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Financial services in South Korea refers to the services provided in ROK by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.
Foreign banks (Citibank, HSBC, Deutsche Bank, etc.) which have a presence in ROK are not international branches, but rather wholly Korean entities, due to Korean law.[ citation needed ] The branches must obtain a banking license from the Korean Financial Services Commission (FSC). [1]
Korean citizens may apply for an international ATM card corresponding to an interbank network such as Cirrus or PLUS, but foreign residents may not. Foreign residents in ROK, however, may use such interbank networks at ATMs in ROK through ATM cards procured in foreign countries. Foreigner can open an account in a local bank and get a local ATM Card if they have a residence card. Shinhan Bank and Woori bank allow foreigners to open bank accounts without a residence card. [2]
Interbank ATMs are common throughout the country, especially in densely populated urban areas such as Seoul.
Financial services are economic services provided by the finance industry, which together encompass a broad range of service sector firms that provide financial management, 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.
Canadian Western Bank, also operating as CWB Financial Group, is a Canadian bank based in Edmonton, Alberta. The bank serves clients both in Western Canada and in other provinces.
The Australian financial system consists of the arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims in Australia, comprising:
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme (FCS) guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing.
Oversea-Chinese Banking Corporation, Limited, often known as OCBC Bank, is a Singaporean multinational banking and financial services corporation headquartered in OCBC Centre, Singapore. OCBC Bank was born out of the Great Depression through the consolidation of three banks in 1932 — the Chinese Commercial Bank Limited, the Ho Hong Bank Limited and the Oversea-Chinese Bank Limited.
Busan Bank is a regional bank in South Korea. The company was established in 1967 to facilitate the regional economy. The bank is based and headquartered in the busy port city of Busan, South Korea, and offers a full range of retail banking services including foreign exchange at its Seomyeon main branch. The bank has 229 branches in Korea. Its main shareholders include Aberdeen Asset Management Asia Ltd., Lotte group, National Pension Service, Capital Research & Global Investors, Parkland, Templeton, etc.
An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.
The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. In August 2017, MEPS merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet).
ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users.
Financial services in China refers to the services provided in China by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.
China's banking sector had ¥319.7 trillion RMB in assets at the end of 2020. The "big four/five" state-owned commercial banks are the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China, all of which are among the largest banks in the world as of 2018. The Bank of Communications is sometimes included. Other notable big and also the largest banks in the world are China Merchants Bank and Ping An Bank.
Queen City Development Bank, also known as Queenbank, is a Philippines private development bank based in Iloilo City. Founded in 1981, it has branches operating in key cities all over the country, offering financial services to both companies and individual investors. Its services include deposit in investment banking, corporate and retail financing, dollar deposits and other basic banking products.
ABB, the largest bank in Azerbaijan, is an open joint-stock company whose shares are owned by the Azerbaijan state. Its head office is located in Baku.
Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales.
Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited, commencing its banking operations in Malaysia since 1959. Citibank Berhad was locally incorporated in 1994.
National Bank of the Republic of Uzbekistan for Foreign Economic Activity' Joint Stock Company, same as the National Bank of Uzbekistan (NBU) is universal commercial bank of Uzbekistan. It is the largest bank of Uzbekistan in the volume of assets combining the functions of project financing, universal commercial, investment and savings banks.
ALTO is an interbank network in Indonesia. It was founded in August 1993.
The National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India, are an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. It was created by RBI for operating retail payments and settlement systems in India.
CB Bank is one of Myanmar's oldest and largest commercial banks. It became the first bank in Myanmar to issue ATM cards and credit cards. The bank, led by U Khin Mg Aye (Chairman) and U Kyaw Lynn (CEO) has over 200 branches across the country.
Vocalink is a payment systems company headquartered in the United Kingdom, created in 2007 from the merger between Voca and LINK. It designs, builds and operates the UK payments infrastructure, which underpins the provision of the Bacs payment system and the UK ATM LINK switching platform covering 65,000 ATMs and the UK Faster Payments systems.
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