The race to receive the license to become South Korea’s fourth internet-only bank is growing fiercer, with four bidders announcing their will to contend. There are currently three online lenders in Korea: KBank, Kakao Bank and Toss Bank. But four new contenders Soso Bank, Korea Credit Data Bank, and the U-Bank and Douzone Bank consortiums have lined up to compete for the fourth license. In line with the l.
Goldman Sachs causes debate over financial services cluster
Posted : 2020-12-18 09:05
By Park Jae-hyuk
Goldman Sachs has unintentionally sparked a debate in Korea, after foreign news outlets reported the U.S. investment bank is considering moving its asset management arm to Florida from Wall Street, the center of the global financial industry.
The bank s possible action has been mentioned here as a case that supports those who claim domestic financial firms clustered in Seoul should be dispersed to provincial cities, such as Busan and Jeonju, North Jeolla Province.
Korea Institute of Finance senior research fellow Lee Yoon-sok is one of those who cite Goldman Sachs to raise questions about the clustering of financial services.