Upon entering the interview room, Riccardo Puliti, the regional vice president for Asia and the Pacific at the International Finance Corporation, underscored that this is his third visit to Korea within the past eight months. “I was here in November, I was here in February, and I will be back here in September. It is evident that Korea is evolving into a prominent center for sustainable cross border investment,” he said during an interview with The Korea Herald on May 25 at the IFC K

Industry June 7, 2023

China, which has been South Korea's dominant export destination for almost two decades, is currently facing a challenge to its longstanding position. According to a report by the Korea International Trade Association, Korea's reliance on exports to China has steadily declined from 26.8 percent in 2018 to 22.8 percent last year. In the first quarter of this year, it dropped even further to 19.5 percent. The Ministry of Trade, Industry and Energy report on Tuesday also showed that the decline in e

Industry June 6, 2023

After more than 30 years, the requirement for foreigners to register in advance with the Financial Services Commission before investing in listed stocks and bonds in Korea has been abolished. The Financial Services Commission made the announcement Monday, revealing that it has successfully made changes to the Capital Market Act, with the amendment officially approved during a Cabinet meeting. After a proclamation on June 13, the new law will come into effect from Dec. 14. The revision is part of

Industry June 5, 2023

Shin Ho-cheol, the vice president of Kakao Pay also known as Simon Shin, has been appointed as a board member of the US brokerage firm Siebert Financial. This appointment follows the online payment unit of South Korean tech giant Kakao Corp.'s recent announcement of its intention to acquire a majority stake of up to 51 percent in Siebert with a total investment of approximately $77.38 million. Siebert, listed on the tech-heavy Nasdaq, offers a range of brokerage and financial advisory servi

Industry June 2, 2023

Shinhan Bank encountered a currency exchange system error around 9:30 a.m. on Thursday. As a result, currency-related services, including overseas remittances, were temporarily suspended for approximately 2 1/2 hours until the system was restored at around noon. "We made sure that for clients who requested overseas remittances during the service outage, we apply the exchange rate at the time of their request to minimize any potential customer losses from exchange rate fluctuations," a

Industry June 2, 2023

Lee Bok-hyun, chief of the Financial Supervisory Service, on Thursday emphasized the importance of the financial authority participating in international investor relations events in enhancing the global presence of Korean financial firms. “We will continue to support the Korean financial group’s global expansion (over the next year),” Lee said at a press conference held Thursday to mark his first year in office. As the FSS head, Lee made an exceptional move by participatin

Industry June 1, 2023

The American Chamber of Commerce in Korea hosted the AmCham ESG Seminar 2023 on Wednesday to provided a platform for attendees to discuss the latest trends and best practices related to environmental, social and governance issues. "In light of AmCham's mission to establish Korea as a regional headquarters in the Asia Pacific, we recognize the immense potential of ESG in driving innovation and value creation for Korea," AmCham CEO James Kim said during the seminar held at the Four

Industry May 31, 2023

KakaoBank, the largest internet-only bank in South Korea, hopes to replicate its domestic success in overseas markets, aiming to become the first Korean internet-only bank to pioneer international expansion. Having built a substantial user base since its launch in 2017, the largest internet-only bank in South Korea has demonstrated the benefits of branchless banking to financial consumers in the country. Led by CEO Yoon Ho-young, who secured his fourth two-year term in March, KakaoBank is spea

Industry May 31, 2023

South Korea's semiconductor industry, which has been experiencing repeated downturns since August last year, is expected to revive in the latter half of the year, a Korean trade lobby group said on Tuesday. “I anticipate that our semiconductor industry will recover, reaching the level of the second quarter of last year by the fourth quarter. I expect that production cutbacks will be reversed and the overall economy will improve, particularly with the reopening of China playing a signi

Industry May 30, 2023

Colliers Korea, the Korean branch of the Canadian commercial real estate firm, said Wednesday that it has successfully closed three deals with a total value of $780 million. "By concluding these three transactions this month, my team has shown that there are still plenty of opportunities for the smart investors (in Seoul), despite the high-interest rate environment," Colliers Korea Managing Director Robert Wilkinson said in a statement. According to Colliers Korea, the deals encompass

Industry May 25, 2023

Hana Financial Group Chairman Ham Young-joo pledged that the financial conglomerate will play proactive role in expanding investments in the biodiversity sector during an event held by the United Nations Environment Programme in Seoul on Wednesday. "We will fulfill our role as a financial institution in promoting environmental and social responsibility by formulating policies and expanding investments in the field of biodiversity conservation, which holds tremendous potential,” Ham sa

Industry May 24, 2023

Hanwha Group, the new owner of Daewoo Shipbuilding and Marine Engineering, took the first step toward a fresh start for the shipbuilder by rebranding it to Hanwha Ocean at a shareholders meeting on Tuesday. This is the second rebranding in the world’s fourth-largest shipbuilder’s history spanning 45 years. The previous name change occurred in 1978, when DSME was acquired by the now-defunct Daewoo Group. At the shareholders' meeting at Daewoo Marine Ocean Plaza in Geoje, South

Industry May 23, 2023

In a recent media event, Kakao Pay CEO Shin Won-keun unveiled the company’s ambitious goal of becoming a Korean version of Robinhood in its recent push for global expansion in partnership with Siebert Financial, the US brokerage firm. “We are considering making a solution that combines Siebert's stock trading solution with Kakao Pay Securities' mobile trading service,” CEO Shin said. “We believe we can become the next Robinhood with it." Robinhood is the re

Industry May 22, 2023

Naver Pay app installations soared 186 percent to 470,000 in April, a month after it integrated its payment service with Samsung Pay, according to Naver Financial. "We see that the number of app installations for Samsung Pay's interlinked offline payment service has significantly increased,” a Naver Financial official said in a statement Thursday. "The usage of the payment service has expanded to include a wider range of locations, encompassing not only convenience stores

Industry May 19, 2023

Kakao Pay, the online payment unit of South Korean tech giant Kakao Corp., will step up its stock trading service and expand global footing by launching a solution jointly with US brokerage firm Siebert Financial, the firm's CEO Shin Won-keun said Monday. “We are considering making a solution that combines Siebert's stock trading solution with Kakao Pay Securities' mobile trading service,” Shin said at the press conference held at Conrad Seoul in Yeouido, Seoul. In A

Industry May 15, 2023