Kakao Bank, South Korea’s second internet-only bank, has emerged as a cost-effective, convenient and user-friendly banking service for the smartphone-savvy population.Led by Korea’s mobile messaging giant Kakao, Kakao Bank has secured more than 4.35 million accounts as of the end of October, three months after it opened to the public. Of them, around 73 percent have registered for debit cards linked to the accounts.Among 1,500 Kakao Bank users aged 20 to 59 that were surveyed, 76.5 p

Market Dec. 4, 2017

South Korean internet giant Naver said Monday that it will make its first investment in a new audio content archival project via the joint fund that it formed with local venture investment firm KTB Network earlier this year.In May, the two companies created the 30 billion won ($27.53 million) Naver-KTB Audio Content Investment Fund to invest in promising audio content technologies that form the basis of artificial intelligence-powered products such as voice-activated smart speakers and connected

Technology Dec. 4, 2017

South Korean prosecutors raided the SK E&C headquarters in Seoul on Friday on suspicion that the construction company bribed a former official of the United States Forces Korea to win a contract to build infrastructure for the American military base in Pyeongtaek.　The prosecution conducted a search-and-seize operations on the SK E&C headquarters over allegations that it provided bribes worth 3.2 billion won ($2.94 million) to the USFK official involved in the construction project.Korean investig

Industry Dec. 1, 2017

SK Chemicals, the chemicals and biopharmaceutical arm of South Korea’s SK Group, will officially take on a holding company structure from Friday, marking the biggest structural change for the company since its foundation 48 years ago. 　SK Chemicals will be split into a holdings company and a business operations company, in line with the board’s approval secured in June this year. The holdings firm will hold 48 percent of the initial SK Chemicals shares, while the operating firm will hold 52 perc

Industry Nov. 30, 2017

South Korea has become one of the first countries to start questioning Google over recent reports confirming the firm has been collecting location data from Android phones even when GPS services were disabled. But will it be able to investigate with effective consequences?Experts here say that it is unclear whether Korean regulators can properly interrogate Google, as well as take punitive measures if needed, given the difficulties of investigating a foreign IT company whose servers and key exec

Technology Nov. 30, 2017

South Korea’s leading science and technology research university KAIST said Wednesday that it will host an “AI World Cup” in which teams of artificially intelligent robots compete in a miniature soccer tournament.　The AI soccer tournament, which the university says will be the first of its kind to take place internationally, will be held Friday at the KI Building in Daejeon. Teams of five bots employing AI-based machine learning algorithms including Q-Learning -- a reinforcement learning techniq

Technology Nov. 29, 2017

Recent advancements in artificial intelligence technologies combined with countless sci-fi films depicting worlds where machines take over humanity have stoked continued fears about a future driven by AI.While debate persists over the kind of benefits, or destruction, artificial could bring, one of Google’s chief AI technology experts says the current fears are irrational, and the main focus now should be to build better systems with wider applicative value.“The long-term fears (of artificial in

Technology Nov. 29, 2017

Sanofi will start next month phase 3 clinical trials of efpeglenatide -- a diabetes drug candidate licensed from South Korea’s Hanmi Pharmaceutical two years ago, the companies said Tuesday.The phase 3 trials for efpeglenatide, to be conducted on 400 patients with Type II diabetes, will start in the US on Dec. 4, according to updated postings by Sanofi on ClincalTrials.gov. Sanofi plans to complete the study by January 2020.Hanmi Pharmaceutical's headquarters located in Jamsil of southeastern Se

Industry Nov. 28, 2017

South Korean medical technology startup Ybrain said Monday that its depression-targeting headband wearable, Mindd, has obtained quality certification and marketing approval in Europe.Developed exclusively by Ybrain, Mindd is a headband that sends weak electric currents to the frontal lobe, stimulating the region of the brain whose decreased activity is associated with depression. As a portable device, it allows patients to treat depression outside the hospital, including at home and other places

Technology Nov. 27, 2017

Medytox, South Korea’s largest maker of wrinkle-fighting botulinum toxin treatments, said Monday that a new commercial promoting its hyaluronic acid dermal filler Neuramis has racked up more than 1 million views on YouTube, one week since its release. Titled “Neuramis Time,” the video features regular women worrying about their wrinkles during various times of the day, to which Korean actor Lee Seo-jin says “smile, don’t hide. Remove your wrinkles.”The ad, which has three variations, is currentl

Industry Nov. 27, 2017

The Seoul Metropolitan Government and South Korea’s dominant taxi-hailing app Kakao Taxi on Monday announced a new set of policies aimed at discouraging drivers from selectively accepting only customers requesting long-distance rides.　　The move comes as part of the municipality’s latest efforts to address complaints that drivers using Kakao Taxi -- who receive alerts from passengers who have requested travel to a specified destination -- deliberately avoid picking up those who request shorter-di

Technology Nov. 27, 2017

CrucialTec, a South Korea-based biometric solution developer, said Friday that it has succeeded in developing the world’s first micro-sized thermometer sensor module that can be built into smartphones.　By adopting an integrated-microelectromechanical system, or i-MEMS, which is a foundational component of semiconductor design, the newly-developed module can measure a person’s body temperature within 0.5 second via a connected application.The module is also touch-free, meaning the subject does no

Technology Nov. 24, 2017

South Korea’s Green Cross said Friday that it expects to launch its immunodeficiency drug in the US market next year, as it will be submitting the additional data required for approval to the US drug regulators within the next few months.　The company said it has been working with the US Food and Drug Administration to prepare additional production-related data on its drug IVIG-SN, human normal immunoglobulin G for intravenous administration, and that such procedures are now near-complete.“We are

Industry Nov. 24, 2017

IPHONE X IN SEOUL -- Customers line up to claim their pre-ordered iPhone X at the KT Square in Gwanghwamun of Seoul, Friday. The iPhone X, which Apple designed as its 10th anniversary smartphone, officially became available for purchase through Korea’s three mobile carriers SK Telecom, KT and LG Uplus on the day. (Yonhap)IPHONE X IN SEOUL -- Customers check out the iPhone X at the KT Square in Gwanghwamun of Seoul, Friday. The iPhone X, which Apple designed as its 10th anniversary smartphone, of

Technology Nov. 24, 2017

Kolon Life Science said Thursday that it has been granted permission in South Korea to begin clinical trials to prove that its new osteoarthritis drug Invossa -- currently approved for treating mid-grade osteoarthritis of the knee -- can be used for treating more severe forms of the joint disease.　The Seoul-based company said that the Korean Ministry of Food and Drug Safety has granted approval to begin phase 3 clinical trials to show that Invossa can be used for the treatment of Kellgren & Lawr

Industry Nov. 23, 2017