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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Bank deposit guarantee ceiling to be hiked to $72,000 in September

The ceiling on bank deposits guaranteed in case of bankruptcies will be doubled to 100 million won ($72,000) in September, the financial regulator said Tuesday. Late last year, the National Assembly passed a revised bill calling for a hike in the ceiling to 100 million won from the current 50 million won. Related processes have been completed for the hike, and the ceiling hike will go into effect starting September, the Financial Services Commission (FSC) said. The increase in the ceiling of bank deposits protected by law, the first of its kind since 2001, is designed to better reflect the growth of the country's economy, as well as protect customers. The FSC said the ceiling hike will induce more deposits at financial institutions, leading to increased financial stability. The ceiling on guarantees for some pension products will also be raised to the level, according to the regulator.

Jul 22, 2025By Yonhap
Bank deposit guarantee ceiling to be hiked to $72,000 in September

Car insurers face growing losses after heavy rains

More than 3,000 vehicles were reported to have been damaged by flooding over a five-day period due to heavy downpours that swept across the country last week, resulting in losses estimated at nearly 30 billion won ($22 million), according to industry officials Tuesday. They said the number is expected to rise further, as the scale of vehicle flood damage is higher than expected, making it inevitable for non-life insurers to face an additional increase in their vehicle insurance loss ratios. Data from the General Insurance Association of Korea shows that a total of 3,131 flood-damaged vehicles had been reported to 12 non-life insurance companies offering motor vehicle coverage between July 16 and 9 a.m. on July 21, following the heavy rainfall. The estimated losses amounted to about 29.6 billion won. "The scale of the damage is significant due to the many days of intense, prolonged rain. Since claims are still being filed, the figures are likely to rise," an official from the insurance industry said. What makes the situation more concerning is that the typhoon season has not even begun, s

Jul 22, 2025By Jun Ji-hye
Car insurers face growing losses after heavy rains

KB Insurance invites recognized physician for hands-on lecture on well-being

KB Insurance invited a widely recognized sports medicine physician for a special hands-on lecture aimed at teaching effective stretching exercises to its new recruits, the company said Monday. With participation from 20 new employees, the lecture was organized under a belief that healthy minds and bodies empower employees to deliver greater value to customers with confidence. The lecture was run by Kim Jin, a seasoned veteran who has trained more than 1,000 physicians and fitness professionals over the past 15 years after earning a doctoral degree in sports medicine at Kyung Hee University. He has built extensive expertise on helping people correct and reinforce their postures, especially for those who work long hours at a desk, based on years of data compiled from the fitness center he runs. In particular, he regularly runs wellness programs for companies in both private and public sectors. The lecture lasted for an hour at the corporate training center in Suwon, Gyeonggi Province. The lecture was divided into three stages — physical assessment, self-correction and a before-and-after c

Jul 21, 2025By Yi Whan-woo
KB Insurance invites recognized physician for hands-on lecture on well-being

InterviewArt meets fintech: Nouveau Soleil pioneers financial future of art sector

The Korean art market continues to grapple with structural challenges stemming from information asymmetry and a lack of price transparency, as details regarding transaction parties and prices are rarely disclosed. Nevertheless, artworks are increasingly being recognized not only as objects of appreciation but also as assets used for inheritance, donations and investment. In line with this shift, the market has shown rapid growth. According to the report published by the Korea Arts Management Service, the total transaction volume of the domestic art market surged from 329 billion won ($238 million) in 2021 to 922.3 billion won in 2022, nearly a threefold increase in just one year. Regulatory changes are also underway. The Art Promotion Act, which took effect in July 2024, requires more systematic management and greater transparency in the operation of artworks, particularly within public institutions. As a result, demand is growing for tools that enable objective, data-driven valuation of artworks. In response to this trend, Korean startup Nouveau Soleil officially launched its platform,

Jul 19, 2025By Jun Ji-hye
Art meets fintech: Nouveau Soleil pioneers financial future of art sector

SGI ransomware attack puts lax financial cybersecurity rules under scrutiny

Seoul Guarantee Insurance (SGI), Korea's largest comprehensive guarantee insurance firm, restored its core computer systems Thursday, four days after a suspected ransomware attack paralyzed its operations, the company said. However, criticism persists over the firm's inadequate cybersecurity measures, as it had failed to obtain key cybersecurity certifications, highlighting a lax approach to data protection, according to industry experts. It was revealed that SGI had not acquired the Information Security Management System (ISMS) or the Personal Information & Information Security Management System (ISMS-P) certifications, which assess whether an organization has established appropriate safeguards for information and data privacy. These certifications are issued by agencies such as the Korea Internet & Security Agency. Financial institutions in Korea are not legally required to obtain these certifications, and SGI had not pursued them voluntarily. The government is also facing backlash for failing to make such standards mandatory for the financial sector, despite the companies' handling of

Jul 17, 2025By Jun Ji-hye
SGI ransomware attack puts lax financial cybersecurity rules under scrutiny

