Viva Republica gets preliminary approval for 3rd internet-only bank

The consortium led by Viva Republica, operator of the popular mobile money transfer service Toss, was granted preliminary approval by the financial authorities Monday to launch the nation’s third internet-only bank.Following the Financial Services Commission’s decision, the company said it plans to establish Toss Bank soon after final approval in the first half of 2021. The move is expected to increase competition in the online-only banking sector which has only two operators now --

Dec. 17, 2019

Samil PwC publishes sustainability report

Samil PricewaterhouseCoopers, the local unit of the world’s largest accounting firm, said Monday that it has published a report on its sustainable business operations and accomplishments in 2019. While reinforcing the External Audit of Stock Companies Act and the stewardship code adopted by the National Pension Service, the firm said it would implement a business model that fulfills accounting transparency and raises environmental, social and governance levels. The report covers four

Dec. 16, 2019

JB Financial acquires brokerage in Vietnam, expands in ASEAN region

JB Financial Group has acquired a Vietnam-based brokerage owned by Morgan Stanley, in line with its recent moves to expand business in the Southeast Asian region, officials said Monday.The holding group of North Jeolla Province-based JB Jeonbuk Bank thereby became the first provincial banking group here to own a comprehensive overseas financial network comprising banking, capital and securities.A public announcement was made Monday that JB Financial had recently signed a sales and purchase agree

Dec. 16, 2019

Listed firms' share buybacks top W19tr in 3-year period

South Korean listed companies bought back their own shares worth almost 20 trillion won ($17 billion) in total in the past three years, with Samsung Electronics buying back the most, data showed Monday. A stock buyback occurs when a company seeks to increase its stock price and consolidate ownership, which benefits the shareholders with larger dividends.From January 2017 through August 2019, a total of 676 listed firms here bought back 19.6 trillion won worth of their own shares, according to th

Dec. 16, 2019

Socially responsible investments grow rapidly in S. Korea

South Korea is catching on to the global trend of socially conscious investments. There are currently seven listed funds in the country categorized as ESG funds, standing for environmental, social, and governance. Among them, five were launched this year by local asset management companies, including Korea Investment Management, KTB Asset Management, Koreit Asset Management, KB Asset Management and Kiwoom Asset Management.Last month, Samsung Asset Management also launched KODEX 200ESG -- an ETF

Dec. 15, 2019

Watchdog advises banks to partially cover losses from KIKO misselling

Wrapping up long-stalled arbitration proceedings Friday to settle disputed sales of currency-option contracts, South Korea’s financial market watchdog advised local banks to compensate local businesses for up to 41 percent of the loss they inflicted.At a press briefing, the Financial Supervisory Service’s Dispute Arbitration Committee urged six banks to pay about 25.5 billion won ($21.7 million) in total to four local businesses that signed “knock-in, knock-out” currency

Dec. 13, 2019

Bank Salad ties up with Kakao Bank for open banking service

South Korean budget app Bank Salad said Friday it will start providing tie-up services with internet-only Kakao Bank later this month, allowing users to manage their online bank accounts more efficiently in line with the launch of open banking services.Financial technology firm Rainist, which operates Bank Salad, had launched a task force to prepare for the services in partnership with Kakao Bank, ahead of Dec. 18, when financial authorities will formally greenlight operations of open banking se

Dec. 13, 2019

Seoul stocks extend gains late Friday morning

Seoul stocks extended gains late Friday morning as investor sentiment was further boosted by reports of an imminent US-China trade deal. The Korean won gained further against the US dollar.  The benchmark Korea Composite Stock Price Index rose 29.08 points, or 1.4 percent, to 2,166.43 as of 11:20 a.m.  The main index opened higher and gained further for a sixth straight session as the United States and China are reportedly getting very close to signing a trade deal, with US P

Dec. 13, 2019

S. Korea limits sale of equity-linked trusts at banks

South Korea said Thursday that it has decided to allow banks to sell equity-linked trusts worth less than 40 trillion won ($33.7 billion) in total in the latest move to better protect individual investors.The Financial Services Commission said ELTs whose underlying assets should be the KOSPI200, the S&P500 and three other major indices, and which are issued through public offerings, can be sold at banks. Three other stock indices are the Euro Stoxx 50, the HSCEI and Japan's Nikkei 225.

Dec. 12, 2019

Foreigners’ selling of emerging market stocks highest in S. Korea

Among emerging market stocks, South Korean shares were most offloaded by overseas investors last month as a result of Asia’s fourth-largest economy’s reduced weighting in the Morgan Stanley Capital International emerging markets index, a report by a local brokerage said Thursday.According to Yuanta Securities, foreigners net sold South Korean shares worth nearly $3 billion in November alone, which marked the largest volume among 10 major emerging markets during the same period. 

