Kakao Brain, the artificial intelligence technology research and development subsidiary of Kakao, said Wednesday it has launched its second AI model that self-generates images, allowing the company to quickly expand its presence in Korea’s mammoth AI space. The AI model, dubbed “minDALL-E,” creates images the users wish to see, according to the company. For instance, when users type in requests such as “draw a picture in a Salvador Dali style” or “create an

Technology Dec. 15, 2021

BROKERAGE OF THE YEAR / MIRAE ASSET SECURITIES Mirae Asset Securities, a South Korean brokerage firm, has set new records this year. Mirae’s overseas stock and retirement pension assets each reached a record high of 20 trillion won ($16.8 billion), the brokerage firm said. The company’s overseas stock trading volume has surged 20 times more than it was in 2017. Compared to 2020, it increased by 4.3 trillion won this year. Investors who purchased and sold overseas stocks through t

Market Dec. 6, 2021

Yun Ho-young, CEO of South Korea’s largest digital-only bank, KakaoBank, has brought changes in one of the country’s most conservative industries with innovative noncontact services. Playing a key role in leading the company’s digital banking drive, Yun has put KakaoBank in a position to receive the highest market valuation among local financial companies. Investors are keeping an eye on the CEO’s next steps toward innovation. “From the start, KakaoBank was differ

Market Dec. 6, 2021

South Korean internet giant Naver on Wednesday laid out its strategies to enter the global market with its latest metaverse technology that allows hyperconnection between the real world and virtual reality. “We have recently joined hands with SoftBank to make an HD map of cities in Japan through our ALIKE solution. It will be an important stepping stone for Naver to bring future without borders,” said Seok Sang-ok, CEO of Naver Labs, during a press conference. Seok added that Nave

Technology Dec. 1, 2021

Dunamu, the operator of cryptocurrency exchange Upbit, said Tuesday that it has launched the beta version of its video chat metaverse platform, pushing the boundary between the real world and virtual reality. Metaverse refers to virtual communities that let users interact in real time. On 2ndblock, the metaverse platform, a video chat window automatically pops up when users’ avatars are close by, and users can see each other’s faces through webcams. They can also actively communic

Market Nov. 30, 2021

KakaoTalk, South Korea’s top mobile messenger, celebrated the 10th anniversary of its emoticon service, highlighting the jobs it has created for freelancers. KakaoTalk emoticons that can be purchased and used in the mobile messenger have raised 700 billion won ($586 million) in sales revenue since their launch in 2011, according to the company. More than 300,000 emoticon sets have been sold, and 220 billion emoticons have been sent among users. Five emoticon sets have each collected mo

Technology Nov. 29, 2021

The metaverse, a kind of virtual community that lets users interact in real-time, carries potential legal risks, and requires regulations to ensure platform operators protect their users from digital crimes, experts said Friday. “Since metaverse embodies the virtual world as almost exactly the same as the real world, there are concerns on severe privacy violations. It is highly possible that data on the users’ whereabouts, medical information and political affiliations could be lea

Technology Nov. 26, 2021

South Korean blockchain research company AMAXG has put up an ad on the Time Square billboard in New York, sharing its vision on metaverse and nonfungible tokens. The ad says, “AMAXG Group is in full support of technological innovation of metaverse in Korea.” AMAXG Group has recently announced it will expand its BizAuto Platform, a group of metaverse services platforms, consisting of three platforms -- BIZA-UVIT, BIZA-Metaversity and BIZA-CarnegieMall. It plans to add BIZA-Motors,

Market Nov. 26, 2021

Dunamu, the operator of cryptocurrency exchange Upbit, said Wednesday that it sold its first NFT art: two paintings by the famous Korean pop artist Jang Koal. The first art piece, “Mirage Cat 3,” started its bidding price from 0.0416 bitcoins, worth 2.8 million won ($2,350), and was sold on Wednesday on the Upbit NFT Beta platform to a bidder who had offered 3.5098 bitcoins, or about 240 million won, the company said. The nonfungible token, digital counterparts of real-world asse

Market Nov. 25, 2021

Kakao Brain, an AI technology research and development subsidiary of Kakao, said Thursday it will upgrade its Korean-language AI model to go full swing in promoting the development of local AI industry. According to the AI company, it plans to enhance the deep learning process of KoGPT, Kako Brain’s Korean- language AI model, and make it 100 times more efficient by using Google Cloud’s supercomputer, Google Tensor Processing Unit. Google TPU is a large-scale computing system that

Technology Nov. 25, 2021

South Korean internet giant Naver on Wednesday unveiled its latest technology to expand its business in the metaverse, the fast-emerging platform connecting virtual communities. “We will soon launch Arcverse, a metaverse ecosystem, that connects the virtual world and real world. In Arcverse, users will be able to use the data and services from both worlds at the same time,” said Seok Sang-ok, CEO of Naver Labs, during Deview 2021, Naver’s 14th developer conference. For insta

Technology Nov. 24, 2021

Dunamu, the operator of cryptocurrency exchange Upbit, said Tuesday that it has launched a new trading platform for nonfungible tokens, further expanding its footprint in the virtual asset space. NFTs are blockchain-based digital counterparts of real-world assets, mostly in the areas of visual arts or music. The blockchain company opened its Upbit NFT Beta service on Upbit’s website, where its users can sell and purchase NFTs at auction. Using the “Drops” function, users ca

Market Nov. 23, 2021

South Korea’s financial regulator said Tuesday it might impose tax on nonfungible tokens, adding fuel to controversy surrounding virtual asset taxation in the country. NFTs refer to the digital counterparts of real-world assets, mostly of visual art or music, that guarantee ownership through the blockchain technology. Financial Services Commission Vice Chairman Doh Kyu-sang recently said that the government could collect taxes on NFTs under the current Act on the Specified Financial Tran

Market Nov. 23, 2021

Emro, a supply chain management software company in Korea, said Monday its third-quarter net profit rose 21 percent from a year ago on expansion of clients and business. According to the company’s regulatory filing, its net profit stood at 3.98 billion won ($3.3 million) in the July-September period. Its operating income jumped 42 percent on-year to 4.04 billion won, and revenue expanded 11 percent to 11.2 billion won in the cited period. Emro said its net profit grew thanks to the incr

Market Nov. 23, 2021

Coway, a South Korean home appliance maker, said Monday that it has launched a premium built-in water purifier that replaces the previous high-end model it introduced 10 years ago, with the aim of leading the trend toward built-in appliances. Coway’s Noble built-in water purifier features an under-sink filtration system, which is more commonly used abroad than in Korea, according to the company. For domestic customers who aren’t familiar with built-in water purifiers, Coway develop

Consumer Nov. 22, 2021