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Finance

Woori Bank launches mobile payment service for additional overseas remittance fees

Woori Bank has introduced a service that allows customers to pay additional fees that can arise after an overseas remittance without visiting a branch. The bank said on Aug. 14 it will implement a non-face-to-face foreign exchange fee payment service. Individual users of the Woori WON Banking app can check the amount due, complete security authentication and pay from a won-denominated deposit and withdrawal account in their own name. Cable charges can also be paid this way.

Industry

Woori Bank hosts one-day sports class for 400 people with developmental disabilities in North Jeolla

Woori Bank held a sports experience event for people with developmental disabilities and their guardians in North Jeolla. The bank said it hosted a “Sports One-Day Class” on Aug. 12 at the Jeonbuk Special Self-Governing Province Welfare Center for the Disabled. About 400 people took part, including workers with developmental disabilities from Woori Financial Group’s Goodwill Store project, along with local participants and guardians. Instructors donated personal items to Goodwill Store.

Finance

As stock market wobbles, funds return to deposits; banks stir up funding competition

As stock market volatility rises, money is shifting back toward bank deposits. Investor cash held on the sidelines fell below 100 trillion won, while time deposits at South Korea’s five largest banks grew by more than 35 trillion won in a month. After the policy rate was raised to 2.75 percent, one-year deposit rates at major banks moved into the 3 percent range. Analysts expect more selective competition for stable funding rather than an all-out rate war.