The state-run Korea Post chief Kang Seong-ju said artificial intelligence and big data are key to addressing a global decline in mail volume, in a panel discussion at Universal Postal Union World CEO Forum held Wednesday, according to Korea Post.As a panelist in a session of the forum, Kang introduced Korea Post’s efforts to adopt AI and drones to “develop a future delivery system” that helps mail to be delivered to remote areas that are difficult to reach. Korea Post President Kang Seong-ju (th

Industry May 10, 2018

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 14th installment. - Ed.The advent of financial technology has minimized a South Korean smartphone user’s effort to manually collect personal information registered across the Web when submitting filings needed to buy a financial product online.Upon agreement by a user who logged on to a financial company‘s website, his or her set of private information from pu

Market May 9, 2018

South Korea’s financial watchdog said Tuesday it will take legal actions against Samsung Securities for failing to operate with due internal standards for safe electronic financial transactions, which had resulted in a dividend fiasco last month involving the trade of unauthorized shares worth tens of billions of won. Such flaws are respectively violations of the Act on Corporate Governance of Financial Companies and the Electronic Financial Transactions Act, according to the Financial Sup

Market May 8, 2018

South Korea‘s state-owned electric utility has conjured up a plan to build a power plant in North Korea that generates electricity for industrial facility operation there, according to reports Tuesday.The preliminary plans came amid the blossoming relationship between the two Koreas following an inter-Korean summit on April 27, although the feasibility remains farfetched due to outstanding economic sanctions.  (Yonhap)According to the plan by the Korea East-West Power, a subsidiary of the state-

Industry May 8, 2018

South Korea’s financial regulator is likely to decide the fate of Samsung BioLogics on May 23 at the earliest over allegations that the company had doctored its accounting books. The nation’s top financial regulator, the Financial Services Commission, said it would review the case by holding an in-house oversight panel next Thursday. If a breach of accounting regulations is found, the Securities and Futures Commission, a legal entity within the FSC, will decide the level of penalty i

Market May 7, 2018

The Mongolian Stock Exchange chief hailed South Korean financial companies’ engagement with its fledging stock market as a “positive catalyst” in its search for increased attention from foreign investors. Speaking in an interview with The Korea Herald, Altai Khangai, chief executive officer of the MSE, cited the initial public offering of LendMN, Mongolia’s first financial technology company that began trading in March, as well as another upcoming IPO involving Korean inv

Market May 7, 2018

The local currency strengthened against the greenback for two consecutive trading days until Monday on heightening expectations of a thaw in inter-Korean relations after a summit between North and South Korea. As of the trading session’s close Monday, the US dollar was trading at 1,068 won, according to the Seoul Money Brokerage. The market closed Tuesday due to the Labor Day holiday. The won-dollar exchange rate dropped 12.9 won from Thursday’s close and 8.6 won from Friday’s

Market May 1, 2018

Overly-hyped sentiments have begun to give way to skepticism toward a flurry of promises made by founders of distributed ledger systems like blockchain and the digital currencies encrypted and traded on them.Fanning such cynicism was the global race to place cryptocurrency transactions into regulatory frameworks to deter speculation and prevent crimes like money laundering. Such moves have resulted in noticeable declines in prices of cryptocurrencies.The volatility in the cryptocurrency market o

Market April 30, 2018

Mirae Asset Global Investments, South Korea’s asset management firm, had its target date fund product rank No. 1 in terms of yearly return on the Korean market. A TDF refers to a collective investment scheme in the form of a mutual fund or collective trust fund, whose asset allocation mix of the portfolio becomes conservative -- largely from equities to bonds -- in the coming of an individual investor‘s target date, typically for retirement. The scheme was introduced in the early 199

Market April 29, 2018

Korea Credit Data, a South Korean startup providing accounting software to small and mid-sized companies, will embark on a project to develop a blockchain-powered solution for SMEs, the company said Friday. Dunamu, operator of Korea‘s largest cryptocurrency exchange Upbit, will coordinate with KCD to develop the blockchain solution to lower procurement cost and help SME operators get easier access to structured securities.The project will be on the back of investment from Dunamu &

Market April 27, 2018

South Korea’s stock markets ended higher Friday in the wake of a historic inter-Korean summit that signaled the path to denuclearization of the Korean Peninsula. The top-tier Kospi closed at 2,492.40, up 0.7 percent from Thursday’s close, while the second-tier Kosdaq came to 886.49, up 0.8 percent. Earlier Friday morning, the Kospi had breached the 2,500 mark, hitting an intraday high of 2,508.13 for the first time in over a month.The Kospi and the Kosdaq saw net purchases by foreign

Market April 27, 2018

With drummed up expectations for a more stable Korean Peninsula upon the inter-Korean summit on Friday, stocks of South Korean firms related to cross-border businesses have seen sharp gains.The firms are associated with the inter-Korean business initiative pledged by South Korean President Moon Jae-in.  Named “New Economic Map of the Korean Peninsula,” it contains plans to jointly develop areas across the peninsula, including Kumgangsan, Kaesong industrial park and the Korean De

Market April 26, 2018

South Korea’s Energy minister Paik Un-gyu has ditched a plan to install a household solar power system at his home apartment, in the face of opposition from neighbors in the same building.  Energy minister Paik Un-gyu (Yonhap)Paik, a resident of the affluent Gangnam district in southeastern Seoul, attempted to have the power-generating device attached to the apartment building several weeks ago, according to the ministry. The 54-year-old minister of trade, industry and energy asked a local admin

Industry April 25, 2018

South Korea’s customs authorities have taken to instant messengers KakaoTalk and Telegram to help whistleblowers anonymously share evidence of the embattled Hanjin owner family’s breach of the law. (Yonhap)Incheon Main Customs, a local unit of the Korea Customs Service in charge of major international airports in Incheon and Gimpo, started an “open chat room” on the nation’s popular messenger app KakaoTalk on Tuesday, through which users can share evidence with all participants in the chat room.

Industry April 25, 2018

Standard Chartered Bank Korea’s newly-released airline miles credit card with efficient options that can reward a user free flight tickets to destinations like Southeast Asian nations, in return for spending at least 2 million won ($1,900) each month for a year.Launched in March, the new credit card dubbed “Plus Mile” offers at most bonus 3.5 miles to fly Asiana Airlines or bonus 3 miles with Korean Air, both per 1,000 won spending.  This means those spending 2 million won

Market April 24, 2018