Bitcoin prices hit a record high on Tuesday, as US electric vehicle maker Tesla unveiled it had purchased $1.5 billion in bitcoin. Bitcoin prices inched closer to 50 million won ($44,800) each in Korean exchanges on Tuesday, while exceeding that threshold in overseas exchanges. Bitcoin in South Korean exchanges were being traded at a discount of more than 3 percent on Tuesday, due to different market environments such as regulations and trading volume.  In its latest annual report Monday

Market Feb. 9, 2021

In his early 30s, Kim Dong-joo felt no need to make more money a few years after selling his own social commerce startup to the nation’s top mobile messenger operator Kakao. The 2011 sale carried out in exchange for a huge stock option turned him into a man of fortune when Kakao made a backdoor listing after merging with then Kosdaq-listed internet portal Daum Communications in 2014. But something was missing, he said. “I lost my motivation to work because my monthly salary was i

Market Feb. 7, 2021

South Korea’s first internet-only lender, K bank, saw a hike in term deposits in January backed by new customers looking to invest in bitcoins through the online bank. Under the partnership between K bank and crypto exchange Upbit forged in June, retail investors can open a bitcoin trade account via the online lender. A bitcoin frenzy in January appears to have pushed the number of customers subscribing and depositing cash at K bank, according to market watchers. K bank’s sav

Market Feb. 4, 2021

Toss Securities, the brokerage arm of South Korea’s leading fintech startup Viva Republica, on Wednesday unveiled a mobile trading system with a goal to attract 1 million active users within the year. During the unveiling of the service which is expected to be launched later this month, Toss Securities said it plans to offer a simple and intuitive mobile trading system to grab investors who are having trouble using existing trading systems and young investors in their 20s and 30s. Toss

Market Feb. 3, 2021

Kakao Bank, South Korea’s second internet-only lender, will expand loans for those with low to moderate credit scores and make a foray into the business loan area within the year, the company’s CEO said on Tuesday. Yoon Ho-young, CEO of the lender, told reporters that loans for the low- and mid-credit borrowers will be “significantly” increased from last year’s 1.38 trillion won ($1.24 billion). The size and interest rates for such loans will be dependent on the m

Market Feb. 2, 2021

Amateur share traders, who defended the market from a massive selloff by established investors, injected nearly half of last year’s investments in January, but their performance remained in negative territory, data showed Monday. According to the Korea Exchange, individual investors net purchased Kospi-listed stocks worth 22.34 trillion won ($19.97 billion) and 3.51 trillion-won worth of shares from the secondary Kosdaq market. The net buying figures, when combined, are equivalent to 40 p

Market Feb. 1, 2021

South Korea’s stock markets fell for four consecutive sessions on Friday, driven by foreign investors‘ sellout. The benchmark Korea Composite Stock Price Index began the day in positive territory but fell below 3,000 points for the first time since Jan. 6 when it recorded 2,976.21 points. The index plunged 3.03 percent, or 92.84 points, to 2,976.21 points on Friday, marking the largest daily decline since Aug. 20, 2020. Foreign and institutional investors sold a net of 1.43 tri

Market Jan. 29, 2021

D.Camp, a non-profit foundation established by 19 banks to foster startups, said on Thursday it has created a trickle-down effect worth 6.7 trillion won ($6.01 billion) in the past three years. The foundation spent a total of 188.7 billion won to support the startup ecosystem for three years from 2018, with a total investment of 2.43 trillion won from the private sector, said Park Nam-gyoo, a business administration professor at Seoul National University at an online press conference. Park,

Market Jan. 29, 2021

Kakao Pay is expected to halt its integrated personal data management services after failing to obtain a license from the financial authorities, the company said Thursday. The move could leave the firm lagging behind rivals, which are aggressively tapping into the business area. The fintech arm of mobile giant Kakao said its asset management service, which allows users to keep track of all their bank accounts, credit card records and insurance policies, will cease Feb. 5. Other companies that

Market Jan. 28, 2021

South Korea’s venture investment set records in 2020 both in the number of deals and their value, despite the fallout from the coronavirus pandemic, the Ministry of SMEs and Startups announced Wednesday. The country’s investment in startups reached 4.30 trillion won ($3.89 billion) in 2020, adding 26.8 billion won, or 0.6 percent, from the previous year. The number of investment deals also hit a record high of 4,231 while the number of invested companies logged an all-time high

Market Jan. 27, 2021

South Korea’s tech-heavy Kosdaq rose above 1,000 points Tuesday for the first time in 20 years, before wiping out earlier gains in the afternoon. The secondary index inched up as much as 8.10 points to 1,007.40 points in the morning, for the first time since Sept. 14, 2000, then turned negative to close at 994.00 points, 0.53 percent lower than the previous day. The Kosdaq began at 1,000 points on July 1, 1996 and rose as high as 2834.40 points on March 10, 2000 before plummeting to 99

Market Jan. 26, 2021

Kakao Bank, South Korea’s leading Internet-only bank, said on Monday that it is hiring more than 100 employees in its push to ramp up digital innovation.  The lender said it plans to hire experienced talent in eight areas -- financial IT development, risk management, business development, service plan, compliance, audit, and customer services -- in the first half of the year. After the latest talent hunting, the company’s headcount, which currently stands at 937, will exceed 1

Economy Jan. 25, 2021

Kim Dong-hwan, the founder of a market and economic YouTube show “Three Pros” had never imagined that his channel would have 1 million subscribers, a tenfold increase, just within a year. “Three Pros: With Economic God” provides daily market updates and analysis of industries and economy and is hosted by three “pros” in the field: Kim, Lee Jin-woo and Jung Young-jin. The channel has recorded more than 200 million views so far and attracts as many as 60,000

Economy Jan. 24, 2021

Upbit, a South Korean digital asset exchange, said Thursday that its Thailand unit was up and running after receiving the necessary licenses from regulators. The Thailand Securities and Exchange Commission recently granted approval for Upbit Thailand in four business areas -- digital asset exchange and brokerage and digital token exchange and brokerage -- with Upbit Thailand being fully operational as of Wednesday, the company said. “It is a very exciting time for the digital asset indu

Market Jan. 21, 2021

Viva Republica, the operator of leading finance app Toss, on Wednesday announced that it plans to add 330 new staff in the first quarter ahead of the launch of an internet-only bank and an online securities arm later this year. The latest hunt for talent comes as the 6-year-old startup prepares to become the country‘s third internet-only bank, expected to launch in July, and to kick off the mobile securities firm Toss Securities next month. With five units under its umbrella, including f

Market Jan. 20, 2021