Shinhan Financial Group Chairman Jin Ok-dong and Woori Financial Group Chairman Yim Jong-yong are celebrating their first 100 days in office back-to-back this week with their business focuses set on overseas operations and internal administration. While Jin has been primarily focused on global expansion, Yim's attention has been more directed toward improving overall transparency and corporate governance. Jin and Yim hit their first 100 days on Friday and Saturday, respectively. From the

Industry June 30, 2023

Over 25.8 million transactions have been made with Apple Pay since its launch on March 11, Hyundai Card announced Thursday. Among these transactions, 93 percent were made at offline retailers. The numbers, covering the period from March 21 to June 27, were part of key indicators and customer data unveiled by the Korean card company in celebration of the 100th day since the introduction of Apple Pay in Korea. Additionally, Apple Pay facilitated payment transactions for over 108,000 merchants. Amo

Industry June 29, 2023

South Korea's trade deficit will persist in the second half of this year, following the same pattern observed in the first half, according to a Korean trade lobby group on Wednesday. Nevertheless, there is anticipation for a gradual recovery resembling a "U-shape" in the long term, as the trade deficits continue to decrease steadily. “It is difficult to anticipate a V-shaped recovery. Although we are uncertain about the duration, we expect to see a U-shaped recovery,”

Industry June 28, 2023

Shinhan Card's spring-themed credit and debit cards have been well received by customers by providing excellent benefits and discounts at various stores both within and outside of Korea. The cards are named "Bom," a Korean word that holds dual meanings. Firstly, as a noun it can be translated to "spring," representing the beginning of the four seasons. The Korean company said it chose this name to show that its new card's concept symbolizes support for a vibrant and

Industry June 28, 2023

The annual limit for overseas remittances without the need for additional documentation will be raised from $50,000 to $100,000 from July 4, following the passage of an amendment to the current limit on Tuesday. The current limit was created back in 1999 when the foreign exchange transaction-related law was first established. The changes are intended to reflect economic growth, according to the government. An amendment to the current law, which includes among other measures the increased limit f

Industry June 27, 2023

JB Financial Group celebrated its 10th anniversary with an event held in Muju-gun, North Jeolla Province, according to the financial firm on Tuesday. The event on Saturday, held under the slogan, "10 Years of Partnership, New Leap," was attended by over 3,500 executives and employees, including JB Financial Group Chair Kim Ki-hong, Jeonbuk Bank CEO Baek Jong-il, Kwangju Bank CEO Ko Byung-il, JB Woori Capital CEO Park Chun-won, JB Asset Management CEO Choi Won-cheol and JB Investment CE

Industry June 27, 2023

Korean credit card issuer Hyundai Card and Visa, a world leader in digital payment, on Monday announced that they have signed a strategic business partnership deal to collaborate on businesses using analyzed data. The partnership signing ceremony was held at Visa’s headquarters in San Francisco on Wednesday with top executives, including Hyundai Card Vice Chairman and CEO Chung Tae-young and Visa CEO Ryan McInerney in attendance. “Hyundai Card and Visa have agreed to prioritize colla

Industry June 26, 2023

John Pritchard, the head of the tenant advisory group and global services at Cushman & Wakefield Korea, calls Korea a competitive investment destination for hyperscale data centers -- enormous tech complexes with soaring demand for data processing and storage in the burgeoning era of artificial intelligence. “The Korean market is primed for hyperscale data center investment,” the executive at the Korean unit of the US commercial real estate services firm told The Korea Herald in

Industry June 25, 2023

KB Financial Group is hosting a networking event in Korea from Monday to Friday this week with 106 selected employees from overseas. The employees are from the group's five subsidiaries -- KB Bank, KB Securities, KB Insurance, KB Kookmin Card, and KB Capital -- based in 14 different countries. The invited employees are participating in programs including town hall meetings with the chairman, special meetings organized by each subsidiary and Korean cultural experience programs. In partic

Industry June 22, 2023

Hana Bank announced on Wednesday that it has renewed its official sponsorship contract with the Korea Football Association and the Korean national football team. "Hana Bank will continue to support the Korea Football Association and the national football team. We have been together during important moments in our soccer history such as the time when our national football team reached the round of 16 matches in the FIFA World Cup in Qatar last year," Hana Financial Group Chairman Ham Yo

Industry June 21, 2023

강성부 대표가 이끄는 행동주의 펀드 KCGI가 Korea Corporate Governance Improvement Fund에서 Korea Climate & Governance Improvement Fund로 사명을 변경한다. 영문 이니셜은 그대로이지만 중간에 들어가는 C가 기업을 의미하는 ‘corporate’에서 기후를 의미하는 ‘climate’으로 바뀐다. 임현철 부대표는 최근 코리아헤럴드와의 인터뷰에서 “사명 변경은 메리츠자산운용 인수가 완료된 후 7월쯤 이루어질 것”이라며 “지배 구조 개선뿐만 아니라 기후 변화에 대한 목소리를 내는 행동주의 펀드로 성장하겠다는 의지를 반영하고 있다"라고 설명했다. 그는 “앞으로 기후변화 대응이 매우 중요한 투자 요인이 될 전망이고 자금도 많이 쏠릴 것”이라고 덧붙였다. 〈원문기사〉 [Herald Interview] K

한국어판 June 21, 2023

South Korean private equity house Korea Corporate Governance Improvement’s Managing Partner Lim Hyun-chol said the performance of activist funds should not be judged by the time frame of their investments. “The significance lies not in the length of the investment period but rather in the actual changes brought about in the company after the activist fund's calls,” Lim said during a recent interview with The Korea Herald. “We see that it is unfair to accuse us of &

Industry June 21, 2023

A restaurant worker carries naengmyeon, or cold noodles, as she delivers it to customers in Myeong-dong, Seoul, on Monday. According to a survey conducted by Korean Price Information, a research institution, on the prices of naengmyeon in 10 representative restaurants across 10 different areas of Seoul, the average price of naengmyeon has increased by 7 percent compared to last year and by 29.5 percent compared to 2018. (Yonhap)

Industry June 19, 2023

Korea's top financial regulator announced that regulatory revisions made to support the overseas expansion of Korean financial companies will be unveiled in July, during a conference organized by Financial Services Commission on Monday at the Korea Federation of Banks building in Seoul. The Financial Services Commission has announced that the regulatory changes will be made based on extensive discussions held during a series of conferences and seminars with insiders from the local financial

Industry June 19, 2023

KakaoBank, South Korea's largest internet-only bank, is seeking to obtain a virtual bank license in Thailand by partnering with a leading financial group in the country, making its first move after announcing its plan for business expansion into Southeast Asian economies. The Korean digital lender announced on Friday that it has signed a memorandum of understanding with SCBX, Thailand's financial technology group, to obtain a license to run a digital banking platform from the central b

Industry June 18, 2023