SK On Executive Vice Chairman Chey Jae-won said Wednesday that he expects to see “tangible results” in the company’s still-nascent electric vehicle battery business from as early as next year, calling the company “the fastest-growing company in the fastest-growing industry.” He was speaking during a town hall meeting held at the company’s headquarters in Seoul, with some 400 executives and employees in attendance. “Typically, a manufacturing company suff

Industry April 6, 2023

Global solutions platform Wave, launched by South Korea's largest lobby group, will play the role of bridging entities around the world to share ideas on resolving major challenges faced by the international community. Wave was launched by the Korea Chamber of Commerce and Industry on March 17 and was created as part of the strategies for the country's bid to host the 2030 World Expo in Busan. The online site enables visitors to find solutions to pending global issues such as the envir

Industry April 5, 2023

To prevent money laundering crimes that take place overseas, the Korean financial watchdog highlighted the critical importance of implementing additional measures during a symposium hosted by the US Department of State in the Nuri Ballroom of the Four Seasons Hotel Seoul on Wednesday. “As overseas transactions of domestic financial institutions are expanding, more sophisticated and diversified methods of money laundering are also emerging,” Financial Supervisory Service Deputy

Industry April 5, 2023

The trend of Korean households being less willing to take out loans due to burdensome high lending rates continued in March, according to industry sources. In March, the remaining balance of household loans at the five major banks -- KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup -- decreased by 4.68 trillion won ($3.55 million) compared to the previous month, to 680.7 trillion won. This downward trend has been persistent for 15 consecutive months since January last year. The reduction in the

Industry April 4, 2023

The number of unused credit cards in Korea exceeded 15.55 million as of the fourth quarter of last year, according to data from the Credit Finance Association released on Monday. The association regards a credit card not in use for more than a year as a dormant card. Dormant credit cards made up 17.98 percent of the total number of issued credit cards. Compared to the third quarter of 2022, the number of unused credit cards increased by 913,000 from 14.64 million. Dormant credit cards made up 17

Industry April 3, 2023

A local crypto exchange platform alliance on Friday decided to remove Paycoin tokens issued by PayProtocol, a subsidiary of payment service company Danal, on April 14. The Digital Asset Exchange Alliance consists of five crypto exchanges, and PayProtocol's Paycoin is currently listed on three of them -- Bithumb, Upbit and Coinone. Until recently, Paycoin had been expanding its business in the local market by enabling purchases with its token at over 150,000 merchants. Paycoin’s mech

Industry April 2, 2023

South Korea's largest securities firm Mirae Asset Securities and telecommunications giant SK Telecom on Thursday formed a consortium called Next Finance Initiative to become a leader of the new emerging security token industry. "We expect to establish a firm position as a global platform that leads the security token industry by combining Mirae Asset Securities' financial expertise with SK Telecom's ICT capabilities and service operation experience,” said Ahn In-seong

Industry March 30, 2023

Trade, Industry and Energy Minister Lee Chang-yang pledged to make Korea a top investment-friendly country in the world during the 5th AmCham Doing Business in Korea Seminar 2023 held at the Grand Hyatt Seoul on Wednesday. “Through various efforts such as establishing a support system for boosting corporate investment and attracting foreign investment, the Korean government will make Korea a country where global companies can boldly plan future investments,” Minister Lee said during

Industry March 29, 2023

Last Sunday in Seoul’s bustling Hongdae district, a couple in their 20s walked into a crowded Baskin Robbins store, and inquired if they could pay using Apple Pay. Moments later, their payment went through and their faces beamed with joy. “The hype was real. It (Apple Pay) is so fast and convenient. We are addicted to the ‘ding’ sound that we hear when the payment goes through on Apple Pay,” the couple said. Apple Pay made its official debut in Korea on March 21, al

Industry March 28, 2023

The Korean trade lobby group on Tuesday warned that Korea's trade deficit could expand by up to $41 billion by the end of the year in the worst-case scenario. If South Korea's export slump persists until the end of the year, Korea International Trade Association sees that the annual export volume could fall by up to 8 percent as well. "While the automotive, shipbuilding and petroleum industries are expected to recover after the second quarter, the semiconductor, computer and dis

Industry March 28, 2023

Hana Financial Group Chairman Ham Young-joo on Monday hinted at adjusting interest rates as part of efforts to ease the growing financial burdens of customers. Ham, at a meeting with executives across affiliates to mark his first anniversary in office, emphasized the need to thoroughly review the system that determines interest rates and fees for financial products. He also urged executives to be more flexible in reviewing interest rate reduction requests from customers and to preemptively tac

Industry March 27, 2023

The state-run trade promotion agency, Kotra, held a Global Logistics Investors Roundtable event to boost global logistics firms’ investments in Korea, and especially Busan, at the Westin Josun Seoul on Thursday. The event was organized jointly with the Busan Port Authority and the Busan-Jinhae Free Economic Zone Authority. Nine global companies, including German logistics firms DHL Supply Chain and DB Schenker, Japan's Nippon Express and Danish shipping giant AP Moller-Maersk, atten

Industry March 23, 2023

Kyobo Life Insurance CEO Shin Chang-jae has been named as the recipient of the 2023 Insurance Hall of Fame Laureate award by the International Insurance Society, the company said Wednesday. The latest feat is especially meaningful for the 70-year-old CEO as he follows in his father's footsteps to win the top industrial honor. His late father Shin Yong-ho was the founder of Kyobo Life, and won the same award in 1996. The company said it is the first case that both a father and son have bee

Industry March 22, 2023

Global tech giant Apple kicked off its mobile payment service Apple Pay in Korea on Tuesday, with more than 170,000 iPhone users rushing for registration earlier in the day. “We're so thrilled to bring Apple Pay to our users here in Korea with Hyundai Card as our first issuer,” Duncan Olby, who is in charge of Apple’s digital wallet services outside America, said in a press conference held at the Hyundai Card Understage in Itaewon, central Seoul. “Users can start p

Industry March 21, 2023

This is the third installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. IBK Bank Indonesia, buoyed by upbeat sales in recent years, is now ready to focus on a burgeoning niche in the largest economy in Southeast Asia -- loans for small- and medium-sized enterprises. “We aim to innovate the corporate finance market in Indonesia by using Korea&rsquo

Industry March 20, 2023