Park Na-eun

1 week ago | pulse.mk.co.kr | Park Chang-yeong |Park Na-eun |Han Yubin

South Korea’s four major banks are rolling out emergency support measures for small and medium-sized enterprises (SMEs) as the prolonged economic downturn puts even promising companies at risk of financial distress. The move comes as the number of companies flagged as being at high risk of becoming distressed surged to 2,339 as of the end of 2024, or a 24 percent year-on-year increase, according to data from the banking sector.

1 month ago | pulse.mk.co.kr | Park Na-eun |Park In-hye |Han Yubin

South Korean financial institutions are ramping up efforts to utilize the digital asset market, including stablecoins, a type of cryptocurrency designed to maintain a constant value. According to multiple sources from the financial industry on Thursday, Shinhan Bank, NH Nonghyup Bank, and Kbank have decided to participate in the test for overseas remittances using won-based stablecoins, a first in Korea.

2 months ago | pulse.mk.co.kr | Park Na-eun |Han Yubin

Consumer spending in South Korea slowed to an unprecedented level as economic uncertainty deepens amid the martial law declaration by President Yoon Suk Yeol in December 2024 and his impeachment trials, according to Wednesday’s industry data. Data from the Credit Finance Association found that the total value of credit and debit card transactions by customers at nine major credit card companies until February 2025 totaled 147.8 trillion won ($101.8 billion), up a mere 1.4 percent from a year ago.

2 months ago | pulse.mk.co.kr | Park Na-eun |Han Yubin

OK Savings Bank Co. has decided to join a consortium led by Korea Credit Data (KCD) Co., which is bidding to become South Korea’s fourth internet-only bank. KCD announced on Wednesday that OK Savings Bank has submitted a letter of intent to invest in the Soho Bank consortium. Last year, Woori Bank and Woori Card joined the consortium, followed by Eugene Investment & Securities Co. and NH NongHyup Bank earlier this year.

2 months ago | pulse.mk.co.kr | Park Na-eun |Han Yubin

South Korean banks are competing fiercely to attract foreign customers as the market grows rapidly, with the number of foreigners taking out loans soaring by 60 percent over the past two years.