Technology is shaking up South Korea’s banking-finance industry, with players embracing digital transformation as a core part of their business strategy going forward.　　Reflecting this shift, 71 of the 108 (65.7 percent) finance companies here are pursuing various business projects aimed at digital transformation. And this year, these firms have set aside 584.5 billion won ($492.7 million) toward running such projects, an analysis by the Financial Supervisory Service showed Tuesday.　The 10

Market May 14, 2019

SKT-MICROSOFT PARTNERSHIP -- SK Telecom CEO Park Jung-ho (left) and Microsoft CEO Satya Nadella shake hands during a meeting at Microsoft’s headquarters in Redmond, Washington. SKT said Monday the two have signed a memorandum of understanding agreeing to collaborate in areas including 5G, artificial intelligence and cloud computing to foster new business opportunities. (SKT)　

Technology May 13, 2019

South Korea’s balance of payments surplus for industries linked to K-pop businesses has recovered to levels seen before China’s 2016 ban on domestic cultural contents over soured diplomatic relations, tracking data showed Sunday. According to the Bank of Korea Economic Statistics System, Korea recorded a BOP surplus of $114.7 million for music, video and related services in the first quarter of this year -- highest surplus for the category since $132.4 million recorded in the third q

Economy May 12, 2019

In South Korea, credit cards have long dominated the payment scene. Most locals prefer credit cards over other forms of payment and the use of cash is on the wane, particularly among consumers in their 20s and 30s. But now a new form of payment -- the prepaid card model -- is rising in popularity here, revitalizing cash usage and diversifying the offline payment landscape.Put simply, “prepaid cards” are cards that people can charge with cash and use like debit cards. Launched by loca

Market May 12, 2019

The chiefs of global insurance group AIA and South Korean telecom-to-chips conglomerate SK Group met in Seoul Thursday to discuss ways to cooperate in creating shared value and strengthening social value. AIA Group CEO and President Ng Keng Hooi met with SK Chairman Chey Tae-won at SK Telecom’s headquarters in Seoul for an in-depth discussion on corporate social responsibility and creating shared value for the local community, AIA said. The two exchanged ideas on ways to strengthen social

Market May 9, 2019

South Korea’s financial regulator has rejected one of three contenders seeking a license to operate a new internet-only bank here, making way for a two-way competition between two local finance powerhouses: fintech company Viva Republica and local brokerage Kiwoom Securities.　The Financial Services Commission said late Tuesday that it had rejected Anyband Smart Bank’s application due to a weak shareholder base and the submission of inadequate documents -- a move that had been widely

Market May 8, 2019

South Korea is moving to amend its finance and investment-related laws to allow more diverse players to utilize crowdfunding for raising capital and ease requirements for those engaging in the asset management business.The Financial Services Commission said Tuesday that a bill to amend the Financial Investment Services and Capital Markets Act has been passed by the Cabinet.As a result, the bill will now move to the National Assembly for further deliberation by the relevant committees. Korea&rsqu

Market May 7, 2019

Household loans given out by South Korean banks grew at the fastest rate since the start of the year last month, industry data showed Friday, indicating possible signs of worsening economic conditions in Asia’s fourth-largest economy.　As of end-April, outstanding household loans by Korea’s five major banks -- KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, Woori Bank and NH NongHyup Bank -- came to 579.5 trillion won ($494.8 billion), up 3.38 trillion won from the previous month, the b

Market May 3, 2019

The finance chiefs of 13 Asian countries, including South Korea, on Thursday agreed on a preliminary framework to strengthen regional currency swap agreements, with aims to avoid overreliance on the US dollar.According to the Bank of Korea, the consensus was reached during the 22nd ASEAN Plus Three Finance Ministers’ and Central Bank Governors’ Meeting held in Nadi, Fiji.The ASEAN+3 is a regional body consisting of the 10 Association of Southeast Asian Nations members as well as Kore

Economy May 2, 2019

South Korea’s special task force for “innovative finance” kicked off its first meeting Tuesday, with the participating government ministries and finance corporations pledging some 225 trillion won ($194 billion) in total investment and loan financing.　The collaborative task force is being led by the chief of the Financial Services Commission, the country’s top financial regulator, with participation by the Ministry of Economy and Finance, the Ministry of Justice and the F

Market April 30, 2019

Bank of Korea Gov. Lee Ju-yeol departed for Fiji on Monday to take part in a meeting of finance ministers and central bank governors representing the ASEAN nations as well as China, Japan and South Korea. While there they will exchange views on regional economic development and forge closer financial cooperation.　It is the 22nd meeting of ASEAN+3 finance and central bank chiefs and will take place Thursday in the Fijian city of Nadi. The same day, the finance and central bank heads of China, Jap

Economy April 29, 2019

Woori Bank has established a strengthened anti-money laundering surveillance system whose protocols are on par with global standards to fight financial crime and strengthen compliance, the bank said Sunday.Woori said it has become the first commercial bank in Korea to adopt an anti-money laundering system that meets the standards of the Financial Action Task Force. FATF is a global standard-setting body to fight money laundering and finance terrorism of which South Korea is a member.  In st

Market April 28, 2019

South Korea’s Fair Trade Commission said Thursday that it has filed a report with the prosecution against KT over alleged violations of antitrust law, a move that puts the telco’s plans to increase its stake in the internet-only K bank on indefinite hold.　The FTC imposed fines totaling 13.38 billion won ($11.54 million) on Korea’s four major telecom-cable companies -- SK Broadband, KT, LG Uplus and Sejong Telecom -- for collusion in a government-led business project. Calli

Market April 25, 2019

South Korea’s economy shrank in the first quarter of this year in the biggest contraction since the 2008 global financial crisis, owing to a sharp drop in exports and slowing capital investments, an advanced estimate by the central bank showed Thursday.According to the Bank of Korea, the country’s gross domestic product for the first three months of 2019 shrank 0.3 percent quarter-on-quarter -- a surprise figure considering the median market forecast of a 0.3 percent gain for the per

Economy April 25, 2019

The Financial Services Commission and the Justice Ministry on Wednesday announced a series of policies aimed at improving local firms’ annual general meeting of shareholders, which have become more of a formality than a platform for shareholders to exercise their rights. 　To encourage shareholder participation, the FSC will amend the Capital Markets Act so that a listed company can obtain the email addresses of its shareholders from securities brokerage firms. 　The regulator will also amen

Market April 24, 2019