With the increasing likelihood of losses occurring for investors of a fund worth 250 billion won ($197 billion) for a Hong Kong office building managed by Mirae Asset, Woori Bank has decided to provide partial compensation to its clients. Back in June 2019, Mirae Asset Securities financed the Goldin Financial Global Centre located in eastern Kowloon Bay, Hong Kong, using 250 billion won acquired through mezzanine financing. The 27-story landmark building with a gross floor area of 900,000 square

Industry July 19, 2023

Mirae Asset Global Investments revealed Tuesday that its exchange-traded fund business has surpassed $100 billion in assets under management. As of Tuesday, Mirae Asset manages a portfolio of 538 ETFs across various regions worldwide, spanning Korea, the US, Canada, Australia, and Japan. The total assets under management for these ETFs reached $100 billion, positioning Mirae Asset as the 13th-largest ETF provider globally in that measure. “Our global ETF franchise will serve as a strong fo

Industry July 18, 2023

Two major business lobby groups on Monday called on the government to expand the current quotas of foreign labor in 2024 and enhance the foreign labor system to help enterprises grappling with worker shortages. In response to a decreased number of foreign workers in Korea due to the COVID-19 pandemic, the government increased the quota for nonprofessional foreign workers with E-9 visas to a record high of 110,000 individuals this year. In a survey result that the Korea Chamber of Commerce and In

Industry July 17, 2023

Korean private equity fund KDB-Consus Value has selected Hana Financial Group as the preferred bidder to acquire KDB Life Insurance, according to state-run policy lender Korea Development Bank on Thursday. Back in 2010, the PEF was established jointly by KDB and Consus Asset to buy a controlling stake in what was formerly known as Kumho Life Insurance -- now KDB Life Insurance -- for 650 billion won ($514.5 million). On July 7, the PEF accepted bidders who are willing to acquire a 92.73 percent

Industry July 14, 2023

Lee Bok-hyun, governor of the Financial Supervisory Service, urged foreign financial firms Wednesday to prioritize effective risk management in a roundtable meeting with their CEOs in Seoul on Wednesday. "In light of recent domestic and international uncertainties, I urge foreign financial firms to proactively prioritize the firms' soundness and effective risk management," Lee said during the meeting. Lee, who has been prioritizing the improvement of internal controls for Korean f

Industry July 12, 2023

Seven Korean lenders have decided to provide over 6 trillion won ($4.64 billion) in financial assistance to the country's primary mutual financial institution that has been hit by liquidity shortage concerns, according to industry sources on Tuesday. Five major Korean commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- as well as the Industrial Bank of Korea and the Korea Development Bank, have signed repurchase agreement contracts with the Korean Federation of Community

Industry July 11, 2023

Government revenue from comprehensive real estate holding tax is expected to decrease by 2 trillion won ($1.5 billion) amid a slump in the real estate market, further exacerbating the nation’s potential fiscal deficit this year, according to market estimates Sunday. The comprehensive real estate holding tax is a nationwide tax that is imposed on an annual basis for apartments with a government-assessed value surpassing 1.2 billion won. Aimed at preventing speculative investments, it is s

Industry July 9, 2023

South Korea’s financial authorities are seeking to dismantle the banking industry’s long-held oligopoly by lowering the entry barrier for newcomers. But the outlook remains mixed amid the seemingly impregnable dominance of the nation’s five banks. The Financial Services Commission, Korea’s top financial regulator, said Wednesday that it will allow more banks to break the existing oligopolistic structure of the commercial banking industry, led by the top five banks -- KB

Industry July 9, 2023

Korea's top financial regulator on Friday sought to reassure depositors in the Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, that the government would ensure the safety of their assets. “I urge people to refrain from withdrawing their deposits from KFCC simply out of concerns, as it can lead to their financial losses,” Financial Services Commission Chairman Kim Joo-hyun said during a press conference held to commemora

Industry July 7, 2023

With the domestic market rapidly nearing saturation, going global has become a must for Kakao Pay, the online payment unit of South Korean tech giant Kakao Corp. However, one of its key challenges is raising brand awareness among global users. In order to speed up the process, the company has recently decided to team up with US brokerage firm Siebert. With a goal to acquire a majority stake of up to 51 percent in Siebert with a total investment of approximately $77.38 million, Kakao Pay purcha

Industry July 6, 2023

Apple Pay, having launched its service in Korea in March with Hyundai Card as its initial partner, is expected to extend its reach by adding new local partners. According to industry sources, three leading credit card issuers here -- Shinhan Card, KB Kookmin Card and BC Card -- have submitted letters of intent to collaborate with Apple Pay. Although the companies refused to confirm the information, rumors suggest that the three firms will begin Apple Pay services sometime in September or October

Industry July 5, 2023

Contained in the government's economic plans for 2023 announced Tuesday was a stimulus option that had been neglected for years: immigration. Reaffirming plans announced by the Justice Ministry last week, the government said it would revise immigration policies in the fourth quarter to increase the rapidly-aging country's economically active population. The policy changes include extending the duration of work visas, as well as expanding the range of industries eligible for work visa

Industry July 4, 2023

Shinhan Financial Group Chairman Jin Ok-dong and Woori Financial Group Chairman Yim Jong-yong are celebrating their first 100 days in office back-to-back this week with their business focuses set on overseas operations and internal administration. While Jin has been primarily focused on global expansion, Yim's attention has been more directed toward improving overall transparency and corporate governance. Jin and Yim hit their first 100 days on Friday and Saturday, respectively. From the

Industry June 30, 2023

Over 25.8 million transactions have been made with Apple Pay since its launch on March 11, Hyundai Card announced Thursday. Among these transactions, 93 percent were made at offline retailers. The numbers, covering the period from March 21 to June 27, were part of key indicators and customer data unveiled by the Korean card company in celebration of the 100th day since the introduction of Apple Pay in Korea. Additionally, Apple Pay facilitated payment transactions for over 108,000 merchants. Amo

Industry June 29, 2023

South Korea's trade deficit will persist in the second half of this year, following the same pattern observed in the first half, according to a Korean trade lobby group on Wednesday. Nevertheless, there is anticipation for a gradual recovery resembling a "U-shape" in the long term, as the trade deficits continue to decrease steadily. “It is difficult to anticipate a V-shaped recovery. Although we are uncertain about the duration, we expect to see a U-shaped recovery,”

Industry June 28, 2023