[Global Finance Awards] NH NongHyup takes key role in supporting virus-hit communities

As South Korea’s largest agricultural bank, NH NongHyup has played a key role in supporting local communities that have been hit hard by the prolonged coronavirus crisis with a series of vibrant social contribution activities throughout the year. So far, the key affiliate of NH NongHyup Financial Group spent more than 1 trillion won ($903 million) on its social contribution activities and programs, the largest amount among major lenders here. The lender has put more money than any othe

Nov. 29, 2020

[Global Finance Awards] Financial industry should lead inclusive growth

Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding its fourth Global Finance Awards. The annual awards recognize individuals and companies that have blazed new trails in the global market by providing innovative, convenient financial services in spite of tight regulations and other challenging environments. These successful business models and achievements should be encouraged a

Nov. 29, 2020

[Global Finance Awards] Hyundai Card aims to become data-driven company

Hyundai Card, one of South Korea’s leading credit card companies, has been beefing up its abilities to analyze consumer data, such as where consumers use credit cards and what items they buy, to better understand customer habits. These efforts are aimed at offering tailored services and products to meet differing customers’ needs. “Hyundai Card has established a curation system that defines data and cleanses unnecessary data, so that data of diversified nature may be systemat

Nov. 29, 2020

[Global Finance Awards] Korea Investment and Securities supports young dream

Under the slogan, “Sharing Happiness, Sharing Love,” Korea Investment & Securities has been taking a part in social contribution activities. The brokerage firm has been running a series of projects to support young members of underprivileged households to help them pursue their dreams. As part of its project, the KIS visited Seoul Metropolitan Police Agency on Wednesday and donated 100 million won ($90,000) to support children from families who fell victim to crime. The donati

Nov. 29, 2020

[Global Finance Awards] Kakao Bank accelerates transition of online retail banking services

Kakao Bank, South Korea’s biggest online bank, has been reshaping the banking industry here with its mobile banking services that attracted younger customers. The ongoing coronavirus crisis has also been accelerating the offline-to-online transition, giving the online-only bank a timely chance to expand its user base in other age groups, including senior citizens. “Kakao Bank has secured the half of the nation’s population as customers with its mobile services, offering new

Nov. 29, 2020

[Global Finance Awards] Amid pandemic, Mirae Asset Daewoo expands global footprint

South Korean securities brokerage firm Mirae Asset Daewoo is expanding its global footprint as it revs up localization efforts, while its overseas business operations are setting new highs in terms of net income despite the COVID-19 pandemic. Mirae Asset Daewoo operates 11 foreign corporations and three offices, according to its latest financial statement. In the first three quarters of 2020, Mirae Asset Daewoo logged a combined 174.1 billion won ($157.4 million) net profit before taxes, top

Nov. 29, 2020

Cryptocurrency experts still hopeful despite sharp drop in values last week

Cryptocurrency bitcoin plunged Thursday night after a weekslong rally, while other crypto coins also posted double-digit percentage declines. The precipitous fall raised the alarm about aother epic bust, like the one three years ago. The bitcoin price slid as much as 12.25 percent to $16,374, before settling at $17,226, down 7.69 percent, according to Dunamu, operator of local cryptocurrency exchange Upbit. The price of bitcoin soared near a record high of $19,511 in the early Thursday tradi

Nov. 29, 2020

Household savings will likely hit highest level since 1999: BOK

South Korea is likely to see its household savings reach their highest level in more than two decades, as the prolonged COVID-19 pandemic has driven people away from consumption and investment, central bank data showed Sunday. A high level of savings may be seen as a positive economic indicator, but may also be cause for alarm over sluggish consumption and negative market sentiment. Through its monthly research statistics report, the Bank of Korea suggested that the country’s househol

Nov. 29, 2020

As stock market logs new records in November, investors eye year-end rally

While South Korea’s main bourse has been hitting all-time highs, the country’s stock market also set records in November on the back of an extended buying spree y foreign investors’ Following this month’s rally, both market watchers and investors are keeping a close watch on whether the market will sustain its momentum throughout the year. According to the nation’s sole bourse operator, the Korea Exchange, Sunday, the benchmark Kospi on Friday closed at 2,633.45, u

Nov. 29, 2020

Number of Seoul apartments bought by under-30s doubles

The number of apartments in Seoul purchased by South Koreans below the age of 30 more than doubled on-year in the first 10 months of this year, data from the Korea Appraisal Board showed Sunday. Though Seoul apartment transactions for people in all age groups increased noticeably in the same period, those in their teens and 20s bought 29,287 new homes in the January-October period, compared with 14,809 homes last year, data showed. People under 30 bought some 40 percent of all apartments purc

