South Korean banks have launched emergency safety measures for their businesses in India, as the country grapples with the world’s worst COVID-19 outbreak. The spiking coronavirus infections and deaths in the world’s second-most populous nation has set yet another major hurdle for the banks’ overseas expansion goals, after Myanmar’s military coup put a damper on their plans. According to the watchdog Financial Supervisory Service, a total of eight banks have entered t

Market May 11, 2021

South Korea’s income inequality has worsened after the outbreak of the COVID-19 pandemic last year, with rising female unemployment and pay cuts widening the gap, a report from the central bank showed Monday. The average income earned by the bottom 20 percent here in the April-December period last year declined by 17.1 percent on-year, data compiled by the Bank of Korea showed. The income loss is larger than those of other income groups, such as the top 20 percent, which shed an average

Economy May 10, 2021

Oh Jong-gyun, a 35-year-old in Seoul, had an awkward moment when he went to pay for valet service during a blind date last week. Not only was he feeling shy in front of a lady he had just met that evening, Oh also realized that he hadn‘t carried ”real money“ for months. “I risked losing face, on my first date, to ask her for 3,000 won. Well, she didn’t have it either,” he said. Oh is one of growing number South Koreans living without physical money as they

Economy May 8, 2021

The Korean Federation of Community Credit Cooperatives said Friday that one of its subsidiaries had been granted a license to establish its business permanently in Uganda. The financial cooperative received the permission from the Uganda government after entering the market in October 2018. The microfinancing-centered business, which started out with only two employees at the time, now has more than 150 employees working in 15 subsidiaries, providing services to over 5,000 members in the Afric

Market May 7, 2021

South Korea’s financial watchdog on Wednesday imposed penalties of up to 12 million won ($10,700) on local businesses that violated its internal controls over financial reporting rules in 2018. Following an inspection, the Financial Supervisory Service found 28 cases of violations across 19 companies. It has decided to slap fines ranging from 3 million won to 12 million won on 13 of those cases – five businesses, one representative of a business and seven internal auditors. The F

Economy May 5, 2021

This is a part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the fifth installment. -- Ed. Throughout its 60-year history, South Korea’s NH NongHyup Bank managed to build an unparalleled reputation as the nation’s most successful agricultural and commercial bank. Hinting its popularity among Koreans in retail banking, its net profit in the first three months of this year gained ro

Market May 3, 2021

South Korea’s Woori Financial Group said Sunday it has decided to launch a comprehensive mobile payment solution platform to establish ground in the digital payment market, currently dominated by fintech firms. The solution will integrate and offer the payment services for all of the group’s subsidiaries and affiliates, including Woori Bank and Woori Card. Through the platform, the group is seeking to reach beyond its existing customers. It will grant access to users with no Woor

Market May 2, 2021

NH NongHyup Bank, one of South Korea’s five major banks, said Sunday that it has been granted a license to operate a branch in Hong Kong, taking a solid step towards global expansion. With the green light given by the Hong Kong Monetary Authority on Thursday, the lender will make a foray into Asia’s largest financial hub. NH NongHyup plans to launch its Hong Kong branch by the end of the year, after selecting the location of its headquarters, according to the firm. “Hong Ko

Market May 2, 2021

 A trail spanning 21 kilometers surrounds Seoul’s eastern district of Songpa-gu, packed with nature, adventure and culture.  The Songpa Trail, which opened to the public in 2019, has been serving both locals and visitors alike as a favorite spot to enjoy jogging or a leisurely walk.  In recent years, the trail has managed to build its own unique ecosystem, as it is built alongside three freshwater streams that feed into the larger Han River. It is easy to spot animals en

Travel May 1, 2021

S&P Global Ratings affirmed South Korea’s credit rating at AA with a stable outlook, the Ministry of Economy and Finance said Wednesday. Asia’s fourth-largest economy’s long-term sovereign credit rating has remained at AA -- the third-highest level on the agency’s rating scale -- since August 2016. “While the Korean economy contracted for the first time since 1998, growth is back on track, and the decline was less than that of most other high-income economies

Economy April 28, 2021

South Korea’s economy expanded 1.6 percent on-quarter in the first three months of the year, signaling a faster-than-expected recovery to pre-COVID-19 levels, central bank data showed Tuesday. Bolstered by improvement in private consumption and exports, “the 1.6 percent growth in the first quarter has pushed the real gross domestic product level higher than that of the last three months of 2019,” Park Yang-su, head of the economic statistics department at the Bank of Korea, sa

Economy April 27, 2021

Standard Chartered Bank Korea will extend a special promotion aimed at helping young customers build better savings habits for an extra month until end-May, the lender said Sunday. The promotion, which was initially planned to run from March to April, offers 10,000 won ($9) to those aged 18 or under who open SC Bank Korea savings accounts if they meet certain conditions. The customers would need to open a Dream-Youth Deposit checking account as well as a First Household Installment Deposit s

Market April 25, 2021

South Korea’s KB Financial Group outperformed the three other major banking groups here in terms of first-quarter net profit, buoyed by its strong brokerage and other nonbanking businesses, data released Friday showed. KB’s net profit in the first three months gained 74.1 percent on-year to 1.2 trillion won ($1.1 billion) -- a record-high quarterly net profit since it became the holding entity of KB-branded financial and banking firms in September 2009. The value of its total asse

Market April 23, 2021

Standard Chartered Bank Korea will extend a special promotion aimed at helping young customers build a better savings habit for an extra month until end-May, the lender said Sunday. The promotion, which was initially planned to run from March to April, offers 10,000 won ($8.95) to those aged 18 or under who open SC Bank Korea savings accounts if they meet certain conditions. The customers would need to open a checking account, named Dream-Youth Deposit, and a savings account, called First Hou

Market April 23, 2021

South Korea’s Hana Financial Group announced Thursday it has set a goal to pour 60 trillion won ($53.7 billion) into its long-term environmental, social and governance finance plan. Under its ESG financing blueprint, the group will issue relevant bonds worth 25 trillion won, loans worth 25 trillion won, fund management worth 2 trillion won and other related investments worth 10 trillion won by 2030. In line with its ESG financing goals, Hana aims to achieve carbon neutrality in its int

Market April 22, 2021