Business Consultants
Finance
Background
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.[
Korea has a highly developed and profitable financial services sector including the third largest insurance market and third largest banking market in Asia. The stability of the banking sector is underpinned by strong fundamentals and active regulation. At less than 1%, South Korea’s non-performing loan ratio is low by regional standards. Foreign investors own some 70% of the banking sector. The relaxation of controls on cross-ownership of financial services has further opened up opportunities for market entry, acquisition and business development. As international financial services groups look to develop their footprint in Asia, a presence in Korea is becoming increasingly attractive, and perhaps even essential.