Banks in S. Korea experiment future services at convenience stores

South Korean lenders appear to be seeking ways to develop future-oriented customer services by forging partnership with retailers that have vast sales networks across the country, such as convenient store chains. In the latest development, Shinhan Bank on Monday signed a business agreement with GS Retail, which operates convenient store chain GS25, to design a new business model of mutual interest, officials said. The partnership states Shinhan Bank and GS Retail plan to develop a convenience

May 26, 2021

CPPIB eyes long-term investing opportunities in Korea

South Korea is brimming with long-term investment opportunities as sustainability-driven innovations crystalize in Asia’s fourth-largest economy, a high-ranking official of public pension scheme Canada Pension Plan Investment Board said Wednesday. The pandemic has not only changed the way people live, but also prompted a technology-led transformation across the Asia-Pacific region, said Suyi Kim, head of Asia Pacific at CPP Investments during a virtual conference hosted by the Seoul-base

May 26, 2021

FSC chief urges crypto investors to use real-name accounts for protection

South Korea’s top financial regulator said Wednesday that cryptocurrency investors would be provided protection under the revised financial transaction information law. “The amended Act on Reporting and Using Specified Financial Transaction Information took effect on March 25 and crypto exchanges are to file for regulatory approval by Sept. 25,” Financial Services Commission Chairman Eun Sung-soo told reporters after delivering a keynote speech at 2021 Korea Fintech Week in S

May 26, 2021

Over half of Korean adults under financial stress: survey

More than half of adults in South Korea have suffered from anxiety and depression because of their financial status over the last year, a recent survey showed Wednesday. The survey of 2,000 people aged between 20 and 64, conducted by Korea Financial Consumer Protection Foundation late last year, showed that 58.1 percent of the respondents had experienced high levels of stress and self-injurious behaviors. About 3.2 percent of the participants even thought about suicide due to their worsened fi

May 26, 2021

Seoul stocks finish slightly lower on investors' wait-and-see mode

South Korean stocks closed slightly lower after choppy trading Wednesday as investors took to the sidelines amid lingering concerns of early post-pandemic inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.89 points, or 0.09 percent, to close at 3,168.43 points. Trading volume was moderate at about 1.3 billion shares worth some 13 trillion won ($11.6 billion), with gainers outnumbering losers 515 to 337. Foreigners sold a net 3

May 26, 2021

K bank’s capital jump to W2.1tr with inflow of new shareholders

K bank, South Korea’s first Internet-only lender, more than doubled its paid-in capital via share purchases from major private equity funds, the bank said Wednesday. The move comes as the company gears up for the further growth amid heightened competition from other digital banks including Kakao Bank and Toss Bank. The board of directors of K bank on Wednesday morning made the decision to increase the amount of capital by 1.25 trillion won ($1.11 billion) or 192.29 million shares, to

May 26, 2021

Seoul stocks open higher on hopes of economic rebound

South Korean stocks opened higher Wednesday, helped by expectations of a fast economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.76 points, or 0.21 percent, to 3,178.08 points in the first 15 minutes of trading. Stocks advanced despite the overnight losses on Wall Street, as local economists increasingly speculate that the central bank may raise its 2021 growth forecast to some 4 percent this week. A strong 41.1 percent jump in April exports

May 26, 2021

Korean proptech Dongnae raises $8.2m in seed rounds

Dongnae, a property tech company based in South Korea, said on Tuesday that it has raised an additional $4.1 million in an extended seed series funding from global investors. Dongnae’s final seed round stood at $8.2 million including $4.1 million in the latest fundraising and another $4.1 million raised five months ago, the company said. The company’s seed funding size compares with local venture investments in all rounds that stood at an average of 2 billion won ($1.7 million) per

May 25, 2021

Seoul stocks snap 3-day losing streak on eased inflation worries

South Korean stocks ended their three-day losing streak Tuesday, following the US Federal Reserve's comments that helped ease concerns of early post-pandemic inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 27.02 points, or 0.86 percent, to close at 3,171.32 points. Trading volume was moderate at about 603 billion shares worth some 11.5 trillion won ($10.2 billion), with gainers outnumbering losers 618 to 224. Foreigners bought

May 25, 2021

Igis in talks to acquire Millennium Hilton for W1tr: reports

Millennium Hilton Seoul, a five-star hotel in the middle of Seoul, is reportedly in talks with asset manager Igis Asset Management to sell its luxury establishment for 1 trillion won ($891.2 million), local media reported Tuesday. CDL Hotel Korea, a Korean branch of Singaporean investment company City Developments Limited and the largest shareholder of Millennium Hilton, is planning to let Igis take over the hotel to turn it into an office building, local economic newspaper the Korea Economic

May 25, 2021

Why are Korean celebrities selling their multimillion dollar properties?

