Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
Kakao, Shinhan dive into online, mobile insurance market to lure millennials, Gen Z
South Korea’s tech giant Kakao and financial giant Shinhan are set to launch online- and mobile-only insurers by next month to attract millennial and Generation Z customers with affordable and simple products. Kakao’s mobile payment arm, Kakao Pay, is slated to launch its first general insurance unit called Kakao Pay Insurance in July, adding competition to the online-only insurance market here currently dominated by three existing insurers – Kyobo Life Planet, Hana Insurance
Market June 12, 2022
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Yoon’s picks for top financial officials face backlash
President Yoon Suk-yeol’s nominations to lead the nation’s top financial regulators have been met with skepticism, as critics say there have been too many prosecutors named already. Yoon, who has appointed several former prosecutors as Cabinet members, appointed an ex-prosecutor to lead the Financial Supervisory Services on Tuesday. Another former prosecutor had been mentioned as a candidate to head the Fair Trade Commission the same day. But the president’s office tweaked th
Market June 8, 2022
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Top banker tapped as policy coordination chief, ex-prosecutor as new market police head
President Yoon Suk-yeol on Tuesday named Bang Moon-kyu, CEO of the state-run Export-Import Bank of Korea, to be in charge of government policy coordination, and former prosecutor Lee Bok-hyun to lead Korea’s market watchdog, the Financial Supervisory Service. The president also appointed Kim Joo-hyun, chairman of the Credit Finance Association as chairman of the Financial Services Commission, a top financial policymaking unit, and Kang Seog-hoon, former presidential secretary for economi
Market June 7, 2022
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Investment banks cut Kospi targets amid high inflation
Major foreign investment banks have revised down their targets and ratings on South Korea’s benchmark Kospi, which has been coping with market volatilities stemming from growing inflationary pressure and the prolonged Russia-Ukraine War. Japan-based Nomura Securities lowered its investment rating on the Korean market from “overweight” to “neutral” last week, suggesting investors to hold and not buy shares. Nomura cited the recent slowdown in the expansion of the
Market June 6, 2022
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KB Chairman, UK deputy minister discuss net-zero partnership
KB Financial Group Chairman Yoon Jong-kyoo and the UK Department for Business, Energy & Industrial Strategy’s Deputy Minister Garry Grimstone discussed partnership in achieving net-zero carbon emissions and green investment, the South Korean bank said Friday. In the meeting held Friday, Grimstone called for KB’s active cooperation with UK businesses in investment of renewable energy, according to the firm. He noted the growing importance of renewable energy in achieving the join
Market June 3, 2022
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[Newsmaker] KB raises awareness of saving bees for World Environment Day
KB Financial Group said Friday it had produced and launched a video highlighting the impact of the declining bee population on the environment for the upcoming World Environment Day. The video titled “Warning of the Bees” portrays how climate change and excessive exposure to pesticides threaten the existence of bees, as well as the alarming consequences for humanity. It also paints the stories of people contributing to the effort to revive the bee population. The video is part o
Market June 3, 2022
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Talks for alternative trading system gain steam
South Korean brokerages’ yearslong plan to launch the first alternative trading system here has entered a new phase, with more companies expressing support and the exchange’s ownership structure getting clearer, media reports said Thursday. According to local reports, 30 small- and medium-sized brokerages have expressed willingness for the first time to use the ATS, if launched, to the ATS task force. The task force is led by the Korea Financial Investment Association, a self-regu
Market June 2, 2022
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Single-person households spend most on housing, utilities
