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South Korea's internet-only lender K bank has signed a strategic partnership with global blockchain firm Ripple to test blockchain-based technology for overseas remittances. The agreement was signed recently at K bank's headquarters in Seoul, the bank said Monday. Ceremony attendees included K bank CEO Choi Woo-hyung, Ripple Asia-Pacific Managing Director Fiona Murray and other officials from both companies. Founded in 2012, Ripple operates Ripple Payments, a global financial network used by mor
Woori Financial Group was the only major South Korean banking group to post a decline in net profit in the first quarter, as its overseas operations weighed on earnings, the company’s earnings report showed Friday. The group posted a net profit of 603.8 billion won ($405 million) in the January-March period, down 2.1 percent from a year earlier. The figure came in more than 20 percent below the market consensus estimate. All other banking groups logged record-high earnings. Woori Financial attri
Hana Financial Group said Friday its first-quarter net profit achieved a record high, driven by robust fee income as it works to diversify its banking-dependent revenue base. The group posted consolidated net profit of 1.21 trillion won ($816 million) in the January-March period, up 7.3 percent from a year earlier and more than double the 569.4 billion won recorded in the previous quarter, beating market expectations. The figure mark the group’s highest-ever quarter net profit, surpassing its pr
Toss said Friday that a Philippine delegation including central bank and World Bank officials visited its headquarters in Seoul to study its digital financial services. The delegation — invited by the Korea Financial Telecommunications & Clearings Institute — included officials from the Bangko Sentral ng Pilipinas and World Bank’s Philippines office. During the visit, Toss outlined its platform-based operating model, demonstrating how its “one-app” structure integrates payments, remittances, ban
NH NongHyup Bank has joined hands with Agribank, a leading agricultural lender in Vietnam, aiming to expand cooperation in digital finance. NH NongHyup Bank CEO Kang Tae-young and Agribank General Director Pham Toan Vuong signed a memorandum of understanding in Hanoi, Vietnam, Wednesday. Under the agreement, NH NongHyup Bank will support Agribank in building an online platform for agricultural banking services, such as labor matching, real-time local food sales, settlement tracking and monitorin
Shinhan Financial Group on Thursday reported record first-quarter net profit of 1.62 trillion won ($1.1 billion), as stronger brokerage earnings boosted non-interest income. Net profit rose 9 percent from a year earlier, marking the group’s highest quarterly result and surpassing its previous peak of 1.59 trillion won in the third quarter of 2022. The gain was driven in part by Shinhan Securities, whose net profit jumped 167 percent to 288.4 billion won, supported by stronger equity markets. Gro
KB Financial Group on Thursday announced plans to cancel 14.26 million shares worth 2.3 trillion won ($1.55 billion) in May, one of the largest such moves in the industry, as the firm posted a record first quarter earnings. The cancellation, equal to 3.8 percent of shares outstanding, comes despite a 1 1/2-year grace period under the revised Commercial Act's mandatory treasury share cancellation rule. KB also approved an additional 600 billion won share buyback and cancellation program to be com
Woori Bank said Thursday it signed a memorandum of understanding with Viettel, Vietnam's largest mobile carrier, deepening ties between the two companies. The signing took place Wednesday during a meeting between Woori Bank CEO Jung Jin-wan and officials from Viettel Global, including CEO Nguyen Thi Hoa and Vice President Nguyen Cao Loi. Viettel is a state-owned corporation under Vietnam's Ministry of National Defence, while Viettel Global oversees the group's overseas telecommunications and dig
South Korea’s major financial groups are reworking their headquarters strategies, either consolidating affiliates to boost operational efficiency or monetizing real estate assets to shore up capital and support expansion. Hana Financial Group is set to relocate its headquarters to Cheongna, Incheon, later this year, in a move aimed at bringing together affiliates currently scattered across Seoul — from the central business district to Yeouido — into a single integrated complex. Key subsidiaries
Hana Financial Group said Tuesday it has launched a youth training initiative aimed at fostering next-generation talent to lead innovation in the financial industry. The initiative, unveiled at a ceremony Monday at the group’s headquarters in Myeong-dong, central Seoul, marks the start of the Hana Youth Financial Talent Development Project. Backed by the Financial Supervisory Service, Google, Amazon Web Services and Microsoft, the program is designed as a hands-on training platform to build prac
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