Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Mobile payment recharging limit to be raised
South Korea’s financial regulator plans to raise the limit of recharging credit on mobile payment platforms from the current 2 million won ($1,782), as part of its plans to ease rules on quick payment services, an official said Thursday.The new plan addresses the growing ire among mobile platform operators and users on the 2 million won recharge cap, which makes it impossible for users to purchase goods that cost more than the stated limit through payment systems such as Kakao Pay or Naver
Feb. 7, 2019
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Korean seeks compensation for war bonds, insurance forcibly purchased during Japanese occupation
A South Korean man has reportedly filed a damage suit seeking compensation for war bonds and insurance products his father was forced to purchase from Japanese financial companies in 1943 during the Japanese colonial rule of Korea. According to a report by local broadcaster YTN on Thursday, Ahn Chul-woo, an 80-year-old man living in Busan, is pursuing a lawsuit in Korea against Japan Post Group, a major financial company and postal service operator in the neighboring country. Ahn directed his su
Feb. 7, 2019
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K-pop stars rise as marketing bonanza for banking industry
Seeking to boost overseas business and expand their base of young customers, South Korea’s major banks have adopted a new marketing strategy in recent years: using K-pop groups as brand ambassadors.K-pop celebrities were for some time viewed as an unconventional choice for the banking industry, but partnerships soon rose as an effective way to overcome the conservative and rigid image of the market.The biggest beneficiary was KB Kookmin Bank, which recently renewed its advertising contract
Feb. 6, 2019
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Korea's Hanwha Group, Hana Financial compete for Lotte Card
Anticipation is building up over who will become the new owner of Lotte Card, a credit card business owned by Korean-Japanese retail conglomerate Lotte Group that has been put up for sale. Lotte Group has set out to sell three of its financial units -- Lotte Card, Lotte Non-Life Insurance and Lotte Capital – as part of steps toward adopting a holding company structure. Under South Korean law mandating a separation of financial and industrial capital, a holding corporation cannot possess fi
Feb. 6, 2019
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[Newsmaker] K-pop stars rise as marketing bonanza for banking industry
Seeking to boost overseas business and expand their young customer bases, South Korea’s major banks have adopted a new marketing trend over recent years -- using K-pop groups as brand ambassadors.K-pop celebrities were for some time viewed as an unconventional choice for the banking industry, but partnerships soon rose as an effective way to overcome the conservative and rigid image of the market.The biggest beneficiary was KB Kookmin Bank, which recently renewed its advertising contract w
Feb. 3, 2019
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FSC vows to ease listing rules for 3rd bourse, rejuvenate SME investment
South Korea’s chief regulator said Wednesday that it plans to ease listing rules for the nation’s tertiary bourse, focused on startups and small and medium-sized firms, to reform the capital market and support the growth of the Korean economy. The Financial Services Commission will lower the bar for the size of the deposit that regular investors need to participate in the Konex market, FSC Chairman Choi Jong-ku said at an event in central Seoul. The required deposit will be 30
Jan. 30, 2019
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Number of fake banknotes hits 20-yr low in 2018
The number of counterfeit South Korean banknotes detected here last year reached a 20-year low, the central bank said Wednesday.The Bank of Korea said a total of 605 fake bills were found in 2018, down a sharp 63.5 percent from 1,657 a year earlier. It was the lowest figure since 1998, when 365 forged notes were discovered.The BOK said the decrease was driven by the arrest of two big-time counterfeiters in the country. As a result, the number of counterfeit 10,000-won bills (worth around $8.95 e
Jan. 30, 2019
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Meritz Securities reports record-high net profit
South Korea’s Meritz Securities said Tuesday that its annual net profit surged 22.1 percent to a record high last year, amid local securities firms’ continuing struggle to survive competition with giant investment banks. The firm said its 2018 net income amounted to 433.8 billion won ($388.4 million) compared with 355.2 billion won a year earlier. Its operating profit jumped 20 percent to 532.3 billion won, while net operating income rose 21.9 percent to 1.3 trillion won. &ldqu
Jan. 29, 2019
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Rebranded Refinitiv brings risk management services to Korea
Refinitiv, a financial data company co-owned by Blackstone Group and Thomson Reuters, said it is introducing its risk-management business to South Korea this year for financial risk control and crime prevention.The firm was formerly the financial and risk business division of Thomson Reuters. It became independent under a new name, Refinitiv, when private equity group Blackstone purchased a 55 percent stake in the business from Thomson Reuters in October 2018.The company highlighted it
Jan. 29, 2019
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Korean central bank has no plans to issue digital currency
The South Korean central bank said Tuesday that it has no plans to issue authorized digital currency in the near future despite heated debate over virtual money across the world.The Bank of Korea has completed a study on the prospects for the introduction of a central bank digital currency, referring to a form of fiat money that is issued by central banks and governments. Its final report said there is no urgent need for the BOK to introduce CBDC in the close future, while other leading central
