In the wake of recent controversies concerning digital currencies, ranging from overheated speculation to cyberattacks on exchange systems, experts here locked horns and engaged in intense discussion on how to protect users from financial damages.The parliamentary National Policy Committee on Monday held a public hearing to look into the revision bill of the Electronic Financial Transactions Act, earlier submitted by Rep. Park Yong-jin of the ruling Democratic Party of Korea.While the lawmaker c

Market Dec. 4, 2017

Korea Investment & Securities, a leading brokerage in South Korea, has been striving to expand its operations in Vietnam as part of its mid-term vision to become a top-tier investment bank in the Asian region by year 2020. Korea Investment & Securities’ headquarters in Yeouido, Seoul. (KIS)“KIS was the most active among South Korea financial companies to expand outwards into the Asian market and is now successfully performing direct investment and financial consulting services related to Vietnam

Industry Dec. 4, 2017

Hyundai Card, the financial affiliate of Hyundai Motor Group, has ventured out of the conventional horizontal credit card plate to adopt an unprecedented full vertical shape, seeking to deliver its digital-focused design innovation to customers. “Throughout the early stages of the digital era, horizontal format has been the norm for most display units ranging from televisions, theater screens and personal computer monitors,” said an official of the credit service provider.“But with the advanceme

Industry Dec. 4, 2017

South Korea’s exports rose 9.6 percent in November, marking the 13th consecutive monthly gain and adding momentum to the optimistic growth rate for this year, government data showed Friday.Outbound shipments in November stood at $49.67 billion, up from $45.3 billion a year earlier, according to data jointly compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service. The total value of exports during the first 11 months of this year hit a record high of $528.4 bill

Economy Dec. 1, 2017

South Korea’s central bank on Thursday raised the nation’s key interest rate by 25 basis points from a record-low 1.25 percent to 1.5 percent, making the first hike in more than six years.The largely anticipated action, which came in spite of North Korea’s latest military provocation the previous day, signaled an end to years of an easy-money policy and indicated a tightening monetary stance in upcoming years.“The monetary policy board decided to increase the key rate fro

Economy Nov. 30, 2017

South Korea’s top financial policymaker said Wednesday that North Korea’s latest missile launch is expected to have limited impact on the nation’s financial market, but vowed swift actions if necessary.“I expect that North Korea’s provocations will not have a great impact on the domestic financial market,” Deputy Prime Minister and Finance Minister Kim Dong-yeon said in a meeting with economic-related ministers at Seoul Government Complex.“But we will ke

Economy Nov. 29, 2017

The Ministry of Trade, Industry and Energy said Tuesday that it had signed a memorandum of understanding with its UK counterpart as part of a move to support Korean firms in the civilian nuclear energy sector. Trade Minister Paik Un-gyu and his British counterpart Greg Clark sign a memorandum of understanding in London on Monday. (Yonhap)South Korean Energy Minister Paik Un-gyu and British Energy Minister Greg Clark met in London on Monday and agreed to fully support South Korea’s state-run ener

Industry Nov. 28, 2017

The business sentiment gap between conglomerates and smaller firms has widened, suggesting recent signals for economic recovery were mostly limited to the market’s upper clusters, data showed Tuesday. The business survey index of domestic companies for December stood at 80, up two points from the previous month, according to the central Bank of Korea. The given figure for manufacturing firms was 83, also up two points from a month earlier.A BSI figure below 100 indicates an overruling

Economy Nov. 28, 2017

Tension is building up within the financial market over whether the central bank will increase the nation’s key interest rate this week, for the first time in more than six years.The market consensus as of Sunday was that the Bank of Korea’s monetary policy board, which is to hold its monthly meeting on Thursday, will raise the current record-low rate of 1.25 percent by 0.25 percentage points.Hints an imminent rate hike have been building up for some time. Last month, while freezing

Economy Nov. 26, 2017

Financial authorities started to investigate financial companies in relation to the accounts under borrowed names allegedly belonging to Samsung Chairman Lee Kun-hee, an issue raised during the parliamentary audit last month.The Financial Supervisory Service on Friday said that it has since earlier this week been carrying out inspections on all the banks and securities firms which opened accounts under borrowed names for Lee.The currently bed-ridden conglomerate chief is thought to have 1,021 of

Market Nov. 24, 2017

The overseas corporations of major South Korean banking groups have been recommended to build up their pre-emptive risk management capacities, according to financial supervisors.The Financial Supervisory Service recently issued an attention-level management recommendation to Woori America Bank, the US corporation of Woori Bank, asking that it level out its loan portfolio, officials said Wednesday.As the notice is a nonbinding administrative guidance, it is up to the company to voluntarily make t

Market Nov. 22, 2017

In order to acquire investment, it is crucial for startups not only to convince the potential investor, “why this specific business model will work right,” but also to display an insight as to “why similar attempts have not succeeded in the past,” advised a renowned entrepreneur-turned-investor. “Startups often tend to be so immersed in their innovative ideas and visions for the future that they may at times miss out on the history of their given sector,” Simon Seok-heun Kang, CEO and partner of

Industry Nov. 21, 2017

KB Financial Group on Monday separated the group chairman post and its flagship bank president role for the first time in three years, signaling its new business momentum as the nation’s top-tier banking group, officials said.The group’s shareholders’ meeting confirmed through an extraordinary meeting that incumbent Chairman and bank chief Yoon Jong-kyoo is to serve for another three-year term, this time as the group’s chairman only. The Kookmin Bank president post is to

Market Nov. 20, 2017

The Pohang earthquake on Wednesday that has rekindled national anxiety over the safety of nuclear power plants -- mostly located in the southeastern part of the Korean Peninsula -- is likely to add momentum to the Moon Jae-in government’s nuclear-free energy road map.Anti-nuclear groups here anticipate the agenda may even rethink the recent decision to continue with the construction of new reactors.“Earthquakes in Korea are all the more dangerous as they may hit upon nuclear power pl

Economy Nov. 16, 2017

Global ratings agency Moody’s on Wednesday forecast that South Korea’s economic growth and its companies’ credit conditions will remain stable in 2018 on the back of synchronized growth throughout the globe.“For the first time since the global financial crisis, we expect growth in all major areas next year,” Christian de Guzman, vice president and senior credit officer of Moody’s sovereign risk group, said in a media briefing.The press event, held jointly by M

Market Nov. 16, 2017