Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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IT industry watches for fallout on blockchain due to cryptocurrency bans
Local IT firms and academics raised concerns on Friday that the government crackdown on cryptocurrency trading may adversely affect the blockchain sector, the core technology of such transactions.The justice ministry on Thursday moved in on the virtual currency market that has become overly speculative, with regulators currently unable to keep pace with developments in areas such as security against hacking, money laundering and other potential abuses. The ministry said it will legislate bans on
Jan. 12, 2018
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Main opposition slams gov't over cryptocurrency policy confusion
The main opposition Liberty Korea Party on Friday criticized the government for confusion in its approach to curb cryptocurrency trading, citing it as a sign of policy ineptitude. On Thursday, Justice Minister Park Sang-ki said the government is working on legislation that includes a complete shutdown of all virtual currency exchanges in the country. But the presidential office Cheong Wa Dae said later that no decision has been made yet over the shutdown, amid growing complaints from disgruntled
Jan. 12, 2018
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'Banning cryptocurrency exchanges needs more consultations'
Finance Minister Kim Dong-yeon said Friday that relevant ministries need to hold more consultations over the justice ministry's plan to ban cryptocurrency exchanges, but the government will continue to take actions against speculative investment in virtual coins. The remarks by Kim came a day after Justice Minister Park Sang-ki told reporters that the ministry is preparing for a bill to ban cryptocurrency exchanges at home. "The issue of shutting down (cryptocurrency) exchanges, t
Jan. 12, 2018
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Woori Bank to partially restrict services during Lunar New Year holiday
South Korea’s Woori Bank announced Wednesday a temporary restriction on use of its debit cards and other services for the Lunar New Year from Feb. 15 to Feb. 18, via its official homepage. The local bank apologized for the inconvenience. The restriction on Woori debit cards will begin at 12:01 a.m. Thursday, Feb. 15 and prolong until 11:59 p.m. on Sunday, Feb. 19. Woori Bank added that customers will still be able to use their credit cards, but not debit cards. Also, long- and short-
Jan. 11, 2018
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Cryptocurrencies plunge upon Seoul’s ‘all-out ban’ warning
Cryptocurrency markets at home and abroad responded quickly and radically Thursday on signals by South Korea’s Ministry of Justice that it would seek to shut down all exchanges for digital assets.In a press conference Thursday, Justice Minister Park Sang-ki said the government was drawing up a bill against overheating in the virtual currency market, perhaps even intending to ban cryptocurrency trades in Korea completely. “Cryptocurrency trade in Korea is similar to speculation
Jan. 11, 2018
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Korea unveils plans to prop up second-tier stock bourse
South Korea unveiled Wednesday plans to prop up the tech-heavy Kosdaq bourse by giving tax relief to investors, creating new composite stock market indexes and lowering the entry barrier for firms to go public on the market. The measures, released by the Financial Services Commission, aim to stimulate venture firms’ growth in line with the Moon Jae-in administration’s policy direction and the market itself suffering from the flight of powerhouses, such as Kakao and Celltrion, seeking
Jan. 11, 2018
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Korea’s crackdown on cryptocurrency sparks backlashes
The South Korean government’s recently accelerated moves to put the brakes on the heated cryptocurrency market has been triggering fierce reactions from investors here, with some even calling for the dismissal of top financial policymakers.Authorities here have been intensifying their warnings, the latest coming from the Justice Ministry, which said Thursday the government was mulling a bill to ban cryptocurrency trading.On Wednesday, the National Tax Service conducted on-site investigatio
Jan. 11, 2018
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Regulators inspect virtual bank accounts for corporate customers
South Korea’s financial regulators have inspected banks that have opened virtual accounts for corporate customers amid concerns that such accounts could be exploited as a loophole to attract new investors for cryptocurrencies, an official said Wednesday. Regulators have banned banks from offering virtual accounts, which are needed to sell or buy cryptocurrrencies, to individual customers, in the latest measure to help prevent speculative investment for virtual coins. However, virtual bank
Jan. 10, 2018
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[Herald Interview] ‘Crypto crackdown to adapt to changing tides’
South Korea has for weeks ramped up pressure on the local cryptocurrency industry through a pangovernmental body that includes the Prime Minister’s Office, Justice Ministry, financial authorities and police, among others. Following the move, Korea has imposed a ban on non-real-name transactions and trading by foreigners and minors. Last year, initial coin offerings were also forbidden. Moreover, financial watchdogs are inspecting commercial banks -- within their control -- for failing to p
Jan. 10, 2018
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Top financial regulator calls on banks to ‘gate-keep’ cryptocurrency craze
South Korea’s top financial regulator on Monday called on banks to act as “gatekeepers” in monitoring cryptocurrency-related transactions, elaborating on the need to set off a nationwide survey Monday on banks that have provided virtual accounts for the transactions. “Concerns are rising as banks have kept mum about money flows for illegal use, instead of taking the role of gatekeepers,” said head of the Financial Services Commission Choi Jong-ku in a press conferen
