The number of high-speed Internet service users in South Korea is expected to surpass the 20 million mark this year, industry data showed Sunday. The number of broadband Internet service subscribers in the country was estimated to be slightly over 19.21 million as of end-November, according to the data compiled by the Korea Association of Information and Telecommunication.Top fixed line operator KT Corp. had some 8.15 million high-speed internet subscribers, followed by SK Broadband Co. and LG U

South Korea’s central bank is likely to slash the key interest rate twice this year to help boost the tepid domestic consumption and ease deflation concerns stemming from low oil prices, Nomura Financial Investment Co. said Friday. The Bank of Korea lowered the base rate two times in the second half of last year to a record low of 2 percent to help avert the economic slowdown, but the move had little impact while further stoking the country’s already-sizable household debt.“It is almost certain

Experts are calling for eased regulations on financial technologies to allow the growth of the local fintech industry. The two most burdensome regulations include the strict separation of commerce and banking, and the prohibition on authenticating consumers through non-face-to-face channels, industry watchers said. The current rule on separation of commerce and banking restricts financial and industrial companies from holding each other’s capital on to prevent conglomerates from controlling bank

South Korea’s finance minister on Friday urged policymakers to stay firmly on course to implement sweeping reforms to lay the foundation for the country’s sustainable growth and prosperity.In a meeting with ministry staff to mark the start of the new year, Choi Kyung-hwan said the early passage of this year’s budget, an agreement by lawmakers to reform the government employee pension program and the absence of major elections provide positive conditions to push for meaningful change.“The new yea

South Korea's finance minister on Friday urged policymakers to stay firmly on course to implement sweeping reforms to lay the foundation for the country's sustainable growth and prosperity.In a meeting with ministry staff to mark the start of the new year, Choi Kyung-hwan said the early passage of this year's budget, an agreement by lawmakers to reform the government employee pension program and the absence of major elections provide positive conditions to push for meaningful change."The new yea

The delinquency rate on loans extended by South Korean banks remained nearly flat in November from the previous month, the financial watchdog said Thursday.The average delinquency rate for bank loans stood at 0.89 percent at the end of November, down 0.01 percentage point from a month earlier, according to the Financial Supervisory Service.The amount of cleared bad debts, worth 1.6 trillion won ($1.47 billion), was balanced with the same quantity of fresh bad loans during November.The overdue ra

Users of second-generation mobile phones will be given a one-year grace period to access virtual machine banking services to refer to their details of use and perform banking functions.Late last year, mobile carriers announced that they would terminate the VM banking service within the year due to low profits, but decided to hold off on pulling the plug until December this year, consenting to the arbitration of the Financial Supervisory Service.The VM banking service kicked off back in 2007 in o

South Korea's chief financial regulator said Thursday that he will place tackling household debts on the front burner of the government policies next year along with economic reform to improve the fundamentals of the economy and sharpen competitiveness.  "Restructuring of household debt is a top priority for financial stability in 2015," Financial Services Commission (FSC) Chairman Shin Je-yoon said in a New Year's message.  "We've set 2015 policy guidelines in order to improve the quality of ho