Funds managed by robo-adviser startups surge more than W1tr

Robo-adviser startups in South Korea saw their funds increase by more than 1 trillion won ($896.7 million) in a year, driven by stock trading fever amid the prolonged COVID-19 pandemic, industry data showed Sunday.  According to data from the Korea Financial Investment Association, the amount of funds entrusted to the country’s four major robo-adviser firms -- Fount, Aim, December & Company and Doomoolmori -- stood at 1.29 trillion won in the third quarter, up some 1.03 trillio

Nov. 22, 2020

Korea’s sovereign wealth fund joins climate change coalition

South Korea’s sovereign wealth fund Korea Investment Corp. said Sunday that it was now a member of the One Planet Sovereign Wealth Fund, the world’s largest multilateral working group convened by sovereign wealth funds across the globe to promote cooperation on climate change.  Established Dec. 12, 2017, at the “One Planet Summit” -- a global coalition launched by the French government and the UN to work together on climate change -- the fund exists to develop a f

Nov. 22, 2020

KB Financial union’s attempt to hire outside director falls through yet another year

KB Financial Group labor union’s attempt to convince shareholders to appoint two outside directors recommended by them fell through Friday, deflating the union’s yearslong efforts to enter the boardroom. Following a shareholders meeting held in the morning, KB Financial Group said that the appointment of outside director candidates Sustinvest CEO Ryu Young-jae and Seoul National University environmental studies professor Yun Sun-jin was “rejected” based on the votes cas

Nov. 20, 2020

Kospi anticipated to hit all-time high within year on foreign buying

As South Korea’s main bourse hit its yearly high for a third consecutive session on Friday, investors’ expectations have mounted for a fresh yearly high as early as within the year. The Kospi closed at 2,553.50, up 6.08 points or 0.24 percent, from the previous session’s close. It began trading lower at 2,544.06 and experienced a roller-coaster trading session but ended strongly. Retail investors and foreign investors net purchased 123.9 billion won ($111.21 million) and 102

Nov. 20, 2020

S. Korean banks adopt stricter lending rules for overdraft accounts

South Korean banking groups are set to tighten lending rules for overdraft accounts, lowering borrowing limits amid government efforts to put a brake on the nation’s fast-growing household debt, industry data showed Friday. The five major commercial banks here -- KB Kookmin, Shinhan, Woori, Hana and NH NongHyup -- have started lowering limits for their key overdraft account products designed for “high-income individuals and professionals” from an average 200 million won ($179,

Nov. 20, 2020

Seoul stocks open higher on Wall Street gains

South Korean stocks opened slightly higher Friday, taking a cue from overnight Wall Street tech gains despite an increase in the new coronavirus cases. The benchmark Korea Composite Stock Price Index rose 2.9 points, or 0.11 percent, to 2,550.32 in the first 15 minutes of trading. Stocks started off with a mild gain after the index hit a nearly three-year high the previous session. Overnight, the tech-heavy Nasdaq composite gained 0.87 percent, with the Dow Jones Industrial Average edging u

Nov. 20, 2020

KDB says PEF-led injunction could halt KAL-Asiana merger

Top officials of the state-run lender Korea Development Bank said Thursday that the proposed merger of South Korea’s two flag carriers, Korean Air Lines and Asiana Airlines -- largely orchestrated by the creditor of the two -- may be scrapped if the court grants an injunction grinding the blockbuster deal to a halt. If the injunction is granted, the state lender has no choice but to go back to square one and pursue a plan that could cost it 5.4 trillion won ($4.8 billion) by 2027 to keep

Nov. 19, 2020

FSC looks to increase retail investors’ chance for IPO allotment

South Korea’s financial regulator, the Financial Services Commission, is looking to invite a wider range of retail investors to get access to shares offered when a company goes public on the Korean stock market. The key to the new measure is encouraging Korean underwriters of the initial public offering -- eligible for securities brokerage firms -- to allocate at least 10 percent of stocks potentially to any retail participant, regardless of how many bids retail investors place when subsc

Nov. 19, 2020

Toss to launch brokerage unit next year, targeting 20s, 30s

South Korea’s leading fintech startup Viva Republica is set to launch a mobile brokerage unit in the first half of next year as it received operational approval from the financial regulator. Named Toss Securities, the envisioned brokerage is the first local securities firm to be set up in 12 years. IBK Securities and KTB Investment & Securities were so far the last two that jumped into the market in 2008. Toss Securities aims to offer brokerage services for the local stocks first th

Nov. 19, 2020

Seoul stocks continue climb on battery gains despite virus concerns

South Korean stocks continued to build up gains Thursday after hitting a nearly three-year high the previous session, as battery makers remained in positive terrain amid concerns of surging COVID-19 cases. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.78 points, or 0.07 percent, to close at 2,547.42, the highest since Feb. 1, 2018.  Trading volume was moderate at about 961 million shares worth some 12.3 trillion won ($11

