South Korean budget app Bank Salad said Friday it will start providing tie-up services with internet-only Kakao Bank later this month, allowing users to manage their online bank accounts more efficiently in line with the launch of open banking services.Financial technology firm Rainist, which operates Bank Salad, had launched a task force to prepare for the services in partnership with Kakao Bank, ahead of Dec. 18, when financial authorities will formally greenlight operations of open banking se
Seoul stocks extended gains late Friday morning as investor sentiment was further boosted by reports of an imminent US-China trade deal. The Korean won gained further against the US dollar. The benchmark Korea Composite Stock Price Index rose 29.08 points, or 1.4 percent, to 2,166.43 as of 11:20 a.m. The main index opened higher and gained further for a sixth straight session as the United States and China are reportedly getting very close to signing a trade deal, with US P
South Korea said Thursday that it has decided to allow banks to sell equity-linked trusts worth less than 40 trillion won ($33.7 billion) in total in the latest move to better protect individual investors.The Financial Services Commission said ELTs whose underlying assets should be the KOSPI200, the S&P500 and three other major indices, and which are issued through public offerings, can be sold at banks. Three other stock indices are the Euro Stoxx 50, the HSCEI and Japan's Nikkei 225.
Among emerging market stocks, South Korean shares were most offloaded by overseas investors last month as a result of Asia’s fourth-largest economy’s reduced weighting in the Morgan Stanley Capital International emerging markets index, a report by a local brokerage said Thursday.According to Yuanta Securities, foreigners net sold South Korean shares worth nearly $3 billion in November alone, which marked the largest volume among 10 major emerging markets during the same period.
The Financial Supervisory Service on Thursday warned that even foreigners who are accomplices to voice phishing crimes will be subject to punishment amid escalating financial crimes.Announcing a plan to tighten its grip over bank account transactions, the watchdog shared campaign materials -- in Korean and Chinese -- to help prevent voice phishing, reflecting the involvement of Chinese and Korean Chinese in such crimes.Recently, an increasing number of foreigners were caught for participating in
Chubb Group, the world’s largest property insurer based in the US, has named Albert Kim as the new chief executive officer of Chubb Life Korea, its life insurer subsidiary operating here, officials said Thursday.Throughout his 25-year career, Kim has worked in various global insurers including AIG, Allianz and AXA. Until recently, he served as vice president in charge of sales and management at AIG Korea.“We are glad to announce that Albert Kim will henceforth lead Chubb Life Korea,
Kyobo Life Insurance Chairman Shin Chang-jae has won an international prize for humanistic management, becoming the first winner of the newly established award, the company said Thursday.The International Council for Small Business, the world’s oldest and largest nonprofit organization devoted to small and medium enterprises, has selected the South Korean insurer chief as winner of its Humane Entrepreneurship Award.The awards ceremony took place on the sidelines of the SME World Forum 2019
The price of palladium, a metal used to reduce harmful emissions in vehicle exhaust, has surged to a record high, making it a precious metal more expensive than gold.According to the New York Mercantile Exchange, the price of palladium futures for December delivery closed Tuesday at $1,871.30 per ounce, 0.67 percent higher from the previous session. The figure rose nearly 49.2 percent from the price on Dec. 31 last year, which was $1,253.90 per ounce. Its growth rate far surpassed those of other
Kakao Pay, a South Korean mobile payment platform, said Wednesday that it has started its payment service on the Google Play Store and YouTube Premium.Through the service, users can purchase any paid content on both applications by choosing Kakao Pay as a payment method. Users can also purchase various services such as YouTube Movies, Channel Membership and Super Chat on YouTube. Once users choose Kakao Pay to make payments on the Google Play Store, they can automatically use it for tr
Household debt extended by banks in South Korea continued to increase at a steady pace in November, while fresh bank deposits spiked at the highest level in nearly five years amid lack of viable places to park their money, central bank data showed Wednesday.Fresh bank loans extended to households came to 7 trillion won ($5.9 billion) in the month, slightly slowing from a 7.2 trillion-won increase the month before, according to the data from the Bank of Korea.Outstanding home-backed loans added 4
South Korea’s bourse operator, the Korea Exchange, said Tuesday that it will establish a clear definition of algorithmic trading and adopt various risk management systems next year to prevent destabilization of the local stock market. “As our task for 2020, we will adopt a management system for algorithmic trading, which has become a regularized practice,” KRX Chairman Jung Ji-won said at an end-of-year press briefing. “By establishing a clear definition of algorithmic tr
South Korean brokerage Mirae Asset Daewoo said Tuesday that it received a presidential award at the 26th Corporate Innovation Awards for its efforts to create new markets through innovation and change, while boosting venture capital investment.The Corporate Innovation Awards, co-hosted by the Ministry of Trade, Industry and Energy and the Korea Chamber of Commerce and Industry, recognize local firms in various sectors that have proven successful in areas related to corporate innovation. Ac
South Korea’s exports fell in November on-year, keeping its downward trend for the 12th consecutive month. Concerns are growing over the protracted slump in exports, the nation’s key driver for growth -- due to the sluggish semiconductor industry and falling exports to China. It is important to recover the level of export duties collected from key industries and on shipments heading to major overseas destinations. However, we need to think whether our nation is heavily dependent on a