Korean banks boost cybersecurity to back digitalization

South Korean banks are adopting unprecedented measures to boost cybersecurity in a bid to better compete with local fintech firms. Woori Bank said Monday it became the first lender here to adopt the security orchestration, automation and response technology, or SOAR. SOAR is an advanced set of technologies that enables organizations to automatically collect and file security data. The latest technology would help upgrade its cybersecurity platform from the previous monitoring-focused system

July 5, 2021

Shinhan Card to launch ‘BTS card’

Shinhan Card said Monday it plans to launch private label credit card featuring South Korean boyband BTS and other celebrities later this year, exclusively for K-pop fans. In partnership with Weverse Company, a fan community platform created by Hybe, the entertainment agency behind BTS, Shinhan will launch PLCCs that offer benefits and rewards to cardholders who buy albums or concert goods via Weverse Shop. A PLCC is a credit card branded jointly by two business entities that are intended to

July 5, 2021

Seoul stocks open higher on tech, bio gains

South Korean stocks opened higher Monday, led by gains in tech and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.16 points, or 0.31 percent, to trade at 3,291.94 in the first 15 minutes of trading. Stocks got off to a solid start on speculations of improved corporate earnings. Tech large caps Samsung Electronics and LG Electronics are scheduled to report their quarterly earnings guidance this week. Concerns about the recent spread of the new coronavirus and its

July 5, 2021

How do Korean asset owners brace for inflation?

As global central banks talk of tapering the huge liquidity provisions they made to cope with the fallout from the COVID-19 pandemic, South Korean asset owners are rethinking their current asset allocation strategies. The 14th Institutional Investor Week Korea, a virtual conference hosted by Hong Kong-based publication AsianInvestor from June 21-25, invited discussions of how Korean institutional investors were preparing for the possibility of increased inflation and interest rate hikes. Histo

July 4, 2021

Kakao Pay sets IPO schedule

Kakao Pay set the date for its initial public offering for the first week of August, immediately trailing the much anticipated listings of Krafton and KakaoBank. On Friday, Kakao Pay said it had submitted its IPO application to the country’s stock operator, Korea Exchange. The financial technology arm of mobile giant Kakao said it seeks to raise up to 1.6 trillion won ($1.4 billion) when it goes public Aug. 4-5. Kakao Pay’s listing will immediately follow the mega IPO of game m

July 4, 2021

Visang Tax, Pharos Consulting to help taxpayers get back overpaid taxes

Visang Tax and Pharos Consulting signed a memorandum of understanding to work together to help taxpayers protect their rights by checking whether they have overpaid taxes, at a ceremony held in Seoul on Thursday. The agreement involves a measure called “claim for reassessment” and the two firms plan to run a one-stop service in which clients from conglomerates, small and medium-sized enterprises and small businesses reassess their tax payment to check whether there are any errors i

July 4, 2021

FSC to decide on major Samsung Life’s shareholders

South Korea’s top financial regulator will give a ruling on whether the late Samsung Group Chairman Lee Kun-hee’s two daughters -- Hotel Shilla CEO Lee Boo-jin and Samsung Welfare Foundation chief Lee Seo-hyun -- are qualified to become major shareholders of Samsung Life Insurance. This decision is expected to go in their favor, paving their way to become the company’s largest shareholders, industry sources said on Sunday. The policymaking Financial Services Commission is sl

July 4, 2021

[Contribution] Banks’ role as ‘catalyst for change’ to support transition to net zero economy

South Korea has been a great experience for our family since relocating here with HSBC in late 2018. Our daughter who recently turned four is happily growing up.  For those who know me, I’ve always been a big believer that one can learn a lot from kids. From the endless creativity and ever more sophisticated negotiating skills to little things they learn from school, the thought-provoking interactions often provide valuable reflections on life and how we should think about future g

July 4, 2021

[Weekender] With an eye on the future, financial firms don VR goggles

The emergence of the “MZ generation” -- those born in the 1980s and ‘90s -- has brought significant change in South Korea’s financial landscape, pushing its conservative players to navigate uncharted territory in the technological era. Financial institutions are embracing the technological shift from physical space to digital sphere with big-name bankers experiencing the virtual world via VR headsets and holding executive meetings in “metaverse” online setti

July 3, 2021

Seoul stocks tipped to rebound next week amid earnings hope

South Korean stocks are likely to rebound next week, as optimism for strong corporate earnings is expected to buffer growing virus concerns, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 3,281.78 points on Friday, down 0.64 percent from a week ago. The KOSDAQ closed the week at a 52-week high for the second consecutive day at 1,038.18 points. The country's virus situation is getting worse, with the daily caseload continuing to increase amid woes over sprea