Jan. 29, 2019
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Look into BET coin
BET coin is BitParadise’s own version of bitcoin, which the company says can be used in lieu of currency on the new cryptocurrency exchange that encompasses the traits of trade mining and gaming. BET coins can also be viewed as points that can be earned though depositing bitcoins in the exchange. It is programmed to be used like complimentary items or services at offline casinos. The firm specifically compared the system to the comp system adopted by Kangwon Land, a state-owned casino in G
Jan. 28, 2019
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[Herald Interview] Rebranded SoftBank Ventures Asia to form new fund for AI startups in Asia
SoftBank Ventures Asia, which recently renamed itself to reflect its broadened focus on startups in the Asia-Pacific region beyond South Korea, will form a new investment fund dedicated to artificial intelligence startups in Asia with “globally disruptive” products and services this year. The venture capital arm of Japan’s SoftBank Group plans to establish within the year a new global investment fund to back promising AI startups in Asian countries other than China, according t
Jan. 28, 2019
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Korea's crypto exchanges join hands to combat money laundering
South Korea's four major cryptocurrency exchanges have joined forces to tackle money laundering via the digital currency market, sources here said Monday.The four entities -- Bithumb, Upbit, Corbit and Coinone -- recently established a hotline to share information on a real-time basis on any unusual trading or transactions that are suspected to involve criminal acts, such as voice phishing and pyramid schemes. "They are now able to instantly check any wrongful transactions made at oth
Jan. 28, 2019
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Foreign buying on Kospi reaches nearly W3tr
Foreign investors have net purchased nearly 3 trillion won ($2.66 billion) worth of South Korean stocks on the main bourse this month so far, data showed Sunday, adding fuel to a bear market rally. The foreign net purchase volume on the Kospi through Jan. 25 amounted to 2.9 trillion won, climbing to a 15-month high. The recent buying spree helped lift the Kospi, which closed at 2,177.73 Friday, rising 136.69 points or 6.7 percent overall since the beginning of the year. It was the highest
Jan. 27, 2019
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Industrial Bank of Korea chief stresses ‘innovation’ as key growth driver in 2019
The chief of the state-run Industrial Bank of Korea urged its employees at home and abroad to embrace client-centric innovation as a key mission for 2019 during a companywide event to share the bank’s management strategy and vision for the year, held Friday. “The year 2019 will determine which banks survive the infinite competition and also determine a new order for the finance sector for the next 10 years,” said IBK Chairman and CEO Kim Do-jin during a companywide event in Chu
Jan. 25, 2019
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BOK freezes key rate at 1.75% for Jan.
The South Korean central bank on Thursday held its policy rate steady for January amid rising uncertainties at home and abroad.In the first monetary policy board meeting of the year, the Bank of Korea voted to freeze the base rate at 1.75 percent, following a quarter percentage point hike made in November. The BOK decided to take a wait-and-see stance from the beginning of the year as a slowdown in the world economy and the on-going US-China trade dispute weighed heavily on Asia's fourth-largest
Jan. 24, 2019
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Kyobo Life, SBI Holdings, Kiwoon Savings mull internet-only bank
Financial institutions including Kyobo Life Insurance, SBI Holdings and Kiwoom Savings Bank are mulling jumping into South Korea’s internet-only bank business amid the state’s efforts to foster the sector, reports said Wednesday. The companies attended a briefing session Wednesday, co-hosted by the Financial Services Commission and Financial Supervisory Service to discuss the formation of the country’s third internet-only bank. The institutions admitted they had been eyeing the
Jan. 23, 2019
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[Contribution] Lessons from latest market tantrum
By Steve BriceThe fourth quarter of 2018 was the second-worst quarter for global stocks since the 2008 financial crisis. No major equity market was spared. A benchmark of global stocks dropped 13 percent during the quarter, and 11 percent in all of last year, recording its biggest annual loss in a decade, as investors were spooked by the US Federal Reserve’s interest rate hikes amid slowing global growth and corporate earnings. What can we learn from the latest market tantrum and how do we
Jan. 22, 2019
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Prospects for new internet banks in Korea grim as Naver, Interpark drop out
Prospects of the launch of a new online-only bank in South Korea were dampened this week, as major information and communication technology companies retracted their intentions to enter the banking business.Naver and Interpark -- two major Korean ICT firms widely expected to participate -- each recently confirmed they will not be seeking a permit to operate an internet-only bank here.E-commerce operator Interpark said it decided against joining the internet banking business to “focus on it
Jan. 22, 2019
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Financial watchdog urges credit card firms to focus on risk management
The head of the financial watchdog on Tuesday called for credit card firms to focus on their risk management processes this year, as global trade wars and market volatility further weigh on the nation's economy. Yoon Suk-heun, governor of the Financial Supervisory Service, made the remarks at a meeting with chief executives of credit card firms earlier in the day. "This year will be the most difficult year amid a global economic slowdown, trade pressures and household debt," Yoon
Jan. 22, 2019