The South Korean government is ramping up financial aid to address the rapidly growing unpaid bills from Qoo10 Group’s e-commerce subsidiaries, which have now exceeded 800 billion won ($600 million). On Wednesday, the Finance Ministry announced that overdue payments to vendors on Tmon and WeMakePrice, the two struggling online marketplaces owned by Singapore-based Qoo10, have reached 818.8 billion won as of Monday. The unpaid bills have tripled in less than a month due to transaction delay

Industry Aug. 21, 2024

Singapore-based logistics company Qxpress is set to separate from its financially troubled parent, Qoo10 Group. According to the local investment industry Tuesday, private equity firms that have invested in Qxpress are reportedly gearing up to convert their holdings of exchangeable bonds and convertible bonds into common stock on a large scale, initiating the procedure to take over management control of the logistics subsidiary from Qoo10 to restore normal operations. Investments totaling approx

Industry Aug. 20, 2024

The average earnings of bankers at South Korea's four major banks in the first half of this year amounted to 60.5 million won ($45,300), surpassing the pay at some of the country's largest companies. According to recent public disclosures reported by the banks to the Financial Supervisory Service, Hana Bank led the pack, offering 67 million won on average to its employees over the first six months. KB Kookmin Bank and Woori Bank followed at 60 million won each, while Shinhan Bank provi

Economy Aug. 19, 2024

South Korea’s Shinhan Financial Group has opened its new Vietnam headquarters in Ho Chi Minh City’s Thu Thiem financial district, bringing its subsidiaries together under one roof, the company said Sunday. On Thursday, Shinhan’s five Vietnamese subsidiaries — Shinhan Bank, Shinhan Finance, Shinhan Life, Shinhan Securities and Shinhan DS — relocated to The Mett Building, a landmark in the new urban area of Thu Thiem. The opening ceremony was attended by key executive

Industry Aug. 18, 2024

Nearly 70 percent of foreign investors expect South Korea's government-led Corporate Value-up Program to have minimal or moderate impact on the capital market, according to a recent Bank of America survey. The survey, conducted earlier this month with around 200 Asian fund managers, revealed that 22 percent foresee "no significant impact" from the program, a 6 percent increase from July's results. Meanwhile, 44 percent anticipate a "moderately positive impact," whil

Market Aug. 16, 2024

The top financial regulators of South Korea and Japan are set to meet next month. Korea’s Financial Services Commission Chairman Kim Byoung-hwan is scheduled to meet with Hideki Ito, commissioner of Japan’s Financial Services Agency, in Tokyo in September, according to the FSC on Friday. This marks the first meeting between the newly appointed financial chiefs since both assumed their positions in July. The upcoming bilateral talks follow the revival of the regular meetings between K

Economy Aug. 16, 2024

K-pop powerhouses are grappling with a loss of growth momentum, with Hybe taking the hardest hit amid ongoing scandals. Hybe, home to K-pop sensation BTS, saw its shares plunge 4.56 percent Wednesday, closing at 163,100 won ($120), the lowest since December 2022. This marked the fourth consecutive day of declines, with the stock down 11.2 percent since Aug. 8, despite a brief rally following better-than-expected second-quarter results. Hybe reported record second-quarter sales of 640.5 billion w

Industry Aug. 15, 2024

The American Chamber of Commerce in Korea hosted a seminar on Wednesday at the IFC Forum in Yeouido, Seoul, offering an in-depth overview of the US work visa process. The event focused on providing essential information about US work visas, including the visa categories, their specific requirements and permitted business activities under each visa type. Experts from various fields also offered insights for corporations and individuals looking to expand into the US market, addressing challenges a

Economy Aug. 14, 2024

Kakao Pay, the mobile payments division of South Korea’s IT giant Kakao, has denied allegations of illegal customer data usage, amid revelations from a Financial Supervisory Service investigation. On Tuesday, the FSS revealed that Kakao Pay had allegedly shared the credit information of approximately 40 million customers with third parties without their consent. The findings emerged from the agency’s recent inspection of Kakao Pay’s overseas payment services. The FSS identified

Industry Aug. 13, 2024

After looking to relocate its headquarters from Washington, partially owned by South Korea's Igis Asset Management, US mortgage giant Fannie Mae has reversed course, opting instead to extend its lease under revised terms that will see it occupy a smaller space. Igis Asset Management announced Tuesday that the Federal National Mortgage Association, commonly known as Fannie Mae, has recently signed a new long-term lease at Midtown Center, a downtown DC property the Korean company jointly owns

Industry Aug. 13, 2024

The Korea Customs Service has initiated an investigation into potential damages related to overseas product purchases made through the troubled e-commerce platforms Tmon and WeMakePrice. The probe comes in response to customer reports that items purchased through these platforms cleared customs but were not delivered. "We have launched an internal investigation following reports from customers and media that a courier company moved these items to a different location inside the country upon

Industry Aug. 9, 2024

A three-way takeover battle for MG Non-Life Insurance began Thursday, with Meritz Fire & Marine Insurance entering the prolonged race as a new contender. According to local reports, three companies submitted letters of intent to participate in the fourth preliminary bidding for MG Insurance on Thursday. The contenders include Meritz Fire & Marine Insurance and private equity firms Dayli Partners and JC Flowers. Meritz Fire, the non-life insurance arm of local financial holding company Me

Industry Aug. 9, 2024

Approximately 630 billion won ($457.3 million) in trades by South Korean investors were canceled following a recent suspension in after-hours trading in the US largely due to a surge in order volume, Korean authorities said Thursday. According to the Financial Supervisory Service, the cancellations affected around 90,000 accounts at 19 local securities firms that offer daytime trading of US stocks to Korean investors. On Monday afternoon Korean time, US overnight trading platform Blue Ocean ATS

Market Aug. 8, 2024

The Korean government announced on Wednesday a policy support package totaling 1.2 trillion won ($871 million) to address damage from Tmon and WeMakePrice payment delays, with refunds for general products to be completed within the week. The measures, part of a follow-up support plan announced by the Finance Ministry, include an additional 600 billion won in emergency funds for vendors impacted by the delays, supplementing the 560 billion won announced last week. These additional funds will be s

Industry Aug. 7, 2024

태국 최대 금융지주사 SCBX는 카카오 창업주 김범수 경영쇄신위원장의 구속에도 불구하고 카카오뱅크와 굳건한 파트너십을 강조했다. SCBX의 홍보를 총괄하는 수티라판 삭카와트라 고객 총괄 책임자(CCO)는 2일 코리아헤럴드와의 서면 인터뷰에서 "최근 뉴스에도 불구하고 현재 (카카오뱅크와의) 사업 관계에 변화는 없다"며 "양사는 현재 태국에서 함께 추진 중인 프로젝트를 위해 계획대로 협력을 지속할 것"이라고 말했다. 현재 카카오뱅크는 SCBX 및 중국의 위뱅크와 함께 컨소시엄을 구성해 태국 가상은행 산업 진출을 준비 중이다. 태국 3대 은행 중 하나인 시암상업은행(Siam Commercial Bank)를 산하에 둔 SCBX와 한국 최대 인터넷전문은행인 카카오뱅크가 참여하는 만큼 해당 컨소시엄은 현지에서 유력한 후보 중 하나로 꼽힌다. 태국 중앙은행은 다음달 19일까지 인가 신청서를 받아, 약 9개월 간 심사 과정을 거쳐 내년 상반기 중 사업자를 선정할

Aug. 7, 2024