At times of high financial volatility, Korean fintech firm Fint’s artificial intelligence-powered investment service designed for minimizing risk can play its part, said an executive from the startup behind the service. Launched by startup December & Co. in 2019, Fint is a digital version of a fund manager that implements an investment strategy and manages the portfolio through trading activities in global exchange-traded funds based on its AI engine named ISAAC. "The service hi

Market Feb. 6, 2023

South Korea and Australia have agreed to extend their currency swap agreement by another five years, in a bid to continue to increase trade and improve financial stability. Under the extension, the Bank of Korea and the Reserve Bank of Australia can exchange their local currencies up to 9.6 trillion won or 12 billion Australian dollars ($7.69 billion). The deal follows the previous agreement made in February 2020. The initial currency swap agreement between South Korea and Australia was sealed i

Economy Feb. 6, 2023

Market expectation of a Bank of Korea rate freeze is growing, after the US Federal Reserve slowed its pace of interest rate increases for the second straight meeting on Wednesday. The US base interest rate climbed to 4.5-4.75 percent per annum as the Fed raised the key rate by 0.25 percentage point from the previous 4.25-4.5 percent at the Federal Open Market Committee meeting on Wednesday. The hike was in line with market expectations that projected the Fed would raise rates more slowly, afte

Economy Feb. 2, 2023

Central bank warns of negative impact of US-China relations, geopolitical conflicts on Korea's key export industries Korea's export-oriented economy could face threats because of its heavy reliance on raw material imports amid rising geopolitical tensions, a senior researcher at the country's central bank said during a seminar Wednesday. The Bank of Korea stressed a fragmented global trade regime could harm the country's key export sectors such as semiconductors, electric veh

Economy Feb. 1, 2023

The Korea Exchange unveiled a series of plans on Tuesday to transform the country's trading system in line with global standards, aiming to overcome the undervaluation of the domestic stock market. The bourse operator said it will push to open the derivatives market 15 minutes earlier at 8:45 a.m. Currently, the local derivatives market opens at 9 a.m. at the same time as the securities market. “By opening the derivatives market a little bit earlier, global events can be reflect

Market Jan. 31, 2023

This is the second part of a series on South Korea’s largest investor National Pension Service, analyzing its current status and identifying tasks that lie ahead. -- Ed. South Korea’s public pension fund has been stepping up investments in foreign stocks as it faces mounting pressure to enhance returns, amid concerns that the fund would run out sooner than expected due to rapid demographic changes. On Friday, a budget committee of the pension service announced in an updated forecas

Economy Jan. 30, 2023

Hana Financial Group has announced plans to strengthen the company's global and digital sectors, while improving financial services in 2023. The financial holding firm, whose business spans from bank and card services to securities, shared its vision for the new year at an event held at Kyung Hee University in Seoul on Saturday. More than 4,000 employees from 15 affiliates -- including Hana Bank, Hana Securities, Hana Card and Hana Capital -- took part in the event, with Chairman Ham Young-

Economy Jan. 29, 2023

With the Korean government lifting the indoor mask mandate, major banks are to normalize their operating hours to 9 a.m. to 4 p.m. from Monday. Major commercial banks, including KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup, are to normalize their operating hours from the current 9:30 a.m. to 3:30 p.m. to 9 a.m. to 4 p.m. as the government has lifted the indoor mask mandate, one of the last remaining pandemic restrictions. Major savings banks have also joined the move. Ban

Economy Jan. 29, 2023

Private equity funds Unison Capital Korea and MBK Partners have joined hands to take over Osstem Implant, the nation’s largest dental manufacturer, according to the companies on Wednesday. Osstem Implant announced that UCK and MBK Partners will go for a tender offer through special purpose company Dentistry Investment, buying off a sizeable stake in the company for the next month at 190,000 won ($154) per share, up almost 17 percent from 162,500 won from the previous trading day. UCK is a

Market Jan. 25, 2023

조희연 서울시교육감은 최근 코리아헤럴드와의 인터뷰에서 "다문화 청소년에게 한국어 교육은 기본인권의 문제"라고 지적했다. 그는 또한 지금 한국의 교육이 중요한 전환점을 맞고 있다고 강조했다. 그는, "지금의 아이들은 다양성 속에서 살아가는 법을 배워야 한다. 우리가 단일민족으로 지내온 시간이 길기에 배타성이 생겨날 수도 있다. 지금이 진정한 의미에서 그동안의 대한민국 국민 교육을 변화시키는 계기가 될 수 있다"고 강조하며 "다문화 학생들이 우리 사회 인재로 성장하는데 부족함이 없는 교육복지 환경을 만드는 것"을 중점 과제로 생각한다고 말했다. 2022년 4월 기준 서울시의 다문화 학생 수는 1만9513명으로, 전체 학생 수의 2.4퍼센트를 차지한다. 전국적으로는 총 16만8645명이 집계됐다. 다문화 학생은 국내에서 출생한 다문화가정 자녀와 중도입국 및 외국인 가정 자녀를 총칭하여 이른다. 현재 서울시교육청의 한국어 교육은 다문화교

한국어판 Jan. 25, 2023

Mirae Asset Global Investments stands strong in the global financial market, despite a challenging economic environment. As of end-2022, Mirae Asset Global Investments' assets under management had reached 248 trillion won ($200 billion). According to the firm, 40 percent of its total assets, or 103 trillion won, is being managed overseas, surpassing the 102 trillion won mark set in end-2021. The firm's overseas business generated a net profit of 747 billion won in the third quarter of

Market Jan. 19, 2023

The top 100 Korean companies in terms of sales invested a total of 5.44 trillion won ($4.3 billion) in environmental and safety efforts in 2021, the Federation of Korean Industries said Wednesday. The FKI analyzed the firms' environmental, social and corporate governance, or ESG, efforts based on the companies' own reports. The 100 firms' combined investment of 5.44 trillion won marked a 87.6 percent increase from 2.9 trillion won in 2020. The federation report said the increase r

Industry Jan. 18, 2023

Upon Yoon's state visit, 23 memorandums of understanding signed to boost mutual ties South Korea and the United Arab Emirates are to further strengthen ties for joint growth, agreeing to $6.1 billion worth of cooperation on energy, defense and new industry businesses, according to Seoul officials on Tuesday. A total of 23 memorandums of understanding and a contract were signed between the two countries during a business forum held in Abu Dhabi on the sidelines of President Yoon Suk Yeol&#

Industry Jan. 17, 2023

Publicly offered Korean language education for children from immigrant and foreign families is necessary because they are entitled to learn the language as part of their human rights, said Seoul City's education chief, stressing the need to expand quality high-level classes currently limited to adults. “Students of multicultural backgrounds should be given a chance to learn the Korean language as a basic human right that they are entitled to,” said Cho Hee-yeon, superintendent

Social Affairs Jan. 15, 2023

After Korea’s central bank delivered yet another rate hike, market participants have begun to anticipate the end of the monetary tightening cycle is near. Seeking to fight inflation, the Bank of Korea continued a streak of seven consecutive rate hikes, jacking up the key rate by another 25 basis points on Friday. With the latest hike, the base rate has reached 3.5 percent, the highest figure in more than 14 years, since the rate stood at 4 percent in November 2008. The rate hike will lea

Economy Jan. 15, 2023