Dec. 12, 2019

Watchdog warns foreign would-be voice phishers

The Financial Supervisory Service on Thursday warned that even foreigners who are accomplices to voice phishing crimes will be subject to punishment amid escalating financial crimes.Announcing a plan to tighten its grip over bank account transactions, the watchdog shared campaign materials -- in Korean and Chinese -- to help prevent voice phishing, reflecting the involvement of Chinese and Korean Chinese in such crimes.Recently, an increasing number of foreigners were caught for participating in

Dec. 12, 2019

Chubb Life Korea welcomes new CEO

Chubb Group, the world’s largest property insurer based in the US, has named Albert Kim as the new chief executive officer of Chubb Life Korea, its life insurer subsidiary operating here, officials said Thursday.Throughout his 25-year career, Kim has worked in various global insurers including AIG, Allianz and AXA. Until recently, he served as vice president in charge of sales and management at AIG Korea.“We are glad to announce that Albert Kim will henceforth lead Chubb Life Korea,

Dec. 12, 2019

Kyobo Life chief wins award for humanistic management

Kyobo Life Insurance Chairman Shin Chang-jae has won an international prize for humanistic management, becoming the first winner of the newly established award, the company said Thursday.The International Council for Small Business, the world’s oldest and largest nonprofit organization devoted to small and medium enterprises, has selected the South Korean insurer chief as winner of its Humane Entrepreneurship Award.The awards ceremony took place on the sidelines of the SME World Forum 2019

Dec. 12, 2019

Palladium price outpaces gold over growing demand

The price of palladium, a metal used to reduce harmful emissions in vehicle exhaust, has surged to a record high, making it a precious metal more expensive than gold.According to the New York Mercantile Exchange, the price of palladium futures for December delivery closed Tuesday at $1,871.30 per ounce, 0.67 percent higher from the previous session. The figure rose nearly 49.2 percent from the price on Dec. 31 last year, which was $1,253.90 per ounce. Its growth rate far surpassed those of other

Dec. 11, 2019

Kakao Pay starts payment service on Google Play, YouTube Premium

Kakao Pay, a South Korean mobile payment platform, said Wednesday that it has started its payment service on the Google Play Store and YouTube Premium.Through the service, users can purchase any paid content on both applications by choosing Kakao Pay as a payment method. Users can also purchase various services such as YouTube Movies, Channel Membership and Super Chat on YouTube. Once users choose Kakao Pay to make payments on the Google Play Store, they can automatically use it for tr

Dec. 11, 2019

S. Korea's household debt continues to rise in Nov.

Household debt extended by banks in South Korea continued to increase at a steady pace in November, while fresh bank deposits spiked at the highest level in nearly five years amid lack of viable places to park their money, central bank data showed Wednesday.Fresh bank loans extended to households came to 7 trillion won ($5.9 billion) in the month, slightly slowing from a 7.2 trillion-won increase the month before, according to the data from the Bank of Korea.Outstanding home-backed loans added 4

Dec. 11, 2019

KRX vows to tighten regulations on algorithmic trading

South Korea’s bourse operator, the Korea Exchange, said Tuesday that it will establish a clear definition of algorithmic trading and adopt various risk management systems next year to prevent destabilization of the local stock market. “As our task for 2020, we will adopt a management system for algorithmic trading, which has become a regularized practice,” KRX Chairman Jung Ji-won said at an end-of-year press briefing. “By establishing a clear definition of algorithmic tr

Dec. 10, 2019

Mirae Asset Daewoo wins presidential award at 26th Corporate Innovation Awards

South Korean brokerage Mirae Asset Daewoo said Tuesday that it received a presidential award at the 26th Corporate Innovation Awards for its efforts to create new markets through innovation and change, while boosting venture capital investment.The Corporate Innovation Awards, co-hosted by the Ministry of Trade, Industry and Energy and the Korea Chamber of Commerce and Industry, recognize local firms in various sectors that have proven successful in areas related to corporate innovation.  Ac

Dec. 10, 2019

[Contribution] Breakthrough in exports decline needs support of overseas

South Korea’s exports fell in November on-year, keeping its downward trend for the 12th consecutive month. Concerns are growing over the protracted slump in exports, the nation’s key driver for growth -- due to the sluggish semiconductor industry and falling exports to China. It is important to recover the level of export duties collected from key industries and on shipments heading to major overseas destinations. However, we need to think whether our nation is heavily dependent on a

Dec. 10, 2019

Kakao Bank launches mobile version of piggy bank

Kakao Bank, an internet-only bank subsidary of Kakao, announced Tuesday the launch of a savings product that automatically saves only small change daily.Through the Coin Box service, users can save money easily, according to company officials. When users open Coin Box and select a coin-collecting service, small change under 1,000 won (84 cents) that was previously saved in deposit and savings accounts will be automatically transferred the next day on weekdays. The service reinterprets

Dec. 10, 2019