Commercial banks seek ideas from new rivals for digitalization

South Korea’s leading commercial banks are seeking ways to accelerate digitalization of their retail services with some even breaking down traditional barriers between new industry rivals in order to share ideas on boosting innovation. Kakao Bank CEO Yoon Ho-young was invited by Woori Bank on Friday to speak about the internet-only banking giant’s success and the future of finance, Kakao Bank said. Woori’s invitation of the head of the fast-growing online banking company is

Jan. 24, 2021

Foreign investors still strong buyers of LG Chem shares

Foreign investors have continued to scoop up vast amounts of LG Chem shares in the first month of this year, after raking in some 2.38 trillion-won ($2.16 billion) worth of the South Korean chemical giant’s stocks last year, data showed Sunday. Offshore investors purchased a net 605.4 billion-won worth of LG Chem stocks in the Jan. 4-Friday period, according to the Korea Exchange. It was followed by their net buying in internet platform giant Naver with 610.3 billion won across the same p

Jan. 24, 2021

Seoul office transactions hit record in 2020 despite pandemic

The total volume of office investments in major districts of the Greater Seoul area hit yet another record in 2020 despite the pandemic, as high demand for offices in prime locations led the bullish market, data showed Friday. The full-year transaction total of offices last year in Seoul and the neighboring city of Bundang, Gyeonggi Province, came to 13.4 trillion won ($12.1 billion), up 9 percent from the previous all-time high in 2019, according to data suggested by commercial real estate se

Jan. 22, 2021

Seoul stocks snap 3-day winning streak on valuation pressure

South Korea's stock exchange ended its three-day winning streak Friday on valuation pressure after hitting another new high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 20.21 points, or 0.64 percent, to close at 3,140.63 points. Trading volume was moderate at about 1.1 billion shares worth some 24 trillion won ($21.7 billion), with losers outnumbering gainers 476 to 384. Foreigners sold a net 270 billion won

Jan. 22, 2021

Korean investors hold $7.8b of Tesla stocks

South Korean investors held a combined $7.8 billion worth of Tesla stocks at the end of last year, data showed Friday, capping off a meteoric rise in 2020 to become Korea’s most-owned foreign stock. This accounted for 16.6 percent of the entire $47 billion foreign currency-denominated stock holdings of Korean individuals and corporations as of December, according to data from the Korea Securities Depository. Tesla was not among the top 10 foreign stocks in 2019. Alongside Tesla, US tech

Jan. 22, 2021

Seoul stocks open nearly flat on valuation pressure

South Korean stocks opened nearly flat Friday on valuation pressure after they hit another new high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.34 point, or 0.01 percent, to 3,161.18 points in the first 15 minutes of trading. Market bellwether Samsung Electronics added 0.34 percent, while No. 2 chipmaker SK hynix lost 0.76 percent. Leading chemical firm LG Chem moved down 0.3 percent, but rechargeable battery maker Samsung SDI advanced 1.21 percent. P

Jan. 22, 2021

Kyobo Life shareholder feud intensifies on unfulfilled IPO

A foreign investor group of South Korea-based Kyobo Life Insurance is in hot water as its plan to exit from the insurer faces a setback after an indictment of its officials, while its demand for an initial public offering by Kyobo Life since 2012 remains unfulfilled to this day. Key officials of the international investor group, led by Hong Kong-based private equity firm Affinity Equity Partners, and Seoul-based accounting firm Deloitte Anjin have been indicted by Korean prosecutors for alleged

Jan. 21, 2021

Upbit launches digital currency exchange in Thailand

Upbit, a South Korean digital asset exchange, said Thursday that its Thailand unit was up and running after receiving the necessary licenses from regulators. The Thailand Securities and Exchange Commission recently granted approval for Upbit Thailand in four business areas -- digital asset exchange and brokerage and digital token exchange and brokerage -- with Upbit Thailand being fully operational as of Wednesday, the company said. “It is a very exciting time for the digital asset indu

Jan. 21, 2021

Seoul stocks hit record high on optimism for Biden presidency

South Korea's benchmark stock index hit an all-time high Thursday on strong foreign buying, buoyed by stimulus hopes related to the inauguration of US President Joe Biden. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.29 points, or 1.49 percent, to close at 3,160.84 points. Trading volume was moderate at about 1.3 billion shares worth some 24.6 trillion won ($22.4 billion), with gainers outnumbering losers 602 to 246. Foreigners bou

Jan. 21, 2021

KOFIA chief vows support for K-New Deal, ESG

The chief of the Korea Financial Investment Association on Thursday vowed to make greater efforts to support member companies and the capital market, seeking active investment for the state-led New Deal Fund and in environment, social and governance policy changes. Followed by President Moon Jae-in’s announcement of a bold push for a Korean version of the New Deal program last year, the local finance industry has been paying keen attention to the government’s project-related busines

