South Korean IT solutions and services provider 3K Group has opened a research center to further its research and business in AI, big data and blockchain. According to the company, the “3K AI Center,” a four story building located in Jamsil, southeastern Seoul, will play a key role in leading the company’s research and development. “The AI center is a stepping stone for enhancing efficiency in ...

The country‘s second-largest carmaker Kia said Monday it will invest 10 billion won ($8.7 million) into local fintech company Bank Salad in a bid to set foot in the mobility data business. Through the investment, Kia seeks to forge a partnership with the fintech firm to develop data technology for the mobility industry such as open data platform for cars and connected cars. They plan to launc...

Buyers’ sentiment for Seoul apartments hit its highest point in five months this week, despite the government’s tightening measures, data showed Friday. According to the Korea Real Estate Board, an index gauging the balance between supply and demand for homes surged by 0.3 point this week, from 107.6 to 107.9. When the index exceeds 100, demand for homes is stronger than the supply available in...

The number of subscribers to Kakao Pay Securities, the brokerage arm of mobile messenger giant Kakao, surpassed the 5 million mark as of July, 17 months since its inception, the company said Friday. The number is equivalent to one-fifth of the 28 million South Koreans who are economically active, it added. According to the Korea Financial Investment Association, the number of accounts used for ...

Insurance companies, typically some of the most conservative firms in finance, are rolling out subscription services and setting reasonable payment terms to meet the needs of young Koreans in a bid to secure future customers. Hanwha Life Insurance said Thursday it has launched three subscription insurance products. Unlike other insurance products that dole out money only when customers are decea...

Despite the fourth wave of the COVID-19 pandemic striking a blow to the South Korean economy, global credit appraiser S&P Global Ratings said it would keep the country’s economic growth rate outlook for 2021 and credit rating unchanged, citing robust exports. The agency projected Asia’s fourth-largest economy to grow 4 percent and kept the credit rating at AA, same as estimates from last month a...

Global credit card giant Visa has appointed Patrick Storey, former chief operating officer of consulting and analytics business, as the new head of its overseas unit covering South Korea and Mongolia. He replaces Patrick Yoon, who had led Visa‘s Korea and Mongolia operations since 2018. Joining Visa in1996, Storey worked in the risk management, operations and sales departments in global and reg...

Mid-sized local cryptocurrency exchanges in Korea are shutting down as the country’s finance regulator has caught some of their illegal activities recently, and stricter regulations are to be implemented to allow their business operations, industry sources said Sunday. According to the sources, the 11 exchanges that have used fraudulent collective accounts will most likely close business as Fina...

Hyundai Capital Services, the country’s leading auto financing company, said Sunday that it launched an online knowledge sharing platform for its global entities to share new strategies and up-to-date progress of product development. The “Online Knowledge Sharing Platform,” which to be developed into a global product hub, will help global entities to share product strategies, experiences and kno...

‘Vacance-at-home’ in style At-home vacations, however, require a bit of effort to create that right, extra fancy “vacance” mood. Vacationers can’t light up a fire for barbecues inside a residential unit, but they can cook meat with a small, electric-powered grill at a veranda with windows open. Decorating the dead space, usually used for plants and extra storage, with outdoor furniture and arti...

Despite a gloomy outlook on emerging countries’ equity market due to the pandemic impact and corporate regulations hindering growth, prospects for South Korea remain positive, driven by quality companies’ exceeding performance on long-term growing industries, an analyst at global asset management firm AllianceBernstein said Tuesday. “Korea is quite sensitive to global growth. Since global growth...

Crowdfunding platform Wadiz said Monday it has completed a organization overhaul by spliting the company into two entities in charge of financial and non-financial businesses to transform itself into a platform directly linking consumers and startups, both online and offline. Following the revamp, the parent company Wadiz Co Ltd. will be in charge of non-financial business while the subsidiary c...

The state-run Export-Import Bank of Korea said Sunday it will invest 100 billion won ($87 million) in future mobility businesses to ensure local firms can gain an upper hand in those fields amid a rapidly changing global market. The areas it will allocate investments include electronic, hydrogen-fueled or automatic driving cars, urban air mobility, eco-friendly vessels and aerospace craft. The l...

Departing from the cattle field, young investors also seek profits in rare luxury goods. Although it is difficult to purchase watches that can cost more than 20 million won on their paychecks, investing in an item partially is possible. Piece is a local platform that seeks fun in investing by providing profit opportunities in Rolex watches. It combines a variety set of Rolex pieces and gathers i...

While emptying her desk on her last day at the office, Kim Young-sun, 46, recalls the day 18 years ago when she started working at a bank in Seoul. She built her career mostly in retail finance, except for a brief assignment in corporate banking. Management began imposing a heavier workload on bankers in recent years while strictly assessing performance, she said. The stress of that accompanied...