Woori Bank Vietnam celebrates office opening in Danang

Woori Bank Vietnam, the local subsidiary of South Korea’s Woori Financial Group, held its office opening ceremony in Danang this week, officials said Friday.The bank’s Danang office had earlier obtained its business license in September and kicked off business on Oct. 25, becoming Woori’s tenth bank office in Vietnam and the first in the central region. It was also the first foreign bank to kick off since the State Bank of Vietnam reinforced regulations for foreign banks in May

Nov. 8, 2019

Shinhan Card announces 3-year partnership with Amazon

South Korea’s Shinhan Card said Thursday it has signed a three-year partnership agreement with US-based online retail giant Amazon, as it seeks to aggressively expand its list of global partners. According to the card issuer, an array of benefits will be provided for Shinhan Card users who use e-commerce and other services by Amazon. Both firms will first jointly launch a promotion on Nov. 15 for its customers seeking overseas direct purchases during the fast-approaching Black Friday sales

Nov. 7, 2019

Upbit operator Dunamu launches OTC trading app U-Stockplus

Dunamu, operator of global cryptocurrency exchange Upbit, said it has launched a comprehensive over-the-counter trading platform on Thursday that will allow users to both sell and purchase unlisted stocks.The platform dubbed U-Stockplus, released in the form of an app, is available for download on Google Play. It will be available as an iOS app in mid-November.  The fintech firm joined hands with local brokerage Samsung Securities and big data analytics company Deep Search to resolve the is

Nov. 7, 2019

S. Korea’s CDS premium hits lowest since 2008

South Korea’s credit default risk has dropped to its lowest point in over 12 years, to a level last seen before the 2008 global financial crisis, government data showed Wednesday.The credit default swap premium on the country’s foreign exchange stabilization bonds with a five-year maturity came to 27 basis points as of Tuesday on the New York market, according to the Ministry of Economy and Finance. The spread on CDS reflects the cost of hedging credit risks on corporate or sovereign

Nov. 6, 2019

Mirae Asset Global Investments highlights trailblazing role in global markets

Asset manager Mirae Asset Global Investments has been a trailblazer among South Korean financial institutions in entering global markets. According to the asset management unit of Mirae Asset Financial Group on Wednesday, it was the first among its peers to establish a Hong Kong subsidiary in 2003. The move marked its first foray overseas. In 2005, it became the first Korean asset manager to launch an offshore fund and provided local investors early opportunities to make overseas investments.In

Nov. 6, 2019

[Breaking] Kofia chief reported dead: police

Kwon Yong-won, chairman of the self-regulatory organization Korea Financial Investment Association, was found dead Wednesday, according to local news reports.The Bangbae Police Station said the unnatural death of the financial officer was reported during the day, adding that the detailed cause of death has yet to be identified.The financial officer’s reported death came in the wake of a recent allegations of his verbal abuse against staff -- behavior dubbed “gapjil” in Korean.L

Nov. 6, 2019

Private fund market shrinks for third consecutive month: data

The number of private funds in South Korea has fallen sharply over the past three months amid controversies over derivative-linked funds and a liquidity crisis at a major company, data compiled by a market operator showed Tuesday.According to the Korea Financial Investment Association, the number of private funds -- including private equity funds and hedge funds -- in the country tallied 11,177 as of the end of October, down 302 from three months earlier.October marked the third consecutive mont

Nov. 5, 2019

[Global Finance Awards] The Korea Herald invites applications for 3rd financial sector awards

The Korea Herald is looking for domestic financial firms that are seeking to play a leading role in global markets.As South Korea’s No. 1 English daily newspaper, The Korea Herald has established the Global Finance Awards to give wider publicity to financial firms who have shown outstanding performance and further promote their global competitiveness. For a fair and thorough evaluation, a judging committee consisting of renowned industry experts will screen candidate companies and the

Nov. 5, 2019

Korean card issuers enter Vietnamese market eyeing growth potential

South Korean credit card companies have recently been tapping into and expanding their business in Vietnam, eyeing the Southeast Asian country’s growing economy while seeking to diversify due to a sluggish domestic market.The credit card unit of Hyundai Motor Group, Hyundai Card, announced last month that it has signed a deal worth 49 billion won ($41.9 million) to acquire a 50 percent stake in Vietnamese retail bank Finance Company Limited for Community. FCCOM is a wholly-owned subsidiary

Nov. 5, 2019

Mirae Asset Daewoo becomes first S. Korean IPO underwriter on Nasdaq

Mirae Asset Daewoo said Monday that its Hong Kong branch has become the first South Korean brokerage to become an initial public offering underwriter on the US’ Nasdaq exchange for German biotechnology firm BioNTech. BioNTech raised $150 million in its IPO last month and started trading on Oct. 10. The firm’s shares were trading at $16.52 on Monday and its market value currently stands at around $3.7 billion.  Established in 2008, it specializes in so-called messenger RNA or mRN

