Korea is among the happening places
in East Asia. Let us take a look at what has been going on this week in the
Republic of Korea.
Korea and
Japan - The Trade Tiff
Lately, the bilateral ties between
South Korea and Japan have taken a plunge for the worse after Japan decided to
remove Korea from its supposed ‘white-list’ of trade restrictions.
According to a judgment issued by South
Korea’s Supreme Court at the end of 2018, quite a few Japanese companies must provide
compensation to a group of South Koreans (or their future generations) who were
pressurized for working for them at the time Japan had occupied Korea from 1910
to 1945.
Boycotts on Japanese beer and cars are
already widespread in South Korea, resulting in the sudden dip down of the sale
of these products. With the close of summer, almost 7 out of every 10 Japanese
supported the tech-trade restrictions against Seoul; on the other hand, more
than 50% of South Koreans favored the Moon administration in its handling of Japan.
During August, the trade war also raked
up security issues as Seoul declared its refusal to reopen a knowledge exchange
agreement with Tokyo. This came as bad news for the US that trade has become admissible
ammunition in a nation’s diplomatic armoury.
The chances of either Moon or Shinzo
Abe taking an initiative towards settlement are farfetched (as each is more
difficult than the other).
Xoom Customers Can Zoom their Money to
South Korean Accounts
PayPal’s global transfer of funds service,
Xoom, has made it public that people in the US, Canada and the UK and also 31
other markets in Europe, can transfer funds directly into bank accounts in
South Korea.
In a press statement, Xoom announced that
money sent from the app to Shinhan Bank, Woori Bank, Kookmin Bank and can be extracted
in minutes. The release also added that the global payment market was valued at
$689 billion in 2018 and South Koreans living outside the country, contributed
to $6.2 billion of this figure.
According to estimates, the US is home to 1.4
million Koreans and the majority of them send money back to their country of
origin.
With Xoom, South Korean foreign nationals can
get quicker and more convenient service at reasonably competitive rates. Xoom
eliminates the long wait in queues to fill out forms or pay higher fees or to
send money back home.
Xoom has got into a partnership with PayPal with
the intention of providing their modern global payment service to South Koreans
residing in Canada, Europe and the U.S.
More than 160 nations all over the world have
access to Xoom.
Xoom was rolled out in the UK previously
this year and its success was the logical reason to believe that that it was
bound to expand globally.
In Korea, PayPal’s Xoom business and PayPal
itself has experienced a lasting tendency of digitization and now deployment of
the managers and flow of funds.
