"The daily use of mobile banking in South Korea rose 1.8 percent in the third quarter from three months earlier on the back of the growing popularity of smartphones, the central bank said Wednesday.
Transactions by mobile banking or banking services accessed via wireless handsets were valued at 1.42 trillion won (US$1.32 billion) per day in the July-September period, compared with 1.39 trillion won three months earlier, according to the Bank of Korea (BOK)." Continue Reading
Showing posts with label South Korea. Show all posts
Showing posts with label South Korea. Show all posts
Thursday, November 21, 2013
Thursday, November 14, 2013
Electronic banking frauds halve since toughened rules: watchdog
"Electronic banking frauds in South Korea have more than halved in the past month since the financial regulators implemented stiffer measures to curb the illegal activities, the financial regulator's data showed Tuesday.
The number of electronic banking frauds reported since Sept. 26 when the new rules kicked in came to 749 cases, down 51.5 percent from 1,545 cases reported to the regulator in the previous month, according to the Financial Services Commission (FSC). The damage is valued at some 1.3 billion won (US$1.22 million), compared with 3.2 billion won tallied over the cited period, the FSC added." Continue Reading
The number of electronic banking frauds reported since Sept. 26 when the new rules kicked in came to 749 cases, down 51.5 percent from 1,545 cases reported to the regulator in the previous month, according to the Financial Services Commission (FSC). The damage is valued at some 1.3 billion won (US$1.22 million), compared with 3.2 billion won tallied over the cited period, the FSC added." Continue Reading
Tuesday, August 20, 2013
International Mobile Banking Updates - Aug 20
Western Union expands mobile banking in Africa
"Western Union is growing its mobile banking function in Africa, aiming to complement the 27,000 physical agent locations spread across 50 countries. The company’s main focus is now on expanding its digital transaction channels, a good example being integrating with additional mobile networks and increasing the use of prepaid cards when customers receive money."
Cabinet directs on regulation of mobile money transactions
"The Cabinet has directed the Ministry of Finance to amend the law regulating the financial institutions with the view of including regulations that govern Islamic banking and mobile money transactions. The regulation if passed will hold those responsible for money transfer businesses in cases of breach of contract or any dubious transaction. The new law will also regulate Islamic banking, thus widening the scope of customer choices in terms of banking."
ENTREVESTOR: Dal team to unveil banking app for teens
"After a long and hectic summer, a group of entrepreneurs from Dalhousie University will unveil their financial app Purchext to angel investors in Toronto Tuesday as the final segment of the gruelling Next 36 course. Purchext is a company formed at Dalhousie last spring and its founders — Cam McDonald, Zachary Levy, and Daniel Bartek — took the project to the Next 36 program, a three-month academic/mentoring program for undergraduate entrepreneurs. The graduation from the program includes pitches to angel investors."
Canada’s Desjardins financial cooperative pushes NFC offering
"Canada is seeing a fresh push to promote near field communication (NFC) services after Canadian cooperative financial group Desjardin signed a deal with mobile money solutions provider Monitise and a joint venture with the nation’s three largest mobile operators. Under the terms of the partnership, Monitise will provide the NFC-enabled mobile payment application; the technology will allow Desjardins members and clients to make purchases at Canadian retailers using their smartphone."
Monitise sees revenues surge as mobile banking takes off
"In our technology focussed world the mobile phone has become like an extra super-sensory organ to most of us, and nowadays that usually means a smartphone. Smartphone penetration is around 55% of the market and is expected to reach 80% by the end of 2015. We play games on them, read the news, catch up with friends and tweet our latest thoughts to all who care to listen. And now growing numbers of us are using them to pay our bills, shift money between our accounts and take advantage of vouchers and customer offers."
Bank Millennium SA : Best Internet Bank in Poland according to Global Finance magazine
"Bank Millennium has yet again scored first in the category "Best Consumer Internet Bank in Poland". Also the mobile banking app for companies was recognised. The awards were given by Global Finance independent financial magazine. According to the jury's verdict Bank Millennium is the Best Consumer Internet Bank in Poland and is also Best in Mobile Banking for Corporate/Institutional in CEE. The competition organisers i.a. appreciated the product offering available online, the functionality and design of the new website as well as growth of the number of online banking customers."
Global Differences in the Mobile Web: Emerging Markets Lead the Way in M-Commerce, Mobile Banking and New Technologies
"Netbiscuits, the global leader in software solutions for adaptive web experiences, today published additional findings from its study into consumer behavior on the mobile web. The latest data, extracted from the Netbiscuits People's Web Report and featuring responses from 5,000 consumers, found that the starkest differences in mobile usage were between developed and emerging markets. Deep-diving into the differences between consumer expectations around the world, the new evaluation of the People's Web Report findings gives a more detailed insight into how our lives are shaped by mobile."
