Tag: Korea Post

Fund transfers for Mongolians get faster

Posted by | Jan 8, 2008 | |

Mongolians workers in Korea can now send money to their home country much faster than before.

The Korea Post launched Monday (Jan.7) the so-called Eurogiro service with Mongolia, which enables people in Korea to wire money to Mongolia within three to five days using an electronic money transfer system.

Eurogiro is a fast and cost-effective electronic transaction system that easily allows cross-border transfers of funds.

Users can directly send money to the recipient’s home address through the system or deposit money into an account issued by a postal office to transfer funds.

Previously wiring money to Mongolia from Korea had taken much longer, because users first had to get a certificate of money exchange from Mongolia and then send money by mail.

With the launch of the service, Mongolia is the third country to use Eurogiro with Korea, following Japan and Switzerland. The Korea Post plans to further expand the number of countries to use the service with.

60 countries are members of the Eurogiro network.

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Postal System to Be Exported to Central Asia

Posted by | Oct 7, 2007 | |

Korea Post is to help Mongolia and Kazakhstan modernize their postal networks by sharing its experience in setting up one of the world’s most efficient logistic networks, and by introducing advanced mail-handling systems developed by South Korean IT firms.

The representatives, including Jung Kyung-won, president of Korea Post, will sign a partnership pact and will draw a blueprint of modernizing the Central Asian postal network, it said.

The forming of the committee will be a gateway for Korea’s system developers to make inroads into the developing markets in the region, where the mail services are still in their rudimentary stages compared to their Eastern neighborhoods. It can become a breakthrough because the domestic market has already begun to shrink due to the increasing use of e-mail and other electronic communication tools.

Korea Post is considered one of the world’s most advanced and efficient mail handling systems. It spent more than 16 billion won between 2002 and 2004 on establishing the electronic mail logistics system called PostNet. This May, PostNet was recognized as the best postal technology in the world by the World Mail Award, which was organized by a British consulting firm Triangle.

The government’s investment in upgrading Korea’s postal system also nurtured its private sector as well. Some 30 companies are now providing various types of goods and services for the postal network, such as an automatic sorting system, labeling system, delivery scheduling software and hand-carry information system for mailmen.

Among them, LG CNS will be taking charge of Mongolia’s postal modernization project, and SK C&C will bid for the Kazakhstan project, the agency said.

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Post Parcels Reach Single Day Record High

Posted by | Sep 19, 2007 | |

The number of parcels sent by post on Monday totaled 1.2 million, setting a new single day record in Korea’s 123-year postal history, Korea Post said on Tuesday.

The figure is four times higher than the average number of parcels usually sent per day. It is also an increase of 25 percent from the 960,000 parcels sent on last year’s Chuseok holidays and up 14 percent from the 1.05 million sent on Lunar New Year’s Day.

The number of parcels registered in post offices reached 5.2 million between Sept. 10 to 17 (except Sunday), the first seven days of the special Chuseok postal delivery period of Sept. 10 to 23. That’s an increase of 37 percent from the 3.8 million parcels registered over the same period last year.

Korea Post said the number of fresh product parcels for families in provincial areas is growing ahead of the holidays. The postal service is now using a special task force to deal with the growing number of letters and parcels at its headquarters, eight provincial service centers, and post offices across the nation.

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Korea Post mulls stake in KEB or Woori

Posted by | Sep 1, 2007 | |

Korea Post is considering buying a stake in Woori Bank or Korea Exchange Bank, two of South Korea’s largest lenders, as it seeks to broaden its range of investments and fi nd new areas of business growth.

The possible investments are two of the ideas under consideration as Korea’s postal service agency, which manages USD 65bn in assets, looks to triple its investments in equities next year.

Currently, the state-run Korea Post has about 3 percent of its assets in stocks, or 1.9 trillion won (USD 2.06 billion), through outside fund management fi rms, said Lee Sang-moo, director of the agency’s asset management team.

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