Articles by Choi Ji-won
![Choi Ji-won](https://res.heraldm.com/content/koreaherald/hgrp_profile/choiji-won.jpg)
Choi Ji-won
jwc@heraldcorp.com-
Foreigners' stock investment hits record high in Q1
Foreign investors sustained a five-month buying streak in the South Korean stock market, resulting in an unprecedented quarterly volume. The Financial Supervisory Service disclosed Monday that foreign investors amassed a total of 15.8 trillion won ($11.67 billion) worth of local shares in the first quarter of this year, marking the highest recorded amount since the agency started compiling data in 1998. In March, approximately 5.1 trillion won streamed into the domestic stock market from oversea
Market April 8, 2024
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[Hello India] 'The Indian elephant has begun its stampede': Balancehero CEO
South Korean founder and CEO of India-focused mobile finance tech firm Balancehero is seeking to gain further momentum by taking a segmentation approach to India’s vigorous economic run. "My Indian friends often likened India to an elephant: challenging to set in motion, but once spurred into action, its force is thunderous. Now, it seems the elephant has begun its stampede,” said Balancehero CEO Charlie Lee said in a recent interview with The Korea Herald. Lee foresaw such expo
Industry April 7, 2024
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Samsung's insurance arm ends bancassurance sales over low profitability
Samsung Fire & Marine Insurance, the nation's leading non-life insurer, has ceased selling insurance products through bank channels, commonly known as "bancassurance." As of January, Samsung Fire & Marine Insurance has halted all new sales through banks, following a consistent decline in sales through this channel, according to an official from the company. This decision comes after 21 years since the company first introduced bancassurance in 2003. Bancassurance allows ins
Industry April 5, 2024
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Shinhan Bank secures 10% stake in India’s Credila
Shinhan Bank, a major commercial lender in South Korea, is bolstering its footprint in India through a strategic share acquisition of the local student loan provider, Credila. The bank announced Thursday that it successfully secured an equity investment agreement with Mumbai-based HDFC Credila Financial Services the previous day. As per the agreement, Credila will undergo a capital increase, with Shinhan Bank injecting around $180 million through the acquisition of new shares. This transaction w
Industry April 4, 2024
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Hana Bank opens nation’s largest forex dealing room
Hana Bank, South Korea's major commercial bank, opened a new dealing room -- the latest of its kind here -- in Seoul on Wednesday. Named "Hana Infinity Seoul" to signify the bank's ambition to expand its global reach, the new dealing room occupies the fourth and fifth floors of the lender's headquarters in Jung-gu, central Seoul. Spanning 2,096 square meters and with seating for 126, it is the country's largest such space, the bank states. The opening ceremony was a
Economy April 3, 2024
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Kakao Bank CEO joins Grab's board
Yun Ho-young, CEO of Kakao Bank, has been appointed as a new board member for Grab, the largest super-app operator in Southeast Asia, the Internet-only lender confirmed Wednesday. Yun was officially appointed as an outside director of Grab's board on Monday and will serve as a member of the board's audit committee. Yun's appointment follows the strategic partnership formed between the two companies last year. In October, Kakao Bank announced the acquisition of a 10 percent stake i
Economy April 3, 2024
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FSC ramps up benefits to bolster corporate value-up drive
Financial regulators are ramping up efforts to encourage local companies to participate in the government's initiative to bolster South Korea's market valuation. The Financial Services Commission announced a series of new incentives on Tuesday for companies improving their governance structures, including exemptions from the government's stringent auditor designation system. Under the current regulations, listed companies appointing auditors voluntarily for six consecutive years m
Economy April 2, 2024
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Internet-only banks soar past W100tr in assets
Last year witnessed remarkable growth for South Korea's three internet-only banks, as their combined value surged past the milestone 100 trillion won ($74 billion). The aggregate assets of Kakao Bank, K bank and Toss Bank reached approximately 101.61 trillion won by the end of last year, marking a substantial 27 percent increase from the previous year's 79.5 trillion won. Kakao Bank led the pack with total assets of 54.48 trillion won, followed by Toss Bank with 25.73 trillion won and
Industry April 1, 2024
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[Hello India] Korean investment firms push into India amid China decline
More South Korean securities and investment firms are turning their eyes to the Indian market, exploring opportunities to tap the world's fastest-growing economy. NH Investment & Securities recently announced a partnership with Lighthouse Canton, a Singapore-based global asset management institution, as part of this trend. In January, NH Absolute Return Partners, a Singapore-based asset management company owned by NH Investment & Securities, signed a memorandum of understanding to c
Economy March 31, 2024
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Mirae Asset chief’s dividend donations reach W31.5b
Mirae Asset Financial Group founder and Chairman Park Hyeon-joo is donating 1.6 billion won ($1.2 million) he earned from dividends last year, marking the 14th straight year of his philanthropic tradition. On Sunday, the company disclosed that Park will endow his entire dividend income from Mirae Asset Global Investments. Continuing the practice since 2010, Park's cumulative donations now reach 31.5 billion won. The group traces Park's charitable journey back to 2008 when he penned a l
Industry March 31, 2024
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FSS chief vows to boost Korea's attractiveness to investors
Lee Bok-hyun, head of South Korea's Financial Supervisory Service, pledged Thursday to promote "sound and fair finance," aiming to enhance the country's allure as an investment destination for foreign investors. Lee addressed officials from global financial firms and foreign diplomats during the annual "FSS Speaks" forum held in Seoul under the theme "toward sound and fair finance." "In striving for this objective, we aim to cultivate market practices
Economy March 28, 2024
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Korean banks up ante in Poland amid heightened ties
South Korean banks are poised to bolster their presence in Poland, anticipating a surge in demand for financial assistance as the two nations deepen their strategic alliances and economic ties. On Tuesday, KB Kookmin Bank, one of the country's leading lenders, announced a partnership with Poland's Bank Pekao to establish a "Korea Desk." According to Kookmin Bank, the signing ceremony for the deal was held on Monday at Pekao's Warsaw headquarters. The event was attended b
Industry March 26, 2024
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New Kyobo Life CEO urges change, innovation
The new CEO of Kyobo Life Insurance, the nation's leading life insurer, has pledged to achieve "sustainable growth" that benefits all stakeholders. Upon assuming office on Monday, CEO Cho Dae-kyu cautioned about the life insurance industry's current challenges, citing "stagnant growth and declining profitability." During his inauguration ceremony at the company's headquarters in Gwanghwamun, central Seoul, the CEO stressed the urgent need for "change and i
Industry March 25, 2024
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Woori Bank first to start ELS compensation
South Korean banks are beginning compensation measures for losses stemming from the misselling of equity-linked securities tied to Hong Kong's Hang Seng China Enterprises Index, with the sector's smallest seller, Woori, leading the initiative. Woori Bank officially announced Friday it would begin the compensation process next month, in line with the outline issued by the financial watchdog. The decision was made during the company's board meeting that day. According to Woori Bank,
Industry March 22, 2024
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Japan's historic rate pivot won't roil Korea: experts
The Bank of Japan's first interest rate hike in almost two decades has rattled the global economy, yet it may not have as much of an impact in South Korea, at least not for a while. The central bank of Japan on Tuesday announced it is lifting its short-term policy rate to a range of 0 to 0.1 percent from minus 0.1 percent, stepping away from the negative interest rate policy it had been applying since 2016 to fight chronic deflation. It also marked the central bank's first interest rat
Economy March 20, 2024
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