Jan. 21, 2021

S. Korea to invest W1.1tr in Level 4 autonomous driving technologies: minister

South Korea plans to invest 1.1 trillion won ($1 billion) for commercialization of Level 4 autonomous driving technology, Finance Minister Hong Nam-ki said Thursday, while highlighting the increasing competition in the self-driving car sector driven by global firms like Apple. “With reports of Apple’s plans to enter the future car market, talks of cooperation between big tech firms and traditional carmakers have been growing,” Hong said in a meeting of economy-related officia

Jan. 21, 2021

Seoul stocks open higher on Wall Street gains

South Korean shares opened higher Thursday, tracking overnight Wall Street gains as US President Joe Biden took office. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.24 points, or 0.71 percent, to 3,136.79 in the first 15 minutes of trading. Stocks rose on expectations that the new US administration's potential spending increase would spur demand for export-intensive economies. Market bellwether Samsung Electronics edged up 0.11 percent, with No. 2 chipmaker SK hynix gaining

Jan. 21, 2021

Toss seeks talent to gear up for competition

Viva Republica, the operator of leading finance app Toss, on Wednesday announced that it plans to add 330 new staff in the first quarter ahead of the launch of an internet-only bank and an online securities arm later this year. The latest hunt for talent comes as the 6-year-old startup prepares to become the country‘s third internet-only bank, expected to launch in July, and to kick off the mobile securities firm Toss Securities next month. With five units under its umbrella, including f

Jan. 20, 2021

Seoul stocks up for 2nd day on tech, auto gains

South Korean stocks advanced for a second consecutive session Wednesday, as auto and tech stocks continued to rebound. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.97 points, or 0.71 percent, to close at 3,114.55 points. Trading volume was high at about 1.2 billion shares worth some 24.3 trillion won ($22.1 billion), with gainers outnumbering losers 511 to 322. Foreigners sold a net 236 billion won, while retail investors purchased

Jan. 20, 2021

S. Korea adopts stricter forex rules for brokerages, insurers

South Korea’s financial authorities said Wednesday they plan to adopt stricter guidelines, regulations and monitoring for foreign exchange trading by local non-banking institutions such as brokerages and insurers. “Three types of new monitoring standards will be adopted to keep an eye on forex liquidity in non-banking financial institutions,” Deputy Prime Minister and Finance Minister Hong Nam-ki said in a press briefing. “We will improve the effectiveness of the monit

Jan. 20, 2021

Mirae Asset picked as lead manager of pension fund investment pool

South Korean asset management firm Mirae Asset Global Investments is poised to become a lead manager of the state-supervised investment pool of 63 Korean pension funds, according to the government on Wednesday. The pension fund investment pool has been under the monitoring of the Ministry of Economy and Finance since it was established in December 2001 on the basis of the National Finance Act. Mirae Asset will take the place of one of the current lead managers, Korea Investment Management, wh

Jan. 20, 2021

KB Asset closes W220b ESG bond fund

Seoul-based investment firm KB Asset Management said Wednesday it had closed a 220 billion won ($200 million) bond-investing private fund in order to embolden its focus on environmental, social and governance factors. The new private fund -- the largest of its kind in Korea -- will deploy at least 70 percent of its cash to certified South Korean green, social and sustainability bonds or issuers that received integrated ESG rating of “B+” or higher from evaluator Korea Corporate Gove

Jan. 20, 2021

Seoul stocks open higher on tech, auto gains

South Korean stocks opened higher Wednesday as auto and tech stocks continued to rebound. The benchmark Korea Composite Stock Price Index rose 33.11 points, or 1.07 percent, to 3,125.77 in the first 15 minutes of trading. The KOSPI traded bullish after the key index rallied 2.61 percent the previous session. Investor sentiment also lifted on overnight comments by US Treasury Secretary nominee Janet Yellen backing a large-scale fiscal relief package to reinvigorate the world's largest economy

Jan. 20, 2021

S. Korea wins top ESG rating by Moody’s

South Korea received a top rating in an environment, social and governance assessment conducted by US credit rating agency Moody’s Investors Service, according to the Ministry of Economy and Finance on Tuesday. Moody’s has recently announced a list of 144 countries assessing their capabilities in handling ESG issues, with five classifications, including “positive” at the top and “very highly negative” at the bottom. Korea was one of 11 nations who rated &ldq

Jan. 19, 2021

Ruane, Cunniff & Goldfarb unloads stake in Shinyoung Securities

US-based investment adviser Ruane, Cunniff & Goldfarb has unloaded a 5.5 percent stake in Korea‘s brokerage house Shinyoung Securities, a regulatory filing showed Tuesday. The New York-based firm’s sales proceeds came to 30.4 billion won ($27.6 million) following decades of transactions involving its mutual funds, according to the filing. Ruane, Cunniff & Goldfarb’s ownership was reduced to 2.11 percent as of December 2020, making it no longer obliged to disclose itse

Jan. 19, 2021