SC Bank Korea launches special promotion on US dollar deposits

Standard Chartered (SC) Bank Korea said Thursday that it will run a special promotional event until July 31, offering higher interest rates for customers who open three- or six-month U.S. dollar-denominated time deposits. The promotion is available to first-time customers who open foreign currency time deposits ranging from $10,000 to $300,000 at an SC Bank branch. An interest rate of 4.0 percent will be offered for deposits between $10,000 and $100,000, and 4.2 percent for deposits between $100,000 and $300,000. The bank is also offering a separate promotional interest rate on U.S. dollar-denominated deposits with no maturity restrictions, available through July 31. This offer is for first-time customers who subscribe at bank branches with a deposit of $10,000 or more. A rate of 2.7 percent will apply to deposits between $10,000 and just under $100,000, and 3.5 percent for deposits of $100,000 or more, for up to 60 days from the account opening date. The total subscription limit for each promotion is $30 million, and each offer may end early if the cap is reached. "We have prepared this

Jul 17, 2025By Lee Yeon-woo
SC Bank Korea launches special promotion on US dollar deposits

Eximbank dispatches 44 interns to developing countries

The Export-Import Bank of Korea (Eximbank) said Thursday that it will dispatch 44 young global interns to 10 developing countries. The program is under the Economic Development Cooperation Fund (EDCF), established by the Korean government in 1987 to support developing countries. The fund is entrusted to and managed by Eximbank. The program sends selected Korean university and graduate students interested in international development to partners in developing countries. This year's countries include Vietnam, the Philippines, Indonesia, Cambodia, Sri Lanka, India, Uzbekistan, Tanzania, Ghana and Colombia. Before and after their overseas assignments, participants will be placed for three months in EDCF-related departments at the bank's headquarters, where they will gain hands-on experience in project planning and implementation. Park Jung-eun, who worked at the Tashkent office in Uzbekistan for six months last year and joined Eximbank as a new employee this year, said, "While working on the National Children’s Hospital project in Tashkent, I came to fully appreciate the importance of conc

Jul 17, 2025By Lee Yeon-woo
Eximbank dispatches 44 interns to developing countries

InterviewCitibank Korea employees honored for preventing voice phishing scam

The recent arrest of a suspect in a voice phishing scam at a Citibank Korea branch in Incheon demonstrates countless days of effort by two of its employees, Lee Jeong-min and Yang Eun-ah, to prevent financial crimes. The two are among the branch’s 32 employees, who are especially alert to risks of voice phishing scams as many of the branch’s customers are seniors — a group frequently targeted for financial fraud. All 32 have participated in regular simulated training while prioritizing teamwork to better respond to financial crimes. Lee and Yang were honored by the police on July 10 for playing a central role in the arrest of a suspect in a voice phishing scam. “I am proud of preventing major financial damage, after keeping in mind that I am responsible for not only handling customers’ money but also for being the last line of defense for customers,” Lee said in a phone interview with The Korea Times this week. She was the first to deal with the suspect, who, as a “cash mule,” attempted to withdraw 16.4 million won ($11,810) in cash through a rarely used account on June 30

Jul 17, 2025By Yi Whan-woo
Citibank Korea employees honored for preventing voice phishing scam

From subway delays to pet accidents, insurers roll out quirky policies for everyday mishaps

Insurance companies are introducing unique customized coverage for everyday situations, such as subway delays and pet-related accidents, industry officials said Wednesday. Although these offerings generate limited immediate profit due to their low premiums, they serve as a strategic tool to attract younger consumers who may become loyal long-term policyholders, they said. This potential has prompted insurers to invest more in developing and expanding these innovative insurance plans. Samsung Fire & Marine Insurance recently introduced a new policy that compensates commuters for subway delays in the Seoul metropolitan area. If a subway is delayed for over 30 minutes, the insurance provides coverage for alternative transportation expenses, such as taxi or bus fares, once a month, up to 30,000 won ($22). The policy costs only 1,400 won annually. To make a claim, policyholders need to submit their transit card number along with a receipt for the alternative transportation used. The claim is automatically processed and paid out immediately after the system confirms the delay. Kyobo Life Insura

Jul 17, 2025By Jun Ji-hye
From subway delays to pet accidents, insurers roll out quirky policies for everyday mishaps

Kbank runs senior call center to meet needs of aging population

Kbank is running a new call center exclusively for senior customers to improve their accessibility to the online lender’s services based on digital technology, the company said Tuesday. It said the call center for older adults opened in early June, as they increasingly make up a larger share of customers in the asset management market amid longer life expectancy. The bank said the number of senior customers is estimated to be 1.3 million, many of whom are still not accustomed to online customer service, and prefer phones and other offline channels. Failure to serve their needs would mean missing a business opportunity in the long term, the company said. “Against this backdrop, we’re proud to say that the call center is a timely, tailor-made service for customers aged 65 or older who may find digital consultations challenging,” Kbank said. The call center operates from 9 a.m. to 6 p.m. daily, including weekends. The customers are provided with a phone number to help consultants identify them when receiving a call and promptly respond to their requests. With the phone number, a custom

Jul 15, 2025By Yi Whan-woo
Kbank runs senior call center to meet needs of aging population
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