Financial firms await leadership changes, extensions

After reeling under a series of corruption scandals last year, South Korea’s major financial institutions are to carry out a leadership reshuffle and corporate governance restructuring this year.While some quickly rounded off their leadership shakeout before the start of the new year and moved on to practical goals such as measures for digitalization and the incoming key interest rate hike, others have yet to complete leadership changes or reappointments.One of them is Hana Financial Group

Jan. 7, 2018

Authorities to inspect virtual cryptocurrency accounts at banks

A special investigation will be implemented on virtual accounts used for cryptocurrency deals, as part of the government’s recent pledge to crack down on excessive speculations, officials said Sunday.The Financial Services Commission-affiliated Korean Financial Intelligence Unit and Financial Supervisory Service will jointly lead the inspection of six major banks, starting from Monday. The corresponding banks are KB Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of

Jan. 7, 2018

[Monitor] More teens inherit over 100 million won

The number of donees who had reported gift taxes upon receiving at least 100 million won ($94,000) as of 2016 surpassed 50,000, increasing 21 percent from the previous year, data from the National Tax Service showed.By age, most, or 14,840, were in their 40s, followed by those in their 50s and 30s.By rate of increase, the number of those aged 10-19 who inherited 100 million won or more shot up 31 percent. A total of 715 aged under 10 were in the group as well, up 11 percent from 2015.Industry wa

Jan. 7, 2018

[Kosdaq Star] Ubiquoss makes V-shaped recovery on 5G impetus

This is the 48th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.South Korea announced in October last year the upcoming PyeongChang Olympic Winter Games will become the test bed for the nation‘s first fifth-generation network. The news triggered anticipation for the hyper-connectivity -- or connectivity between humans and things -- powered by what would roughly be 10 times faster than 4G long-term evolution standard in the country that boast

Jan. 7, 2018

KTB on track of leadership shift

South Korean brokerage KTB Investment & Securities is on track for a transition in leadership to incumbent Vice Chairman Lee Byung-chul, in the wake of a series of scandals involving Chairman Kwon Sung-moon. Lee, 48, announced Tuesday in a regulatory filing that he would exercise his right of first refusal on 18.76 percent of shares worth 66.2 billion won ($62.2 million) in the securities firm, which the 55-year-old Kwon waived in December 2017. By exercising the right, Lee can purchase or p

Jan. 3, 2018

Don Tapscott to speak at blockchain conference in Seoul

Don Tapscott, a Canadian best-selling author and founder of Blockchain Research Institute, will speak at a blockchain conference slated for Jan. 17 in Seoul, according to an industry source Wednesday.  The event, titled “Blockchain Revolution: Convergence with Traditional Economy,” will take place at Seoul Dragon City in Yongsan, central Seoul. Tapscott, co-author of “Blockchain Revolution,” last visited Korea in late October last year. Swiss blockchain tech sta

Jan. 3, 2018

Banking groups vow digital innovation in 2018

South Korea’s leading banking groups on Tuesday vowed to achieve innovation in the digital finance sector this year, seeking to vie with burgeoning financial technology rookies and internet-only banks. KB Financial Group, the nation’s top banking group by market capitalization, said that it would become the industry’s “first mover” by incorporating new digital technology and co-working with fintech startups.“We shall build a new KB-centered financial ecosystem

Jan. 2, 2018

[Herald Interview] Robo adviser quenches thirst of retail investors: Newsystock

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the seventh installment. — Ed.Securities firms in South Korea have for the past few years joined the race to lower commission fees -- to nearly zero -- to draw in more retail investors. But to Ryan Moon, co-founder of Korea’s first robo adviser-powered investment service provider Newsystock, such an approach is off the point, as increasingly sophisticated retail investors here

Jan. 2, 2018

Seoul shares end higher on tech, chemical gains, Korean won rises to 3-year high

South Korean stocks advanced Tuesday, the first trading session of 2018, as large cap tech and chemical shares gained ground, analysts said. The Korean won sharply rose against the US dollar to reach an over three-year high. The benchmark Korea Composite Stock Price Index added 12.16 points, or 0.49 percent, to end at 2,479.65. Trade volume was light at 244 million shares worth 4.4 trillion won ($4.1 billion), with winners outnumbering losers 499 to 333.The local stock market opened higher led b

Jan. 2, 2018

Watchdog levies fines on Mirae Asset Daewoo for breach

Mirae Asset Daewoo, the largest securities firm by net worth in South Korea, was slapped with a fine of 325.2 million won ($306,000) in December last year over a breach of the Capital Markets Act, according to the Financial Supervisory Service on Tuesday. 　Three brokers at Mirae Asset Daewoo, who were not identified to the media, were given penalties such as suspension, wage cut and reprimand by the watchdog a month after their wrongdoings came to light. Violations by the brokers include misrepr

Jan. 2, 2018

Govt. expected to begin banning anonymous cryptocurrency trade from around Jan. 20

