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Samsung Electronics’ partnership with Woori Bank over Samsung Wallet Money is shaping up as more than a simple mobile payments tie-up, signaling a broader shift in how banks position themselves in the evolving payments ecosystem. Woori Bank said Thursday that users of Samsung Wallet Money and Points — a service it operates exclusively for Samsung under a three-year contract — recently surpassed 2 million, about six months after its October launch. The service crossed 1 million users by December
Bank of Korea governor nominee Shin Hyun-song’s 8.2 billion won ($5.6 million) asset portfolio offers a window into his investment philosophy — one shaped by global experience and a cautious approach to diversification. Disclosed ahead of his parliamentary confirmation hearing, the portfolio reflects a career spanning institutions such as the Bank for International Settlements and the International Monetary Fund, as well as academia at Oxford and Princeton, and points to a risk-weighted, globall
Hana Bank said Thursday it signed a memorandum of understanding with Next Securities to improve the trading environment for overseas investors in Korea’s stock market. The agreement aligns with government efforts to open up local markets, including reforms to the foreign exchange system and the introduction of stock trading accounts for foreign investors. Under the deal, the two firms will cooperate on foreign exchange and foreign securities custody services. Key initiatives include sharing real
Standard Chartered plans to extend its digital asset offering to affluent clients this year, a move that adds a new dimension to the bank's push to deepen its wealth management business in South Korea and broader Asia. Samir Subberwal, Standard Chartered Bank's global head of wealth solutions, retail products and data and analytics, said the bank sees custody, rather than simple access to crypto, as the core differentiator as digital assets move further into mainstream wealth conversations. "Ban
The Financial Supervisory Service has ordered Hanwha Solutions to revise its plan for a 2.4 trillion won ($1.62 billion) rights offering, citing insufficient disclosures in its filing. The regulator said “certain material information” was either missing or unclear, hindering potential buyers' ability to make investment decisions. The company has up to three months to submit a revised statement. Hanwha Solutions announced on March 26 that it would issue 72 million new shares to raise 2.4 trillion
Private equity firm Bain Capital has sold its entire stake in Korea Zinc to Meritz Financial Group, ending its role as a key backer of Chairman Choi Yoon-beom after about 18 months, according to investment banking sources on Thursday. Bain Capital offloaded 419,082 shares, or a 2.01 percent stake, in a block deal before the market opened. The shares were sold at a roughly 10 percent discount to the previous day’s closing price of over 1.47 million won ($992) per share, with the total deal size e
Kakao Bank said Thursday it has signed a memorandum of understanding with MCS Group, marking a key step in its entry into the Mongolian financial market and global expansion. The agreement, signed at Kakao Bank’s Pangyo headquarters on April 3, outlines cooperation in strategic investment in M Bank, joint development of alternative credit-scoring models, advisory support on products and user experience, and potential joint ventures in Central Asia. M Bank, launched by MCS Group in 2022, is Mongo
"Architecture becomes even more important in the online era." Seemingly far removed from architecture, the remark by Hyundai Card CEO and Vice Chair Chung Tae-young -- a 23-year veteran of the finance industry and an entrepreneur -- at a rare open lecture at Seoul National University’s architecture department on Tuesday was not merely a reassurance for students anxious about their careers, but a precise expression of the management philosophy that underpins the way he runs Hyundai Card. For Chun
South Korea’s internet-only lender Kakao Bank is stepping up its push into artificial intelligence, aiming to evolve into a personalized financial assistant while accelerating its overseas expansion, including entry into Mongolia. Speaking at a press conference in Yeouido, Seoul, on Wednesday, CEO Yun Ho-young said the bank will leverage AI to deliver highly customized financial services and drive innovation beyond the domestic market. Kakao Bank has officially named Mongolia as its next expansi
Koramco Asset Management, a Seoul-based real estate asset manager, has reshuffled its overseas operations to strengthen regional capabilities, as it seeks to expand end-to-end investment functions. The firm’s overseas assets under management have risen to nearly 7 trillion won ($4.7 billion), up from about 5 trillion won in 2023, prompting a broader push to scale up its global business. Under the reorganization, Koramco’s global operations will be split into two sectors: one covering the America
Chipotle bets on Korea for first bite of Asia
Samsung vs. LG battle for AI cooling heats up
Musinsa posts record earnings on offline, global expansion
One purchase every 0.9 second: Olive Young foreign sales top W1tr
Samsung, SK hynix tax payments surge 167% on chip boom
SK Chemicals eyes European can-coating market
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