Market volatility surges on Tesla ditching Bitcoin payment, heightening investors’ anxiety

Real estate investors searching for deals in South Korea were seen shifting their attention away from the capital city of Seoul in the first quarter of 2021 as demand for logistics assets rose, data showed Thursday. Commercial property deals that closed in Seoul during the first quarter with tickets of over $10 million added up to $2.2 billion, down 25.8 percent on-year, while investment in othe...

Financial giant’s chief digital officer in search of innovative financial services for young consumers, eyes acquisition of IT platform

South Korea’s Woori Financial Group said Wednesday that it was donating $100,000 to India to help the country win its battle to contain the COVID-19 pandemic. Joining forces with the Community Chest of Korea, the financial conglomerate will offer the donation to the United Way, a nonprofit organization. The donation will be used to procure medical supplies, including oxygen ventilators, build te...

Kakaobank, the country’s second internet-only bank, has cut interest rates for mid-range credit holders, the lender said on Wednesday, in the latest attempt to provide better services to customers with thin credit files. The banking arm of mobile giant Kakao said it has slashed rates by up to 1.2 percentage points for mid-range credit holders. The bank also expanded a loan limit from 50 million ...

Cross-industry partnerships in the financial sector are in full swing as banks seek to transform personal data into a new revenue source, ditching their reliance on interest rates. Commercial lenders and credit card companies have been rushing to forge alliances with mobile carriers and retailers to compile large volumes of customer data from business partners in order to provide personalized pr...

Along with Myanmar’s military coup, banks’ overseas expansion faces yet another major hurdle in India

Future Play, a South Korea-based accelerator, said on Tuesday that it has raised 10 billion won ($8.9 million) in the latest funding for its business expansion. Its Series B funding drew investment from LG International, DB Financial Investment, Prophet Asset Management, Futura, Data Solution and Hashed, said the company’s CEO and founder Ryu Jung-hee. The company plans to enter Indonesia later...

South Korea‘s battery materials maker and petrochemical firm LG Chem said Tuesday it plans to commit 150 billion won ($134 million) capital to a new private equity fund that targets promising companies dedicated to electric vehicle parts and ecofriendly plastics. The committed capital will be part of IMM Credit Solution’s upcoming growth-focused Korea Battery & ESG Fund, which aims to earmark a ...

Standard Chartered Bank Korea said Monday it had launched a new digital platform within its mobile banking application to provide wealth management information, targeting the under-40s. Branded as Wealth Care Lounge, the app-based information channel introduces recent investment trends, money management tips, advice from experts on financial planning and information regarding upcoming finance we...

Report shows Dunamu, Kakao expand investment in virtual assets, others to follow to diversify portfolio, experts say

South Korean’s frenzy for digital coins, especially alternative coins, has pushed the transaction volume for cryptocurrencies past 45 trillion won ($43.11 billion) in the 24 hours until Friday morning. Cryptocurrency market tracker CoinMarketCap data showed that the four largest exchanges in South Korea traded a total of 44.97 trillion won including Upbit’s 39.38 trillion won. The figure exceed...

Banking leaders need to ditch top-down approach, be ready for speedy decision to solve multifaceted conflicts

South Korea said Tuesday it plans to allocate up to $700 million for the lower-interest loan program with the Asian Development Bank, in line with efforts to support developing nations. Finance Minister Hong Nam-ki held a virtual meeting with ADB President Masatsugu Asakawa and signed a memorandum of understanding to expand the Economic Development Cooperation Fund program between South Korea an...

South Korean private equity firm VIG Partners is eyeing private credit strategies with a new team it established Monday, the company said Tuesday. The company, overseeing 3.8 trillion won ($3.4 billion) worth of private funds mainly dedicated to midmarket buyout strategies, added that it had hired Han Young-hwan as head of credit at VIG Partners. The credit arm will focus on special situations i...