Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Korea unveils plans to prop up second-tier stock bourse
South Korea unveiled Wednesday plans to prop up the tech-heavy Kosdaq bourse by giving tax relief to investors, creating new composite stock market indexes and lowering the entry barrier for firms to go public on the market. The measures, released by the Financial Services Commission, aim to stimulate venture firms’ growth in line with the Moon Jae-in administration’s policy direction and the market itself suffering from the flight of powerhouses, such as Kakao and Celltrion, seeking
Jan. 11, 2018
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Korea’s crackdown on cryptocurrency sparks backlashes
The South Korean government’s recently accelerated moves to put the brakes on the heated cryptocurrency market has been triggering fierce reactions from investors here, with some even calling for the dismissal of top financial policymakers.Authorities here have been intensifying their warnings, the latest coming from the Justice Ministry, which said Thursday the government was mulling a bill to ban cryptocurrency trading.On Wednesday, the National Tax Service conducted on-site investigatio
Jan. 11, 2018
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Regulators inspect virtual bank accounts for corporate customers
South Korea’s financial regulators have inspected banks that have opened virtual accounts for corporate customers amid concerns that such accounts could be exploited as a loophole to attract new investors for cryptocurrencies, an official said Wednesday. Regulators have banned banks from offering virtual accounts, which are needed to sell or buy cryptocurrrencies, to individual customers, in the latest measure to help prevent speculative investment for virtual coins. However, virtual bank
Jan. 10, 2018
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[Herald Interview] ‘Crypto crackdown to adapt to changing tides’
South Korea has for weeks ramped up pressure on the local cryptocurrency industry through a pangovernmental body that includes the Prime Minister’s Office, Justice Ministry, financial authorities and police, among others. Following the move, Korea has imposed a ban on non-real-name transactions and trading by foreigners and minors. Last year, initial coin offerings were also forbidden. Moreover, financial watchdogs are inspecting commercial banks -- within their control -- for failing to p
Jan. 10, 2018
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Top financial regulator calls on banks to ‘gate-keep’ cryptocurrency craze
South Korea’s top financial regulator on Monday called on banks to act as “gatekeepers” in monitoring cryptocurrency-related transactions, elaborating on the need to set off a nationwide survey Monday on banks that have provided virtual accounts for the transactions. “Concerns are rising as banks have kept mum about money flows for illegal use, instead of taking the role of gatekeepers,” said head of the Financial Services Commission Choi Jong-ku in a press conferen
Jan. 8, 2018
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Kakao Bank denies opening business to corporations
Kakao Bank, South Korea‘s leading direct bank by transaction volume, denied news reports Monday that it is looking to turn to corporations to diversify its customer group, currently solely composed of retail customers. Earlier Monday, the online-only bank was reported to have revised its terms and conditions in December to allow for business entities to open checking accounts through its mobile platform, with interest rates settled quarterly. Kakao Bank said Monday the revision was meant t
Jan. 8, 2018
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Banks likely to tighten screening for household loans in Q1: BOK
Banks in South Korea are likely to tighten their rules on household loans in the first quarter of this year amid a recent trend of rising interest rates, central bank data showed Monday.The overall index measuring banks' "attitude" toward extending loans to households came to minus 13 for the January-March period, compared with minus 17 a quarter earlier, according to data by the Bank of Korea (BOK).A reading below zero means banks will implement tougher screening for household loans,
Jan. 8, 2018
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Financial firms await leadership changes, extensions
After reeling under a series of corruption scandals last year, South Korea’s major financial institutions are to carry out a leadership reshuffle and corporate governance restructuring this year.While some quickly rounded off their leadership shakeout before the start of the new year and moved on to practical goals such as measures for digitalization and the incoming key interest rate hike, others have yet to complete leadership changes or reappointments.One of them is Hana Financial Group
Jan. 7, 2018
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Authorities to inspect virtual cryptocurrency accounts at banks
A special investigation will be implemented on virtual accounts used for cryptocurrency deals, as part of the government’s recent pledge to crack down on excessive speculations, officials said Sunday.The Financial Services Commission-affiliated Korean Financial Intelligence Unit and Financial Supervisory Service will jointly lead the inspection of six major banks, starting from Monday. The corresponding banks are KB Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of
Jan. 7, 2018
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[Monitor] More teens inherit over 100 million won
The number of donees who had reported gift taxes upon receiving at least 100 million won ($94,000) as of 2016 surpassed 50,000, increasing 21 percent from the previous year, data from the National Tax Service showed.By age, most, or 14,840, were in their 40s, followed by those in their 50s and 30s.By rate of increase, the number of those aged 10-19 who inherited 100 million won or more shot up 31 percent. A total of 715 aged under 10 were in the group as well, up 11 percent from 2015.Industry wa
