A phone-based translation service offered to foreign residents by South Korea's financial authorities is incomplete and not that helpful, as it has no foreign language choices, service users complained Friday.The Financial Supervisory Service launched the service earlier this week, publicizing that it's part of the government's efforts to minimize finance-related inconveniences.The FSS said foreigners can dial 1332 to reach the agency's call center and use a "three-way" translation service, supp

Nov. 4, 2016

KEB Hana Bank CEO Ham Young-joo (right) shakes hands with Gao Zhuang, president of the Yanbian branch of the Bank of Jilin, Wednesday, after signing a memorandum of understanding to share KEB Hana’s fintech knowledge. (KEB Hana Bank)

Nov. 3, 2016

The National Pension Service is planning to inject 1 trillion won ($880 million) into South Korea’s financial market within this month, according to the pension fund operator Thursday.The NPS is eyeing domestic value stocks, active quant funds and mid and small-cap stocks for the investment. The move is expected to help boost the flagging Kosdaq and add momentum to the overall securities markets that have recently been tumbling over unfavorable events at home and abroad.The country’s biggest ins

Nov. 3, 2016

Growing household debt and a looming US rate hike are two major systemic risks facing South Korea's financial system, a survey showed Thursday.The household debt issue topped the list of key systemic risks cited by market watchers at 70 percent, compared with 54 percent in April, according to the semi-annual survey conducted by the Bank of Korea.South Korea's household borrowings reached a record high of 1,257.3 trillion won ($1.149 trillion) as of end-June, according to data from the Bank of Ko

Nov. 3, 2016

South Korea’s foreign exchange reserves fell in October from a month earlier, as the value of non-dollar currencies fell, the Bank of Korea’s data showed Thursday.The foreign exchange reserves decreased to $375.17 billion in October from $377.77 billion in September, the first decline in four months since a $1 billion decline in June at $369.89 billion.Image by 123rf.comForeign reserves are comprised of securities and deposits denominated in overseas currencies, as well as International Monetary

Nov. 3, 2016

South Korea’s financial market has been tumbling for days due to growing volatility triggered by unfavorable events both at home and abroad. Seoul’s main bourse Kospi failed to close above the 2,000 mark, a psychological barrier for investors, for two days in a row, reflecting adverse impacts from the ongoing political scandal here as well as the unpredictable US presidential election. The stock index finished at 1,978.93 on Wednesday, down 1.42 percent from the previous trading session. The ind

Nov. 2, 2016

The influence-peddling scandal over President Park Geun-hye’s friend is taking a toll on parliamentary discussion on financial bills that seek deregulation for internet banks and governance restructuring at the Korea Exchange.The rival parties were already at odds for months over the bills pushed by the government and the ruling party, and the discussion is expected to further suffer setbacks, as the political circle is engrossed with the presidential scandal. National Assembly Ahn Hoon/The Kore

Nov. 2, 2016

South Korea's top financial regulator, nominated to lead the finance ministry, on Wednesday vowed to make all-out efforts to address the household debt problem.Yim Jong-yong, chairman of the Financial Services Commission, described it as a potential "core risk factor" especially as South Korea may have to raise interest rates some day. Yim Jong-yong, chairman of the Financial Services Commission, speaks during a meeting on financial reform at the Seoul Government Complex on Nov. 2, 2016. (Yonhap

Nov. 2, 2016

South Korea’s state-run financiers on Monday released plans to become slimmer and financially healthier in line with ongoing restructuring activities in the country’s major industries. Korea Development Bank, the main creditor of 132 local businesses, came up with a package of self-correcting measures, including enhancing its fiscal soundness, cutting employee wages and downsizing executive levels. Such measures have come in response to growing public criticism leveled at the bank over its faile

Oct. 31, 2016

The Financial Supervisory Service will offer interpretations for financial consultations in 19 foreign languages, starting Nov. 1. The FSS, in collaboration with the Immigration Contact Center, said Monday that the new translation service is expected to ease the difficulties faced by immigrants or members of multicultural families in Korea.  (Financial Supervisory Service)Those seeking the language support can dial 1332, which will connect them with foreign language experts who provide translati

Oct. 31, 2016

South Korea's antitrust watchdog said Monday that it has decided to file a criminal lawsuit against the chief of Hyundai Group for the false reporting of the ownership of the group's affiliates.Hyundai Group Chairwoman Hyun Jeong-eun had deliberately omitted six affiliates that her family members hold stakes in from relevant documents submitted to the watchdog between 2000 and 2016, according to the Fair Trade Commission. (Yonhap)Under South Korea's fair trade law, companies with assets exceedin

Oct. 31, 2016

South Korea's financial authorities are looking into whether a local bank has extended illicit or preferential loans to President Park Geun-hye's friend at the heart of a massive influence-peddling scandal and her daughter, officials said Monday.Choi Soon-sil, known as a longtime confidante to Park, and her daughter Chung Yoo-ra, currently a college student, are alleged to have taken out foreign exchange loans illegally or at least with preferential treatment from KEB Hana Bank, the largest lend

Oct. 31, 2016

South Korea's main bourse has underperformed most advanced markets so far in the second half of the year due to a lack of growth momentum amid negatives at home and abroad, industry sources said Monday.The benchmark Korea Composite Stock Price Index finished at 2,019.42 as of Friday, up 2.49 percent from the end of June, according to Daishin Securities Co. and other industry sources.The increase was much lower than the average gain of 6.71 percent for the key stock indexes of the Group of 20 (G-

Oct. 31, 2016

Han Byoung-ki, CEO of Trinity Asset Management, believes now is the time for fund managers to make bolder choices. “In a protracted environment of low interest rates, the South Korean equity market is witnessing a plateau-like stage,” Han said in an interview with The Korea Herald. “As many would notice, there are few appealing vehicles to make investments.” Han Byoung-ki“We are targeting those who have the funds to make better investments and seek higher yields as a new era for hedge funds has

Oct. 30, 2016