Jan. 8, 2018
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Kakao Bank denies opening business to corporations
Kakao Bank, South Korea‘s leading direct bank by transaction volume, denied news reports Monday that it is looking to turn to corporations to diversify its customer group, currently solely composed of retail customers. Earlier Monday, the online-only bank was reported to have revised its terms and conditions in December to allow for business entities to open checking accounts through its mobile platform, with interest rates settled quarterly. Kakao Bank said Monday the revision was meant t
Jan. 8, 2018
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Banks likely to tighten screening for household loans in Q1: BOK
Banks in South Korea are likely to tighten their rules on household loans in the first quarter of this year amid a recent trend of rising interest rates, central bank data showed Monday.The overall index measuring banks' "attitude" toward extending loans to households came to minus 13 for the January-March period, compared with minus 17 a quarter earlier, according to data by the Bank of Korea (BOK).A reading below zero means banks will implement tougher screening for household loans,
Jan. 8, 2018
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Financial firms await leadership changes, extensions
After reeling under a series of corruption scandals last year, South Korea’s major financial institutions are to carry out a leadership reshuffle and corporate governance restructuring this year.While some quickly rounded off their leadership shakeout before the start of the new year and moved on to practical goals such as measures for digitalization and the incoming key interest rate hike, others have yet to complete leadership changes or reappointments.One of them is Hana Financial Group
Jan. 7, 2018
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Authorities to inspect virtual cryptocurrency accounts at banks
A special investigation will be implemented on virtual accounts used for cryptocurrency deals, as part of the government’s recent pledge to crack down on excessive speculations, officials said Sunday.The Financial Services Commission-affiliated Korean Financial Intelligence Unit and Financial Supervisory Service will jointly lead the inspection of six major banks, starting from Monday. The corresponding banks are KB Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of
Jan. 7, 2018
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[Monitor] More teens inherit over 100 million won
The number of donees who had reported gift taxes upon receiving at least 100 million won ($94,000) as of 2016 surpassed 50,000, increasing 21 percent from the previous year, data from the National Tax Service showed.By age, most, or 14,840, were in their 40s, followed by those in their 50s and 30s.By rate of increase, the number of those aged 10-19 who inherited 100 million won or more shot up 31 percent. A total of 715 aged under 10 were in the group as well, up 11 percent from 2015.Industry wa
Jan. 7, 2018
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[Kosdaq Star] Ubiquoss makes V-shaped recovery on 5G impetus
This is the 48th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.South Korea announced in October last year the upcoming PyeongChang Olympic Winter Games will become the test bed for the nation‘s first fifth-generation network. The news triggered anticipation for the hyper-connectivity -- or connectivity between humans and things -- powered by what would roughly be 10 times faster than 4G long-term evolution standard in the country that boast
Jan. 7, 2018
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KTB on track of leadership shift
South Korean brokerage KTB Investment & Securities is on track for a transition in leadership to incumbent Vice Chairman Lee Byung-chul, in the wake of a series of scandals involving Chairman Kwon Sung-moon. Lee, 48, announced Tuesday in a regulatory filing that he would exercise his right of first refusal on 18.76 percent of shares worth 66.2 billion won ($62.2 million) in the securities firm, which the 55-year-old Kwon waived in December 2017. By exercising the right, Lee can purchase or p
Jan. 3, 2018
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Don Tapscott to speak at blockchain conference in Seoul
Don Tapscott, a Canadian best-selling author and founder of Blockchain Research Institute, will speak at a blockchain conference slated for Jan. 17 in Seoul, according to an industry source Wednesday. The event, titled “Blockchain Revolution: Convergence with Traditional Economy,” will take place at Seoul Dragon City in Yongsan, central Seoul. Tapscott, co-author of “Blockchain Revolution,” last visited Korea in late October last year. Swiss blockchain tech sta
Jan. 3, 2018
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Banking groups vow digital innovation in 2018
South Korea’s leading banking groups on Tuesday vowed to achieve innovation in the digital finance sector this year, seeking to vie with burgeoning financial technology rookies and internet-only banks. KB Financial Group, the nation’s top banking group by market capitalization, said that it would become the industry’s “first mover” by incorporating new digital technology and co-working with fintech startups.“We shall build a new KB-centered financial ecosystem
Jan. 2, 2018
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[Herald Interview] Robo adviser quenches thirst of retail investors: Newsystock
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the seventh installment. — Ed.Securities firms in South Korea have for the past few years joined the race to lower commission fees -- to nearly zero -- to draw in more retail investors. But to Ryan Moon, co-founder of Korea’s first robo adviser-powered investment service provider Newsystock, such an approach is off the point, as increasingly sophisticated retail investors here
Jan. 2, 2018