KB Financial Group is often referred to as a "big fish in a small pond," given its position as Korea's largest financial holding firm with a weak global presence. The group's new chairman candidate, Yang Jong-hee, aims to change this. According to KB, Yang’s global expansion plan focuses on two key areas: Normalizing KB's money-losing Indonesian subsidiary, Bank KB Bukopin, and further strengthening KB's Cambodian unit, KB Prasac Bank, which is already doing

Industry Sept. 18, 2023

Kakao Pay, the online payment unit of Korean tech giant Kakao, experienced another service disruption for some five hours on Sunday due to a delayed firewall replacement. Last Monday, Kakao Pay initially announced that it would be replacing its firewall from 1 a.m. to 7 a.m. on Sunday. However, due to an unexpected delay, its key services such as processing payments, sending money and asset management became unavailable on Sunday morning. Kakao Pay’s new announcement on Sunday morning said

Industry Sept. 17, 2023

Deutsche Bank said Sunday that it will inject 150 million euros ($160 million) into its Seoul branch as part of its investment plan for the Asian market, with Korea as a strategic foothold. The German bank's decision to allocate additional capital to its Korean business underscores its confidence in the stability and growth potential of the market. "This additional capital, along with our recent reentry into the local debt capital market, will enable us to better support our clients�

Industry Sept. 17, 2023

South Korea's Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho on Wednesday announced a financial package of approximately $6 billion in support for Africa to be provided by 2025, at the 2023 Korea-Africa Economic Cooperation (KOAFEC) conference held in Busan. This biennial conference, spanning four days from Tuesday to Friday, is jointly hosted by the African Development Bank, the Export-Import Bank of Korea (Eximbank) and Ministry of Economy and Finance. The new fin

Industry Sept. 13, 2023

Nearly 60 percent of Koreans expressed a favorable view of the country's chaebol -- large industrial conglomerates run and controlled by families -- indicating an improvement in negative sentiments toward these conglomerates over the past decade, according to a survey conducted by the Federation of Korean Industries. The survey, commissioned by the business organization, which includes over 600 members among Korean companies and industries, was conducted on a total of 1,005 individuals aged

Industry Sept. 12, 2023

Yang Jong-hee, the final candidate for the chairman position and current vice chairman of KB Financial Group, on Monday vowed to prioritize revitalizing the group's money-losing Indonesian subsidiary. He picked Bank KB Bukopin as one of the three critical tasks he would resolve if he takes the top seat of the Korean banking conglomerate in November. "Even within our domestic market, the process of acquiring troubled companies and restoring them requires time. When undertaking similar p

Industry Sept. 11, 2023

KB Financial Group, Korea's top financial holding company, has selected Vice Chairman Yang Jong-hee as its next chairman candidate. Yang's selection is considered to be a reflection of the importance the Chairman Candidate Recommendation Committee places on Yang's extensive background in both the banking and non-banking sectors. This development came on Friday, following comprehensive two-hour interviews --conducted by the committee of the group -- with three finalists. "Yang

Industry Sept. 8, 2023

Lee Bok-hyun, the governor of South Korea's Financial Supervisory Service, made an unannounced two-day visit to China last week, marking the first visit there by an FSS head in six years. During his visit to Beijing on Aug. 31 and Sept. 1, Lee met with Li Yunze, head of China's National Financial Regulatory Administration, to discuss ways to strengthen financial ties and cooperation between the two nations. “China previously had various supervisory divisions, but it did not have

Industry Sept. 7, 2023

Taxi fares have experienced their most significant on-year surge since the 1997 Asian financial crisis, causing commuters like Kim Jung-ah, an office worker in Gangnam, Seoul, to feel the financial strain. Kim, who currently has a cast on her leg, relies on taxis for her daily commute to work, a journey that typically takes 10 to 15 minutes. “I spend around 8,000 to 9,000 won just for the short 10-minute ride to my office,” Kim said. "If I had the option, I'd seriously cons

Industry Sept. 6, 2023

Hong Min-taek, CEO of Toss Bank, the internet-only banking arm of fintech giant Viva Republica, said Tuesday that launching a house mortgage loan service is inevitable for the firm, but that it will wait for the right timing amid the government's efforts to curb household debt. Currently, Toss Bank is the only bank among the three internet-only banks, which also include KakaoBank and K-Bank, that does not offer house mortgage loans. KakaoBank and K-Bank account for 2 percent of the total ho

Industry Sept. 5, 2023

Korea's national debt that relies solely on taxpayers' funds for repayment is forecast to soar to a staggering 792.4 trillion won ($601 billion) next year, which more than doubled compared to the figure in 2017, according to a government report released Sunday. In 2017, the unsecured debt amounted to 374.8 trillion won, and over the course of seven years, this figure has steadily climbed, now approaching 800 trillion won. Among the forthcoming 1,190 trillion won of total national d

Industry Sept. 3, 2023

The government on Thursday stepped in to soothe public anxiety over the Korean Federation of Community Credit Cooperatives (KFCC), as depositors' distrust toward the nation's primary mutual financial institution lingers over its high delinquency rates. The joint briefing was organized by relevant agencies including the Ministry of the Interior and Safety, the Financial Services Commission and the KFCC. "Customer assets, including savings deposits, are guaranteed to remain secure u

Industry Aug. 31, 2023

DGB Financial Group, a Korean financial holding company, said it plans to establish an asset management company in Singapore. The company recently submitted an application to the Monetary Authority of Singapore seeking a license to operate as a registered fund management company. "Our primary focus for now is securing the approval as Singapore financial authorities have tightened their approval processes due to the substantial influx of Hong Kong funds into the country," a DGB Financia

Industry Aug. 29, 2023

Korea's export downturn will see a recovery in the first half of next year, with the semiconductor market expected to rebound in the fourth quarter of this year, the Korea International Trade Association forecast on Monday. The prediction was based on findings that the primary factor behind Korea's export slump is the slowdown in the global information and communications technology market, according to KITA. “Upon closer examination, I realized that the decrease in the global d

Industry Aug. 28, 2023

South Korea’s financial authorities downplayed the possibility that the uncertainties stemming from the Chinese real estate crisis will have a serious and direct impact on domestic financial markets. “There is no need to feel excessively anxious, as the stable fundamentals of the Korean economy and financial market are being maintained," Kim So-young, vice chairman of the Financial Services Commission, said during an emergency meeting held Tuesday in Seoul, with representatives

Industry Aug. 23, 2023