Nov. 19, 2020

Seoul stocks open lower on valuation pressure, virus concerns

South Korean stocks opened lower Thursday after hitting a nearly three-year high the previous session, as valuation pressure and concerns of surging COVID-19 cases offset vaccine hopes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.41 points, or 0.49 percent, to 2,533.23 in the first 15 minutes of trading. Stocks fell after hitting a 33-month high in the previous session. Investor wariness increased on valuation pressure and rising coronavirus cases. Market kingpin Samsung

Nov. 19, 2020

Seoul stocks hit nearly 3-year high; Korean won at 29-month high

South Korean shares hit the highest in 33 months Wednesday on a rally in bio stocks amid concerns over a flare-up of new coronavirus outbreaks. The Korean won surged to a 29-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.49 points, or 0.26 percent, to close at 2,545.64. The reading marks the highest closing since 2,568.54 points on Feb. 1, 2018. Trading volume was moderate at about 911 million shares worth some 13.3 trillion won ($12 billion),

Nov. 18, 2020

FSC, BOK feud over e-payment settlement supervisory power

The financial regulator’s latest move to introduce regulations on the payment settlement system is facing a backlash from the industry, and especially the central bank. The trigger was the revision bill of the Electronic Financial Transactions Act, drafted by the Financial Services Commission and submitted to Rep. Youn Kwan-suk of the ruling Democratic Party of Korea, who chairs the parliamentary National Policy Committee. The bill includes e-payment business deregulations for big te

Nov. 18, 2020

Economic recovery in Asia-Pacific region to be driven by private consumption: Morgan Stanley

Buoyed by the progress of coronavirus vaccine development and monetary easing policies, expectations are on the rise that the global economy can get itself out of the virus crisis soon. The Asia-Pacific region is predicted to post 9 percent growth in its domestic production rate in 2021, and the robust on-year growth will be driven mainly by a strong recovery in private consumption, according to an Asian branch of investment bank Morgan Stanley on Wednesday. “Private consumption could em

Nov. 18, 2020

Shinhan Bank set to bring together finance, retail, telecom with ‘MyData’

  Starting next year, financial consumers will be able to manage their banking histories, shopping patterns at beauty stores as well as cellphone data usage via a single digital platform. Shinhan Bank said Wednesday it has signed a memorandum of understanding with CJ Olive Networks, an online retail arm of CJ Group and Korean mobile carrier LG U+ in order to jointly set up a digital platform for MyData services, the bank said.  MyData is a government-led business model that collect

Nov. 18, 2020

Bitcoin price hits almost 3-year high as investors seek low-risk assets

The price of largest cryptocurrency Bitcoin reached a recent high dating back nearly three years, rising more than 4 percent within 24 hours amid investors’ rising demand for safe investments, digital currency data showed Wednesday. According to US-based cryptocurrency data provider CoinMarketCap, Bitcoin surpassed the $17,000 per bitcoin mark on Tuesday. The figure was the highest since $20,089 observed in December 2017. As of 4:30 p.m. on Wednesday here, bitcoin traded at $17,769.48,

Nov. 18, 2020

Seoul stocks open nearly flat on virus flare-up

South Korean shares opened nearly flat Wednesday, as investors remained worried over soaring COVID-19 cases. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.16 point, or 0.01 percent, to 2,539.31 in the first 15 minutes of trading. Stocks came to a muted start despite vaccine hopes, as South Korea's new coronavirus cases hovered above 200 for the fourth day in a row Tuesday, with authorities warning that infection cases may further increase due to cluster infections in greater S

Nov. 18, 2020

Kakao Bank to raise W250b from Anchor Equity Partners

South Korea’s mobile-only commercial lender Kakao Bank said Tuesday that it plans to raise 250 billion won ($226 million) from Hong Kong-based private equity firm Anchor Equity Partners. Under the plan approved by the board the same day, Anchor Equity Partners will complete the payment by Dec. 7 to buy 1 million new ordinary shares of Kakao Bank, as the lender plans to fetch a combined 1 trillion won by year-end before its initial public offering next year. Kakao Bank also said US inves

Nov. 17, 2020

Banking circles grapple over new chief selection

South Korea’s banking industry on Tuesday sorted out seven candidates for the Korea Federation of Banks’ next chairmanship, set to make the final choice as early as Monday. In an apparent response to criticism that the bankers’ association is under excessive bureaucratic influence, the latest list included several figures from the private sector -- incumbent or former chiefs of commercial banks. The KFB board of directors met in a closed-door breakfast meeting early in the

Nov. 17, 2020

KFCC boosts global ties amid COVID-19 pandemic

The Korean Federation of Community Credit Cooperatives, the nation’s leading financial cooperative, has been strengthening global cooperation with its foreign counterparts in the midst of the COVID-19 pandemic, the federation said Tuesday. 　 Under KFCC President Park Cha-hoon’s initiative, the financial cooperative has been exchanging messages with cooperatives around the world via Facebook and Twitter to encourage each other to stay strong during the pandemic. A total of 21 foreign

Nov. 17, 2020