Despite the fourth wave of the COVID-19 pandemic striking a blow to the South Korean economy, global credit appraiser S&P Global Ratings said it would keep the country’s economic growth rate outlook for 2021 and credit rating unchanged, citing robust exports. The agency projected Asia’s fourth-largest economy to grow 4 percent and kept the credit rating at AA, same as estimates from last month and in April. “Overall economic forecasts for South Korea are still looking f

Economy Aug. 4, 2021

Global credit card giant Visa has appointed Patrick Storey, former chief operating officer of consulting and analytics business, as the new head of its overseas unit covering South Korea and Mongolia. He replaces Patrick Yoon, who had led Visa‘s Korea and Mongolia operations since 2018. Joining Visa in1996, Storey worked in the risk management, operations and sales departments in global and regional businesses, according to the company. “Based on his more than 20 years of experi

Market Aug. 2, 2021

Mid-sized local cryptocurrency exchanges in Korea are shutting down as the country’s finance regulator has caught some of their illegal activities recently, and stricter regulations are to be implemented to allow their business operations, industry sources said Sunday. According to the sources, the 11 exchanges that have used fraudulent collective accounts will most likely close business as Financial Services Commission plans to stop their transaction and notify illegal activities to the

Market Aug. 1, 2021

Hyundai Capital Services, the country’s leading auto financing company, said Sunday that it launched an online knowledge sharing platform for its global entities to share new strategies and up-to-date progress of product development. The “Online Knowledge Sharing Platform,” which to be developed into a global product hub, will help global entities to share product strategies, experiences and knowledge from the different regions in real time, the company said. The online pl

Market Aug. 1, 2021

Kang Seol-ah, 31, was supposed to be on Jeju Island for summer vacation this week, but instead, she chose to buy a small tent and decorative light bulbs to set the camping mood at home. The resurgence of the coronavirus has scared her, as it has forced restaurants and tourist sites to close early, even on the southern resort island known as the cleanest region in South Korea. Her plan B was camping at home, lounging on a camping chair and drinking ice cold beer in her new linen dress from H&am

Travel July 31, 2021

Despite a gloomy outlook on emerging countries’ equity market due to the pandemic impact and corporate regulations hindering growth, prospects for South Korea remain positive, driven by quality companies’ exceeding performance on long-term growing industries, an analyst at global asset management firm AllianceBernstein said Tuesday. “Korea is quite sensitive to global growth. Since global growth especially in developed markets remain quite strong, we also have a fairly constr

Market July 27, 2021

Crowdfunding platform Wadiz said Monday it has completed a organization overhaul by spliting the company into two entities in charge of financial and non-financial businesses to transform itself into a platform directly linking consumers and startups, both online and offline. Following the revamp, the parent company Wadiz Co Ltd. will be in charge of non-financial business while the subsidiary companies Wadiz Finance and Wadiz Partners will lead the financial business, the company said. &ldq

Market July 26, 2021

The state-run Export-Import Bank of Korea said Sunday it will invest 100 billion won ($87 million) in future mobility businesses to ensure local firms can gain an upper hand in those fields amid a rapidly changing global market. The areas it will allocate investments include electronic, hydrogen-fueled or automatic driving cars, urban air mobility, eco-friendly vessels and aerospace craft. The lender made the investment decision in line with the government-led Korean New Deal initiative, whic

Market July 25, 2021

High liquidity in the market has led some young retail investors on relatively small budgets to look into unconventional, and perhaps “fun,” ways of investing. By joining fractional investments in such areas as livestock and limited-edition Rolex watches, they expect somewhat stable returns, rather than entirely relying on volatile stock markets or cryptocurrencies that carry higher risks, according to industry insiders. What makes this new way of alternative investing possible are

Market July 25, 2021

While emptying her desk on her last day at the office, Kim Young-sun, 46, recalls the day 18 years ago when she started working at a bank in Seoul. She built her career mostly in retail finance, except for a brief assignment in corporate banking. Management began imposing a heavier workload on bankers in recent years while strictly assessing performance, she said. The stress of that accompanied concerns about the faster-than-expected growth of the fintech industry and platform-based, nontra

Market July 19, 2021

South Korean credit card issuers are rolling out credit cards themed after K-pop stars or animation characters, specifically targeting millennials and Generation Z as they emerge as the new main sources of revenue. BC Card said Monday that it has partnered up with K-pop girl group Blackpink for a new credit card. It is the first credit card issued in collaboration with K-pop idols, they said. According to the company, the credit card is to come in various designs featuring 10 images of Blackp

Market July 19, 2021

Dunamu, operator of the country’s largest cryptocurrency exchange, announced on Sunday its top five digital asset index with financial market tracker FnGuide, amid a growing interest in cryptocurrency investment. The index is based on Dunamu’s real time transaction data of digital assets in the Korean won market, while FnGuide analyzes that data to rank the top five cryptocurrencies by market capitalization. The top two cryptocurrencies on Friday were Bitcoin and Ethereum, the ind

Market July 18, 2021

Rainbow Bridge World, the entertainment agency behind South Korean pop music group Mamamoo, announced plans to go public on the nation’s secondary bourse, the Kosdaq. It hopes to follow in the footsteps of Hybe, which became a corporate giant after its market debut. The agency has submitted an application for an initial public offering. If approved, it may enter the stock market within this year, according to publicists representing the agency. According to the plan, Rainbow Bridge Worl

Market July 13, 2021

Korean fresh food delivery platform Market Kurly has changed the venue for its planned public debut from the US to the Korean market, as recently relaxed listing regulations and market conditions now give them firm reasons to stay home. After exploring options of floating its shares in the US or at home, Market Kurly decided to go for the Korean stock market, it said Friday. “We appreciate domestic customers, producers and suppliers and would like to share the success of the company,&

Market July 12, 2021

Commercial banks in South Korea are slated to cut back on business hours in line with the highest social distancing rules of Level 4, according to the Korea Federation of Banks on Friday. Local bank branches will adjust their operating hours to between 9:30 a.m. to 3:30 p.m, from the current 9 a.m. to 4 p.m, to combat the rapid spread of the novel coronavirus and its delta variant, officials said. The recent move came after the government announced it will implement Level 4 guidelines in Se

Market July 9, 2021