The South Korean government has been developing a system that is likely to start banning the use of anonymous accounts in cryptocurrency transactions from around Jan. 20, financial industry sources said Tuesday. The system is a part of follow-up measures after the government announced last week a set of fresh measures to curb transactions of cryptocurrencies, including a possible closure of cryptocurrency exchanges if necessary, amid growing fears that a bubble over exchanges may be set to burst

Jan. 2, 2018

Stocks record highest returns among investments in 2017

People who invested in stocks last year received the highest returns compared with those who betted on real estate, funds, gold and other assets, financial data showed Tuesday.The benchmark KOSPI ended 2017 up 21.76 percent from a year ago. The increase is 15.5 times the 1.4 percent annual interest rate for a time deposit at a bank, according to the data.The index for the secondary KOSDAQ jumped 26.44 percent.Investors with stocks in large caps were the big winners. Samsung Electronics surged 41

Jan. 2, 2018

Foreigners scoop up more than 3 tln won worth of stocks on KOSDAQ

Foreign investors poured more than a net 3 trillion won ($2.8 billion) into the tech-heavy KOSDAQ market last year to spearhead the record rally of the secondary bourse, industry data showed Monday.A net 3.13 trillion won worth of KOSDAQ-listed shares were purchased by offshore investors in 2017, outnumbering a net 668.3 billion won by individual buyers, according to the data by the Korea Exchange. At the same time, institutional investors dumped a net 1.8 trillion won worth of shares over the s

Jan. 1, 2018

Rumors of protest against cryptocurrency clampdown spread online

In the wake of the South Korean government’s signal that it may shut down cryptocurrency exchange businesses, rumors circulated online Friday that a protest against the government’s anti-cryptocurrency move would be held in Gwanghwamun Plaza in central Seoul on Saturday night. An online post said a protest would begin at 8 p.m. Saturday to fight the state-led crackdown “without the slightest legal basis.” The post claimed the crackdown hurts those that cannot afford real

Dec. 29, 2017

Market rates forecast to rise in Jan.

South Korea's market interest rates are likely to trend higher in January due to a rise in US Treasury sales, a report said Friday.The yield on South Korea's three-year government bonds is projected to continue its uptrend next month due to overseas factors, ranging from 2 percent to 2.3 percent, according to the report by the Woori Finance Research Institute.Currently, the return on three-year government bonds hovers around 2.1 percent. The report said January's upturn will likely result from A

Dec. 29, 2017

Domestic stock funds draw huge money over past month

South Korean domestic stock investment funds have attracted more than 3 trillion won ($2.8 billion) over the past month amid expectations for a market rally in January, a market tracker said Friday.Equity funds focused on local stocks posted a net money inflow of 3.54 trillion won in the month to Thursday, according to FnGuide. In particular, domestic equity funds lured as much as 1 trillion won over the past week, it added.The jump was attributed to hopes for a stock market rally in the new yea

Dec. 29, 2017

Govt. to require real-name transactions in cryptocurrency trading

The government said Thursday it is banning the use of anonymous virtual accounts in cryptocurrency transactions as part of efforts to curb virtual currency speculation.Hong Nam-ki, minister of the Office for Government Policy Coordination, made the announcement after a meeting of vice ministers from related ministries, saying the government "can't let this abnormal situation of speculation go on any longer."Under the measure, only real-name bank accounts and matching accounts at virtua

Dec. 28, 2017

Financial regulator warns of bitcoin bubble

The chief of South Korea's financial watchdog has warned against a bitcoin bubble, saying the price of the virtual currency may plunge in the future."I bet the bubble in bitcoin will burst later," Choe Heung-sik, governor of the Financial Supervisory Service, told a year-end meeting with journalists Wednesday. "Companies existed during South Korea's IT bubble in the early 2000s, but that is not the case for bitcoin."The regulator hinted that South Korea has no solution to the

Dec. 28, 2017

31% of workers have invested in virtual currencies: survey

More than three out of every 10 South Korean workers have invested in cryptocurrencies to make a quick buck, a recent survey showed Wednesday.Of the 941 salaried people questioned, 31.3 percent have invested in virtual currencies, according to the survey conducted by online job portal Saramin.The average investment per capita was 5.66 million won ($5,300).Investments of less than one million won were made by 44.1 percent of correspondents, while 18.3 percent invested between one million won and

Dec. 27, 2017

Samsung chief earns some W4tr from stock rally

Samsung Electronics Chairman Lee Kun-hee has seen the value of his stock assets rise by nearly 4 trillion won ($3.7 billion) this year thanks to a rally of the tech giant on the local bourse, a market tracker said Wednesday.According to CEO Score, Lee, who has been hospitalized since May 2014 after he suffered a heart attack, had 18.1 trillion won in stock holdings as of Friday, up 3.9 trillion won from a year earlier.Lee is the sole South Korean whose stock holdings are valued at 10 trillion wo

Dec. 27, 2017