Japanese cryptocurrency exchange operator BITPoint Japan has launched a website in South Korea through a joint venture, stepping into a market that accounts for as much as 15 percent of global cryptocurrency transactions. Transactions made in Korea are worth 2 trillion won ($1.86 billion) per day on average.The joint venture, named BITPoint Korea, was founded in August by BITPoint Japan and Korean experts in equity and futures trading. In a press conference held Wednesday, the firm said it

Market Nov. 29, 2017

Shin Chang-jae, Kyobo Life Insurance chairman and chief executive, will be awarded the French Legion of Honor Thursday for his contribution to fostering cultural exchanges between France and South Korea, the firm said Wednesday. Shin will receive the Chevalier merit from French ambassador to Korea Fabien Penone at French Embassy in Seoul.Shin, 64, was recognized for establishing the Daesan Foundation in 1992 and serving as a chairman of the nonprofit organization, designed to translate and promo

Market Nov. 29, 2017

HWASEONG, Gyeonggi Province – Though many don’t realize it, South Korea’s most populous province has long relied on Japanese seeds for rice production. As of last year, Akibare and Koshihikari crop seeds from Japan grew on some 80 percent of 784.8 square kilometers of rice paddies in Gyeonggi Province, which surrounds the capital and is home to some 330,000 farmers. Confronting the need to curb reliance on Japan and cultivate seeds most suitable for Korean soil, the Gyeonggi Province Agricultura

Industry Nov. 28, 2017

BEIJING, China -- Beijing‘s largest agricultural and marine wholesaler Xinfadi Fruit and Vegetable Wholesale Market has benchmarked South Korea’s state-led Garak Wholesale Market, focusing on its auction system and quality inspection process, according to the market operator chief Zhang Yuxi. “Chinese farmers should get involved in not only harvesting products but also selling them, so as to maximize their profits,” said Zhang, 68, board director of Beijing Xinfadi Agricultural Products.Zhang Yu

Industry Nov. 27, 2017

CHIBA, Japan -- To meet the pace of the aggressive growth of the indoor farming industry in China and the United States, both South Korea and Japan should bet bigger on industry innovation, a Japanese expert said.Toyoki Kozai, professor emeritus of Chiba University and president of the Japan Plant Factory Association, told reporters that Korea should spur efforts to invest in smart indoor farming technologies.“Indoor horticulture farms are attracting an increasing level of investment, especially

Industry Nov. 26, 2017

Riding on the expansion of the premium children’s goods market, red ginseng products for children have been gaining popularity among parents here, according to Korea Ginseng Corp.For over a decade, the state-run company has targeted children with signature red ginseng extract products under its signature CheongKwanJang brand. A Korean kid consumes Korean Red Ginseng Kids Tonic. (KGC)“In Korea, it is common for parents to feed herbal supplements to their children to help them build up their immun

Industry Nov. 26, 2017

This is the 45th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdMid-stage osteoarthritis treatment developer TissueGene’s market cap rose by more than 2 trillion won ($1.84 billion) within three weeks of making its debut, becoming the fifth-largest firm on South Korea’s second-tier Kosdaq market Friday. The stock performance of the Maryland-headquartered firm reflects a market-wide biotech boom built on overheated investor anticipation

Market Nov. 26, 2017

South Korea‘s top financial watchdog on Thursday unveiled measures to enhance external auditors’ independence, by making it mandatory for auditors to add risk assessments on auditors’ reports.A task force under the Financial Services Commission, steered by the watchdog‘s vice chairman Kim Yong-beom, said that from 2019, an accountant in an auditor’s report must include key audit matters such as risks from revenue recognition, as well as clients’ actions after

Market Nov. 23, 2017

Standard Chartered Bank Korea is promoting a fixed deposit product online that offers an interest rate of up to 2.3 percent, before tax, the bank said in a statement Wednesday. The interest rate of the product will go up according to the amount of deposits raised through the promotion.  If the product raises more than 100 billion won ($91.7 million), the bank will offer an annual interest rate of 2.3 percent for depositors, with the minimum rate guaranteed at 1.7 percent even if the volume

Market Nov. 22, 2017

Ahead of the free trade deal revision talks with the United States, Korea’s trade minister vowed on Tuesday not to take a step back in the looming farm sector renegotiation deal.“(The government) is now taking a strong stand on agriculture sector, and will not retreat any further,” Paik Un-gyu, minister of trade, industry and energy told reporters Tuesday in the administrative city of Sejong.This echoed Korea‘s trade negotiator Kim Hyun-chong’s remark in October tha

Economy Nov. 21, 2017

South Korea‘s second-tier Kosdaq market hit a 10-year high in its closing mark Monday, riding on a biopharma boom.Kosdaq closed at 785.32 Monday, up 1.22 percent from the previous session Friday. The index jumped by 16.7 percent for the month.The closing mark was the highest in over a decade since Kosdaq, designed in its birth to benchmark US’ tech-heavy Nasdaq, closed at 794.08 on Nov. 7, 2007.A combined market cap of Kosdaq hit an all-time high at 275.5 trillion won ($250.6 billion

Market Nov. 20, 2017

Biotech momentum in the second-tier Kosdaq market has led 33 Kosdaq stocks to enter the list of top 200 listed firms in market cap both on the Kosdaq and top-tier Kospi, as of Friday, up from 23 at the end of 2016, data showed Monday. 　The 10 new Kosdaq-listed firms include biosimilar drug marketer Celltrion Healthcare and antirheumatic drugmaker TissueGene, which made their market debuts in July and earlier this month, respectively, according to data from the Korea Exchange. The firms’ ma

Market Nov. 20, 2017

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the 4th installment. -- Ed. For young adults at the beginning stage of their financial achievements, finding and holding on to cash is a new challenge and a constant battle.They often face cost thresholds of private banking services by conventional banks, or find it challenging to seek alternatives, especially amid the record-low interest rate. Moreover, tech-savvy youths often find it tr

Technology Nov. 19, 2017

Dong-A Pharmaceutical has partnered with the local unit of global ice cream chain Baskin-Robbins to turn its signature energy drink Bacchus into a sorbet, according to industry sources Friday.The new sorbet will carry the flavor of Dong-A Pharmaceutical’s flagship Bacchus energy drink, which has developed an iconic image in South Korea since its launch in 1963.The new sorbet will reportedly go on sale later this month. (Yonhap)The Bacchus brand includes sugar-rich, caffeine-heavy Bacchus-D sold

Industry Nov. 3, 2017