For South Korean celebrities, making headlines for property investments has long been a sign of success. The global popularity of Korean movies, television and K-pop has allowed A-listers to rake in cash and purchase properties in Korea’s most coveted locations. But stars such as actors Kim Tae-hee and Ha Jung-woo have reportedly sold those properties in recent months. Industry watchers have called the offloading “profit-making moves” before the government’s stricter

May 25, 2021

IBK ordered to compensate up to 80% of Discovery fund losses

South Korea’s market watchdog Financial Supervisory Service said Tuesday it has ordered the state-run Industrial Bank of Korea to compensate up to 80 percent of the losses from the lender’s misselling of problematic funds structured by Discovery Asset Management.  The dispute arbitration committee under the FSS set the reimbursement rate for individual investors, who signed up for Discovery funds through IBK, ranging between 40-80 percent, the FSS said in a statement.  Th

May 25, 2021

SoftBank Vision Fund injects $175m in edtech startup Riiid

Educational technology startup Riiid has snapped up $175 million in fresh funding from SoftBank Vision Fund 2 to accelerate global entry of its artificial intelligence-based personalized learning experience and assessment program, the company announced Tuesday. SoftBank Vision Fund 2 was the sole investor in the latest series D round, bringing Riiid’s total funds raised to $250 million. Riiid did not disclose its post-money valuation. The deal was made 10 months after its pre-series D rou

May 25, 2021

Seoul stocks open higher on easing inflation worries

South Korean stocks opened higher Tuesday, as investor concerns over early post-pandemic inflation were eased by the soothing comments by the US Federal Reserve. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.27 points, or 0.26 percent, to reach 3,152.57 points in the first 15 minutes of trading. Overnight, the tech-laden Nasdaq gained 1.41 percent, as the Fed's key officials said the recent price hikes and supply shortages may be temporary. The Dow Industrial Average and the

May 25, 2021

Monthly rents rise due to shortage of jeonse supply

Average monthly rent in South Korea jumped more than 6 percent in the first three months of the year due to an increasing number of people switching from long-term jeonse contracts to monthly rentals, according to the nation’s statistics agency Statistics Korea on Monday. Households, including single-person ones, paid 328,000 won ($291) on average for rent in the first quarter, up from 308,000 won in the same period last year. Of the 7,200 households surveyed by the agency, 19.9 percent

May 24, 2021

Cryptocurrencies on downward spiral amid tightening regulations

Cryptocurrencies extended a dayslong loss Monday in South Korea before recovering some of their losses in the afternoon, as investors and businesses reacted to strict regulations recently introduced in China and the US. The price of the largest cryptocurrency Bitcoin stood at about 44 million won ($39,058) in late afternoon trading, losing almost half of its value from only a month ago, according to Upbit, South Korea’s largest crypto exchange by transaction volume. It fell below 40 mi

May 24, 2021

Seoul stocks down for 3rd day on inflation concerns

South Korea's stock market extended its losing streak to a third session Monday, weighed down by concerns of early post-pandemic inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.12 points, or 0.38 percent, to close at 3,144.3 points. Trading volume was moderate at about 581 million shares worth some 11.5 trillion won ($10.2 billion), with losers outnumbering gainers 646 to 232. Foreigners sold a net 238 billion won, while re

May 24, 2021

8 new active equity ETFs to set sail in Korea

South Korea‘s stock bourse will add eight new actively managed exchange traded funds that partially employ active stock picking in addition to tracking listed equities starting on Tuesday. The Korea Exchange on Friday approved the listing of the eight actively managed equity ETFs on the Kospi board, in addition to the three existing products launched in 2020, in what is regarded as the fledging market of active ETFs. Korea is home to ETFs with a combined value of 60 trillion won ($53.2 bi

May 24, 2021

Citibank Korea to support Yanolja’s global expansion

Citibank Korea has signed a memorandum of understanding with Yanolja to support the local accommodation booking platform’s overseas business activities, officials said Monday.  Under the agreement, the lender’s US parent company Citigroup will offer its global networks to Yanolja which aims to expand its client base not only in advanced markets such as the United States and Europe, but also emerging markets like Southeast Asia and India. Yanolja currently offers a cloud-base

May 24, 2021

Seoul stocks open tad lower on inflation worries

South Korean stocks opened slightly lower Monday, weighed down by investor concerns of early post-pandemic inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.13 points, or 0.1 percent, to 3,153.29 points in the first 15 minutes of trading. The KOSPI got off to a weak start as accelerating inflation may sap demand for risky assets. Top cap Samsung Electronics traded flat, and No. 2 chipmaker SK hynix lost 1.22 percent. Internet portal operator Naver shed 1.39 percent, w

May 24, 2021