Industrial Bank of Korea said Wednesday it signed a memorandum of understanding with Saudi Small and Medium Sized Bank through a videoconference, in a bid to share IBK’s knowledge and expertise in financial support for small companies. Under the agreement, IBK will help Saudi SME Bank in developing a credit loan system and products, business strategies, risk management measures and IT and computer systems. IBK will also form a taskforce with working-level staff to directly communicate a

Market Sept. 8, 2021

Global credit appraiser Fitch Ratings said Tuesday that it would maintain South Korea’s credit rating and keep the economic growth projection positive, citing economic resilience, despite the latest wave of the pandemic hitting the country. During a webinar on assessing regional outlooks, Jeremy Zook, director at Fitch Ratings, expected the credit rating for Asia’s fourth-largest economy to remain intact from its July projection of AA-, the fourth-highest level of the agency’s

Economy Sept. 7, 2021

Toss Bank will expand its loan services to thin filers with little credit history or borrowers with low credits through its advanced credit assessment system while delaying its official launch to next month, officials said Monday. The internet-only lender was expected to start business late this month after receiving the green light from the country’s financial regulator. But due to the bank’s last-minute schedule rearrangements, it will begin its operation starting the first week

Market Sept. 6, 2021

Ahn Jung-hyun, a 32-year-old worker at an insurance company, knows her salary, 65 million won ($55,370) a year, is well above average. But during her intermittent break time, she never stops making a little extra. Instead of playing mobile games or watching Netflix, Ahn clicks on a number of apps that offer actual money or discount coupons as marketing rewards -- and every little helps. Ahn is one of growing number of Koreans in search of extra income through money making apps. A mobile ped

Market Sept. 4, 2021

Amid controversial regulatory efforts being made to keep cryptocurrency trading in order, Upbit appears to have solidified its leadership in the market. Upbit retained its title as South Korea’s largest cryptocurrency exchange in terms of cash parked, and the number of subscribers and transactions, data showed Sunday. According to the data from Rep. Yoon Do-hyun of the People Power Party, a member of National Policy Committee, Upbit had 5.3 trillion won ($4.5 million) deposited its acc

Market Aug. 29, 2021

 Among central Seoul’s gray concrete buildings, lies a 450-meter road lined with walls plastered with pictures of eccentric comic characters from stories that mesmerized Koreans for decades. 　Painted in vibrant colors, the walls on Zaemiro, meaning fun street, bring life to Korean comic characters that later become inspirations to many K-dramas. 　In the first section, visitors are welcomed by the characters from “The Palace,” a popular teen romance cartoon-turned-drama

Travel Aug. 28, 2021

Hyundai Card announced Thursday it has launched a private label credit card in collaboration with IT giant Naver to bolster the credit card issuer’s online retail business. According to the company, the Naver Hyundai Card offers rewards and benefits to customers using online transaction and subscription services via Naver. A PLCC refers to a credit card rolled out by a credit card issuer, but which offers benefits from a specific retailer the issuer has partnered with. The credit card

Market Aug. 26, 2021

Global credit appraiser Fitch Ratings said Wednesday that Hyundai Card’s ratings will remain unchanged, even after Fubon Life Insurance and Fubon Commercial Bank‘s acquisition of 20 percent shares in the credit card operator.　 According to Fitch, Hyundai Card will maintain its current rating as BBB (stable) because it will receive all necessary support from its parent company, Hyundai Motor Group. Fitch Ratings said it expects Hyundai Motor Group to continue to have strong control

Market Aug. 25, 2021

South Korea’s financial watchdog will launch an investigation into electronic payment service providers and their operations amid growing concerns over consumer protection in a row involving local discount app operator Mergeplus. The Financial Supervisory Service has been under fire for failing to monitor risks and eliminate legal gray areas on the back of fast-growing electronic payment services in recent months. Angry customers swarmed Mergeplus’ headquarters in Seoul last week

Market Aug. 17, 2021

The blame game between financial authorities and discount app operator Mergeplus intensified Monday, leaving customers who bought coupons uncertain as to whether they would lose their money. Mergeplus launched Mergepoint, an electronic payment service, in 2018. Consumers can buy Mergepoints for 20 percent less than their face value, and use them in local retail franchises, convenience stores and coffee shops. The substantial discounts on offer have helped the service attract about 1 million u

Market Aug. 16, 2021

Naver’s mobile messenger Line’s blockchain subsidiary said Thursday its crytocurrecy Link will be listed on the country’s exchange Bithumb and start trading in the market on Friday. Line Blockchain and Bithumb said that the deposit and withdrawal address of the cryptocurrency account will be released soon. Link is a cryptocurrency issued by its Sinpapore branch Line Tech Plus, using “Link chain,” a blockchain mainnet made by Line itself, where the actual transact

Market Aug. 12, 2021

South Korean Blockchain research company AMAXG has launched “BIZA-Metaversity,” a metaverse-based AI education platform, to tap into the fast growing virtual technology sector worldwide. 　 The metaverse refers to virtual worlds shared by people online. Users interact through digital avatars in the virtual environment while carrying out real life activities. AMAXG plans to gather education institutions in the BIZA-Metaversity and provide an all-in-one education service across borde

Market Aug. 12, 2021

South Korean IT solutions and services provider 3K Group has opened a research center to further its research and business in AI, big data and blockchain. According to the company, the “3K AI Center,” a four story building located in Jamsil, southeastern Seoul, will play a key role in leading the company’s research and development. “The AI center is a stepping stone for enhancing efficiency in R&D between the group’s subsidiaries and their partners, and acce

Market Aug. 12, 2021

The country‘s second-largest carmaker Kia said Monday it will invest 10 billion won ($8.7 million) into local fintech company Bank Salad in a bid to set foot in the mobility data business. 　 Through the investment, Kia seeks to forge a partnership with the fintech firm to develop data technology for the mobility industry such as open data platform for cars and connected cars. They plan to launch car insurance services that use MyData, a government-led project to comprehensively collect

Market Aug. 9, 2021

Buyers’ sentiment for Seoul apartments hit its highest point in five months this week, despite the government’s tightening measures, data showed Friday. According to the Korea Real Estate Board, an index gauging the balance between supply and demand for homes surged by 0.3 point this week, from 107.6 to 107.9. When the index exceeds 100, demand for homes is stronger than the supply available in the market. The data suggests that the market is defying the government’s attemp

Market Aug. 6, 2021