September 23, 2021

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EDITOR'S PICKS

• Markets 
  

  NPS exposure to Japanese ‘war crimes companies’ reaches W1.57tr: lawmaker

  The National Pension Service, Korea‘s largest public pension scheme, has 1.57 trillion won ($1.33 billion) exposure to stocks of what was labeled as “war crimes companies” during the World War 2, data showed Sept. 19. NPS was directly investing some 880 billion won in companies suspected to have contributed to Japanese ruling of the Korean Peninsula during Korea’s colonial era as of February, according to data compiled by the ruling Democratic Party of Korea‘s law

• Markets 
  

  FSS to appeal against court decision favoring Woori CEO

  The Financial Supervisory Service said Sept. 17 it plans to appeal a Seoul court decision last month that nullified the watchdog’s penalty on the current Woori Financial Group chairman, which held him accountable for the misselling of high-risk funds. The Seoul Administrative Court ruled in favor of Sohn Tae-seung, revoking the heavy “reprimand” imposed upon him by the FSS in January 2020. If the warning had been finalized by the policymaking Financial Services Commission, So

• Markets 
  

  More than 30 crypto exchanges expected to announce shutdown on Friday

  Time ran out Friday for cryptocurrency exchanges to announce the closure of their services if they would not be operable after Sept. 24, marking a critical time that will decide the fate of many cryptocurrency exchanges in the country. More than 30 cryptocurrency exchanges were expected to give notice for a service shutdown by the end of Sept. 24, as 24 exchanges have not applied for the Information Security Management System and 10 failed to acquire a certificate, according to industry source

• Markets 
  

  Shinhan acquires stake in ICT solutions provider for online corporate banking platform

  Shinhan Bank said Sept. 17 that it has acquired a minority stake in a local information and communication technology solutions and services provider to bolster its partnership for development of a new corporate banking platform. Shinhan Bank acquired a 1.97 percent stake worth 72.3 billion won ($61.4 million) in Douzone Bizon for a strategic partnership, which would allow the lender to utilize the ICT solutions firm’s corporate accounting and e-commerce data. Shinhan and Douzone Bizon

• Markets 
  

  OK Savings Bank’s ‘Pak Se-ri tournament’ to kick-off Friday

  Female golfers will gather Sept. 17 to play in a Korea Ladies Professional Golf Association tournament hosted by OK Savings Bank, which returned this year after being canceled in 2020 due to the COVID-19 pandemic. The KLPGA’s OK Savings Bank Pak Se-ri Invitational – which takes its name after the legendary South Korean golfer – is scheduled from Sept. 17 to Sept. 19 at Sejong Silkriver Country Club & Gallery in the city of Cheongju, North Chungcheong Province. Some 120

• Markets 
  

  [MARKET EYE] Hyundai Motor’s succession plan a headache to Hyundai Card

  　With the independence of Hyundai Motor Group’s financial arms looking increasingly likely, concerns are growing that they will face higher debt financing costs as a result. 　The prospects have been raised amid signs of governance restructuring for Hyundai Motor Group to allow a full-fledged family succession that would consolidate Chairman Chung Euisun’s control. 　A carve-out of financial arms is essential to Hyundai Motor Group’s transformation into a holding firm under Ko

• Markets 
  

  KB-Shinhan green fund to finance renewable energy project in Sweden

  　A green fund jointly invested in by two South Korean banking giants -- KB and Shinhan -- will partly finance a renewable energy project in Sweden, officials said on September 16. 　The financial holding firms invested a combined 80 billion won ($68.4 million) in the Global Green Energy Partnership Fund set up in April last year. 　Korea Midland Power, Korea Hydro & Nuclear Power and Sprott Korea Investment also joined the fund designed to facilitate development of renewable energy across t

• Markets 
  

  Cyworld, Hancom form strategic partnership

  Cyworld, the once-popular social networking service, signed a strategic partnership with Hancom, an office suite software developer in South Korea, according to both companies on Sept. 15. The partnership comes as Cyworld gears up to jump into the market with its metaverse-powered service Cyworld Z. The metaverse refers to a virtual world in which individuals can interact as avatars through different kinds of virtual technology such as augmented reality and virtual reality. The partnership ta