Online banking security company Entersekt, wins Frost and Sullivan Award
"Online banking security company Entersekt, has today been awarded the 2013 South African Frost and Sullivan Award for Technology Leadership for its innovations in providing easy-to-use and secure mobile banking solutions. Transakt, as its app is called, offers an alternative method to online banking that claims to eliminate fraud and enhance transaction convenience of both the bank and customer. Frost & Sullivan Research Analyst Lehlohonolo Mokenela notes that Entersekt has received accreditation from the world’s largest payments networks American Express, MasterCard, and Visa and is the first and only company in Africa to earn all three of these certifications."
Daily use of mobile banking in Korea up 10.2 pct in Q2
"The daily use of mobile banking in South Korea rose 10.2 percent in the second quarter from three months earlier on the back of the growing popularity of smartphones, the central bank said Thursday. Transactions by mobile banking or banking services accessed via wireless handsets were valued at 1.39 trillion won (US$1.24 billion) per day in the April-June period, compared with 1.26 trillion won three months earlier, according to the Bank of Korea (BOK)."
Half of UK bank branches could close by 2020
"The increased use of online and mobile banking means that half of the UK’s building society and bank branches could close by 2020, a new report predicts. The Global Retail Banking report from Jones Lang LaSalle adds that the closures will be spurred on by increased use of debit and credit cards."
"Western Union is growing its mobile banking function in Africa, aiming to complement the 27,000 physical agent locations spread across 50 countries. The company’s main focus is now on expanding its digital transaction channels, a good example being integrating with additional mobile networks and increasing the use of prepaid cards when customers receive money."
Cabinet directs on regulation of mobile money transactions
"The Cabinet has directed the Ministry of Finance to amend the law regulating the financial institutions with the view of including regulations that govern Islamic banking and mobile money transactions. The regulation if passed will hold those responsible for money transfer businesses in cases of breach of contract or any dubious transaction. The new law will also regulate Islamic banking, thus widening the scope of customer choices in terms of banking."
ENTREVESTOR: Dal team to unveil banking app for teens
"After a long and hectic summer, a group of entrepreneurs from Dalhousie University will unveil their financial app Purchext to angel investors in Toronto Tuesday as the final segment of the gruelling Next 36 course. Purchext is a company formed at Dalhousie last spring and its founders — Cam McDonald, Zachary Levy, and Daniel Bartek — took the project to the Next 36 program, a three-month academic/mentoring program for undergraduate entrepreneurs. The graduation from the program includes pitches to angel investors."
Canada’s Desjardins financial cooperative pushes NFC offering
"Canada is seeing a fresh push to promote near field communication (NFC) services after Canadian cooperative financial group Desjardin signed a deal with mobile money solutions provider Monitise and a joint venture with the nation’s three largest mobile operators. Under the terms of the partnership, Monitise will provide the NFC-enabled mobile payment application; the technology will allow Desjardins members and clients to make purchases at Canadian retailers using their smartphone."
Monitise sees revenues surge as mobile banking takes off
"In our technology focussed world the mobile phone has become like an extra super-sensory organ to most of us, and nowadays that usually means a smartphone. Smartphone penetration is around 55% of the market and is expected to reach 80% by the end of 2015. We play games on them, read the news, catch up with friends and tweet our latest thoughts to all who care to listen. And now growing numbers of us are using them to pay our bills, shift money between our accounts and take advantage of vouchers and customer offers."
Bank Millennium SA : Best Internet Bank in Poland according to Global Finance magazine
"Bank Millennium has yet again scored first in the category "Best Consumer Internet Bank in Poland". Also the mobile banking app for companies was recognised. The awards were given by Global Finance independent financial magazine. According to the jury's verdict Bank Millennium is the Best Consumer Internet Bank in Poland and is also Best in Mobile Banking for Corporate/Institutional in CEE. The competition organisers i.a. appreciated the product offering available online, the functionality and design of the new website as well as growth of the number of online banking customers."
Global Differences in the Mobile Web: Emerging Markets Lead the Way in M-Commerce, Mobile Banking and New Technologies
"Netbiscuits, the global leader in software solutions for adaptive web experiences, today published additional findings from its study into consumer behavior on the mobile web. The latest data, extracted from the Netbiscuits People's Web Report and featuring responses from 5,000 consumers, found that the starkest differences in mobile usage were between developed and emerging markets. Deep-diving into the differences between consumer expectations around the world, the new evaluation of the People's Web Report findings gives a more detailed insight into how our lives are shaped by mobile."
