Banking & Finance

More construction workers seek unemployment benefits amid industry slump

A protracted slump in the construction industry is forcing more workers to apply for unemployment benefits after failing to land jobs.

Aug 14, 2024By Yi Whan-woo

More construction workers seek unemployment benefits amid industry slump

Toss, HYBE team up to develop facial recognition system to stop ticket scalping

Korea's leading fintech firm and entertainment company plan to implement a system to prevent ticket scalping by allowing K-pop fans to use facial recognition as their ticket, letting them simply walk past a camera at concerts.

Aug 13, 2024By Lee Yeon-woo

Toss, HYBE team up to develop facial recognition system to stop ticket scalping

Woori scandal prompts call for liability of banking group leaders on financial crimes

A financial scandal surrounding relatives of former Woori Financial Group Chairman Son Tae-seung is prompting calls that the top leadership at financial firms should be fully held accountable for lax regulatory control.

Aug 13, 2024By Yi Whan-woo

Woori scandal prompts call for liability of banking group leaders on financial crimes

Financial firms to be allowed to use generative AI, cloud computing

Financial firms will be allowed to use generative artificial intelligence and cloud computing to develop new innovative products once they secure the means to ensure the security of their networks, the financial regulator said Tuesday.

Aug 13, 2024By Yonhap

Financial firms to be allowed to use generative AI, cloud computing

Toss Securities achieves full-year profit target early

Toss Securities reported an operating profit of 30.6 billion won (about $22.3 million) for the first half of this year, reaching its full-year target within just six months, the company announced Tuesday.

Aug 13, 2024By Yoon Ja-young

Toss Securities achieves full-year profit target early

Financial industry accelerates Corporate Value-up Program with major stock buybacks

Financial holding groups and the brokerage industry are announcing plans for major stock buybacks and cancellations, aligning with the government's Corporate Value-up Program.

Aug 12, 2024By Lee Yeon-woo

Financial industry accelerates Corporate Value-up Program with major stock buybacks

Korean investors flock to US dividend ETFs

Savings banks turn to migrant workers to expand loan service

Savings banks are focusing on lending money to manual laborers from abroad in an effort to expand their customer base, driven by the sharp increase in the number of foreign nationals in Korea.

Aug 12, 2024By Yi Whan-woo

Savings banks turn to migrant workers to expand loan service

Authorities extend scrutiny into savings banks amid growing risk of financial instability

Head of Woori Financial apologizes for giving inappropriate loans to relatives of ex-chief

The head of Woori Financial Group on Monday apologized for giving inappropriate loans to relatives of a former chief, admitting that holes in its internal control system partly contributed to the incident.

Aug 12, 2024By Yonhap

Head of Woori Financial apologizes for giving inappropriate loans to relatives of ex-chief

Banks' rigid organizational culture blamed for repeated financial misconduct

Heat wave feared to worsen delinquency rates among small business owners

Scorching summer weather is making it harder for self-employed individuals in the restaurant and accommodation sectors to pay back the principal and interest on their loans in time.

Aug 11, 2024By Yi Whan-woo

Heat wave feared to worsen delinquency rates among small business owners

Woori accused of providing $25.6 mil. in improper loans

Woori Bank provided improper loans totaling 35 billion won ($25.6 million) to relatives and associates of Son Tae-seung, the former chairman of Woori Financial Group, according to the Financial Supervisory Service (FSS), Sunday.

Aug 11, 2024By Lee Yeon-woo

Woori accused of providing $25.6 mil. in improper loans

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