Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
Fandom power might change blockchain ecosystem, experts say
BUSAN -- Blockchain industry leaders seeking to merge entertainment with technology are looking closely to the power of fandoms, believing that it could reshape the ecosystem, according to speakers at the 2022 Upbit Developer Conference on Friday. “Hybe's business model is based on fans promoting artists,” Hybe America President Jason Jaesang Lee said during the second day of this year’s conference held in Busan. “Fans becoming promoters for our artists is a powerful g
Market Sept. 23, 2022
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Upbit operator picks NFT venture with BTS’ Hybe as most anticipated project
BUSAN -- The chief of Dunamu, the operator of Korea’s No. 1 cryptocurrency exchange Upbit, chose the firm’s non-fungible tokens venture with the K-pop powerhouse behind boy band BTS as its most anticipated project, at this year’s Upbit Developer Conference held Thursday. “Crypto exchange operators face many restrictions when expanding blockchain businesses,” Dunamu CEO Lee Sirgoo said in a press conference held on the sidelines of the UDC in Busan. “For us,
Market Sept. 22, 2022
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Court orders Namyang Dairy to sell controlling stake to Hahn & Co.
A Seoul court on Thursday ordered Namyang Dairy Products shareholders to sell off its controlling shares to local buyout firm Hahn & Co., brushing off the troubled dairy company’s claims that its stock transfer deal with the private equity fund had been “rigged.” The Seoul Central District Court sided with Hahn & Co. after the buyout firm last year filed a lawsuit against Namyang shareholders, including its Chairman Hong Won-sik for failing to abide by a binding contract to se
Market Sept. 22, 2022
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2022 Upbit Developer Conference kicks off in Busan
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 years of pandemic disruptions. The theme of this year’s gathering is “Imaging Your B
Market Sept. 22, 2022
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Saudi public VC funds in town in search of Korean startups
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 with a value of over $1 billion to invest in. The investment funds arrived in Seoul on
Market Sept. 20, 2022
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Upbit Developer Conference to return in person this week
The Upbit Developer Conference, the nation's largest blockchain developer conference, will be back in person this year after two years of pandemic disruptions. According to Dunamu, the operator of South Korean crypto exchange Upbit, on Tuesday, the 2022 UDC will be held in Busan from Sept. 22 to 23, with 50 speakers and over 3,000 attendees set to join the event. Launched in 2018, the annual gathering has attracted more than 617 companies and 15,100 visitors. This year’s event will cove
Market Sept. 20, 2022
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Weakening won raises concerns of higher trade deficit
The sharply weakening value of the Korean currency has raised alarms among onlookers in recent weeks as it could lead to higher trade deficit, taking a toll on the nation’s economy, sources said Monday. The Korean won was trading at 1,391.9 won against the US dollar around 2 p.m. on Monday, inching toward the symbolic 1,400 won-mark that had been only surpassed during past financial crises. The local currency fell below 1,400 won against the US greenback in December 1997 and November 2008
Business Sept. 19, 2022
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Financial workers’ strike has little short-term impact
Some 10,000 unionized financial workers held their first strike in six years on Friday, but the rally may have backfired on them, as their absence at work had minimal impact on customer services, sources said Sunday. The Korean Financial Industry Union affiliated with the Federation of Korean Trade Unions, one of the country’s two umbrella unions, carried out a one-day general strike and demonstration at Gwanghwamun Square, central Seoul, calling for a 5.2 percent wage hike and the adopti
Market Sept. 18, 2022
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Terraform founder could face ‘severe punishment,’ say legal experts
Terraform Labs founder and CEO Do Kwon now may face severe punishment with South Korean prosecutors recently charging him for violating the capital market law, not just on fraud allegations, legal experts said Thursday. The Seoul Southern District Prosecutors Office said Wednesday it has issued arrest warrants for Kwon and five others, including fellow Terraform labs founding member Nicholas Platias on charges of violating the capital market law. While a group of victims’ move to file a c
Market Sept. 15, 2022
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Woori Card partners with Korean singer IU to attract Gen Z
Woori Card has partnered with K-pop singer and actor IU for a new credit card campaign to catch eyes of Generation Z and millennial customers, the firm said Thursday. The campaign dubbed “Nu I&U” will involve social media contents featuring the singer and a credit card with a list of perks for its users. The credit card offers its users a maximum 1 percent cashback regardless of the previous month’s total purchases. The annual fee is 12,000 won ($8.61). Other benefits includ
Market Sept. 15, 2022
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Hyundai Card CEO steps down after 1 year for 'personal reasons'
Hyundai Card CEO Kim Deok-hwan has resigned as chief executive at one of the largest credit card issuers in South Korea just one year after he was appointed, regulatory filings showed Tuesday. Kim officially stepped down on Friday with Hyundai Card citing “personal reasons” behind his resignation. No further elaboration was given. A local media outlet reported that Kim was recently “sued by his secretary." Born in 1972, Kim was known as the youngest CEO in the Korea cre
Business Sept. 13, 2022
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Prosecutors mull defining luna as security
South Korean prosecutors are considering whether to view the troubled cryptocurrency luna as a security, a move which could put the coin developers and those complicit under scrutiny for not only fraud, but also for violations of the Capital Markets Act. The Seoul Southern District Prosecutors Office’s Financial and Securities Crime Joint Investigation Team has met with crypto experts and financial authorities to review if luna can be categorized as a security, the prosecution said Tuesda
Market Sept. 13, 2022
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KB opens Korea's largest premium private banking branch
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 books and art, consists of 15 consulting rooms and 1,400 vaults. At the
Market Sept. 13, 2022
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[Weekender] From eggs to stocks: Chuseok gifts evolve in reflection of the time
Shin Jeong-eum, a 61-year-old Seoulite, remembers her childhood when her family was delighted with beef wrapped in a simple paper package and a carton of eggs held together by straw as Chuseok gifts. As for her, Shin's favorite moments in the 1970s were receiving new clothes from her relatives as they celebrated the traditional mid-autumn harvest festival, honoring their ancestors. “Nowadays, it’s all about gifting luxury items and we can just send the gifts after purchasing them t
Economy Sept. 9, 2022
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[Newsmaker] Apple Pay in final-stage talks to enter Korean market
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 infrastructure here. Most local retailers use the magnetic secure transmission technology, in which devic
Market Sept. 7, 2022
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