Articles by Choi Si-young
Choi Si-young
siyoungchoi@heraldcorp.com-
Top policymaker vows oversight of data monopoly by fintech firms
South Korea’s top financial policymaker said Thursday that he is seeking to work with other government bodies to prevent monopolistic practices by big tech companies holding vast amounts of personal data while promoting financial companies’ investment in financial technology. The remark came amid growing concerns over the market dominance of Naver Financial and Kakao Pay -- the fintech services offered by the country’s largest internal portal and messenger app operator,
Economy Dec. 9, 2021
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Stock rebounds signal recovery from omicron scare: analysts
South Korean stocks rebounded Wednesday on foreign buying amid growing hopes that the omicron variant would not derail a global economic recovery. Analysts in Seoul also said that stocks will shake off their pandemic-caused weakness early next year when supply disruptions are resolved. The main benchmark Kospi closed at 3001.80, up 0.34 percent from a day earlier, surpassing the 3,000-mark again for the first time since Nov. 24. The junior tech-heavy Kosdaq closed at 1006.04, up 0.94 percent f
Market Dec. 8, 2021
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Krafton to lead W13b investment in Middle East mobile game publisher
South Korea’s Krafton, the company behind megahit video game PlayerUnknown’s Battlegrounds, said Tuesday it would help secure investment of 13 billion won ($11 million) for Tamatem, a leading mobile game publisher in the Middle East and North Africa. The Korean game developer, which has already invested 7 billion won in the Jordan-based publisher, will work with investors like Venture Souq and Endeavor Catalyst to deliver the funding. Tamatem is one of the three major publishers in
Industry Dec. 7, 2021
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Mirae Asset names first non-family chairman
Mirae Asset Securities said Monday that executive vice chairman Choi Hyun-man will take over the brokerage firm as chairman in what will be the company’s first move to tap a non-family member chief since it became the largest South Korean brokerage in 2016 when it merged with Daewoo Securities. Choi, a founding member of Mirae Asset Securities when it was set up in 1999, has been CEO at a number of key affiliates of Mirae Asset Financial Group, which along with brokerage provides comprehe
Market Dec. 6, 2021
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S. Korea, ASEAN to ease customs checks amid pandemic
South Korea and the Association of Southeast Asian Nations have agreed to cut red tape in customs checks to boost trade, until they see the coronavirus pandemic subside, Korea’s Finance Ministry said Monday. Copies of a product’s certificate of origin will now be accepted for tariff cuts guaranteed under their free trade agreement that took effect in June 2007. The original certificates had been shipped late because of the pandemic. “Nearly 40,000 Korean firms exporting to AS
Economy Dec. 6, 2021
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[Global Finance Awards] Shinhan Financial Group leads ESG investment trend
Shinhan Financial Group, South Korea’s second-largest financial company by market capitalization, is the first financial services firm in East Asia to have openly committed to carbon neutrality by 2050 -- a bold step in the global race to expand environmental, social and governance investment. “ESG investment poses an opportunity, not a risk, which means we should be able to take advantage of it,” Shinhan Chairman Cho Yong-byoung said, describing ESG investment as a vaccine th
Economy Dec. 6, 2021
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SK, Swedish private equity chiefs discuss future industries
SK Group Chairman Chey Tae-won met with Conni Jonsson, founder and chairperson of Swedish private equity firm EQT Partners, and discussed expanding ties on future industries, such as green energy and health care, officials said Sunday. In the meeting held Friday in Seoul, Chey told Jonsson about the conglomerate’s efforts in reducing carbon emissions, improving transparency in governance and creating both economic and social values, they said. “South Korea is a leader in hydrogen
Industry Dec. 5, 2021
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High earners report 19% asset increase in pandemic-hit 2021
High-income households in South Korea -- those who earn between 70 million won ($59,000) and 120 million won before tax annually -- saw their assets increase by 19 percent, or 150 million won on average, from last year, a study showed Sunday. According to the study conducted by Woori Financial Research Institute, which is run by Woori Financial Group, its 4,000 clients classified as “mass affluent” saw their assets rise to 917 million won on average. The size of debt on avera
Economy Dec. 5, 2021
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Pressure builds on stock market over omicron variant, Fed warning
Growing fear over the omicron variant and sooner-than-expected tapering by the US Fed are weighing on the South Korean stock market, analysts said Wednesday, although some say it will take longer to gauge how the impact will play out here. The nation’s main bourse Kospi hit the lowest mark of the year on Tuesday, as short sellers dumped about 1 trillion won ($848 million) on the Kospi and the junior, tech-heavy Kosdaq in their second largest sell-off this year. Stocks rebounded Wednesd
Market Dec. 1, 2021
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Sovereign fund head touts ESG, impact investment
ESG and impact investment will offer a new way for investors to make financial returns while leaving a positive, social and environmental impact, and South Korea hopes to spread the practice of “responsible investment,” Korea Investment Corporation CEO Jin Seoung-ho said Tuesday. The chief of the country’s sovereign wealth fund said ESG investment, which looks at environmental, social and governance factors, and impact investment, which aims to make money and measureable socia
Economy Nov. 30, 2021
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Foreign ownership of land rises 1.3%
The total amount of land foreigners held as of June this year rose 1.3 percent, compared to December last year, to 256.7 square kilometers. That is equivalent to 0.2 percent of South Korea’s entire land area, according to the Land Ministry on Friday. The total value was 31.6 trillion won ($26.5 billion). Foreign ownership spiked in 2014 and 2015, jumping 6 percent and 9.6 percent on-year respectively, but the annual increase has remained between 1 and 3 percent since then. US nationals
Economy Nov. 26, 2021
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Export-Import Bank offers financial support to state oil firm
The Export-Import Bank of Korea said Friday that it has signed a memorandum of understanding with Korea National Oil to offer the state-run oil company financial support worth about 1.1 trillion won ($1 billion). KNOC, established in 1979 after the energy crisis in the 1970s to oversee oil storage businesses for the country, will use the fund to invest in overseas oil exploration and production, while working to find new energy sources like wind power, the company said. “We expect to cre
Economy Nov. 26, 2021
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NongHyup says virtual human ‘hired’ for digitalization
NongHyup Financial Group said Thursday that it has “hired” an artificial intelligence-powered member of staff to work along with the lender’s human staff, as part of its effort to digitize its operations and enhance the customer experience. A virtual human figure powered by artificial intelligence will assist staff at its key subsidiary NongHyup Bank from January, officials said. This is the first time a bank has officially recognized an AI machine as a member of staff, give
Economy Nov. 25, 2021
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S. Korean economy to grow 3.2% in 2022: think tank
South Korea’s economy will grow 3.2 percent next year on consumer spending and strong exports, with pandemic restrictions expected to have eased, a local think tank said Wednesday. The benchmark Kospi will also maintain its growth momentum and hit a record high, it added. “We will see a clear surge in consumer spending early next year as the coronavirus curbs are eased. … Exports will be strong, propped up by a global economic recovery,” said Jang Geun-hyuk, a seni
Economy Nov. 24, 2021
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Dutch asset manager bets on market rebound
Companies across the globe will see their earnings return to pre-pandemic levels next year and European equity markets in particular could offer good investment opportunities, Dutch insurer NN Group’s asset management arm said Tuesday. Marco Willner, head of investment strategy at NN Investment Partners, said inflation fears, along with supply disruptions and a potential energy crisis triggered by the pandemic, still pose challenges, but inflation is transitory and the global economy has
Market Nov. 23, 2021
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