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Kakao Bank's first-quarter profit climbed to a record after a valuation gain from its investment in Indonesia's Superbank offset weaker operating income. The digital lender said Wednesday that net profit rose 36.3 percent from a year earlier to 187.3 billion won ($128.5 million) in the January-March period. Operating profit fell 13.9 percent to 157.6 billion won, highlighting the role of non-operating gains in lifting its bottom line. The biggest boost came from Superbank, the Indonesian digital
South Korea's financial clearing agency plans to expand its cross-border QR payment network across Asia as the country modernizes digital payments and brings artificial intelligence deeper into financial services. "Our goal is to build QR payment services with as many countries as possible," said Chae Byung-deuk, president of the Korea Financial Telecommunications & Clearings Institute, during a meeting with Korean reporters Sunday in Samarkand, Uzbekistan, where he was attending the Asian Devel
The Export-Import Bank of Korea has signed a memorandum of understanding with the Asian Development Bank to support critical minerals projects and establish a joint financing platform, the bank said Sunday. Under the agreement, Eximbank will commit $500 million by 2029 through its supply chain stabilization fund to participate in ADB’s newly launched critical minerals-to-manufacturing financing partnership facility, which targets projects across the Asia-Pacific. Eximbank President and CEO Hwang
Posco Holdings said Sunday it has signed a stake investment deal in Australian lithium mines as it moves to strengthen its raw material supply chain for battery materials. The company said it had recently agreed to invest about $765 million in a lithium mining project with Mineral Resources, an Australian mining and mining services firm. The deal follows Posco Holdings’ announcement in November of its plan to invest in Australian lithium assets. Under the agreement, the two companies will establ
Woori Bank said Sunday it has completed an $825 million refinancing for a 950-megawatt combined-cycle gas turbine power plant in Trumbull County, Ohio, as the facility enters commercial operation. The project is a joint investment with Korea Southern Power Co., the Korea Overseas Infrastructure & Urban Development Corporation and Siemens Energy. Following the plant’s April 15 start-up, Woori led the refinancing of construction loans into long-term facility financing. The plant sits within the PJ
KB Financial Group said Sunday it has entered into a strategic partnership with Pantera Capital, a US-based blockchain-focused venture capital and hedge fund. Founded in 2003, Pantera Capital manages approximately $5.2 billion in assets and launched the first bitcoin fund in the US in 2013. The firm is known for its hybrid investment model combining venture capital and token investments, positioning it as a key player in blockchain infrastructure. Under the partnership signed in Seoul on April 2
Woori Bank said Thursday it held an investment briefing in partnership with the Ministry of SMEs and Startups to support small and medium-sized enterprises seeking to enter the US market. The event was organized as demand for local production facilities in the US rises amid tariff negotiations and growing protectionism. Following last year’s Vietnam investment briefing, this marks the second such initiative, focusing on helping Korean firms establish an early foothold overseas. The briefing brou
Naver said Thursday that first-quarter operating profit rose 7.2 percent year-on-year to 541.8 billion won ($364.7 million), with the company pointing to artificial intelligence integration across its advertising and commerce businesses as the main driver of revenue acceleration. Consolidated revenue climbed 16.3 percent to 3.24 trillion won, beating the analyst consensus of 3.14 trillion won. Operating profit fell slightly short of the 559.3 billion won forecast. Advertising revenue grew 9.3 pe
Woori Financial Group was overtaken by NongHyup Financial Group in first-quarter earnings, a rare shift that highlights the growing importance of nonbanking income, as a stock market rally boosts brokerage profits. Industry data released Tuesday showed NongHyup Financial posted 868.8 billion won ($589 million) in net profit for the January-March period, up 21.7 percent from a year earlier, surpassing Woori Financial’s 603.8 billion won. Woori, which has typically ranked fourth among Korea’s majo
Shinhan Bank said Monday it joined a South Korean government-led economic delegation to Vietnam, signing a series of agreements with key local partners to expand its presence in the market. The move aims to strengthen its financial cooperation base and support Korean and Vietnamese companies operating across both markets. CEO Jung Sang-hyuk met with Nguyen Ngoc Canh, deputy gov. of the State Bank of Vietnam, to discuss financing support for Korean firms entering Vietnam, as well as cooperation i
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