Housing-related expenditures such as rent, water, electricity and gas accounted for the largest part of a single-person households’ spending in South Korea, government data showed Wednesday. For the first three months of this year, single-person households spent a monthly average of 300,000 won ($241.74) on housing-related expenditures, accounting for 20.5 percent of their total average monthly spending, a Statistics Korea data showed. Their total average monthly spending came to 1.46 mil
Economy June 1, 2022
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Fake crypto exchange operators arrested for duping victims out of W1.7b
Four people have been arrested for scamming a total 1.7 billion won ($1.3 million) out of investors who transferred money on a fake cryptocurrency exchange, South Korean police said Tuesday. The four, recently taken into police custody, are suspected of operating the fake crypto exchange that tricked investors into thinking they were actually trading coins and gold. More than 20 investors saw losses after the scammers told them they were unable to return their investments due to the coins&rsquo
Market May 31, 2022
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Terraform Labs Korea dissolved in 2021, allegedly to evade taxes
Terraform Labs, the Singapore-based company behind the troubled coins terraUSD and luna, had shut down its South Korean branch last year to allegedly evade paying taxes, local news reports showed Monday. Reports also found that the company technically dissolved its South Korean branch months before the shutdown was officially announced. Despite recent court documents showing the blockchain company’s decision to officially shut down its Korean branch through a shareholders meeting held Apr
Market May 30, 2022
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Remote work tests S. Korea's corporate hierarchy, culture
Behind South Korea's rapid industrial growth was a military-like corporate culture that united workforces for a shared goal: the company's success and my family‘s well being. The mantra “your company is your family” propelled the tremendous drive toward economic prosperity but also gave validity to tough corporate culture and hierarchy. The decades-old corporate culture, however, is now being forced to change for a new generation of the workforce who finds daily 9-to-6 office h
Industry May 29, 2022
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S. Korea ramps up action against terraUSD, luna crisis
South Korean authorities and major cryptocurrency exchanges are cranking up the heat on controversial “stablecoin” terraUSD and its sister luna over its price fall fiasco, with the prosecution launching a crackdown on the case, reports said Sunday. Major crypto exchanges here are planning to form a joint body that would help them counter crises like the collapse of the terraUSD and luna, which caused some 280,000 Korean investors to see almost $38 billion wiped out from their balanc
Market May 29, 2022
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BOK raises its interest rate to 1.75% to curb inflation
South Korea’s central bank on Thursday raised its benchmark interest rate by a quarter percentage point to 1.75 percent and hinted at further rate hikes to come to fend off the country’s highest inflation spike in 14 years. In the first rate-setting meeting presided by the new Bank of Korea Gov. Rhee Chang-yong, the six-member monetary policy board unanimously voted to carry out its fifth pandemic-era rate hike since August last year, when it decided to end 15 months of its record-l
Economy May 26, 2022
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Korbit delists luna, vows to use transaction fees for customer protection
Korbit, one of South Korea’s top four cryptocurrency exchanges, has decided to delist luna, the sister coin of controversial stablecoin terraUSD, on Wednesday, following in the steps of other top platforms such as Bithumb and Upbit. The decision comes a day after chiefs of major crypto exchanges here were criticized by lawmakers for their “uncoordinated” response towards the price fall fiasco of terraUSD and luna. The exchanges failed to coordinate when to delist luna, with
Market May 25, 2022
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[단독] 美 첫 ‘K팝 ETF,’ 방탄 하이브 주식으로 10% 구성
미국에서 출시될 예정인 한국 엔터테인먼트 주가를 추종하는 상장지수펀드인 ‘케이팝 (KPOP) ETF’ 가 추종하는 지수의 10%는 방탄소년단 소속사 하이브 주식으로 담기로 했다. 24일 한 업계 관계자는 코리아헤럴드와 만나 현재 해당 ETF의 지수 설계를 담당한 한국 콘텐츠 지식재산권 기업 콘텐츠 테크놀로지스가 구성 종목의 10%를 하이브 주식으로 편성할 것이라고 밝혔다. 관계자는 “해당 ETF는 패시브 ETF이기에 수익률을 달성하도록 운용하지만 그만큼 변동성이 적은 편이다”면서 “하이브 시총이 9조 정도지만 패시브 ETF로 운용되기 때문에 20-30% 대신 한도가 적용된 10%로 구성될 것”이라고 말했다. 케이팝 ETF는 미 증권거래위원회 (SEC)의 심사를 받고 있으며, 콘텐츠 테크놀로지스는 7월 상장을 목표로 하고 있다. 해당 ETF가 미 증권거래위원회의 승인을 받으
한국어판 May 24, 2022
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