Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Tensions heighten ahead of first president-opposition chief meeting
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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[Music in drama] An ode to childhood trauma
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New head of doctors' association vows war in case of disadvantage to medical professors
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Seoul to provide housing subsidy to married couples with newborns
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KB Financial launches council to support startups
KB Financial Group announced Monday it has launched the “KB Innovation Finance Council” to provide investment and credit support to innovative startups as well as small and medium-sized enterprises.The council, consisting of 12 executive members from KB affiliates including KB Investments, KB Securities, and KB Kookmin Bank, has been created to “revitalize venture capital and innovative finance among startups and SMEs,” said the group.Outlining various ways the council wi
April 29, 2019
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Woori Bank strengthens anti-money laundering surveillance system
Woori Bank has established a strengthened anti-money laundering surveillance system whose protocols are on par with global standards to fight financial crime and strengthen compliance, the bank said Sunday.Woori said it has become the first commercial bank in Korea to adopt an anti-money laundering system that meets the standards of the Financial Action Task Force. FATF is a global standard-setting body to fight money laundering and finance terrorism of which South Korea is a member. In st
April 28, 2019
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FTC files against KT, puts brake on K bank majority ownership review
South Korea’s Fair Trade Commission said Thursday that it has filed a report with the prosecution against KT over alleged violations of antitrust law, a move that puts the telco’s plans to increase its stake in the internet-only K bank on indefinite hold. The FTC imposed fines totaling 13.38 billion won ($11.54 million) on Korea’s four major telecom-cable companies -- SK Broadband, KT, LG Uplus and Sejong Telecom -- for collusion in a government-led business project. Calli
April 25, 2019
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Korea to strengthen laws governing companies’ annual shareholder meetings
The Financial Services Commission and the Justice Ministry on Wednesday announced a series of policies aimed at improving local firms’ annual general meeting of shareholders, which have become more of a formality than a platform for shareholders to exercise their rights. To encourage shareholder participation, the FSC will amend the Capital Markets Act so that a listed company can obtain the email addresses of its shareholders from securities brokerage firms. The regulator will also amen
April 24, 2019
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Envisaging homegrown unicorn, Korea seeks to fend off foreign investor-led round funding
Venture capitalists in the global startup scene have to pay a hefty price -- hundreds of millions of dollars -- to take part in a later-stage round of investment. In South Korea, one of the nations riding the up cycle in the startup ecosystem, domestic venture investment in startups has mainly been concentrated in small- and midsized investment rounds with a risk-averse stance. Startups lose out on early-stage seed funding and larger-scale investment rounds.Now, the Korean government appears to
April 24, 2019
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Internet-only K bank on brink of financial troubles
K bank, one of South Korea’s two internet-only banks, is on the brink of financial troubles as plans for new capital injection by its operator KT have been halted by a regulatory delay.Though K bank’s shareholders have begun drawing up a new action plan for capital procurement, it is uncertain whether it can be executed to success.The Financial Services Commission decided last week to indefinitely suspend its review of KT’s application to increase its stake in K bank due to an
April 23, 2019
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[Female Finance Leaders] Corporate Korea on track to welcoming more female leaders: Woori Bank executive VP
The Korea Herald is publishing a series of articles spotlighting the stories and opinions of female executives in Korea’s finance-banking industry, where the glass ceiling remains. - Ed.In the early 1990s, South Korea’s corporate landscape had a distinct characteristic: Men made up and led the country’s primary workforce. The banking-finance industry was no exception. During this time, Korean banks had separate hiring and wage systems for men and women. Female employees were al
April 22, 2019
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[Monitor] Hana Financial emerges as likely preferred bidder for Lotte Card
With Hanwha Group having dropped out, Hana Financial Group has emerged as a strong bidder for ownership of Lotte Card -- a development that portends major shifts in South Korea’s credit card business.Last week, Hana Financial and two private equity funds officially joined the bidding process to acquire Lotte Card. Hanwha, which had shown an interest in the deal, did not enter the bidding, leaving Hana as the sole big-name financial corporation in the race.If Hana Financial ends up acquirin
April 22, 2019
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JYP chief becomes top stock-rich K-pop agency owner
JYP Entertainment founder and Chief Communications Officer Park Jin-young topped the list of stock-rich entertainment agency owners in Korea, data showed Sunday, amid the industry’s struggle to recover from an ongoing sex scandal involving multiple K-pop stars. The value of JYP stocks held by Park had increased 1 percent, or 1.9 billion won ($1.7 million), from the end of 2018, to 192.2 billion won as of Thursday, according to conglomerate research firm Chaebul.com. Park is the largest sha
April 21, 2019
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Seoul shares likely to trade in tight range on earnings concerns
