Finance
COFIX for Variable-Rate Mortgages Rises to 2.57% in October... Up for Second Consecutive Month
The Cost of Funds Index (COFIX), which serves as the benchmark for variable-rate mortgage loans in the banking sector, has risen for the second consecutive month. According to the Korea Federation of Banks on the 17th, the COFIX based on newly handled funds stood at 2.57% last month, up 0.05 percentage points from 2.52% in September, marking a two-month upward trend. However, the balance-based COFIX fell by 0.05 percentage points, from 2.89% to 2.84%. The "new balance-based COFIX," introduced in 2019, also edged down by 0.01 percentage points, from 2.49% to 2.48%. This index includes the interest rates of other deposits, borrowings, and settlement funds.COFIX is the weighted average interest rate of funds raised by eight domestic banks, reflecting changes in the interest rates of deposit products such as savings and bank bonds actually handled by banks. When COFIX declines, banks can secure funds while paying less interest. The Korea Federation of Banks stated, "The balance-based COFIX
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KB Kookmin Bank Partners with SBC to Support SME Employees
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Gyeongnam Bank Sponsors the "2025 Foreigners' World Cup"
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Suhyup Bank Launches Open Banking Safe Block Service
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NongHyup Bank to Launch Preferential Savings Product for SME Employees in Partnership with Ministry of SMEs and Startups and Korea SMEs and Startups Agency
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NH NongHyup Bank Launches Small Business Growth Promotion Guaranteed Loan
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Hana Insurance and Hana Life Create and Donate Happiness Boxes for Incheon Group Home Children
FSS Consumer Protection Planning Group Identifies Measures to Prevent Card Point Expiration
Under the leadership of Lee Chanjin, Governor of the Financial Supervisory Service, the FSS Consumer Protection Planning Group, which was launched at the end of September, has proposed measures to prevent the expiration of card points. This comes just two weeks after identifying its first project to facilitate card cancellations. On the 17th, the Financial Supervisory Service announced an improvement plan to promote the use of card points as one of the key initiatives of the planning group. First, eight major credit card companies (Samsung, Shinhan, KB Kookmin, Hyundai, Hana, Woori, Lotte, and BC Card) will introduce an automatic point usage service. For customers aged 65 and older, this automatic usage will be applied by default. When a member applies for the service, points are automatically used (deducted from the payment amount) in the pre-designated unit whenever a payment is made. Currently, only three companies offer this service. The Financial Supervisory Service expects that,
KakaoPay's "Together for a Long Time" Campaign Receives Commendation from Small Enterprise and Market Service Chairman
KakaoPay announced on the 17th that its small business mutual growth campaign, "Together for a Long Time," has received a commendation from the Chairman of the Small Enterprise and Market Service. "Together for a Long Time" is KakaoPay's flagship small business mutual growth campaign, run in partnership with the Foundation for Working Together since 2023. Through the "Together for a Long Time" support program, KakaoPay helps small businesses expand their sales channels both online and offline. Since 2023, the company has operated a "Together for a Long Time" pop-up store every year. In June of last year, it established an online mall dedicated to small business brands. This year as well, pop-up stores were opened in high-traffic department stores and popular commercial districts, including Hyundai Department Store in Pangyo, Seongnam, IFC Mall in Yeouido, Yeongdeungpo-gu, Seoul, and Seongsu-dong. By operating offline pop-up stores and the online mall a total of nine times, the company
Woori Bank Launches Robo-Advisor Discretionary Service for AI-Managed Retirement Pensions
On November 14, Woori Bank announced that it will launch the "Robo-Advisor Discretionary Service" as part of the "Innovative Financial Service for Enhancing Retirement Pension Yields" project designated by the Financial Services Commission. This new service is being introduced in partnership with AI-based investment management specialists AI Quant Tech and Quantit Investment Advisory. As of November 10, the aggressive investment portfolio managed by AI Quant Tech has demonstrated strong performance, recording an annual yield of 41.66%. Quantit Investment Advisory plans to offer its services at one of the lowest fee levels in the industry. The algorithm in use is a verified system that has passed both operational and system reviews by Koscom, the capital market IT infrastructure operator. The AI automatically performs market data analysis, portfolio rebalancing, and risk management, thereby ensuring transparency and stability in operations. Woori Bank’s retirement pension customers can
Former Lina Life and Chubb Life CEO Youngho Lee Joins M&A Advisory Firm Aimbridge Partners