Online banking security company Entersekt, wins Frost and Sullivan Award
"Online banking security company Entersekt, has today been awarded the 2013 South African Frost and Sullivan Award for Technology Leadership for its innovations in providing easy-to-use and secure mobile banking solutions. Transakt, as its app is called, offers an alternative method to online banking that claims to eliminate fraud and enhance transaction convenience of both the bank and customer. Frost & Sullivan Research Analyst Lehlohonolo Mokenela notes that Entersekt has received accreditation from the world’s largest payments networks American Express, MasterCard, and Visa and is the first and only company in Africa to earn all three of these certifications."
Daily use of mobile banking in Korea up 10.2 pct in Q2
"The daily use of mobile banking in South Korea rose 10.2 percent in the second quarter from three months earlier on the back of the growing popularity of smartphones, the central bank said Thursday. Transactions by mobile banking or banking services accessed via wireless handsets were valued at 1.39 trillion won (US$1.24 billion) per day in the April-June period, compared with 1.26 trillion won three months earlier, according to the Bank of Korea (BOK)."
Half of UK bank branches could close by 2020
"The increased use of online and mobile banking means that half of the UK’s building society and bank branches could close by 2020, a new report predicts. The Global Retail Banking report from Jones Lang LaSalle adds that the closures will be spurred on by increased use of debit and credit cards."
Tuesday, May 21, 2013
International Mobile Banking Updates - May 21
Mobile Expert Series Mark Crofton
"Cognizant SMAC Analyst Kevin Benedict interviews SAP's Mark Crofton at SAPPHIRE NOW 2013 on the mobile solution and mobile banking market in Latin America."
RBC, Bell Mobility add to payments rivalry
"Canadian bank RBC and Bell Mobility, the country’s second largest mobile operator, are to launch a service that further heats up competition in the country’s payments market. RBC’s mobile banking customers will be able to buy goods in shops using their debit or credit cards, so long as they have a compatible NFC-based smartphone from Bell Mobility. The service will launch later this year, following a roadtest with selected merchants and consumers in the summer."
UPDATE 2-Safaricom warns on mobile banking tax as profit surges
"Kenya's top telecoms firm Safaricom expects to maintain its almost 40 percent earnings margin this year but "premature taxes" could stifle growth of lucrative mobile phone-based money transfers, its chief executive said on Tuesday. Safaricom, 40-percent owned by Britain's Vodafone, said pretax profit climbed to 25.5 billion shillings ($304.30 million) in its year to end-march, off the back of 16 percent growth in total revenue."
Noor Islamic Bank launches reality mobile banking app
"Noor Islamic Bank (Noor)’s augmented reality ‘Bank in Your Hand’ smartphone and tablet application is now available for download from Apple’s App Store, the banks announced in a press reealse. Work is also in progress on adapting the app to other smart phone platforms, it said."
HSBC Bank Brazil expands DIGIPASS for Mobile deployment
"VASCO Data Security International, Inc. (Nasdaq: VDSI; www.vasco.com), a leading software security company specializing in authentication products, announces that HSBC Bank Brazil, a subsidiary of HSBC Holdings, one of the largest financial conglomerates in the world, deployed the DIGIPASS for Mobile technology for an enhanced group of retail and corporate customers, while expanding the offered online and mobile services. Currently, more than 90,000 account holders use their mobile device to access all self-service channels to execute financial transactions. With this enhancement, HSBC Brazil is the first and only financial institution worldwide to fully integrate access to internet banking, mobile services, contact center, ATMs and e-commerce."
SAP Technology powers mobile banking for Standard Bank communities
"STANDARD Bank has introduced the SAP business solutions in bringing banking services closer to the people of Tembisa in South Africa. It introduced AccessBanking as a service to help people in communities apply for a bank account and then use the account. It has used technology from SAP to enable agents to enable customers to set up bank accounts without customers having to travel to a major city. SAP technology is used to enable new accounts to be configured in the field using a mobile handheld device."
Mobile banking up 11.5% in South Korea
"The daily use of mobile banking in South Korea rose 11.5 percent in the first quarter from three months earlier, an increase aided by the growing use of smartphones, reports Yonhap News Agency citing the Bank of Korea. Transactions by mobile banking or banking services accessed via mobile handsets were valued at KRW 1.26 trillion per day in the January-March period, up from KRW 1.13 trillion three months earlier."
