Korea's crypto exchanges join hands to combat money laundering

South Korea's four major cryptocurrency exchanges have joined forces to tackle money laundering via the digital currency market, sources here said Monday.The four entities -- Bithumb, Upbit, Corbit and Coinone -- recently established a hotline to share information on a real-time basis on any unusual trading or transactions that are suspected to involve criminal acts, such as voice phishing and pyramid schemes.  "They are now able to instantly check any wrongful transactions made at oth

Jan. 28, 2019

Foreign buying on Kospi reaches nearly W3tr

Foreign investors have net purchased nearly 3 trillion won ($2.66 billion) worth of South Korean stocks on the main bourse this month so far, data showed Sunday, adding fuel to a bear market rally. The foreign net purchase volume on the Kospi through Jan. 25 amounted to 2.9 trillion won, climbing to a 15-month high.  The recent buying spree helped lift the Kospi, which closed at 2,177.73 Friday, rising 136.69 points or 6.7 percent overall since the beginning of the year. It was the highest

Jan. 27, 2019

Industrial Bank of Korea chief stresses ‘innovation’ as key growth driver in 2019

The chief of the state-run Industrial Bank of Korea urged its employees at home and abroad to embrace client-centric innovation as a key mission for 2019 during a companywide event to share the bank’s management strategy and vision for the year, held Friday.　“The year 2019 will determine which banks survive the infinite competition and also determine a new order for the finance sector for the next 10 years,” said IBK Chairman and CEO Kim Do-jin during a companywide event in Chu

Jan. 25, 2019

BOK freezes key rate at 1.75% for Jan.

The South Korean central bank on Thursday held its policy rate steady for January amid rising uncertainties at home and abroad.In the first monetary policy board meeting of the year, the Bank of Korea voted to freeze the base rate at 1.75 percent, following a quarter percentage point hike made in November. The BOK decided to take a wait-and-see stance from the beginning of the year as a slowdown in the world economy and the on-going US-China trade dispute weighed heavily on Asia's fourth-largest

Jan. 24, 2019

Kyobo Life, SBI Holdings, Kiwoon Savings mull internet-only bank

Financial institutions including Kyobo Life Insurance, SBI Holdings and Kiwoom Savings Bank are mulling jumping into South Korea’s internet-only bank business amid the state’s efforts to foster the sector, reports said Wednesday. The companies attended a briefing session Wednesday, co-hosted by the Financial Services Commission and Financial Supervisory Service to discuss the formation of the country’s third internet-only bank. The institutions admitted they had been eyeing the

Jan. 23, 2019

[Contribution] Lessons from latest market tantrum

By Steve BriceThe fourth quarter of 2018 was the second-worst quarter for global stocks since the 2008 financial crisis. No major equity market was spared. A benchmark of global stocks dropped 13 percent during the quarter, and 11 percent in all of last year, recording its biggest annual loss in a decade, as investors were spooked by the US Federal Reserve’s interest rate hikes amid slowing global growth and corporate earnings. What can we learn from the latest market tantrum and how do we

Jan. 22, 2019

Prospects for new internet banks in Korea grim as Naver, Interpark drop out

Prospects of the launch of a new online-only bank in South Korea were dampened this week, as major information and communication technology companies retracted their intentions to enter the banking business.Naver and Interpark -- two major Korean ICT firms widely expected to participate -- each recently confirmed they will not be seeking a permit to operate an internet-only bank here.E-commerce operator Interpark said it decided against joining the internet banking business to “focus on it

Jan. 22, 2019

Financial watchdog urges credit card firms to focus on risk management

The head of the financial watchdog on Tuesday called for credit card firms to focus on their risk management processes this year, as global trade wars and market volatility further weigh on the nation's economy. Yoon Suk-heun, governor of the Financial Supervisory Service, made the remarks at a meeting with chief executives of credit card firms earlier in the day.  "This year will be the most difficult year amid a global economic slowdown, trade pressures and household debt," Yoon

Jan. 22, 2019

[Photo News] Break rules, create markets

Jan. 21, 2019

BOK to entrust transactions of advanced market stocks to local asset managers

South Korea's central bank said Monday that it will entrust local asset management firms with investment of its foreign reserves into advanced market stocks this year.The Bank of Korea held more than $400 billion worth of foreign reserves in 2018, consisting of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion. As of end-2017, the BOK manages 80.9 percent of its foreign assets directly, wi

Jan. 21, 2019

G-20 to take measures to address global imbalances and aging populations

The members of the Group of 20 leading economies have agreed to work together to tackle global imbalances and aging populations, viewing them as structural issues that could hinder sustainable and inclusive growth of the global economy, South Korea’s finance ministry said Sunday.　The G-20 will look into imbalances between savings and investments for multilateral solutions to global imbalances while seeking various policy options, such as fiscal, monetary and structural reform, to deal with

