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Daily Dispatches – S Korea’s massive data theft sees widespread suspension of companies, services

Image via Wikicommons

Image via Wikicommons

The recent theft of the personal data of 20 million cardholders in South Korea has prompted the government to take drastic action.

Asia Insurance Review reports that the country’s financial regulator has suspended telemarketing activities by all financial institutions, including, insurers, in the wake of a massive scandal involving the leak of the personal data of at least 20 million credit card holders from three credit card companies.

The temporary ban is expected to last till the end of March to prevent any likely use of customer data stolen from the three credit card companies.

Meanwhile Bloomberg reports that the three affected consumer finance companies will have to suspend operations for three months from mid-February.

Analysts warn of global ramifications to possible China meltdown

The Sydney Morning Herald says that analysts are concerned that China’s banking issues could trigger a global financial crisis.

Charlene Chu, a former senior analyst at Fitch in Beijing and now the head of Asian research at Autonomous Research, said the rapid expansion of foreign-currency borrowing meant a crisis in China’s financial system was becoming a bigger risk for international banks.

SocGen to hire 150 bond traders in Asia, US

The Financial Times says that  Société Générale is expanding its bond trading business in a move to get a stronger global foothold as most of its European banking rivals are cutting back.

France’s second-largest lender by market value plans to add up to 150 staff to its 1,070-strong trading workforce in Asia and the US this year as it aims to build up its credit, rates and currencies business.

Hong Kong urges speedier reform to help finance professionals

The South China Morning Post reports that lawmakers in the city want the government to speed up its numerous financial reform plans and to go further in helping local financial professionals enter the many planned free-trade zones in the mainland. 

Better pay expected in Singapore in 2014

Singapore Business Review says that CIMB Bank is positive on job prospects for the Lion City in 2014, despite the modest economic outlook.

But CIMB says the  main constraint will be a still-tight foreign-manpower policy.

“As the government continues with its productivity drive, we believe companies will have to pay more, considering the many difficulties they encounter in finding workers.”

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