Kakao, South Korea’s internet platform giant, has tapped its vice presidents with marketing backgrounds as new co-chief executive officers, the firm said Wednesday. Starting March, Yeo Min-soo, vice president of advertising, and Joh Su-yong, vice president of brand design, will take the helm of the operator of a flagship messenger app, a web portal, an online streaming service and a direct bank, among others. Yeo, 48, has played a vital role in establishing Kakao’s tailored advertising platform,

Industry Jan. 24, 2018

LG Hausys, a maker of windows, curtain walls and other interior materials, hit a record high in net revenue in 2017, according to the firm Tuesday. The Kospi-listed firm’s net income in 2017 came to 3.26 trillion won ($3.04 billion), up 11.2 percent compared to the previous year. Its operating profit reached 133 billion won, down 15.3 percent on-year. (LG Hausys)This marked the first time that the material arm under the third-largest conglomerate in market cap topped 3 trillion won in net profit

Industry Jan. 24, 2018

South Korea’s financial watchdog on Tuesday unveiled a set of guidelines to employ a real-name transaction system for virtual coins encrypted on distributed ledger platforms like blockchain, starting Jan. 30. Once the new real-name transaction system comes into effect, cryptocurrency traders will be able to resume the purchase of encrypted coins like bitcoin, ether or ripple in Korea.Traders in Korea have faced hurdles in depositing money to buy more coins since the government in December

Market Jan. 23, 2018

Kakao Bank, South Korea’s biggest direct bank, announced Monday it would start selling housing deposit loan products for either a two-year period jeonse (lease with down payment) contract or monthly rent, from Tuesday.A face-to-face process when submitting documents will not be required, like other products of the online-only bank, partly with the help of scraping technologies that enable the bank to extract documents regarding housing deposit loan borrowers’ identification.The annou

Market Jan. 22, 2018

This is the 49th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.On South Korea‘s second-tier stock market, not only tech and bio companies are on the rise, but also one unique industry has been steadily growing: education services. Reflecting the country’s high enthusiasm for education and aspirations for better jobs, education services companies have been gaining presence in the market dominated by tech companies. MegaStudyEdu, a test

Market Jan. 21, 2018

A high-ranking Ministry of Justice official on Thursday described cryptocurrency founders as scammers and insisted that any purchase of encrypted coins in Korea translates into an outflow of cash.Shim Jae-chul, an official at Justice Ministry in charge of policy and planning, said in a panel session held in the National Assembly Thursday that the recent cryptocurrency speculation in Korea stems from coin founders’ proclamation that their coins would turn into an alternative to gold or a me

Market Jan. 18, 2018

NOHWADO, South Jeolla Province -- Lights go out around 9 p.m. in most of the buildings on the island of Nohwado. The day for many of the island’s some 5,000 residents -- largely abalone and seaweed farmers -- begins well before dawn. Exceptions include the only high school on the 25-square-kilometer island about 375 kilometers south of Seoul, where student journalists stay hard at work until 10 p.m. Extracurricular sessions, which include supplementary classes, academic programs and club activit

Industry Jan. 18, 2018

Best-selling author and blockchain advocate Don Tapscott on Wednesday called for South Korea’s “sensible regulation” on cryptocurrency tokens and initial coin offerings, warning the government could otherwise “destroy economies for decades,” during a press conference in Seoul.Tapscott called bans on cryptocurrencies and initial coin offerings “heavy-handed approaches used by dictators and undemocratic countries,” and contrasted them with “sensible

Market Jan. 18, 2018

South Korea’s second-tier Kosdaq hit a 16-year high, crossing 900 points at Tuesday’s close for the first time since the decline of the US-led information technology boom of the early 2000s, this time on lofty expectations for state policy support and an ongoing biotech boom. The Kosdaq closed at 901.23 Tuesday, up 1.1 percent from Monday’s close. The index has jumped 36.7 percent in three months. The closing mark topped 900 for the first time since March 2002. On Wednesday, th

Market Jan. 17, 2018

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the eighth installment. — Ed.Despite the constant wave of technological advances, the remittance method has evolved little in South Korea over the past few decades, with only banks legally allowed to provide remittance services.Now with the growth of the fintech industry, a startup can address problems in interbank remittance and bring more benefits to customers, according to Ian Su

Market Jan. 16, 2018

Tension has escalated over the chairman nomination process at Hana Financial Group, following the nomination committee’s refusal to delay the shortlisting of candidates as demanded by the regulator that had cited ongoing probes.Worsening the standoff was Choi Jong-ku, chairman of the Financial Services Commission, who warned the financial institute during a press briefing Monday.“If you in the financial sector have an elitist idea and say, ‘No one can interrupt what I do,&rsquo

Market Jan. 15, 2018

Confusion persisted in South Korea over the weekend regarding the government’s measures against criminal use of cryptocurrencies, with the financial authorities urging banks to join their efforts and Cheong Wa Dae stressing that the relevant organizations were “in tune.” On Sunday, a high-ranking Cheong Wa Dae official said the presidential office’s stance toward cryptocurrency transactions is consistent with that of the government’s announcement made on Dec. 28. Th

Market Jan. 14, 2018

Through a revision of the tax enforcement decree, South Korea expects to levy capital gains tax on a wider range of foreign investors, as the revision defines those holding 5 percent or more of a firm as a “large shareholder” -- the target of taxation -- from the previous threshold of 25 percent. The revision was announced on Jan. 7 by the Ministry of Strategy and Finance and is set to take effect in July.Under the new rule, however, it would cause a cumbersome process of all parties

Market Jan. 14, 2018

Cryptocurrency markets at home and abroad responded quickly and radically Thursday on signals by South Korea’s Ministry of Justice that it would seek to shut down all exchanges for digital assets.In a press conference Thursday, Justice Minister Park Sang-ki said the government was drawing up a bill against overheating in the virtual currency market, perhaps even intending to ban cryptocurrency trades in Korea completely.  “Cryptocurrency trade in Korea is similar to speculation

Market Jan. 11, 2018

South Korea unveiled Wednesday plans to prop up the tech-heavy Kosdaq bourse by giving tax relief to investors, creating new composite stock market indexes and lowering the entry barrier for firms to go public on the market. The measures, released by the Financial Services Commission, aim to stimulate venture firms’ growth in line with the Moon Jae-in administration’s policy direction and the market itself suffering from the flight of powerhouses, such as Kakao and Celltrion, seeking

Market Jan. 11, 2018