South Korean shares are likely to trade in a tight range next week as investors digest a series of corporate earnings reports from major firms, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,216.15 points on Friday, down 0.77 percent from a week earlier. Earlier this week, the main bourse extended its winning streak to 13 trading sessions but lost ground as investors opted to cash in recent gains.On Thursday, the KOSPI plunged more than 1 percent after the Ban
April 20, 2019
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Hana Financial Q1 profit sinks on severance payments
Hana Financial Group, a major South Korean banking group, said Friday its first-quarter net profit fell 16.8 percent on-year, hit by one-off costs related to severance payments. Net profit stood at 556 billion won ($489 million) for the January-March period, compared with a profit of 668.6 billion won a year earlier, Hana Financial said in a statement. Hana Financial said it spent 126 billion won in severance payments in February, when it cut 241 jobs. Its interest income and earnings f
April 19, 2019
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FSS seeks to bolster Korean financial firms in Southeast Asia
South Korea’s financial regulator is seeking to bolster the business of local firms in Southeast Asia, widely considered the “next China.” The Financial Supervisory Service hosted an event Friday in light of the Moon Jae-in government’s “New Southern Policy” which strives to elevate diplomatic and economic ties with the Association of Southeast Asian Nations, as well as India. Yoo Kwang-yeol, first senior deputy governor of the FSS, called on Korean firms to b
April 19, 2019
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Financial regulator halts review of KT's plan to raise stake in K bank
The financial regulator said Wednesday it has halted its review of a plan by KT Corp. to raise its stake in Internet-only K bank, citing an anti-trust inspection into the telecom firm. KT, the nation’s biggest fixed-line Internet operator, asked the Financial Services Commission to review its plan last month as it seeks to a larger stake in K bank, which was launched in 2017 by a KT-led consortium. K bank has planned to raise 592 billion won ($522 million) later this month via a rig
April 17, 2019
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FSC designates 9 fintech services for finance regulatory sandbox scheme
South Korea’s financial regulator on Wednesday designated nine financial technology services as the first participants in the newly enacted “regulatory sandbox” policy for the finance sector.The Financial Services Commission’s special panel selected nine services based on the “strength of their innovation, envisioned consumer benefits, and user protection and security measures.” As a result, these services will operate as part of a regulatory sandbox -- a mech
April 17, 2019
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Hyundai Capital, Santander Group launch JV Banco Hyundai Capital Brasil
Hyundai Capital, the financing arm of South Korea’s Hyundai Motor Group, and Santander Brasil celebrated the launch of their joint venture, Banco Hyundai Capital Brasil S.A., in Sao Paulo on Wednesday, pledging tailored auto financing services for customers and dealers in Brazil.The joint venture marks Hyundai Capital’s first foray into the Latin American market and forms the first exclusive consumer financing service provider in Brazil for Hyundai Motor, the firm said.Banco Hyundai
April 17, 2019
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[News Focus] Korea to launch ‘open banking’ system at year-end
South Korea’s financial regulator plans to launch at the year’s end an “open banking” system that grants financial technology firms access to the payment networks of commercial banks, moving forward the government’s ongoing effort to spur fintech innovation.The open banking network, scheduled to go live in December, will make way for the operation of all-in-one banking apps that allow users to access the money transfer and payment functions of various banks on a sin
April 16, 2019
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FSS, BOK co-audit 4 major banks over loans to small business owners
South Korea’s chief financial supervisory body and the central bank on Monday launched a joint audit into the country’s four major commercial banks to scrutinize their loan products offered to small business owners. The Financial Supervisory Service and the Bank of Korea are working together to examine the related business practices of the four banks: Shinhan Bank, KB Kookmin Bank, Woori Bank and KEB Hana Bank. Shinhan was the first bank to undergo the audit Monday, which was initiat
April 15, 2019
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[News Focus] Korea’s 1st-generation internet banks face murky future amid regulatory hurdles, incoming competition
Since their launch two years ago, South Korea’s two internet-only banks, Kakao Bank and K bank, have steadily built up a sizeable user base, proving the merits of branchless banks to financial consumers here. And now, Kakao Bank, run by Korean mobile messaging giant Kakao, and K bank, led by telecommunications firm KT, have set out to expand the scope of their business through capital injection enabled by a recent change to the local banking law.However, the two firms have encountered new
April 14, 2019
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Savings deposits above W1b rise at record pace
Large-sum savings deposits over 1 billion won ($880,000) increased at the fastest pace in eight years in 2018, central bank data showed Sunday.According to the Bank of Korea, such accounts topped 565.8 trillion won, up 66.6 trillion won, or 13.3 percent from a year earlier.This marked the steepest on-year increase since 79.4 trillion won in 2010. Also, the superrich accounts expanded at almost double the pace of savings accounts in general, indicating the polarization in cash savings.The on-year
April 14, 2019
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Brokerages to gain from oil price rally, weakened won
Local brokerages are projecting a rosy outlook with their high-risk investment products, amid an ongoing oil price rally coupled with signs of a weakened Korean currency, analysts said Sunday. “The record-high oil prices represent (a shift in investors’) preference for high-risk assets,” Oh Tae-wan, an analyst at Korea Investment & Securities, said.Last week, US oil prices rose to the highest level in more than a year with Brent crude futures, -- the international benchmark
April 14, 2019