E-commerce giant Coupang said Friday it has partnered with KB Kookmin Bank to launch early payout services for merchants, through which small and medium-sized business owners will receive payment for their sales in advance of the regular payday. Through the early payout on Coupang’s Marketplace, the nation’s biggest online platform for merchants, the e-commerce firm aims to financially support the coronavirus-hit SMEs, who are in need of cash either to pay their employees’ sa

Market May 15, 2020

A top-level official on Thursday expressed support for a plan to nurture the telemedicine industry in response to escalating demand for non-face-to-face health care services amid the COVID-19 pandemic. “The Ministry of Economy and Finance is sticking to the stance that the government needs to review the implementation of telemedicine,” Vice Finance Minister Kim Yong-beom said Thursday. “As the number of related phone calls have neared 170,000 so far, under the temporarily al

Economy May 14, 2020

Credit card spending by Koreans dipped at a slower rate in April than the previous month amid the COVID-19 infection slowdown, industry data showed Wednesday.  Combined credit card spending last month decreased by 2.9 percent from a year earlier to reach some 54.5 trillion won ($44.5 billion), marking a smaller dip compared to 6.7 percent in March, said Rep. Park Kwang-on of the ruling Democratic Party of Korea, quoting data compiled by eight credit card issuers: Shinhan, Samsung, KB Koo

Market May 14, 2020

On the first day South Korea started to receive applications for COVID-19 relief cash, local card issuers assigned to handle payment processes were met with a flood of unexpected inquiries -- to cancel subsidies donated by beneficiaries mistakenly. According to credit card companies, calls from recipients surged demanding to withdraw their donation to the state, saying they mistakenly clicked the button. Fund applicants can donate part or all of their subsidies to the state when filling out t

Market May 13, 2020

South Korea’s current account surplus reached an 11-month high in March, despite falling exports due to the novel coronavirus pandemic as the service account deficit sharply declined, data showed Thursday.  According to preliminary data from the Bank of Korea, the nation’s current account surplus hit a record high of $6.23 billion in March, up $1.19 billion from a year earlier.  The current account refers to the difference between the value of exports and imports. Compos

Economy May 7, 2020

Over 40 percent of workers in South Korea have suffered a wage cut due to changes in their working conditions sparked by the coronavirus pandemic, a survey showed Wednesday.  According to the survey conducted by Incruit, a job search website, some 42 percent of respondents said their paychecks were reduced after January when the novel coronavirus started to hit the country. Reasons for pay cuts varied, with some saying they were forced to take unpaid leave and others suffering wage freeze

Economy May 7, 2020

South Korea’s financial authorities said Tuesday they plan to set detailed guidelines on non-face-to-face services -- recently labeled “untact.” As part of its efforts to help seniors adapt to digital trends and technologies in the financial sector, the Financial Services Commision announced last week that it will commission research to identify demand for digital banking and financial services among seniors through surveys and data collection. In addition, the financial auth

Market May 5, 2020

  South Korea’s top financial watchdog announced Tuesday it plans to launch the second round of an emergency loan program worth 10 trillion won ($8.2 billion) from May 18 in a bid to financially support small business owners who have been affected by the novel coronavirus outbreak.  The affected business owners will be able to borrow loans from six commercial banks -- Shinhan Bank, KB Kookmin Bank, Woori Bank, Hana Bank, Industrial Bank of Korea and NH Bank. Those who have alrea

Market May 5, 2020

South Korea’s trade balance in April could swing to its first deficit in 99 months due to an exports slump amid the global coronavirus pandemic, according to officials on Wednesday. “It is a bit early to predict, but the chances are high that April’s trade balance will see a deficit, (which marks the first time) in 99 months since January 2012,” said Vice Finance Minister Kim Yong-beom during a press briefing. “A drop in exports was much bigger than that of imp

Economy April 29, 2020

The South Korean division of the Carbon Disclosure Project awarded prizes to local companies in recognition of their efforts to fight climate change, at a ceremony held Tuesday.  The 2019 CDP Korea Award recipients included SK hynix, LG Electronics and KB Financial Group.  SK hynix received the grand prize, granted to a company rated “Leadership A” in the area of water security.  The award is for companies making top-class efforts to recycle and conserve water reso

Market April 28, 2020

South Korea has maintained stable supplies of grains amid growing uncertainties about the global trade of grains caused by massive lockdowns imposed across borders to combat the spread of the novel coronavirus, industry data showed Monday.  As the deepening coronavirus pandemic sparked border closures and strict lockdowns, governments across the globe embarked on restrictions of grain exports to prevent a potential food shortage. Countries including Russia, Ukraine, Cambodia and Kazakhsta

Market April 28, 2020

같은 아이돌 팬인 척 SNS로 접근, 입금후 잠적 미성년자 법적 구제 어렵다는 점이 범죄의 표적 지난해 초중교 금융교육 9시간에 그쳐…교육 부재로 미성년 금융범죄 노출 위험 높아  “방탄님, 제가 지금 굿즈를 급하게 사야하는데 ... 내일 월급이 확실하게 들어오는데 혹시 대리입금 가능하실까요?” 배모(19) 양은 지난해 12월 자신의 트위터 계정에서 방탄소년단 아미 (팬클럽 명) 회원으로부터 다급한 메시지를 받았다. 방탄소년단 앨범과 사진을 대신 구입해달라는 부탁이었다. 같은 팬으로서 그냥 넘어갈 수 없었던 배모 양은 그가 보내온 계좌번호로 10만 원을 입금했다. 그의 부탁은 계속됐고 100만 원 가까이 빌려줬지만, 그 후 배모 양과의 연락을 끊었다. 평범한 아미였던 배 모양은 하루 아침에 금융사기 피해자 신세가 됐다. 최근 방탄소년단 등 대형 아이돌 팬클럽 회원을 사칭해 벌이는 SNS 금융사기가 늘고 있다. 20~30대의 사기범

한국어판 April 27, 2020

Judy Bae, 19, a member of the global fan club of South Korean boy band BTS known as ARMY never thought she would be exposed to financial fraud risks until she received a Twitter message from a fellow member asking for money in December last year. Pretending as a teen ARMY member, the man who turned out to be in his 20s, claimed that he need money so that he could buy new albums or rare photo images of BTS members. He said he would pay her back soon, but never kept that promise. Bae sent ove

Market April 27, 2020

Soon after South Korea reported the first novel coronavirus infection here, the government moved swiftly to contain its spread. Not only health authorities, but each public office had its own role to play.  The Korea Customs Service, a government agency under the Ministry of Economy and Finance, was assigned to prevent the possible outflow of masks, considered fundamental sanitary gear, to secure public safety.  To stabilize South Korea’s face mask supply, the KCS embarked on

Economy April 26, 2020

State-run Korea Development Bank and Export-Import Bank of Korea said Friday they would provide 1.2 trillion won ($972 million) of fresh loans to beleaguered Korean Air, the country’s flag air carrier. The emergency funding came after the government announced Wednesday its plans to raise relief funds worth 40 trillion won to relieve key industries amid the economic fallout of COVID-19. As that rescue plan is still pending at the National Assembly, authorities decided to take financial

Market April 24, 2020