The Korea Life Insurance Association has tapped Kim Chul-ju, head of the Creditors' Coordination Committee, as its new chairman. An internal recommendation committee made the decision in a meeting held Friday. Kim, a graduate from the department of economics at Seoul National University, served as a public official at the Ministry of Economy and Finance. After working as an economist at the Asian Development Bank and World Bank, Kim returned to the Korean government, serving in key position

Industry Nov. 24, 2023

Mirae Asset Global Investments, an asset management company under Mirae Asset Financial Group, named two vice chairs, Choi Chang-hoon and Rhie Chun-yong, as chief executive officers of the firm in a shareholders meeting Thursday. Choi, who has held the co-CEO post since 2021, will serve another term. His efforts were appreciated for having secured investment stability by strengthening the diversity of the real estate investment portfolio in and out of Korea, the firm said. With 25 years of exper

Companies Nov. 23, 2023

From the fourth quarter of next year, individuals can test out the central bank digital currency with public vouchers, under a real-world test plan introduced by local authorities on Thursday. The Bank of Korea, Financial Services Commission and Financial Supervisory Service jointly announced the details on the pilot project, following a previous notice in October. Thursday’s announcement was made on the sidelines of a visit by Agustin Carstens, general manager of the Bank for Internationa

Economy Nov. 23, 2023

Marking the 140th anniversary of diplomatic relations between Korea and the United Kingdom, the two countries' business leaders held a forum in London to seek cooperation in diverse sectors, from energy and defense to supply chains. The event, held Wednesday on the sidelines of President Yoon Suk Yeol’s state visit to the UK, was co-hosted by the Federation of Korean Industries and the UK's Department for Business and Trade. Yoon delivered a congratulatory speech at the forum, st

Economy Nov. 22, 2023

Lee Sirgoo, CEO of Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, was officially tapped by board members to lead the fintech firm for another three-year term, it said on Wednesday. Lee, who has been serving his second term at the company, was first named its chief in 2017. The appointment is to be finalized through approval at a shareholders meeting, set to take place on Dec. 5. If approved, Lee’s term will last until December 2026. “I decided to assume

Companies Nov. 22, 2023

Meritz Financial Group announced a major reshuffle at the executive level on Monday to maximize its group-wide synergy, following the consolidation of its affiliates Meritz Fire & Marine Insurance and Meritz Securities earlier this year. Vice Chairman Kim Yong-beom, who was the CEO at both Meritz Financial Group and Meritz Fire & Marine Insurance, has stepped down from his post at the insurer to focus on leading the group through its holdings company and managing the group’s overal

Industry Nov. 21, 2023

Korea is likely to see more activity in the metal derivative market amid the growth of battery metals trading, said a CME Group executive in charge of handling the firm’s global metals business. Jin Hennig, managing director and global head of metal products at CME Group, a leading financial derivatives exchange, said Korea can play a critical role in both metal trading and transactions as the overall market is growing at a fast pace. CME Group, as a derivative marketplace, offers futures

Market Nov. 21, 2023

The controversy surrounding fabless startup Fadu’s initial public offering has led the Korea Exchange, the country’s sole bourse operator, to implement tighter regulations on its listing track for tech firms. Fadu, established in 2015, went public on the tech-heavy Kosdaq in early August through the KRX’ special technology-growth track, which provides relaxed IPO rules for tech firms. The company’s corporate value at the time of the listing was believed to be around 1.5 t

Market Nov. 19, 2023

An increasing number of household names in the global capital market scene are setting their sights on Jeonju, a touristic provincial city in the southern part of Korea, opening new offices there in the hopes of strengthening ties with pension giant, the National Pension Service. In 2017, the NPS moved down to Jeonju, a three-hour drive from Seoul in North Jeolla Province, as part of a campaign to ease overconcentration in the country's capital. While the pension giant itself has experience

Market Nov. 16, 2023

The Korean government will put up nearly 1 trillion won ($769 million) in a bid to encourage young people who are not in education, employment or training, known as NEET youth, to encourage them to return to the labor market. On the back of a strong job market, the employment rate of young Koreans aged 15 to 29 stood at 46.6 percent in October. Yet more than 414,000 people, or 4.9 percent of the age group, were found not to have actively sought jobs during the first nine months of this year, acc

Economy Nov. 15, 2023

South Korea's import prices climbed for a fourth consecutive month following the devaluation of the Korean won, central bank data showed Wednesday. Export prices rose as well in the period. The import price index for October stood at 140.38, rising 0.5 percent from the month before. The figure has been advancing for four straight months since July, according to preliminary data from the Bank of Korea. Yet, compared to the same month last year when international oil prices surged, the figure

Economy Nov. 14, 2023

The Upbit D Conference, a leading blockchain event hosted by Dunamu, operator of the country's largest crypto exchange Upbit, took place Monday, sharing ideas on how to expand the blockchain industry. Under the slogan “All That Blockchain,” the event invited some 40 experts from 29 countries as speakers to discuss related trends, policies, finance and content involving blockchain. “As the blockchain industry evolves, the UDC continues to grow,” Song Chi-hyung, chai

Industry Nov. 13, 2023

Non-financial entities, including export companies, will be allowed to make transactions through forex aggregators, a service which has until now been limited to financial firms, according to an announcement from the Finance Ministry on Friday. The reform comes as part of the proposed revision to the Foreign Exchange Transactions Act, part of the Korean government's effort to make the local forex market meet the "global standards." Under the reform, forex aggregators will provid

Market Nov. 10, 2023

South Korea's commercial real estate market retreated in the third quarter as foreign investments declined due to high pricing, according to a report from market tracker MSCI Real Assets on Thursday. Local commercial real estate transactions in the third quarter stood at $4.6 billion, marking a 34 percent decrease on-year, the report showed. Though South Korea was the top country in the Asia-Pacific region in terms of transaction volume in the previous quarter, it fell to the third-larges

Market Nov. 10, 2023

The state-run Korea Development Institute brought down the economic growth forecast for 2024 to 2.2 percent and 1.4 percent in 2023, slashing 0.1 percentage point each from the previous projections made in August, citing slowed growth of private consumption stemming from high rates. The local economy will show a gradual recovery backed by exports next year, yet the pace will be limited due to the slowdown in the domestic consumption growth, following persistently high rates. Korea's gross d

Economy Nov. 9, 2023