ING DIRECT Mobile Banking App Wins BlackBerry Achievement Award for 'Putting Customers First'
"ING DIRECT has been recognized for its unique mobile banking experience on BlackBerry® 10 smartphones. The bank, which was the first Canadian financial institution to introduce a BlackBerry 10 app, has won the BlackBerry Achievement Award in the 'Putting Customers First' category, which acknowledges customer-centric experiences that make a business stand out. The ING DIRECT mobile app provides customers with a convenient and secure way to conduct their banking transactions. The app puts an increased focus on savings through features like "Orange Alerts", pushing notifications to the BlackBerry® Hub for triggers such as account balances reaching pre-determined thresholds. This is just one of the intuitive features the bank has built into its mobile app with the aim to simplify and modernize banking for all Canadians."
PMC Bank Deploys Array's Application Delivery Controller
"Punjab Maharashtra Cooperative Bank (PMC Bank), provider of banking services to customers with utmost ease and convenience, has chosen Array Networks' ADC and server load balancing solutions to serve their customers with secure high speed connectivity for internet and mobile banking. PMC Bank required high availability, speedy performance and reliable security for their internet and mobile services portals. They wanted to enhance their online transaction processing in order to provide customers with good user experience and around the clock service. PMC Bank conducted a detailed requirements analysis with their compliance and networking teams which was subsequently shared with various vendors. All the leading ADC products were tested; Array Networks' Proof of Concept (POC) solution was selected after a month of live internet usage at PMC's production site."
Banking now goes high-tech with unmanned services
"Standard Chartered Bank customers no longer need to endure long queues to access financial services after the lender opened a digital branch last week that offers unmanned banking services. Dubbed ‘Breeze@ The Junction’, the electronic banking unit provides all the banking solutions available at traditional branches, but through online and mobile banking as wells as intelligent ATMs. The units are fitted with iPads, personal computers, touch screens mounted on walls, and free wireless Internet; allowing customers to carry out transactions on their own."
Thursday, January 10, 2013
International Mobile Banking Updates - Jan 10
Vietnam prepares for mobile banking push
"Vietnamese payment switch operator Smartlink has called in Singaporean vendor Tagit to help it build a mobile banking service. Tagit says that its Mobeix platform will be available to over 40 million card holders belonging to Smartlink's more than 50 member banks."
Asian corporates slow to adopt mobile banking despite consumer success
"The use of mobile phones to access account information has been gaining some level of popularity among retail consumers. Yet, despite the plausibility of scenarios drawn up by banks and the unambiguity of research results, an Asian response from corporate clients has yet to materialize. In 2007, North American Wells Fargo decided to introduce the service to its corporate clients as well – the first to do so among all the major banks. While many of its peers quickly drew up plans to jump on the bandwagon, the financial crisis refocussed their attention on more pressing issues."
Mobile Banking Use in U.S. Soars, Still Far Behind South Korea, India
"We learn that and much more from the latest Customer Loyalty in Retail Banking report just released by Bain & Company, a consultancy. The researchers have looked into 14 markets around the world and have surveyed 5,200 American consumers to gauge their traditional banking habits and attitudes toward newer channels, such as mobile banking. The report is full of interesting data, so I thought I should give you the bits and pieces I found most revealing of the current state of mobile banking in the U.S. I do, however, strongly encourage those of you who are in the m-payments industry to review the whole paper—there is a lot to be learned in it."
"Vietnamese payment switch operator Smartlink has called in Singaporean vendor Tagit to help it build a mobile banking service. Tagit says that its Mobeix platform will be available to over 40 million card holders belonging to Smartlink's more than 50 member banks."
Asian corporates slow to adopt mobile banking despite consumer success
"The use of mobile phones to access account information has been gaining some level of popularity among retail consumers. Yet, despite the plausibility of scenarios drawn up by banks and the unambiguity of research results, an Asian response from corporate clients has yet to materialize. In 2007, North American Wells Fargo decided to introduce the service to its corporate clients as well – the first to do so among all the major banks. While many of its peers quickly drew up plans to jump on the bandwagon, the financial crisis refocussed their attention on more pressing issues."
Mobile Banking Use in U.S. Soars, Still Far Behind South Korea, India
"We learn that and much more from the latest Customer Loyalty in Retail Banking report just released by Bain & Company, a consultancy. The researchers have looked into 14 markets around the world and have surveyed 5,200 American consumers to gauge their traditional banking habits and attitudes toward newer channels, such as mobile banking. The report is full of interesting data, so I thought I should give you the bits and pieces I found most revealing of the current state of mobile banking in the U.S. I do, however, strongly encourage those of you who are in the m-payments industry to review the whole paper—there is a lot to be learned in it."
