The total market capitalization of the secondary bourse Kosdaq surpassed 458.4 trillion won ($354.8 billion), reaching an all-time high on Wednesday morning. However, in the afternoon, stock prices began fluctuating. Just a day after hitting a record-high of 454.57 trillion won on Tuesday, the Kosdaq market capitalization continued to expand, surpassing the previous day's record. The recent rise and drop can be attributed to significant influence of the market capitalization of battery mate

Industry July 26, 2023

A new bourse operator is looking to shake up the Korean stock market next year, with a launch that would break up Korea Exchange's monopoly for the first time in nearly seven decades. On July 19, the Financial Services Commission granted preliminary approval for the alternative trading system called Nextrade. A total of 34 companies, including leading brokerage houses and ICT firms, as well as the Korea Financial Investment Association, a non-profit, self-regulatory organization which has

Industry July 25, 2023

By Manpreet Gill One of the biggest investment debates of our times is whether to own cash or government bonds. In the developed markets, one of the most rapid policy rate hiking cycles in history has meant that short-term returns from cash are now higher than what one can earn on a longer maturity bond. Unsurprisingly, this has led to a significant move into cash deposits or money market funds across major economies around the world. Despite this, many asset allocators (ourselves included) co

Industry July 25, 2023

South Korean credit card issuer BC Card announced on Sunday it has decided to establish a joint venture with a Kyrgyz state-run payment provider to offer a unified card payment processing service in the central Asian country. The joint venture firm, called BC Card Kyrgyzstan (BCKG), will be set up in Kyrgyzstan's capital city, Bishkek, in August in collaboration with two firms -- Korean payment services firm Smartro, and Kyrgyz state-run payment provider Interbank Processing Center (IPC). &

Industry July 23, 2023

South Korea's Financial Supervisory Service has ordered three Chinese banks operating in Seoul to take disciplinary action after they were found to have violated disclosure and reporting obligations. The lenders in question are the Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank. The FSS ordered the Chinese firms to autonomously handle their employees involved in these violation cases. Autonomous handling refers to the practice where the FSS

Industry July 23, 2023

  KB Financial Group on Thursday announced the details of its candidate selection process for a new chairman ahead of the upcoming shareholders’ meeting, set to take place in November. The group's Chairman Candidate Recommendation Committee held its first meeting on Thursday and decided on the procedure to shortlist candidates. On Aug. 8, the committee plans to draw up a shortlist of six candidates, and on Aug. 29, it will conduct the first round of interviews and narrow down the sh

Industry July 20, 2023

Samsung Electronics announced Wednesday that it will not charge any fees to card issuers in Korea for its digital wallet service, Samsung Pay. "We have decided to keep Samsung Pay commission-free," a Samsung official said in a statement. “Samsung Electronics is dedicated to enhancing the development of the domestic payment ecosystem by maintaining ongoing partnerships with local card companies, all while delivering the finest Samsung Pay service to consumers.” Samsung has

Industry July 20, 2023

With the increasing likelihood of losses occurring for investors of a fund worth 250 billion won ($197 billion) for a Hong Kong office building managed by Mirae Asset, Woori Bank has decided to provide partial compensation to its clients. Back in June 2019, Mirae Asset Securities financed the Goldin Financial Global Centre located in eastern Kowloon Bay, Hong Kong, using 250 billion won acquired through mezzanine financing. The 27-story landmark building with a gross floor area of 900,000 square

Industry July 19, 2023

Mirae Asset Global Investments revealed Tuesday that its exchange-traded fund business has surpassed $100 billion in assets under management. As of Tuesday, Mirae Asset manages a portfolio of 538 ETFs across various regions worldwide, spanning Korea, the US, Canada, Australia, and Japan. The total assets under management for these ETFs reached $100 billion, positioning Mirae Asset as the 13th-largest ETF provider globally in that measure. “Our global ETF franchise will serve as a strong fo

Industry July 18, 2023

Two major business lobby groups on Monday called on the government to expand the current quotas of foreign labor in 2024 and enhance the foreign labor system to help enterprises grappling with worker shortages. In response to a decreased number of foreign workers in Korea due to the COVID-19 pandemic, the government increased the quota for nonprofessional foreign workers with E-9 visas to a record high of 110,000 individuals this year. In a survey result that the Korea Chamber of Commerce and In

Industry July 17, 2023

Korean private equity fund KDB-Consus Value has selected Hana Financial Group as the preferred bidder to acquire KDB Life Insurance, according to state-run policy lender Korea Development Bank on Thursday. Back in 2010, the PEF was established jointly by KDB and Consus Asset to buy a controlling stake in what was formerly known as Kumho Life Insurance -- now KDB Life Insurance -- for 650 billion won ($514.5 million). On July 7, the PEF accepted bidders who are willing to acquire a 92.73 percent

Industry July 14, 2023

Lee Bok-hyun, governor of the Financial Supervisory Service, urged foreign financial firms Wednesday to prioritize effective risk management in a roundtable meeting with their CEOs in Seoul on Wednesday. "In light of recent domestic and international uncertainties, I urge foreign financial firms to proactively prioritize the firms' soundness and effective risk management," Lee said during the meeting. Lee, who has been prioritizing the improvement of internal controls for Korean f

Industry July 12, 2023

Seven Korean lenders have decided to provide over 6 trillion won ($4.64 billion) in financial assistance to the country's primary mutual financial institution that has been hit by liquidity shortage concerns, according to industry sources on Tuesday. Five major Korean commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- as well as the Industrial Bank of Korea and the Korea Development Bank, have signed repurchase agreement contracts with the Korean Federation of Community

Industry July 11, 2023

Government revenue from comprehensive real estate holding tax is expected to decrease by 2 trillion won ($1.5 billion) amid a slump in the real estate market, further exacerbating the nation’s potential fiscal deficit this year, according to market estimates Sunday. The comprehensive real estate holding tax is a nationwide tax that is imposed on an annual basis for apartments with a government-assessed value surpassing 1.2 billion won. Aimed at preventing speculative investments, it is s

Industry July 9, 2023

South Korea’s financial authorities are seeking to dismantle the banking industry’s long-held oligopoly by lowering the entry barrier for newcomers. But the outlook remains mixed amid the seemingly impregnable dominance of the nation’s five banks. The Financial Services Commission, Korea’s top financial regulator, said Wednesday that it will allow more banks to break the existing oligopolistic structure of the commercial banking industry, led by the top five banks -- KB

Industry July 9, 2023