Aimbridge Partners, a mergers and acquisitions (M&A) advisory and private equity firm, announced on the 17th that it has appointed Youngho Lee, former CEO of Lina Life Insurance and Chubb Life Insurance, as its new CEO. Lee is expected to oversee digital insurance M&A, insurtech (insurance + technology) investments, insurance sales channel investments, and digital platform strategies. Lee, a certified actuary, holds a Ph.D. in Insurance Management from Hanyang University. For over 30 years, he has served as CEO of foreign insurance companies, leading digital transformation, product strategy, direct insurance, and organizational innovation in the domestic and international insurance sectors. During his tenure as CEO of Lina Life Insurance, he established a direct and telemarketing (TM)-based insurance model in the Korean market and systematically grew a protection-focused business structure. At that time, Lina Life Insurance became the first to introduce non-face-to-face channels. Lee's
"Curiosis, Backed by IBK, Successfully Debuts on KOSDAQ... Supporting Startup Growth"
IBK Industrial Bank of Korea announced on November 17 that it had assisted bio equipment company Curiosis in its KOSDAQ listing through the IBK Venture Loan program, a financial product designed to support startups facing the “death valley” period. Curiosis, which supplies laboratory automation solutions essential for new drug development and cell therapy production, attracted significant investor attention by achieving a “double-double” (a fourfold increase from its IPO price) early on its first day of trading on November 13. The company is recognized as a promising enterprise in the sector. The venture loan, launched by IBK Industrial Bank of Korea in January 2023, is a hybrid product combining investment and lending. It provides low-interest loans to startups that have already secured investment from venture capital institutions. The bank utilizes warrants attached to bonds with warrants (BW) to share in the company’s future value appreciation. Since its launch, the venture loan pro
Hanwha Financial Hosts 'LIFEPLUS NY 2025'... Global Talent Networking
'LIFEPLUS NY 2025,' hosted by LIFEPLUS, the joint brand of Hanwha Group's financial affiliates, was held on the 14th (local time) at The Glasshouse in Manhattan, New York, USA. LIFEPLUS NY is a global talent development platform designed to help young Korean financial professionals grow into competitive leaders on the world stage. Beyond talent cultivation, it aims to build networks connecting Korea and the United States and foster a sustainable financial ecosystem. The platform has established itself as a space that pursues connection and growth through finance, transcending generations and borders. This year's event, now in its third edition, was held under the theme "Connecting Dreams." The event served as a forum where financial and technology experts from Korea and the United States, along with next-generation leaders, gathered to discuss the convergence of finance and technology. Executives from global finance, investment, and technology companies participated as speakers, inclu
Toss Supports Financial Education for Third-Year High School Students After CSAT
Viva Republica, the operator of Toss, announced on November 17 that it has begun providing financial education to third-year high school students who have completed the College Scholastic Ability Test. The program is based on the "Post-CSAT Financial Education for Third-Year High School Students" organized by the Financial Supervisory Service. Toss plans to collaborate with Goyang City to sequentially provide education at six local high schools. By next month, the program will visit Jeongbal High School, Seongsa High School, Goyangil High School, Neunggok High School, Hwajeong High School, and others. Around 1,000 students are expected to participate. The first session was held on November 14 at Gyeonggi Visual Science High School. Students were taught about employment contracts and allowances they should know before their first part-time job, as well as the impact of overdue mobile phone bills on credit scores. Toss, together with Goyang City, is also supporting on-site promotion and
NH Nonghyup Bank Launches Non-Face-to-Face Corporate Finance System 'The Quicker'
On November 17, NH Nonghyup Bank announced the launch of 'The Quicker,' a system designed to fully support corporate finance through non-face-to-face channels, aiming to enhance work efficiency and convenience for corporate clients. With the launch of this system, NH Nonghyup Bank has established a foundation to provide comprehensive non-face-to-face support for corporate clients, who traditionally rely heavily on in-person services. The entire loan process for first-time corporate borrowers without prior transaction history?including loan consultations, document submission, and contract signing?can now be completed remotely without visiting a branch, significantly improving convenience for corporate clients.Corporate clients can also open checking accounts and sign up for electronic banking entirely online in a single step. Supporting documents for trade finance, such as letters of credit, can now be submitted via corporate banking instead of fax or email. NH Nonghyup Bank has also in
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