Nov. 4, 2019

S. Korean listed firms’ earnings outlook rosy in 2020: data

Despite their disappointing earnings results so far, major South Korean listed firms are likely to see a robust performance next year in line with the recovery in the global chip industry, data compiled by a local market tracker showed Monday.According to FnGuide, the combined operating profit of 279 publically traded companies is projected to climb 26 percent next year on a consolidated basis to 165.8 trillion won ($142 billion) from 131.6 trillion won this year.Their net profit and sales are p

Nov. 4, 2019

Woori Financial Group extends W6.6tr loan support to SMEs, startups

Woori Financial Group said Friday that it has helped finance small and midsized companies and startups with 6.6 trillion won ($5.6 billion) in loans as of September. The announcement came a day after Woori held a meeting of its innovation finance committee to discuss both existing and future plans to support SMEs and startups. The committee, led by Woori Financial Group Chairman Sohn Tae-seung, was launched in May in an effort to improve access to financing for SMEs and startups.  The lates

Nov. 1, 2019

US rate cut to have positive impact on S. Korean economy: BOK official

Regarding the US Federal Reserve’s latest decision to cut interest rates, South Korea’s central bank on Thursday said the move will have a positive impact on the local economy, though other factors will be considered for its own rate cut decision.“On the principle that a US rate cut leads to a rise in stock prices and interest rate cuts, the latest decision is expected to contribute to growth in the global economy,” Yoon Myun-shik, senior deputy governor of the Bank of Ko

Oct. 31, 2019

Brokerages’ association chief refuses to step down despite ‘gapjil’ brawl

The head of South Korea’s self-regulatory organization of the financial investment services industry refused to step down on Wednesday despite a public outcry over recent allegations of verbal abuse of his staff -- behavior dubbed “gapjil” in Korean.“I have decided to continue as Korea Financial Investment Association chairman until the end of my term,” Kwon Yong-won said in a press conference held at the organization’s headquarters in Yeouido. “I w

Oct. 30, 2019

Kyobo Life Insurance launches the world’s first AI underwriter

Kyobo Life Insurance said Wednesday it had developed the world’s first artificial intelligence-based underwriting system that automatically analyzes and approves contracts with clients. The system -- named “BARO” in abbreviation of best analysis and rapid outcome -- employs machine learning technology, along with the ability to process large amounts of natural language data, according to the insurer. Like a human underwriter, BARO has the ability to insure or reject client

Oct. 30, 2019

[Advertising Awards] Shinhan Card’s new advertisement highlights gratitude for customers

CREATIVE AWARDS/ GOLD PRIZESHINHAN CARDBy Kim Il-bongGeneral manager of Brand CommunicationWe would first like to thank our customers who have always had faith in us. Shinhan Card is honored that The Korea Herald has recognized its “My DIY series: Deep Making Deep Taking Card” advertisement. With the beginning of a new digital era, Shinhan has deeply considered ways to provide customized services through technologies such as big data and artificial intelligence. The “Deep

Oct. 29, 2019

Seoul stocks open higher on Wall Street gains

Seoul stocks opened higher Tuesday, taking a cue from gains on Wall Street and growing hope for a trade deal between the United States and China. The benchmark Korea Composite Stock Price Index moved up 6.52 points, or 0.31 percent, to reach 2,100.12 in the first 15 minutes of trading. Wall Street advanced Monday, encouraged by a wave of better-than-expected earnings results by major companies. Tech shares gained. Market behemoth Samsung Electronics edged up 0.39 percent, and No. 2 chipmake

Oct. 29, 2019

S. Korea to bolster fintech cooperation with ASEAN

South Korea's financial regulator said Monday it will deepen cooperation with the 10-member Association of Southeast Asian Nations in the financial technology sector.Sohn Byung-doo, vice chairman of the Financial Services Commission, said in a meeting with envoys from ASEAN earlier in the day that an upcoming summit is expected to help better connect South Korea to ASEAN. President Moon Jae-in is set to host the special summit with his counterparts from the region in South Korea's southern port

Oct. 28, 2019

S. Korea doubles contribution to Green Climate Fund to $200m

South Korea and other donor states have collectively pledged to add $9.6 billion to the Green Climate Fund over the next four years. Asia’s fourth-largest economy will be the ninth-largest contributor, providing $200 million, which is double the amount it provided for the 2015-2018 period.The fund held its first high-level replenishment conference in Paris last week, seeking donations to finance its activities for the 2020-2023 period, Seoul’s Ministry of Economy and Finance said Mon

Oct. 28, 2019

Hanwha Systems seeks up to W460b in IPO

Hanwha Systems, the defense technology unit of Hanwha Group, announced Monday that it is expected to raise as much as 460.1 billion won ($393.7 million) for its initial public offering and join the benchmark Kospi by the end of next month. The firm is offering around 32.9 million shares at 12,250 won to 14,000 won apiece, the firm said in a press conference. The exact share price will be determined Wednesday through book building before receiving investor orders Nov. 4-5.  NH Investment &am

Oct. 28, 2019