KFTC (Korea Financial Telecommunications & Clearings Institute) and 11 VAN (Value Added Network) providers filed a class action lawsuit against Lotte Card.This is the first legal battle between VAN providers and a credit card company that have been working as partners for 10 years. It seems that South Korean Government’s plan to reduce credit card… Continue reading South Korean VAN Providers File a Class Action Lawsuit Against Lotte Card
Author: ET News Online News
Gwangju-Si and Hyundai Motor Company Sign an Agreement to Create More Jobs in Gwangju-si
Gwangju-si and Hyundai Motor Company signed an agreement for labor and management coexistence and social integration-type ‘Gwangju-type jobs’ that is based on great social compromise. They were finally able to make a dramatic settlement after signings ended in failure in June and December of 2018. Construction of production plant will be completed by 2021 and… Continue reading Gwangju-Si and Hyundai Motor Company Sign an Agreement to Create More Jobs in Gwangju-si
Ministry of Economy and Finance Carries out a Large-Scale Personnel Change to Its Section Heads
Ministry of Economy and Finance (MOEF) carried out a large-scale personnel change that replaced 74% of people with section head positions.Section heads were replaced mainly with those who passed 40th and 41st civil service exams. MOEF focused on talented and young generations as the ones that would become future section heads. It is also interesting… Continue reading Ministry of Economy and Finance Carries out a Large-Scale Personnel Change to Its Section Heads
More Consumers Flocking towards Online Used Car Transaction Platforms
Consumers prefer to purchase cars online more than offline as used car platforms made by financial companies and startup companies have become more advanced. Process of purchasing a used car by meeting a dealer is now possible through indirect channels.According to Ministry of Land, Infrastructure and Transport (MOTIE), number of recordation of transfers of cars… Continue reading More Consumers Flocking towards Online Used Car Transaction Platforms
Six South Korean Credit Card Companies to Come up with One Joint QR Code Payment Application
Lotte Card, Shinhan Card, BC Card, Samsung Card, Hyundai Card, and KB Card are planning to establish a ‘super comprehensive application’ to expand their QR code payment service.They are planning to create a comprehensive wallet that is linked to QR codes of each credit card payment and they are also looking into a way of… Continue reading Six South Korean Credit Card Companies to Come up with One Joint QR Code Payment Application
VAN Companies Looking into Filing a Lawsuit Against Lotte Card
Due to South Korean Government’s effort to reduce credit card fees, a problem has finally risen within credit card market. 11 VAN (Value Added Network) companies are filing a legal lawsuit on Lotte Card for a suspicion of unfair contract. According to legal and financial industries, 11 VAN companies have decided to file a lawsuit against… Continue reading VAN Companies Looking into Filing a Lawsuit Against Lotte Card
NH Bank to Provide Its API to KB Card
KB Card is planning to take on NH Bank’s financial IT.This is the first time when a financial company is using its competitor’s IT. Exchange of technologies between competitors is more shocking than cross-purchase between Samsung Electronics and LG Electronics.According to industries, NH Bank and KB Card are going to sign an agreement where KB… Continue reading NH Bank to Provide Its API to KB Card
Penta Security Introduces Blockchain That Trades Vehicle Data
Penta Security System has chosen blockchain as its new driving force. Based on its experiences from vehicle security industry, it is planning to introduce blockchain for trading vehicle data. It is also pushing for ICO (Initial Coin Offering) in Singapore next month.CEO Lee Seok-woo of Penta Security held a press conference at its headquarters on… Continue reading Penta Security Introduces Blockchain That Trades Vehicle Data
Hyundai Mobis Demonstrates Its Self-Driving Car ‘M.BILLY’
Hyundai Mobis has started testing its self-driving car called M.BILLY, which was developed through its own technologies, on full-scale. It is going to increase number of M.BILLY from 3 to 10 by end of this year and it is planning to focus its research capabilities into development of self-driving technologies based on safety by increasing… Continue reading Hyundai Mobis Demonstrates Its Self-Driving Car ‘M.BILLY’
Hyundai Motor Company Introduces Its Fuel Cell Electric Vehicle ‘NEXO’ for the First Time.
Hyundai Motor Company introduced its fuel cell electric vehicle, which is the signature vehicle for eco-friendly vehicles, called ‘NEXO’ in South Korea for the first time. It can drive up to 609km with single charge and it can go 107km more than Toyota’s ‘Mirai (total range: 502km)’, which is currently number one in global sales.Hyundai… Continue reading Hyundai Motor Company Introduces Its Fuel Cell Electric Vehicle ‘NEXO’ for the First Time.