Recognizing the expansion of the foreign population in Korea, banks are striving to improve access for foreign residents here by providing customized services from the point of arrival to departure. As Foreign nationals are expected to take up a more significant portion of Korea’s demographics amid the nation's continued population decline, local lenders are looking to woo foreign customers through designated communication channels. Korea's top four financial groups -- KB, Shinha

Politics March 26, 2024

The Export-Import Bank of Korea, or Eximbank, announced it will form a 1 trillion won ($745 million) fund to support businesses in high-tech strategic industries, especially semiconductors and batteries. The policy lender will put in 150 billion won toward the fund which will close out at 1 trillion won. The fund will be used to provide preferential interest rates and loan limits to businesses related to chips, battery, bio, future mobility and electric engineering. It is the second fund establi

Industry March 25, 2024

The Industrial Bank of Korea on Monday announced the establishment of a strategic investment fund worth 100 billion won ($75 million) to nurture businesses with innovative digital technologies. The fund will be pooled by the policy lender and its affiliate IBK Capital, with each investing 90 billion won and 10 billion won, respectively. As IBK Capital is more experienced in venture funding, it will manage the fund as a general partner, IBK explained. The fund aims to support platform operators w

Industry March 25, 2024

Local crypto exchange operator Bithumb Korea is set to simplify its corporate governance, spinning off its non-exchange business in a move designed to accelerate its stock market debut planned for next year. Bithumb Korea will separate its holdings business under a new name, tentatively coined Bithumb Investment, the company announced through a regulatory filing Friday. While the existing unit will be in charge of operating the country's No. 2 crypto exchange Bithumb, the newly launched uni

Industry March 24, 2024

While the possibility of the US Federal Reserve cutting its base rate three times this year has sent Seoul shares higher, the Bank of Korea is likely to start bringing down its key rate in July, experts viewed. Through a two-day Federal Open Market Committee meeting, the US Fed maintained its benchmark lending rate to stand in the 5.25-5.5 percent range. Though the rate freeze had been expected by the market, the global stock market, including that of Korea, rallied as the Fed stuck to its dovis

Economy March 21, 2024

By Marc Van de Walle A New Year is always a time to reflect on the previous year, what we might learn from it and then apply these learnings going forward. What better time for reflection than now, as we usher in the Year of the Dragon, considered one of the most auspicious creatures in the Chinese zodiac. The mythical Dragon symbolizes power, wisdom, strength, and good fortune. From an investment perspective, however, there is more you can do than wait to tap on the Dragon’s luck. Last ye

Economy March 20, 2024

Though plagued by emptied-out stores and quiet streets in the wake of the pandemic, the Myeong-dong area in central Seoul is looking to reclaim its title as a top retail district in Korea, seeing a sharp drop in its vacancy rate. Myeong-dong, a major tourist destination here, was hit severely by the lack of travelers during the COVID-19 pandemic, with its vacancy rate hitting nearly 50 percent at the end of 2021. But with pandemic rules lifted and an increase in face-to-face transactions, the ar

Industry March 20, 2024

Thailand has remained an untapped market for South Korean financial firms since their exodus during the financial crisis in the late 1990s. Now Kakao Bank, the nation’s No. 1 online-only bank, is eyeing an expansion into the burgeoning digital banking market in Southeast Asia's second-largest economy. Earlier this month, Thailand’s Ministry of Finance confirmed regulations for authorizing virtual banks, the equivalent of internet lenders in Korea. According to the regulations, a

Industry March 19, 2024

Local real estate asset manager Igis Asset Management is set to move forward with its plan to refurbish the office area near the Seoul Station, having recently acquired two office properties on the site. The asset manager announced Monday it had acquired Metro Tower (41,139.6-square-meters) and Seoullo Tower (27,897.5-square-meters) in the area, which connects with another property owned by the company, the Millennium Hilton Seoul. Through the project, the area, situated near the iconic Namsan,

Industry March 18, 2024

Toss Securities, a brokerage arm under financial technology giant Viva Republica, shared its vision Thursday to become a leading player in the Korean retail trading market, launching new services ranging from bonds to derivatives to diversify its portfolio. “Until last year, Toss Securities worked on proving its lucrativeness as a brokerage house. This year, it will achieve meaningful results both in profitability and growth by offering diverse financial products,” Toss Securities CE

Industry March 14, 2024

The Korean stock market rallied early Wednesday, with the benchmark Kospi breaking above 2,700 points during trading hours for the first time in nearly two years as the market tracked overnight Wall Street gains. The local benchmark Kospi touched 2,701.45 points during intraday trading. The peak came shortly after it opened at 2,694.71, marking a 12.9 points rise from the previous close at 2,681.81. After hitting a record high not seen since May 2022, the main index wiped out the gains as invest

Economy March 13, 2024

Startups in the artificial intelligence and health care sectors have secured the largest portion of investments in February, with Korea seeing a reignited funding market, a research firm said Tuesday. Local startups garnered a total of 93 investments worth 441.75 billion won ($336 million) in February, according to a report released by market intelligence firm Startup Alliance Korea. The investment volume shows a 48.6 percent jump compared to February 2023. Of the total amount, fabless AI chipma

Industry March 12, 2024

The price of bitcoin jumped to a new record in Korea on Monday, breaking through 100 million ($76,365) for the first time. Bitcoin, the world’s biggest cryptocurrency, traded at above 100 million won on the nation’s largest crypto exchange Upbit at 4:32 p.m., a surge since the price exceeded 98.4 million won on Friday. The record figure was in line with the global rally. According to global price-tracking platform CoinMarketCap, the price of bitcoin surpassed $71,200 as of 4:48 p.m.

Market March 11, 2024

Cryptocurrency exchange operator Crypto.com hopes to expand its footing here by launching an exchange app for Korea in the first half of this year, said Eric Anziani, president and chief operating officer at the Singapore-based crypto trading platform. After more than two and a half years of working to build a foundation in Korea, Crypto.com is ready for full competition on the market. The company operates in 90 countries around the world and has more than 80 million global users. “We are

Industry March 11, 2024

After the global rally of bitcoin earlier this week, the “kimchi premium,” -- the price discrepancy in cryptocurrency between Korea and international markets -- has soared as well. Shortly after the global price of bitcoin hit a record high, rising above $69,000, the gap had widened to 12 percent as of Wednesday, meaning the bitcoin that traded in Korea was 12 percent more expensive than the global average. It later came down to the 6 percent range as of Thursday. While the bitcoin p

Market March 7, 2024