South Korea’s Mirae Asset Global Investments is pulling out of a 4.1 trillion won ($2.86 billion) deal to acquire IFC Seoul, a landmark complex in Yeouido, western Seoul, from Canada’s Brookfield Asset Management, industry sources said Monday. In May, Mirae Asset was picked as the preferred bidder to acquire the IFC Complex, which consists of three office towers, after fierce competition with a ...

Another speaker at the forum that pointed to the power of fandom was Alexandre Dreyfus, CEO of Socios and Chiliz, an Ethereum-based coin that runs on the Chiliz blockchain. Dreyfus and his business have close ties with the concept of fandom as Socios is a fintech platform for fan engagement and fan monetization of sports teams using blockchain technology. “Our vision is simple: we want to change...

Dunamu CEO says Upbit ‘unrattled’ over global crypto exchanges' Korea entry

The Upbit Developer Conference, the nation’s largest annual blockchain developer conference, will kick off Thursday, addressing the latest issues and trends in the blockchain industry, the company said Wednesday. The two-day event hosted by Dunamu, the operator of South Korean crypto exchange Upbit, will be held at the Busan Port International Exhibition & Convention Center in person after two y...

Saudi Arabia’s two major public investment funds have arrived in South Korea to look for local startups to add to their portfolios, the Seoul Metropolitan Government said Tuesday. Jada, a fund-of-funds set up by Saudi sovereign wealth fund Public Investment Fund, and fellow state-run Saudi Venture Capital will cooperate with the Seoul government to find Korean “unicorns” or startup companies wit...

South Korea’s KB Financial Group said Tuesday it has recently opened the nation’s largest premium private banking branch in Seoul in a bid to provide a fuller range of services to its wealthy clients. The seven-story building, named after the bank’s recently launched premium banking service “KB Gold & Wise the First,” is located in Seoul's posh district of Apgujeong. The floor space, themed on b...

Apple Pay is in the final stage of talks with local credit card issuer Hyundai Card to start its Korean services by the end of this year, according to news reports on Wednesday. Apple’s digital payments service, launched in 2014, has since expanded its Asian reach, including China, Japan, Singapore and Hong Kong. But it has struggled to enter Korea mainly due to a lack of technological infrastru...

SK Broadband has decided to invest $4 million (5.5 billion won) in US collaboration platform developer Swit as the company seeks to boost its competitiveness in the business-to-business sector, the South Korean internet service provider said Wednesday. On top of the investment, SK Broadband said the company will become the sole distributor of Swit in the domestic market while pushing for collabo...

Seoul-based private equity house MBK Partners Founder and Chairman Michael Byung-ju Kim will donate $10 million to help the renovation work of the Metropolitan Museum of Art in New York, both the firm and the museum said Wednesday. “The Metropolitan Museum of Art announced today that Michael ByungJu Kim has pledged $10 million to support the renovation of the Museum’s Oscar L. and H.M. Agnes Hsu...

South Korea's foreign reserves fell in August as the strong US dollar reduced the conversion value of euro and other currency-denominated assets, central bank data showed Monday. The country's foreign reserves came to $436.4 billion as of end-August, down $2.2 billion from the previous month, according to the data provided by the Bank of Korea (BOK). Foreign reserves consist of securities and d...

As South Korea seeks to become Asia’s next financial hub, experts call authorities to draw clear lines, bolster transparency

A South Korean court on Tuesday officially declared the bankruptcy of Optimus Asset Management, which had been mired in massive financial fraud leading to losses worth some 560 billion won ($415.8 million) for investors. The Seoul Bankruptcy Court declared the troubled asset manager bankrupt, citing its incapability to make payments due to its “heavy debt.” Optimus filed for bankruptcy with the...

South Korea’s deputy finance policymaker was identified as the civil servant with the highest-value personal assets in the country, including shares worth some 20 billion won ($15 million) in a family business, a government ethics committee said Friday. Financial Services Commission Vice Chairman Kim So-young’s net assets – including real estate, stocks and savings -- amounted to a total of 29...

South Korea is watching closely a verdict set to be delivered by an international dispute settlement body for a decadelong dispute between the government and US private equity firm Lone Star next week. The International Center for Settlement of Investment Disputes’ verdict on Aug. 31 will come almost 10 years after Lone Star filed a suit against the Korean government in November 2012, seeking $4...

South Korea’s KB Financial Group on Thursday launched its new premium private banking and asset management brand to better cater to its wealthy clients. “KB Gold & Wise the First” plans to adopt a “Credit Suisse-like” model in which private bankers and asset managers from KB Kookmin Bank and KB Securities and experts from areas such as investment, tax, real estate and trusts are brought together...