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Korea’s top finance firms -- KB, Shinhan, Hana, Woori and NongHhyup -- have set aside a total of nearly 1.7 trillion won ($1.2 billion) in reserve for the compensation of losses related to the misselling of equity-linked securities products tracking the Hang Seng China Enterprises Index in Hong Ko...
Bank of Korea Governor Rhee Chang-yong, during his visit to the United States, projected the volatility of the won-dollar exchange rate would ease if the Middle East tension did not escalate further. The won-dollar exchange rate has been fluctuating heavily over the past few weeks, influenced by t...
The South Korean market on Friday faced heightened volatility in response to Israel's military actions against Iran, with the benchmark Korea Composite Stock Price Index plunging to its lowest level in 11 weeks. The dip coincided with a weakening of the local currency. The Kospi concluded the day ...
Another source noted that such technological gaps can be bridged, or already have been, yet local transport card issuers and Apple Pay have not reached an agreement yet. For contactless public transport payments, Apple Pay must enter into a partnership with T-Money or other local transport card iss...
Finance leaders from South Korea, the United States and Japan were set to hold their first-ever trilateral meeting in Washington on Wednesday, to step up economic cooperation amid heightened geopolitical risks in the Middle East. Finance Minister Choi Sang-mok departed for the US on Tuesday to att...
The race to receive the license to become South Korea’s fourth internet-only bank is growing fiercer, with four bidders announcing their will to contend. There are currently three online lenders in Korea: KBank, Kakao Bank and Toss Bank. But four new contenders -- Soso Bank, Korea Credit Data Ban...
South Korean regulators’ push for banks to make up for investors’ losses incurred from equity-linked securities tied to a Hong Kong index has left both Korean and foreign banks baffled. Korea's major lenders accepted compensation guidelines suggested by financial watchdog the Financial Superviso...
Shinhan Bank, one of the country's top commercial lenders, has thrown its hat in the ring for a license that would make it the country's fourth internet-only bank, competing in the digital space with K bank, Kakao Bank and Toss Bank. Shinhan has joined a consortium launched by Douzone Bizon, an en...
IBK Venture Investment, an investment arm of the state-owned Industrial Bank of Korea, pledged to inject 500 billion won ($370 million) into local startups over the next three years at an event in Seoul on Thursday. The investment unit, the ninth subsidiary under the IBK Financial Group, was found...
South Korea and the World Bank have agreed to enhance partnership on digital identification initiatives to share expertise and technologies related to South Korea's advanced digital ID system with developing nations, the state-run minting agency said Thursday. During a meeting held in Seoul last w...
Hana Bank, South Korea's major commercial bank, opened a new dealing room -- the latest of its kind here -- in Seoul on Wednesday. Named "Hana Infinity Seoul" to signify the bank's ambition to expand its global reach, the new dealing room occupies the fourth and fifth floors of the lender's headqu...
Yun Ho-young, CEO of Kakao Bank, has been appointed as a new board member for Grab, the largest super-app operator in Southeast Asia, the Internet-only lender confirmed Wednesday. Yun was officially appointed as an outside director of Grab's board on Monday and will serve as a member of the board'...
South Korean financial groups have undergone a transition in their board composition, indicating governance changes centering on gender diversity and internal control. Given that a financial holding company’s board is the ultimate decision-making body engaging in establishing management strategie...
Last year witnessed remarkable growth for South Korea's three internet-only banks, as their combined value surged past the milestone 100 trillion won ($74 billion). The aggregate assets of Kakao Bank, K bank and Toss Bank reached approximately 101.61 trillion won by the end of last year, marking a...
Mirae Asset Financial Group founder and Chairman Park Hyeon-joo is donating 1.6 billion won ($1.2 million) he earned from dividends last year, marking the 14th straight year of his philanthropic tradition. On Sunday, the company disclosed that Park will endow his entire dividend income from Mirae ...
Korea’s top finance firms put aside W1.7tr for Hong Kong-tied ELS compensation
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