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Trump’s bid to make the US 'crypto capital': Is South Korea ready?
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Use of facial recognition grows in Korean finance, with Toss in lead
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New and veteran chiefs of NongHyup, Hana take charge amid industry headwinds
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Hana Financial posts record W3.7tr earnings in 2024
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KB Financial logs industry's first W5tr annual earnings
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[Herald Interview] Pump Space to take meme coins to next level
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Use of facial recognition grows in Korean finance, with Toss in lead
Facial recognition is gaining traction in South Korea’s finance sector, with fintech giant Toss at the forefront of efforts to bolster security amid the rise of mobile finance. Viva Republica, operator of the mobile finance platform Toss, is rolling out its facial recognition service in partnership with online ticketing platform Interpark Triple and K-pop powerhouse Hybe this month. Toss' "Face Pass" technology will be used for identity verification at boyband TWS' fan meeting, allowing attendee
Feb. 6, 2025
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KB Financial logs industry's first W5tr annual earnings
KB Financial Group cemented its market dominance in 2024, becoming the first local financial firm to surpass 5 trillion won ($3.5 billion) in annual earnings. The company reported a net profit of 5.08 trillion won last year, up 10.5 percent from 4.59 trillion won in 2023, passing the 5 trillion won milestone ahead of any other Korean banking giant. Fourth-quarter net profit came in at 683 billion won. The group cited growth in non-banking revenue as driving the strong performance. KB Securities
Feb. 5, 2025
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Kakao Bank hits record earnings in 2024 on non-interest growth
Kakao Bank reported record earnings on the back of higher non-interest income, the internet-only lender said Wednesday in a regulatory filing. Net profit climbed 24 percent on-year to 440.1 billion won ($303.8 million) in 2024, the highest since its launch in 2017. Operating profit jumped 26.8 percent to 606.9 billion won. In the fourth quarter, net profit stood at 115 billion won, while operating profit came to 84.5 billion won. The robust performance was driven by a surge in non-interest incom
Feb. 5, 2025
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Hana Financial posts record W3.7tr earnings in 2024
Finance giant to repurchase largest-ever 400 billion won in treasury shares to boost shareholders' return Hana Financial Group on Tuesday reported a record net profit of 3.74 trillion won ($2.56 billion) in 2024, marking an increase of 317.1 billion won, or 9.3 percent from the previous year. The figure includes a fourth-quarter net profit of 513.5 billion won. The group attributed its strong performance to an expanding customer base, higher fee income from a diversified revenue portfolio and pr
Feb. 4, 2025
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Trump’s bid to make the US 'crypto capital': Is South Korea ready?
From national bitcoin reserves to CBDC abolition, unlocking Trump’s crypto promises and their implications for Korea Four days into his second term, US President Donald Trump issued an executive order on Jan. 23 to promote cryptocurrency, triggering delayed excitement within the industry and propelling bitcoin back to its previous record high. The order largely reiterates Trump’s pro-crypto stance, including calls for the creation of a presidential working group to shape policy and halting the e
Feb. 2, 2025
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New and veteran chiefs of NongHyup, Hana take charge amid industry headwinds
Lee Chan-woo takes the helm at NongHyup Financial; Ham Young-joo secures second term at Hana Former top policy official Lee Chan-woo is taking office as the new chairman of NongHyup Financial Group on Monday, while Hana Financial Group Chairman Ham Young-joo will begin his second term in March. Both leaders face mounting challenges, from fortifying internal controls to enhancing shareholder value, as South Korea’s banking sector navigates a turbulent landscape. Industry reports indicate that Lee
Jan. 31, 2025
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[Herald Interview] Pump Space to take meme coins to next level
Within a day of their launch, US President Donald Trump and his wife Melania Trump’s meme coins, $Trump and $Melania, respectively, surged to the top of global cryptocurrency charts, amassing billions of dollars in value. Despite having essentially no economic utility, due to volatility and a lock-up period, Trump’s namesake tokens gained significant value, fueled by preinauguration buzz and the strong political message the self-styled "crypto president" sought to project, according to Yoo Jin-s
Jan. 31, 2025
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Korea’s growth slumps to 0.1% in Q4, 2% for 2024
South Korea’s economy limped to a 0.1 percent quarterly growth rate in the final quarter of 2024, bringing full-year growth to a disappointing 2 percent, according to the Bank of Korea on Thursday. The fourth-quarter gross domestic product growth, sharply downgraded from the central bank’s earlier forecast of 0.5 percent -- and even lower than the 0.2 percent projection made by BOK Gov. Rhee Chang-yong last week -- underscores the major economic challenges ahead for the country amid the continui
Jan. 23, 2025
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[Photo News] Expat banking in Gimhae
Shinhan Bank has opened a branch dedicated to serving foreign customers in Gimhae, South Gyeongsang Province. The branch integrates an "operational office," where customers can efficiently handle key financial tasks -- such as account opening, international remittances and document updates -- through in-person consultations, with a "digital lounge" offering video chat consultation services tailored to foreign customers. Prioritizing areas with low financial accessibility for foreigners, Shinhan
Jan. 22, 2025
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Stock market reform plan aims to tighten delisting rules
South Korea’s financial authorities are streamlining delisting processes and expanding mandatory holding commitments for institutional investors to curb market distortion from short-term trading in initial public offerings. A set of reforms was announced at a seminar on stock market listing and delisting held Tuesday in Seoul by the Financial Services Commission, Financial Supervisory Service, Korea Exchange, Korea Financial Investment Association and Capital Market Institute. The reforms were i
Jan. 21, 2025