Jan. 20, 2019

KB, Shinhan regroup as competition heats up for ‘leading bank’ title

South Korea’s KB Kookmin Bank and Shinhan Bank held key meetings to review and recognize last year’s business performance and set fresh operational strategies for 2019, as the country’s two largest banking groups step up their competition to clinch this year’s “leading bank” title.Over the weekend, KB Kookmin Bank held a strategy meeting that brought together the bank’s CEO Hur Yin and the deputy directors at the bank’s nationwide branches to discu

Jan. 20, 2019

Korea’s pension fund suffers loss in investment in 10 conglomerates

South Korea’s state-run pension fund suffered valuation losses from its investment in the country’s 10 major conglomerates due to declines in their stocks, data showed Sunday.　The National Pension Service held an average 7.76 percent stake in the conglomerates at the end of 2018, compared with 6.62 percent at the end of 2017, according to data compiled by Chaebul.com, which tracks South Korean conglomerates. 　But the value of the NPS’s stock holdings in the 10 conglomerates fel

Jan. 20, 2019

4 foreign banks fined W693m for price-fixing of FX derivatives

South Korea‘s antitrust watchdog said Sunday that it has fined four foreign banks 693 million won ($618,000) for fixing the prices of foreign exchange derivatives and selling them to five South Korean companies.　The Fair Trade Commission said Standard Chartered Bank Korea and the local units of Deutsche Bank AG, JPMorgan Chase & Co. and HSBC agreed on prices of foreign exchange derivatives on seven occasions between March 2010 and February 2012. 　Deutsche Bank, JPMorgan Chase & Co.

Jan. 20, 2019

BOK issues catalogue on currency history

The central bank has issued a new art catalogue, offering a periodic introduction to South Korea’s currency, officials said Sunday.The Bank of Korea’s Money Museum has published “Korea’s Money,” a catalogue that lists the country’s currencies dating back to the Goryeo Dynasty. The latest catalogue, a new edition of its previous art books, includes large- pictures of various currency designs, according to the BOK.“The focus was to improve the visual effec

Jan. 20, 2019

Seoul shares to move within limited range next week

South Korean stocks are expected to move sideways next week as concerns about lackluster corporate earnings and China's slowing economy could dent investor sentiment, with eyes trained on ongoing trade negotiations between Washington and Beijing, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,124.28 points on Friday, marking a 2.3 percent surge from a week earlier.The index started on a weak note as the prolonged US government shutdown and concerns over the sl

Jan. 19, 2019

Credit card firms bet on digital switchover, big data for survival

Local credit card operators are stepping up efforts to expand big data management and reinforce digital functions as they face the imminent markdown of their commission fees and a consequent decline in business margins, according to industry sources.The CEOs of major credit card service providers, expressing concerns over what they saw as a profit cliff situation, have vowed swift action to achieve a digital switchover and adopt big data-based marketing.“There is a growing sense of crisis

Jan. 18, 2019

Stocks close higher on ‘hydrogen economy’ road map

Fueled by the government’s road map to build a “hydrogen economy,” South Korea’s top automaker and hydrogen-powered car parts firms continued a two-day gaining streak.Hyundai Motor, which launched the fuel cell electric vehicle Nexo early last year, closed at 131,000 won ($116.80) per share Friday, up 1.16 percentage point from the previous close and hitting a 16-week high. Companies that manufacture or supply hydrogen electric vehicle parts also marked sharp gains.

Jan. 18, 2019

Seoul shares up for 4th day on US-China trade optimism

South Korean stocks rose for the fourth consecutive trading session Friday as predictions of progress in the US-China trade dispute lifted investor sentiment, analysts said. The local currency firmed against the greenback.The benchmark Korea Composite Stock Price Index scored 17.22 points, or 0.82 percent, to finish at 2,124.28. Trading volume was moderate at 449.28 million shares worth 5.2 trillion won ($4.6 billion), with gainers easily beating losers 622 to 208. The index moved up in line wit

Jan. 18, 2019

SC Bank Korea secures W100b in extra investment from SC Group

Standard Chartered Bank Korea, the local subsidiary of the British banking group, said Thursday that it has attracted an additional investment of 100 billion won ($89 million) from the group.In a directorate meeting held Wednesday, SC Bank Korea approved the capital restructuring resolution on issuing subordinated 10-year bonds worth 600 billion won and paying out an interim dividend totaling 500 billion won, the bank said in a press release. The subordinated bonds, once issued on Jan. 28, will

Jan. 17, 2019