July 3, 2021

NPS logs 9.6% annual investment return in 2020

South Korea’s public pension fund National Pension Service posted an annual return rate of 9.58 percent last year, marking the second-highest record in a decade, the nation’s welfare minister said Friday. “Last year’s figure stood at 0.99 percentage point higher than our benchmark of 8.59 percent. ... The amount of profit earned from the investment also came to 72.1 trillion won ($63.6 billion),” said Kwon Deok-cheol, minister of health and welfare, who chairs the

July 2, 2021

Seoul stocks rise on Wall Street gains

South Korean stocks opened slightly higher Friday, taking a cue from Wall Street gains that stemmed from positive economic data. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.38 points, or 0.13 percent, to trade at 3,286.44 points as of 9:15 a.m. Stocks advanced despite rising concerns over the new coronavirus outbreaks, backed by hopes of a fast global economic rebound. Overnight, the Dow Jones Industrial Average added 0.38 percent on improving manufacturing and jobless da

July 2, 2021

Krafton lowers IPO price amid overvaluation concern

South Korean game developer Krafton has decided to lower its initial public offering price range ahead of its market debut on the country’s benchmark Kospi next month, following criticism from both financial authorities and market watchers saying that its valuation is “overrated.” The company made some corrections on its prospectus Thursday via DART -- the Financial Supervisory Service’s electronic disclosure board -- by reducing a target price band and the number of ne

July 1, 2021

Kosdaq refreshes yearly-high closing above 1,035 points

South Korea’s tech-heavy Kosdaq set its new yearly-high closing mark on Thursday, surpassing 1,035 points. The secondary bourse closed at 1,035.64, up 5.68 points, or 0.55 percent, from the previous session’s close. This year’s previous closing high was 1,031.88, set on April 20. The index once reached as high as 1,036.47 in afternoon trading, thanks to foreigners and institutional investors’ extending buying sprees. It was the second highest point in nearly 21 years,

July 1, 2021

KIC vows to increase alternative exposure to 21% by 2024

Korea Investment Corp., South Korea‘s sole sovereign wealth fund, pledged to increase its exposure to alternative assets to 21 percent by 2024, from 16.1 percent as of May 2021, its Chief Executive Officer Jin Seung-ho told reporters Thursday. The institutional investor, managing $183.1 billion in assets as of end-2020, aims to maximize its long-term expected return by capitalizing on the risk of tying up capital in less liquid assets, and to spread out the risk into various asset classe

July 1, 2021

Internet-only banks in war for talent ahead of IPO

South Korea’s internet-only banks are battling to secure top talents as they prepare to take on their next big challenges -- a public listing for KakaoBank and the official launch of Toss Bank. KakaoBank said Thursday that it had exceeded 1,000 employees as of the end of June, more than doubling the workforce of 390 it had in 2017 when it launched. The company is preparing for its initial public offering, which is expected to raise more than 2 trillion won ($1.77 billion). Toss Bank a

July 1, 2021

Banks urged to minimize 'unnecessary' household loans

A top financial regulator called Thursday for banks to minimize "unnecessary" household loans as policymakers warn of growing financial imbalances amid a surge in home prices. Eun Sung-soo, chairman of the Financial Services Commission (FSC), made the remarks at a meeting with chief executives of 13 banks earlier in the day. Eun's remarks also came as the Bank of Korea has hinted that it could conduct its first post-pandemic rate hike later this year as the nation's economic recovery

July 1, 2021

JB Financial sets ESG goals for sustainable growth

JB Financial Group on Thursday laid out mid-and long-term strategies to step up its sustainable business management focused on environmental, social and corporate governance values. In a statement, the holding group of Jeonbuk Bank and Kwangju Bank introduced its ESG goals under a new company vision titled “Marching toward a better future with JB Financial.”  The company will strive toward adopting a swift response to climate-related risks, achieving carbon neutrality, ethic

July 1, 2021

Hanwha sells partial stake in US-based Nikola

Hanwha General Chemical and Hanwha Energy have sold a 0.74 percent stake in US electric truck maker Nikola Corp. as part of efforts to secure funds for new eco-friendly projects, including hydrogen, a filing showed Thursday. Green Nikola Holdings, Hanwha’s US subsidiary, offloaded 2.9 million shares from its previously owned 22.13 million shares, according to its US Securities and Exchange Commission filing published Wednesday there. Following the transaction, its equity holding in Nikol

July 1, 2021

Seoul stocks open lower on virus worries

South Korean stocks opened lower Thursday as concerns of new coronavirus variants weakened investors' appetite for risky assets. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.61 points, or 0.2 percent, to trade at 3,290.07 points as of 9:15 a.m. Stocks got off to a lackluster start after South Korean authorities pushed back the easing of the social distancing measures in the greater Seoul area for a week, citing risks from the highly contagious delta strain of COVID-19. Mar

July 1, 2021