Articles by Son Ji-hyoung
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Son Ji-hyoung
consnow@heraldcorp.com-
Regulator standardizes QR code for electronic payment
The Financial Services Commission, South Korea’s financial regulator, unveiled Tuesday a set of standards for QR codes for electronic payment, in a nation where the smartphone penetration rate is high and credit card payment terminals are ubiquitous among merchants here.A QR code refers to a matrix barcode used in infrastructure that allows mobile payment between customers and vendors without intermediaries. By using a mobile phone app to scan a QR code, a user will be authenticated, and t
Market Nov. 6, 2018
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Won rally ends on US jobs growth, renewed trade war
South Korea’s local currency edged down against the greenback on Monday on robust jobs readings in the United States that sparked an upsurge in the US dollar, and on renewed threats of a US-China trade war that put a dent in global risk-tolerance levels.The dollar-to-won currency exchange rate came to 1,123.5 won in closing Monday, down 0.2 percent compared with the Friday session’s close. A lower exchange rate translates into a stronger local currency. This drop marked an end to the
Market Nov. 5, 2018
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US midterm elections to act as uncertainty variable in Korean stock market
While South Korea’s stock market took a strong rebounding leap last week amid signals of trade war alleviation between the United States and China, analysts remained in a cautious note ahead of the midterm elections in the United States slated for Tuesday, fueled by concerns that news favorable to stock rallies might have come in disguise. Analysts issued warnings over the weekend on possible post-election volatility in the domestic stock market, saying optimism in the global financial mar
Market Nov. 4, 2018
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Korean IPO market hits snag on bearish stock market
As South Korean companies have recently withdrawn their earlier plans to go public, concerns have been mounting that the lackluster initial public offering market remains exposed to lingering external uncertainties in the fourth quarter.Since October, two companies -- Dreamtech and Plakor -- said in financial statements they would withdraw from IPO plans, citing “the current stock market situation that makes it hard for investors to discover the price of a company.” Dreamtech, an ele
Market Nov. 4, 2018
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[Weekender] Traditional Korean medicine a game changer in medical tourism industry
It has been a decade since South Korea started issuing short-term visas for foreigners seeking medical treatment here as part of measures to boost medical tourism.Since then, the medical tourism market has expanded rapidly, with the number of annual foreign visitors for medical treatment here rising 52.2 percent in the four years through 2017 to some 321,600, according to data compiled by the Korea Health Industry Development Institute.However, the number dropped by 11.7 percent on-year in 2017
Technology Nov. 1, 2018
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SK Holdings awarded for excellence in ESG
SK Holdings has been recognized for the best practices in environmental responsibility, social responsibility and governance and for its shareholder-friendly approach and sustainability in entrepreneurship, the company said Thursday. SK Holdings CEO Jang Dong-hyun (SK Holdings)The firm earned the “A+” ESG rating from the Korea Corporate Governance Service for a second consecutive year in 2018. This year, KCGS evaluated ESG scores of some 930 listed companies and financial companies in Korea. A h
Industry Nov. 1, 2018
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NPS takes heat from bearish stock market
South Korea’s National Pension Service, the third-largest pension fund in the world, has taken over 5 percent in losses from domestic stocks from January to August, hit by the ongoing bearish trend in the local stock market this year. The public pension fund, overseeing 650.9 billion won ($571.8 million) in assets as of end-August, yielded 2.3 percent return from its investments, according to its disclosure Tuesday. The NPS invests in various asset classes including equities and fixe
Market Oct. 31, 2018
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Banks to implement stricter lending policy
A new set of regulations for local banks is set to take effect Wednesday, with the aim of further slowing down the pace of South Korea’s household credit growth. The full-fledged enforcement comes after a grace period that began in March, during which commercial banks had to cap the volume of the high-risk retail loans they extended. Starting Wednesday, commercial banks are required to keep “highly risky loans” to individuals to no more than 10 percent of the volume of all hous
Market Oct. 30, 2018
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Korean stock markets in free fall, downward pressure to persist
Stock markets in South Korea continued to slide for a fourth consecutive trading day, setting a new low for 2018 yet again, amid persisting downward pressure on markets at home and abroad. Analysts noted the unhindered pace of monetary tightening in the United States, Korea’s sluggish economic growth prospect and an escalating trade war between the US and China bode ill for a momentum for a swift rebound in stock index performance and a turnaround from foreign investor outflow. The t
Market Oct. 26, 2018
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Kakao labor union launches
South Korean internet services provider Kakao confirmed Thursday its employees have created an in-house labor union that aims to challenge the company’s current wage system.Kakao marked the fourth information technology company in Korea to see an organization to represent workers’ rights, following Naver, Nexon and Smilegate. Prior to the launch, the union was affiliated with the Korean Chemistry & Textile Federation of Unions. (Kakao)“We respect the launch of the labor union and their activitie
Industry Oct. 25, 2018
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[Kosdaq Star] New MMORPG heralds Gamevil’s Q4 earnings surprise
This is the 62nd in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.There is growing anticipation for a turnaround in at Gamevil, a developer and publisher of mobile games, after the global market reacted positively to its recent releases and news of releases slated for the fourth quarter.On Friday, Gamevil’s stock price jumped sharply, closing 14.9 percent up from Thursday. Its market cap came to 361.4 billion won ($319.2 million), ranking 121s
Market Oct. 21, 2018
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Watchdog to tighten compliance regulations for financial firms
Stricter compliance regulations are to be adopted for financial institutions within the watchdog’s jurisdiction to enforce stricter internal control and prevent errors and fraud, according to the market watchdog Financial Supervisory Service.According to a preliminary set of measures unveiled Wednesday, at least 1 percent of the entire staff and executives in a financial institution should be assigned to compliance operations, while compliance officers must be executives of the company wit
Market Oct. 17, 2018
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[Herald Interview] Former forensic technician creates new biometric standard
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 23rd installment. -- Ed.For about a decade before Chung Woo-young founded mobile biometrics developer startup Winningi in 2015, he was a forensic technician who worked for the National Police Agency in South Korea. He was engaged in the nation’s project to collect and manage some 56 million fingerprint records of residents in the nation with a population of 51.2 mil
Market Oct. 16, 2018
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[KH Biz Forum] Digital transformation key in ASEAN content market entry
Facing a wave of mobile-first digital transformation, traditional media contents like recorded video, comic books and studio albums give way to live-streaming video services, webtoons and digital songs. Southeast Asian countries are no exceptions from such digital transformations, both posing challenges and heralding new opportunities to Korean business entities, Lee Sung-min, research associate at the state-led Korea Culture and Tourism Institute, told audience at a business forum hosted by The
Industry Oct. 16, 2018
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Korean stock markets take largest loss in 7 years on Wall Street plunge
South Korea’s stock markets were routed Thursday following a plunge in stocks at Wall Street amid surfacing doubts about current tech stock valuations in the United States and fears on lingering US-China trade war threats.Analysts said the market correction in the US triggered a ripple effect on Korean stock markets along with other Asian stocks, drawing concerns about what they call “the biggest external market risk.”Both the top-tier Kospi and the second-tier Kosdaq suffered
Market Oct. 11, 2018
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