Monday, February 13, 2012
International Mobile Banking Updates - Feb 13
Svyaznoy mobile banking on success
"The management of Russian mobile phone retailer Svyaznoy say they intend an IPO in London within two or three years. In the meantime, they are going to sell part of the business to private investors to raise money for its new banking activity. Svyaznoy started its banking business in 2010 after buying Promtorgbank and re-naming it Svyaznoy Bank."
S. Koreans' mobile banking use doubles in 2011
"The use of mobile banking in South Korea more than doubled in 2011 from a year ago on the back of the ballooning local smartphone user population, the central bank said Monday. Mobile banking transactions reached an average of 7.67 million per day in 2011, growing more than two-fold from 3.74 million in the previous year, according to the Bank of Korea (BOK)."
JP Morgan launches ACCESS mobile banking platform in Asia Pacific
"JP Morgan Treasury Services has unveiled its ACCESS Mobile banking platform in Asia Pacific. The new platform allows cash management clients the ability to view balance and transaction information at any time via smartphones and tablets. The new platform includes the ability to view multicurrency cash balances, transaction details and third-party bank accounts in key Asian markets and globally."
Kenya: How Mobile Banking Has Changed Lives
"Long queues and journeys to the bank for payment of salary is a thing of the past for Mr Martin Wanzala, a cane cutter for Mumias Sugar Company in Western Kenya. Like many of his workmates, he started receiving his salary mid last year through his mobile phone."
Abu Dhabi group enters in mobile financial services
"Abu Dhabi Group has entered into mobile banking to grab its sharing in the fast emerging mobile and branchless banking in Pakistan. The group has launched an independent mobile financial services company. Abu Dhabi Group (ADG) is one of largest investors in Pakistan and has been operating in the country since 1997. The group companies have over USD 6.5billion in total assets in Pakistan. ADG has invested in banking, telecommunications, real estate, insurance, sugar, asset management and health care sectors.
The group has made significant contribution towards development of many sectors in Pakistan, directly through its companies as well as indirectly, positively affecting the lives of millions of Pakistanis who experience group’s products & services, every day, from fast & efficient banking transactions to high speed internet to reliable mobile communication to advanced diagnostic & preventive techniques for healthcare."
"The management of Russian mobile phone retailer Svyaznoy say they intend an IPO in London within two or three years. In the meantime, they are going to sell part of the business to private investors to raise money for its new banking activity. Svyaznoy started its banking business in 2010 after buying Promtorgbank and re-naming it Svyaznoy Bank."
S. Koreans' mobile banking use doubles in 2011
"The use of mobile banking in South Korea more than doubled in 2011 from a year ago on the back of the ballooning local smartphone user population, the central bank said Monday. Mobile banking transactions reached an average of 7.67 million per day in 2011, growing more than two-fold from 3.74 million in the previous year, according to the Bank of Korea (BOK)."
JP Morgan launches ACCESS mobile banking platform in Asia Pacific
"JP Morgan Treasury Services has unveiled its ACCESS Mobile banking platform in Asia Pacific. The new platform allows cash management clients the ability to view balance and transaction information at any time via smartphones and tablets. The new platform includes the ability to view multicurrency cash balances, transaction details and third-party bank accounts in key Asian markets and globally."
Kenya: How Mobile Banking Has Changed Lives
"Long queues and journeys to the bank for payment of salary is a thing of the past for Mr Martin Wanzala, a cane cutter for Mumias Sugar Company in Western Kenya. Like many of his workmates, he started receiving his salary mid last year through his mobile phone."
Abu Dhabi group enters in mobile financial services
"Abu Dhabi Group has entered into mobile banking to grab its sharing in the fast emerging mobile and branchless banking in Pakistan. The group has launched an independent mobile financial services company. Abu Dhabi Group (ADG) is one of largest investors in Pakistan and has been operating in the country since 1997. The group companies have over USD 6.5billion in total assets in Pakistan. ADG has invested in banking, telecommunications, real estate, insurance, sugar, asset management and health care sectors.
The group has made significant contribution towards development of many sectors in Pakistan, directly through its companies as well as indirectly, positively affecting the lives of millions of Pakistanis who experience group’s products & services, every day, from fast & efficient banking transactions to high speed internet to reliable mobile communication to advanced diagnostic & preventive techniques for healthcare."
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