Commercial banks in South Korea are slated to cut back on business hours in line with the highest social distancing rules of Level 4, according to the Korea Federation of Banks on Friday. Local bank branches will adjust their operating hours to between 9:30 a.m. to 3:30 p.m, from the current 9 a.m. to 4 p.m, to combat the rapid spread of the novel coronavirus and its delta variant, officials sai...

Local lenders have decided to stop providing access to customers looking for fractional art ownership via a mobile application after facing regulatory hurdles, according to sources Thursday. Shinhan Bank recently notified customers that it will terminate its service partnership with Seoul Auction Blue, an online auction house that sells contemporary paintings, art toys and luxury goods, from J...

Bithumb, one of South Korean major cryptocurrency exchanges, will stop accepting registrations of overseas users and block access from traders in four more countries that have been added to a money-laundering watch list. The cryptocurrency exchange will no longer receive applications for trading from overseas users starting 3 p.m. on Aug. 13. The same rule will be applied to foreign citizens in ...

BEIJING (AFP) -- China's central bank warned companies on Tuesday against assisting cryptocurrency-related businesses as it shut down a software firm over suspected involvement in digital currency transactions. Beijing has turned a sharp eye on cryptocurrency in recent months as it widens its regulatory crackdown on the tech sector. Cryptocurrency trading is banned in China, and authorities hav...

Jungheung Group said Tuesday it would advance the real estate development prowess of Daewoo Engineering & Construction, as the conglomerate aims to complete the acquisition of the South Korea‘s sixth-largest construction company within this year. Once the proposed acquisition is complete, the Gwangju-based builder dedicated to housing construction, civil engineering and real estate development, ...

The remark came after the consortium, composed of Jungheung and investment bank Mirae Asset Securities, submitted a letter of intent to participate in the bid. Daewoo E&C has been effectively under the control of the state-run Korea Development Bank since Daewoo Group disbanded in 1999. Kumho Asiana Group, the former owner of the nation‘s second-largest air carrier Asiana Airlines, controlled Da...

More Korean institutional investors lower bond exposure, turn to alternative assets as policy normalization talks crystalize

Visang Tax and Pharos Consulting signed a memorandum of understanding to work together to help taxpayers protect their rights by checking whether they have overpaid taxes, at a ceremony held in Seoul on Thursday. The agreement involves a measure called “claim for reassessment” and the two firms plan to run a one-stop service in which clients from conglomerates, small and medium-sized enterprises...

From metaverse to digitalized financial products, bankers explore virtual world to woo future money makers

South Korean stocks are likely to rebound next week, as optimism for strong corporate earnings is expected to buffer growing virus concerns, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 3,281.78 points on Friday, down 0.64 percent from a week ago. The KOSDAQ closed the week at a 52-week high for the second consecutive day at 1,038.18 points. The country's vi...

Korea Investment Corp., South Korea‘s sole sovereign wealth fund, pledged to increase its exposure to alternative assets to 21 percent by 2024, from 16.1 percent as of May 2021, its Chief Executive Officer Jin Seung-ho told reporters Thursday. The institutional investor, managing $183.1 billion in assets as of end-2020, aims to maximize its long-term expected return by capitalizing on the risk o...

A top financial regulator called Thursday for banks to minimize "unnecessary" household loans as policymakers warn of growing financial imbalances amid a surge in home prices. Eun Sung-soo, chairman of the Financial Services Commission (FSC), made the remarks at a meeting with chief executives of 13 banks earlier in the day. Eun's remarks also came as the Bank of Korea has hinted that it could ...

JB Financial Group on Thursday laid out mid-and long-term strategies to step up its sustainable business management focused on environmental, social and corporate governance values. In a statement, the holding group of Jeonbuk Bank and Kwangju Bank introduced its ESG goals under a new company vision titled “Marching toward a better future with JB Financial.” The company will strive toward adopt...

Seoul-based financial technology startup Tru Technologies said Wednesday it raised series A investment worth $3.1 million from Korean investors. Joining the latest round were Hana Financial Investment, Hanwha Investment & Securities, KB Investment, Kiwoom Investment, Korea Growth Investment Corp., Shinhan Capital and Stonebridge Ventures. The fundraising comes in line with the growth of its ele...

SK Inc. said Wednesday that its board had approved an initial public offering of its wholly-owned subsidiary SK REITs in the second half. This opens doors to SK REITs' plan to raise 231.2 billion won ($204.3 million) from the IPO, or 5,000 won apiece, as suggested in the prospectus earlier this month. Korea Investment & Securities, Samsung Securities and SK Securities will be underwriters of the...