The Korea Blockchain Association on Wednesday gave a nod to the cybersecurity standards of 12 cryptocurrency exchanges in Korea, including major players such as Bithumb, Coinone, Korbit and Gopax. This came over two months after the association launched a self-regulatory inspection in May of 14 member exchanges among the total 23, upon agreement by the exchanges.Exchanges that gained self-regulatory affirmation were 12 out of 14: Dexko, Hanbitco, OKCoin Korea, Huobi Korea, Bithumb, Upbit, Neofra

Market July 11, 2018

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 18th installment. -- Ed.　An online crowdfunding platform is a marketplace of ideas. And equipping that marketplace with a convenient payment tool is obviously key for the involved parties -- fundraisers with an idea and backers buying into the idea.For sponsors on Tumblbug, a startup operating an online rewards-based crowdfunding platform for content creators since 2011,

Market July 10, 2018

The International Insurance Society has selected co-authors of “Digital Agendas in the Insurance Industry: The Importance of Comprehensive Approaches” as the winners of Shin Research Excellence Award this year, according to Kyobo Life Insurance Tuesday. Recipients of the annual award in 2018 are Alexander Bohnert and Albrecht Frizche, both professors at Friedrich-Alexander University in Germany, and Shirley Gregor, a professor at Australian National University.  The prize was gi

Market July 10, 2018

Woori Bank has become South Korea’s first commercial bank dedicated to impact investing to create a quantifiable social and environmental impact along with financial gains. Woori Bank will invest 5 billion won ($4.5 million) into the private investment fund co-managed by Crevisse Partners and Lime Asset Management for 10 years, according to an announcement Monday. The 20 billion won impact equity fund will become Korea’s first impact investment fund, if launched in July as planned. O

Market July 9, 2018

South Korea‘s state-owned Land and Geospatial Informatrix Corporation (LX) said Monday it won high ratings in a performance evaluation on Korean state-owned enterprises and quasi-public institutions for its “public-friendly” policies in 2017. LX headquarters in Jeonju, North Jeolla Province (LX)Of 123 institutions assessed by the Ministry of Strategy and Finance, the LX was one of the three in Korea that earned grade A in evaluation both on a curve and by absolute values, according to the state-

Industry July 9, 2018

This is the 58th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. Aurora World Corporation, the South Korean plush toy manufacturer and supplier most-known for its global toy line “YooHoo & Friends,” is anticipating a leap forward in the second half of this year.A three-dimensional version of YooHoo & Friends computer-animated television adaption targeting 4 to 8-year-olds is set to be streamed through Netflix in the second half

Market July 8, 2018

Representatives from South Korean financial investment companies have discussed ways to boost ties with Indian capital market officials and to explore Korean investment opportunities in India during their four-day trip to the country.The team of representatives, composed of chief executives of three securities firms -- Daishin, IBK and Hanwha -- four asset management firms -- Samsung, Shinhan BNP Paribas, Kiwoom and Mirae Asset -- as well as Kwon Yong-won, head of the Korea Financial Investment

Market July 7, 2018

South Korea is bracing for the impact of the opening blows in the United States’ trade war with China, while playing down the possibilities of immediate setbacks. Starting Friday at 1 p.m. Korean time, the US implemented 25 percent tariffs on $34 billion of Chinese trade. Immediately after the move, China vowed swift retaliation, calling the tariffs “typical trade bullying.” Prior to the US-China tit-for-tat, Asia’s fourth-largest economy at 8:15 a.m. held a pan-governmen

Economy July 6, 2018

The looming US import curbs including tariffs and quotas on South Korean goods are expected to take a toll on Korea’s economic indicators, a report showed Thursday.In the wake of regulatory measures starting this year on steel, washing machines and solar cells, Seoul is likely to see some $2.5 billion cut in exports and 16,000 potential job losses here and abroad.  According to a report released by the National Assembly Budget Office, a Korean steel import quota to the US -- equivalen

Market July 5, 2018

South Korea’s foreign currency reserves hit an all-time high for four consecutive months as of June this year, central bank data showed Wednesday. Rising reserves, coupled with the moderate level of foreign currency debt and expense in foreign trade, translate into Korea’s robust external stability, according to the government.The accumulated volume of foreign currency reserves including gold came to $400.3 billion in Korea, up $1.3 billion, or 0.3 percent, compared to the previous m

Market July 4, 2018

South Korea’s financial market on Tuesday rebounded from Monday’s dip that had brought the top-tier Kospi and second-tier Kosdaq to the lowest in 2018.But analysts noted the market will remain exposed to external uncertainties including persisting trade war threats between China and the US, rate hikes from the US Federal Reserve in sight and widening currency volatility.  Stock markets in Korea found bottoms in Tuesday closing. The Kospi edged up 0.1 percent to close at 2,272.76

Market July 3, 2018

The Financial Services Commission on Sunday presented a comprehensive risk management road map for business groups owning financial units, raising the baseline for capital adequacy. Starting Monday, the financial regulator is to activate a special supervision system seeking to detect the financial risk exposure level of subject groups and to prevent risk transfer among affiliates, it said in a release.During the six-month trial period, seven business groups -- Samsung, Hanwha, Kyobo, Mirae Asset

Market July 1, 2018

South Korea‘s financial technology startup True Short unveiled Thursday a service that tracks information related to institutional short sellers’ activities.The service, run on paid subscriptions on True Short online platform, aims to enable retail investors to gain access to information exclusive to institutional investors and take pre-emptive actions against a possible fall in stock price due to institutional short-selling practice.The service offers a listed share‘s outstand

Market June 28, 2018

South Korea’s financial watchdog said Wednesday it will inspect three banks alleged to have overcharged borrowers for more loans by incorrectly calculating the interest. On Tuesday, KEB Hana Bank, Citibank Korea and Kyongnam Bank were revealed to have taken a combined 2.7 billion won ($2.4 million) in revenue from information input errors such as omitting the borrowers’ income or collateral in lending rate calculations. The Financial Supervisory Service said they will be first lookin

Market June 27, 2018

Daewoo Engineering & Construction is seeking to ramp up bids for nuclear reactor construction overseas to lay the groundwork for stable growth amid a change in leadership earlier in June.Plans include bidding in tenders from Saudi Arabia, the United Kingdom, the Czech Republic, Poland, Slovakia and Ukraine, the company said Wednesday.These will come along with Daewoo E&C’s efforts to clinch orders from Libya’s reconstruction and development projects.  Internal view of Jordan Research and Trainin

Industry June 27, 2018