se