The number of employees in South Korea’s banking-finance industry declined 4 percent over a recent two-year period, in part due to the latest expansion of internet-based banking services, according to new industry tracking data released Wednesday. According to local corporate tracking firm CEO Score, the number of employees working at Korea’s top 56 finance companies ranked by net capital stood at 153,195 as of the third quarter of last year.This marks a 4 percent decline from 159,57

Hyundai Motor’s card transaction fee negotiations with Shinhan Card, Samsung Card and Lotte Card are nearing a conclusion, as the three card providers have agreed to accept a fee increase rate proposed by the carmaker, the involved companies said Wednesday.The three South Korean credit and debit card companies on Tuesday notified Hyundai that they each would accept the auto giant’s proposed rate hike. Hyundai is now said to be reviewing the terms of the respective deals.If Hyundai ac

Woori Financial Group, which began operating under a holding company structure from January, is stepping up its push to expand its nonbanking business by actively pursuing mergers and acquisitions.　Woori Bank officially adopted a holding company structure on Jan. 14, with Chairman Sohn Tae-seung pledging initial focus on acquiring small asset management firms, real estate investment trusts and savings banks.　The banking group plans to pursue larger M&A opportunities -- of securities and life

After a week of trying to minimize damage, Hyundai Motor Group is unable to accept payments using Shinhan Card, Samsung Card and Lotte Card in South Korea from Monday, due to unresolved disputes with local credit card companies over transaction fees.　The development is the latest in an escalating conflict between the Korean automaker and local credit card companies over a transaction fee hike that has been facing flak for inconveniencing customers in the process.Last week, Hyundai Motor and Kia

GM Korea, the South Korean unit of General Motors, said Friday that it remains committed to its plans to develop and manufacture its new subcompact sport utility vehicle and crossover utility vehicle in Korea.The statement came in response to a local news report claiming that GM Technical Center Korea would retain rights over the new CUV but would transfer global engineering rights over the subcompact SUV to China. This would mean that the new SUV model is unlikely to be manufactured in Korea as

South Korea’s sweet and spicy marinated fried chicken, or “yangnyeom chicken,” has become sweeter and saltier over the past three years, according to a recent analysis of popular local delivery chicken brands by Seoul City. The Seoul Metropolitan Government’s Health and Environment Research Institute, in conjunction with a local civil group, measured the amount of sugar and sodium in the top four menu items sold by six major Korean chicken franchises. The analysis took place from August to Septe

Despite Seoul City’s aggressive backing, the state-sponsored Zero Pay mobile payment system has handled less than 200 million won ($177,000) a month, signaling poor performance so far, data from the Financial Supervisory Service showed Wednesday.In January, Zero Pay facilitated 8,633 transactions totaling 199 million won, according to Zero Pay tracking data provided by the FSS to Rep. Kim Jong-seok of the main opposition Liberty Korea Party.This accounts for 0.0006 percent of the 1.56 bill

South Korea’s securities brokerage companies saw their net profit grow 9.6 percent on-year to 4.17 trillion won ($3.7 billion) last year, on the back of strong commission fees from facilitating trades, the Financial Supervisory Service said Tuesday.According to the FSS’ earnings review of Korea’s 56 securities companies, their combined net profit in 2018 is the highest since a combined net profit of 4.43 trillion won logged in 2007. The firms’ return on equity, a measure

Hyundai Motor on Monday raised the stakes in an ongoing conflict with credit card companies over a transaction fee hike, announcing that it will be terminating its partnerships with five local credit companies The firm, however, left room for resolving the conflict by stating that the suspension would take effect from March 11, leaving the following week up for negotiations. “Hyundai Motor opposes the unilateral transaction fee hike initiated by some card companies. And with this, we

South Korea logged a record-high balance of payments surplus for Hallyu-related products and services last year, owing to the global success of Korea-made video games and K-pop, statistics from the Bank of Korea showed Sunday.　Hallyu, or the Korean Wave, refers to the proliferation of Korean cultural content overseas, including K-pop, food, TV programs and movies as well as PC and mobile games produced by Korean firms.　According to the Bank of Korea Economic Statistics System, Korea’s BOP

South Korea’s financial regulators tentatively approved three new real estate trust operators on Sunday, enabling new players to join the business segment for the first time in 10 years. The Financial Services Commission granted preliminary licenses to three new companies in the works: Shinyoung Asset Trust, Korea Investment and Securities Real Estate Trust and Daishin Asset Trust. Shinyoung Asset Trust is a company being formed by Shinyoung Securities in partnership with Eugene Investment

As Korea celebrates the 100th anniversary of the March 1 Independence Movement of 1919 on Friday, an iconic figure of the tumultuous period returns to the spotlight: Yu Gwan-sun.Yu, who was 16 years old at the time, was an active participant and martyr of the independence movement. She is remembered as a brave, young patriot who inspired others to join Korea’s resistance against Japan’s colonial rule.Yu was born in 1902 to Christian parents in the small town of Byeongcheon near Cheonan, South Ch

KEB Hana Bank, one of South Korea’s major commercial banks, is at odds with local financial regulators over the reappointment of its incumbent CEO and President Ham Young-joo as chief for the third time.The Financial Supervisory Service has expressed concerns that Ham, currently indicted and under trial here for alleged involvement in a hiring scandal at the bank, may be unfit to lead. Hana, meanwhile, is said to be prioritizing Ham’s “proven managerial talents and profit miles

In August, South Korea’s financial auditor and the Korea Exchange set out to scrutinize Merrill Lynch’s Seoul office over mounting complaints that the US investment bank’s high-speed trading was unfairly disrupting local stock prices.　About six months later, it remains to be seen how far the Financial Supervisory Service has come in terms of monitoring high-frequency trading and collecting evidence.　The FSS and KRX had strengthened their monitoring of the investment bank after

South Korean financial regulators said Wednesday that they would crack down on unfair trading practices this year, with a focus on false disclosures, unlawful short-selling and high-frequency trading activities.The Financial Supervisory Service has set its sights on curbing unlawful short-selling by closely monitoring sudden increases in stock value and their possible links to insider trading. The agency said in a statement that it would also step up its monitoring of foreign investment companie

South Korea’s financial regulator plans to establish an open interbank payment network this year that can be accessed not only by banks but also financial technology companies, with the goal of bolstering the country’s fledgling fintech business sector. The Financial Services Commission on Monday announced plans to create an open financial payment system accessible to nonbank players, and to lower the required usage costs. The move is expected to help Korea foster more successful fin

Whether it’s a subway station or a local market, it’s easy to spot signs across Seoul promoting Zero Pay, a state-sponsored mobile payment system designed to lower credit card processing costs for small merchants and business owners here.Led by the Seoul Metropolitan Government, the Zero Pay system was introduced in beta trials in December. But a couple of months into its launch, public interest in the state-sponsored mobile pay system remains weak, while doubts persist about the mer

Banksalad, South Korea’s leading mobile app for personal finance management, said Friday that the number of its monthly active users had reached 1.5 million, marking a threefold increase from its average for last year.Founded in 2012 by local startup Rainist, Banksalad pools a user’s financial information from different banks and finance companies into a single platform. This consolidates data for bank accounts, investments, savings bonds and more. Upon analyzing a user’s finan

South Korea’s wholesale prices hit a 12-month low in January, affected by a decline in crude oil prices, the Bank of Korea said Friday.The central bank said the producer price index, an economic indicator that tracks the prices of goods sold in a country before they reach consumers, had reached 103.75 last month, down 0.2 percent from a month earlier. The index was seen continuing its downward streak for a fourth consecutive month and hitting its lowest point since January 2018, when