Jan. 7, 2018
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[Kosdaq Star] Ubiquoss makes V-shaped recovery on 5G impetus
This is the 48th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.South Korea announced in October last year the upcoming PyeongChang Olympic Winter Games will become the test bed for the nation‘s first fifth-generation network. The news triggered anticipation for the hyper-connectivity -- or connectivity between humans and things -- powered by what would roughly be 10 times faster than 4G long-term evolution standard in the country that boast
Jan. 7, 2018
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KTB on track of leadership shift
South Korean brokerage KTB Investment & Securities is on track for a transition in leadership to incumbent Vice Chairman Lee Byung-chul, in the wake of a series of scandals involving Chairman Kwon Sung-moon. Lee, 48, announced Tuesday in a regulatory filing that he would exercise his right of first refusal on 18.76 percent of shares worth 66.2 billion won ($62.2 million) in the securities firm, which the 55-year-old Kwon waived in December 2017. By exercising the right, Lee can purchase or p
Jan. 3, 2018
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Don Tapscott to speak at blockchain conference in Seoul
Don Tapscott, a Canadian best-selling author and founder of Blockchain Research Institute, will speak at a blockchain conference slated for Jan. 17 in Seoul, according to an industry source Wednesday. The event, titled “Blockchain Revolution: Convergence with Traditional Economy,” will take place at Seoul Dragon City in Yongsan, central Seoul. Tapscott, co-author of “Blockchain Revolution,” last visited Korea in late October last year. Swiss blockchain tech sta
Jan. 3, 2018
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Banking groups vow digital innovation in 2018
South Korea’s leading banking groups on Tuesday vowed to achieve innovation in the digital finance sector this year, seeking to vie with burgeoning financial technology rookies and internet-only banks. KB Financial Group, the nation’s top banking group by market capitalization, said that it would become the industry’s “first mover” by incorporating new digital technology and co-working with fintech startups.“We shall build a new KB-centered financial ecosystem
Jan. 2, 2018
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[Herald Interview] Robo adviser quenches thirst of retail investors: Newsystock
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the seventh installment. — Ed.Securities firms in South Korea have for the past few years joined the race to lower commission fees -- to nearly zero -- to draw in more retail investors. But to Ryan Moon, co-founder of Korea’s first robo adviser-powered investment service provider Newsystock, such an approach is off the point, as increasingly sophisticated retail investors here
Jan. 2, 2018
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Seoul shares end higher on tech, chemical gains, Korean won rises to 3-year high
South Korean stocks advanced Tuesday, the first trading session of 2018, as large cap tech and chemical shares gained ground, analysts said. The Korean won sharply rose against the US dollar to reach an over three-year high. The benchmark Korea Composite Stock Price Index added 12.16 points, or 0.49 percent, to end at 2,479.65. Trade volume was light at 244 million shares worth 4.4 trillion won ($4.1 billion), with winners outnumbering losers 499 to 333.The local stock market opened higher led b
Jan. 2, 2018
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Watchdog levies fines on Mirae Asset Daewoo for breach
Mirae Asset Daewoo, the largest securities firm by net worth in South Korea, was slapped with a fine of 325.2 million won ($306,000) in December last year over a breach of the Capital Markets Act, according to the Financial Supervisory Service on Tuesday. Three brokers at Mirae Asset Daewoo, who were not identified to the media, were given penalties such as suspension, wage cut and reprimand by the watchdog a month after their wrongdoings came to light. Violations by the brokers include misrepr
Jan. 2, 2018
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Govt. expected to begin banning anonymous cryptocurrency trade from around Jan. 20
The South Korean government has been developing a system that is likely to start banning the use of anonymous accounts in cryptocurrency transactions from around Jan. 20, financial industry sources said Tuesday. The system is a part of follow-up measures after the government announced last week a set of fresh measures to curb transactions of cryptocurrencies, including a possible closure of cryptocurrency exchanges if necessary, amid growing fears that a bubble over exchanges may be set to burst
Jan. 2, 2018
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Stocks record highest returns among investments in 2017
People who invested in stocks last year received the highest returns compared with those who betted on real estate, funds, gold and other assets, financial data showed Tuesday.The benchmark KOSPI ended 2017 up 21.76 percent from a year ago. The increase is 15.5 times the 1.4 percent annual interest rate for a time deposit at a bank, according to the data.The index for the secondary KOSDAQ jumped 26.44 percent.Investors with stocks in large caps were the big winners. Samsung Electronics surged 41
Jan. 2, 2018
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Foreigners scoop up more than 3 tln won worth of stocks on KOSDAQ
Foreign investors poured more than a net 3 trillion won ($2.8 billion) into the tech-heavy KOSDAQ market last year to spearhead the record rally of the secondary bourse, industry data showed Monday.A net 3.13 trillion won worth of KOSDAQ-listed shares were purchased by offshore investors in 2017, outnumbering a net 668.3 billion won by individual buyers, according to the data by the Korea Exchange. At the same time, institutional investors dumped a net 1.8 trillion won worth of shares over the s
Jan. 1, 2018