Nov. 29, 2020

Overdraft accounts surge on fear of stricter lending rules

The number of South Koreans that flocked to banks to open new overdraft accounts surged in recent days, following the financial authorities’ announcement to tighten lending rules in a bid to curb the nation’s growing household debt, industry data showed Sunday. The five major banks here -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- saw their customers open a combined average of roughly 5,500 accounts daily in days following Nov. 20. The figure stood at 6,324 on Nov. 20 and

Nov. 29, 2020

Seoul stocks hit new all-time high; Korean won at 29-month high

South Korean stocks hit another fresh record high Friday on recovery hopes despite soaring new coronavirus cases. The Korean won surged to an over 29-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.54 points, or 0.29 percent, to close at 2,633.45. Trading volume was moderate at about 1.2 billion shares worth some 12.4 trillion won ($11.2 billion), with gainers outnumbering losers 488 to 332. Foreigners bought a net 77 billion won, and retail in

Nov. 27, 2020

Federation of Korean banks appoints NH Financial chief as new head

NH Financial Group Chairman Kim Kwang-soo has officially been tapped to lead the Korea Federation of Banks, a representative body of commercial banks, officials said Friday.  The KFB board of directors unanimously approved Kim’s nomination as its 14th chairman during a general meeting held early in the morning. The appointment came after Kim was picked as the sole candidate to be KFB chief Tuesday, among seven candidates initially recommended for the post. Kim’s three-year te

Nov. 27, 2020

Seoul stocks open nearly flat on virus concerns

South Korean stocks opened nearly flat Friday after the benchmark index hit an all-time high the previous session amid the soaring new coronavirus cases.  The Korea Composite Stock Price Index rose 0.37 point, or 0.01 percent, to 2,626.28 in the first 15 minutes of trading. Stocks got off to a muted start, as soaring COVID-19 cases and valuation pressure left investors questioning the index's short-term peak.   Large caps traded mixed in Seoul. Market behemoth Samsung Electr

Nov. 27, 2020

Moon meets top Chinese diplomat, requests role for inter-Korean ties

South Korean President Moon Jae-in greeted Chinese Foreign Minister Wang Yi at Cheong Wa Dae on Thursday and stressed that his administration won't cease the drive for lasting peace on the peninsula. "Our government will not stop efforts to put a (formal) end to war on the Korean Peninsula and achieve complete denuclearization and permanent peace together with the international community, including China," Moon told Wang at the start of their meeting, which pool reporters were allowed

Nov. 26, 2020

Seoul stocks close at all-time high on improved growth forecast

South Korean stocks closed at a fresh all-time high Thursday as the central bank's revised growth forecast boosted investor sentiment, despite an eight-month high in daily virus cases here. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 24.37 points, or 0.94 percent, to close at 2,625.91 points. Trading volume was moderate at about 1.4 billion shares worth some 12.5 trillion won ($11.3 billion), with gainers outnumbering losers 433 to 3

Nov. 26, 2020

Korea Investment launches first Vietnam leverage ETF

Korea Investment Management, a fund operating under Korea Investment Holdings, has launched its first Vietnam leverage exchange-traded fund on South Korea’s main bourse, the Kospi, on expectations of a rally in Vietnamese stocks, the company said Thursday. The KINDEX Vietnam VN30 Futures Leverage (H) ETF tracks VN30 Futures. Launched in 2017, VN30 Futures are the Southeast Asian country’s first tradable stock index futures.　 It uses the Bloomberg VN30 Futures index to provide inves

Nov. 26, 2020

CU reveals plans to offer in store currency exchange

CU provided details Thursday on plans to allow foreign currency exchange at its convenience stores early next year. BGF Retail, the operator of the convenience store brand, has signed a partnership with a local fintech startup U Fintech Hub, which provides a small overseas remittance service, in a step to launch foreign currency exchange service at its local branches, they said. Under the deal, the retail giant will receive technical support from the fintech firm to develop the service platf

Nov. 26, 2020

Seoul stocks open lower on Wall Street losses

South Korean stocks opened slightly lower Thursday, taking a cue from overnight losses on Wall Street over disappointing US economic indices. The benchmark Korea Composite Stock Price Index fell 0.94 point, or 0.04 percent, to 2,600.6 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average retreated 0.58 percent to 29,872.47 points on an increase in weekly US jobless data, weakening hopes for a quick recovery from the pandemic. The Nasdaq composite gained 0.48 percent,

Nov. 26, 2020

[Herald Interview] Customs service promotes global program for safe, risk-free trade

The global economy has been seriously affected by the coronavirus pandemic, with trade and international travel being restricted due to economic lockdowns worldwide. Amid the ongoing battle against the economic fallout from the virus, the Korea Customs Service will hold a conference Friday to promote the authorized economic operator (AEO) program, which helps both exporters and importers carry out customs procedures swiftly. After the Sept. 11 terrorist attacks, the World Customs Organization

Nov. 26, 2020