Kakao Bank deepens Mongolia push with M Bank investment

Kakao Bank CEO Yun Ho-young visited Mongolia this week as part of President Lee Jae Myung's business delegation, making Kakao Bank the only commercial bank represented in the group, the bank said Friday. On Thursday, Yun attended the Korea-Mongol Business Forum in Ulaanbaatar and delivered an address titled "Beyond Banking, Into Every Life." In his speech, Yun highlighted how Korea's leading internet-only bank has driven innovation in the domestic banking industry through technology, lowering ba

2026-07-10 14:56:41:00

Hyundai Card tests stablecoin transfer for Hyundai Motor units

Hyundai Card, the card and payments unit of Hyundai Motor Group, said Thursday it has verified stablecoin-based cross-border transfers between Hyundai Motor subsidiaries in the US and Mexico. The company said it completed a proof of concept for intercompany transfers using stablecoins between Hyundai Motor America and Hyundai Motor Mexico. The test involved Hyundai Motor America converting $20,000 into stablecoins and sending the funds to Hyundai Motor Mexico, where they were converted back into

2026-07-09 14:32:31:00

Financial groups reignite race for insurance deals

South Korea's insurance merger and acquisition market is showing signs of life after years of stalled deals, as major financial groups seek to expand beyond their core businesses. Lotte Non-Life Insurance, KDB Life Insurance and Yebyeol Non-Life Insurance are all up for sale, with key bidding processes set to reach crucial stages in July and August. While the assets themselves are not new, buyer priorities have shifted. Banks are looking to strengthen nonbank earnings, securities firms want insu

2026-07-08 14:48:35:00

Seoul's 24-hour FX market gets calm debut

The won-dollar exchange rate showed limited volatility in the first session of Seoul's 24-hour foreign exchange trading system, with the newly added early-morning hours passing without sharp moves. The rate traded around 1,531 won per dollar as the newly added 2 a.m. to 6 a.m. window began, eased to the 1,529 level after 4 a.m., and returned to 1,530 by the close, according to combined data from Seoul Money Brokerage Services and Korea Money Brokerage Corp. Moves were sharper during regular Seou

2026-07-07 15:41:08:00

[Photo News] Dollar-won trading goes 24-hour

DOLLAR-WON TRADING GOES 24-HOUR An electronic board at Hana Bank's Hana Infinity Seoul dealing room shows the dollar-won exchange rate on Monday morning, the first day of Korea's 24-hour foreign exchange trading system. The shift expands dollar-won trading from the previous 9 a.m.-to-2 a.m. session to a near-24-hour structure, with trading now available around the clock except on weekends and Jan. 1. (Yonhap)

2026-07-06 15:30:28:00

[Photo News] Around-the-clock won trading

Deputy Prime Minister and Finance Minister Koo Yun-cheol (center) poses with Bank of Korea Assistant Gov. Kwon Min-soo (second from left), Hana Financial Group Chairman Ham Young-joo (second from right), Hana Bank CEO Lee Ho-sung (far right) and Finance Ministry Senior Deputy Director Moon Ji-sung at Hana Infinity Seoul on Monday as they mark the launch of South Korea's near-24-hour dollar-won trading system. The new framework extends trading hours from the previous 9 a.m.-to-2 a.m. session to a

2026-07-06 14:11:28:00

What to know about Korea's near-24-hour won market

South Korea's dollar-won spot market will move to near-24-hour trading from Monday, in Seoul's latest effort to bring more won trading onshore and open up one of Asia's most tightly managed currency markets. The shift is expected to improve foreign investors' access to won trading and reduce reliance on offshore pricing. But it will also test whether Korea's onshore market has enough overnight liquidity to absorb global shocks smoothly. Here is what to know about the key changes, expected benefi

2026-07-05 15:11:51:00

OECD calls for tax overhaul as Korea ages

South Korea needs stronger fiscal rules, a broader tax base and deeper structural reforms to prevent rapid aging from pushing public debt onto an unsustainable path, the Organization for Economic Cooperation and Development said Thursday. "Without action, the cost of aging will put debt onto an unsustainable path," Douglas Sutherland, head of country studies in the OECD Economics Department, said at a press briefing in Sejong. "This is not our projection — it reveals the risks of aging pressures

2026-07-02 15:11:23:00

Samsung, Shinhan join Open USD stablecoin network

Korean financial institutions have joined a global consortium backing Open USD, a new dollar-pegged stablecoin aimed at business payments and cross-border transactions. Open Standard, the independent company behind the project, said Tuesday it plans to launch Open USD later this year with support from more than 140 companies spanning payments, banking, asset management, technology and crypto. Founding participants include major global names such as Visa, Mastercard, Stripe, BlackRock, BNY, Stand

2026-07-01 15:29:41:00

Can Korea's retail investors power lasting market re-rating?

Korea's retail investors, long viewed as short-term traders in a property-obsessed economy, are emerging as a central force in the country's stock market rally. The question now is whether that money can become a stable base for a broader re-rating of Korean equities, or remain a source of volatility that keeps foreign investors cautious. Shim Jong-min, deputy head of Korea research at CLSA Securities, said the flow of household money into equities appears to be more than a simple chase for shor

2026-07-01 11:49:30:00