Gold banking climbs up in South Korea
More and more banks in the East Asian nation are planning new schemes to attract investors as they see gold banking to gain more popularity in the coming years because the value of gold is expected to rise continuously.
Gold banking is climbing in South Korea amid worries over economic slowdown and few investment choices.
More and more banks in the East Asian nation are planning new schemes to attract investors as they see gold banking to gain more popularity in the coming years because the value of gold is expected to rise continuously.
South Korea's third largest bank Shinhan Bank said it will provide new gold based schmes for customers who have few investment choices amid the economic downturn.
In an official statement, Shinhan said gold banking is still a ‘Blue Ocean’ opportunity in the investment market. The value of gold will increase gradually at this time of low interest rate.
Shinhan leads South Korea's gold banking market with tailored services, providing new opportunities for customers.Korea’s third largest bank by assets has enhanced its gold banking service for the last nine years.
Gold has always been one of the safest assets both in the East and the West, but the precious metal has drawn fresh attention for its relatively high returns from investors who have few options to put their money on since the global financial crisis in 2008.
To meet this rising demand from consumers, Shinhan has provided a gold banking service titled “Gold Riche” through which consumers have been able to trade through bank accounts since 2003. People can open an account by purchasing 0.01 gram of gold worth approximately 600 won (55 cents).
However, Shinhan, says that customers need to keep in mind that the company provides no interest on deposits, and the balance is not protected in the event of default. The 15.4 percent of income tax will be imposed on the profits.
The lender offers Dollar and Gold Tech Account, through which people can buy gold with U.S. dollars. The Kids & Teens Gold Installment is a service for parents who want to reserve investments in the metal for their children’s future.
Shinhan said the bank has been contributing to vitalizing the country’ gold trade which had been conducted at underground markets for a long time. The bank has announced gold prices in real time related to international markets, making the local market more transparent.
In 2008, the National Tax Service registered the bank as an agency of collecting value-added tax on behalf of customers, acknowledging the lender’s skills and knowhow in the business.
The bank boasts of its leading status in the gold market. As of June, it has about 10,000 gold banking accounts whose combined volume of trade stands at 13 trillion won.
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