South Korea TQ Wrap for February 2015

Gangnam Station and Samsung Headquarters, Seoul, South KoreaSource: Wikimedia (CC License)

If you want to subscribe and get TQ Wrap in your inbox, please go here . And if you have a new source of insight or inspiration you want included, contact the editorSo let’s see some of the important stories from February, 2015.

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South Korea

Samsung bought LoopPay, which everyone of course immediately said was to counter Apple Pay. It is worth noting though that there are many, many digital wallets already available for use on Samsung devices.

The Bank of Korea released its Business Survey Index its Composite Consumer Sentiment Index and a useful report on the use of Internet Banking Services in 2014. This latter report highlighted that “As of the end of 2014 the number of subscribers to Internet banking services (including mobile banking services) at 18 financial institutions* in Korea totaled 103.19 million, having risen by 8.1% (+7.70 million) compared to the previous year-end (95.49 million).” There were 66.45 million transactions a day, up 22.4% YoY involving 36.8550 trillion won.

SK Telecom won a patent suit against OTT messaging app, Viber. Viber has since appealed.

Uber was disrupted somewhat, being pressured to make its low-cost UberX free of charge in Seoul >

And finally, KT was upset over a National Assembly decision to prohibit the domination of the local pay TV market by any one company >

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