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Kakao Bank said Thursday it plans to fully acquire Mastern Capital, marking its first major move into nonbank lending as Korea's largest digital-only lender seeks to broaden its financial services portfolio. The bank's board approved the purchase Wednesday of all 5 million shares in Mastern Capital for 24.1 billion won ($15.6 million), according to a regulatory filing. Founded in 2022 through a joint investment by Mastern Investment Management and NH Investment & Securities, Mastern Capital is a
Mirae Asset Global Investments is marking the 20th anniversary of its exchange-traded fund business, which has become a major growth engine for the asset manager, the company said Thursday. Its first ETF products, the Tiger Semiconductor ETF and the Tiger Banking ETF, were launched in June 2006, meaning 20 years have passed since the products were incorporated into Mirae Asset's business portfolio. Over that period, the asset manager has broadened its lineup to include products tracking major US
Shinhan Financial Group said Thursday it met with Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov in Seoul to discuss expanding financial cooperation and supporting Korean companies' investments in the Central Asian country. The meeting, held at Lotte Hotel Seoul on Wednesday, follows a series of high-level exchanges aimed at strengthening financial ties between the two countries. Shinhan Financial Group Chairman Jin Ok-dong visited Kazakhstan and Uzbekistan in April 2025
Toss Bank said Monday it signed a memorandum of understanding with the Solana Foundation to explore blockchain-based financial infrastructure, becoming the first South Korean internet-only bank to partner with the organization behind the Solana network. The agreement focuses on developing next-generation cross-border payment infrastructure using blockchain technology. The two sides will conduct a phased proof of concept for international remittances on the Solana network, evaluate blockchain-bas
Woori Financial Group said Sunday it will expand funding for its "Future Shared Growth Project" by 10 trillion won ($6.5 billion), stepping up support for strategic industries, small businesses and financially vulnerable borrowers. Of the additional funding, 9.4 trillion won will be allocated to productive financing over the next two years, including 5.7 trillion won this year and 3.7 trillion won in 2027. The funds will be used to support strategic industries, exporters and regional economies,
Korean banks are ramping up debt relief for troubled borrowers as Seoul intensifies its inclusive-finance push, prompting closer scrutiny of how far lenders will be expected to shoulder social policy objectives. According to industry estimates Sunday, the five major commercial banks carried out over 4,600 in-house debt restructuring cases in the first four months of this year, nearly quadruple the 1,180 cases recorded a year earlier. The amount more than tripled to 35.9 billion won ($23.5 millio
The Export-Import Bank of Korea will provide $110 million in financing for Doosan's planned copper clad laminate production facility in Thailand, the policy lender said Wednesday, as it seeks to support the expansion of AI-related supply chains beyond China. The plant, which will manufacture high-end CCL used in AI networking equipment, is scheduled to begin construction this year at the Araya Industrial Park in Thailand. The funding follows a memorandum of understanding signed between Korea Exi
Mirae Asset Financial Group said Wednesday that client assets under management had surpassed $1 trillion as of the end of May, reaching approximately $757.1 billion in domestic assets and $259 billion overseas. By affiliate, Mirae Asset Securities accounted for about $531.3 billion in client assets, while Mirae Asset Global Investments managed roughly $451.6 billion. Mirae Asset Life Insurance and other affiliates held around $33.2 billion as of the end of April. The milestone caps several years
South Korean lenders are tightening access to unsecured borrowing as concern grows over surging household debt, with internet-only banks joining a pullback that started with major commercial lenders. K Bank went furthest among online lenders, suspending all new overdraft accounts through July 31, the company said Tuesday. It has also capped daily credit loan applications and plans to lower limits for high-income borrowers. Kakao Bank, the country's largest internet-only bank, said it will cut th
NH NongHyup Bank CEO Kang Tae-young met with Lady Mayor of the City of London Susan Langley and British Ambassador to South Korea Colin Crooks on Monday to discuss financial cooperation, digital assets and the bank's expansion in Europe. The meeting, held at NH NongHyup Bank's headquarters in Seoul, focused on ways to strengthen ties between Korean and British financial institutions, explore joint investment opportunities with the City of London and expand cooperation in emerging areas such as t
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