Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
Mirae Asset operates quarter of Korea's private pension fund
Mirae Asset Global Investment was managing over 300 private or retirement pension funds worth a combined 5.02 trillion won ($4.65 billion) as of November, a quarter of the domestic market, according to the firm Monday.The volume of the pension funds run by the asset management arm under Mirae Asset Group jumped more than fourfold in November from the end of 2010. The company managed private pension funds worth a combined 2.59 trillion won, while its retirement pension funds were worth
Market Dec. 25, 2017
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Samsung SDS concludes test on blockchain tech for shipping
Samsung SDS said Thursday a consortium led by the company had successfully concluded a monthslong test on blockchain-powered storage in marine transport, with the expectation that the technology will take the shipping industry to a new level. (Samsung SDS)Importers and exporters can make transactions of documents, such as a bill of landing and letter of credit, on the decentralized security system, free of forgery and tampering threats, according to the software solution developer arm under Sou
Technology Dec. 21, 2017
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Cryptocurrency fuels ‘irrational exuberance’: BOK Gov.
South Korea‘s top monetary policymaker expressed concerns on what he called the nation’s “irrational exuberance” that may partly be blamed on the cryptocurrency frenzy among local retail investors, during a meeting with the press Wednesday night.This comes in contrast to the “rational exuberance” seen in Korea’s bull financial markets, such as the record run in stock markets and flattening yield curve driven by robust fundamentals and a low key rate poli
Market Dec. 21, 2017
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Jobs, innovation, aging key parts of economic policy for 2018
South Korea’s Deputy Prime Minister Kim Dong-yeon said Wednesday the country needs to tackle unemployment, foster innovative growth and address the low birthrate and aging population, a week ahead of releasing the economic policy direction for next year.While Kim assured that Korea would achieve economic growth of 3 percent this year and maintain a robust uptrend in the wake of the improving Korea-China relationship, he said the country would face persistent economic threats from within th
Economy Dec. 20, 2017
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[Herald Interview] Education key to dealing with bitcoin craze
Following phenomenal bitcoin demand by retail investors in South Korea in the past few weeks, local cryptocurrency exchanges might represent the nation’s potential to take the lead in blockchain technology. But the bitcoin craze does not necessarily mean investors understand the way blockchain works, or that they can even tell the difference between cryptocurrency and blockchain, since they are more interested in high returns than the underlying technology. Cryptocurrencies are digital cur
Market Dec. 15, 2017
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Cryptocurrency exchanges seek to improve market transparency
South Korea‘s cryptocurrency exchanges said Friday they will adopt self-regulatory measures to boost transparency in the highly speculative market.The Korea Blockchain Association, consisting of 14 virtual currency exchanges here, announced plans to raise the market entry barrier for operators as part of ongoing efforts to protect investors in the fluctuating market. Starting in January, the exchanges will bear responsibility to force traders to store at least 70 percent of cryptocurrency
Market Dec. 15, 2017
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Weakest gold in year ‘not relevant’ to bitcoin surge: analyst
South Korean gold prices are at their lowest in almost a year while bitcoin prices rise exponentially, but a Korean analyst on Friday rebutted claims that gold’s decline was down to the bitcoin craze.Gold was trading at 44,180 won ($40.60) per gram 10 minutes ahead of closing at 44,200 won Friday, according to an estimate by the Korea Exchange. On Wednesday, the price dipped below 44,000 won for the first time since Dec. 23, 2016. By contrast, bitcoin has skyrocketed past 20 million won, w
Market Dec. 15, 2017
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Korea unveils measures to tame cryptocurrencies
South Korea rolled out plans Wednesday to curb speculation on cryptocurrencies, including trade bans for minors and ways to impose taxes on investment returns, in its resolve to tame the country’s bitcoin craze without completely shutting it off. Banks in Korea that provide virtual bank accounts for cryptocurrency trades will have to verify the identification of account holders when creating new ones and prohibit minors from opening accounts, according to the plan.The regulators will also
Market Dec. 13, 2017
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[Herald Interview] 8Percent leverages power of platform
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the sixth installment. — Ed.Peer-to-peer platform can be a destination not only to retail investors seeking higher yields, but also for borrowers taking loans for their business which would face more expensive options from conventional financiers, 8Percent, a South Korean P2P lending platform, said.The power of such a platform is particularly attractive to borrowers holding midrange
Market Dec. 12, 2017
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KRX to nurture 1st venture firm on Kosdaq under ‘Tesla Policy’
Information technology solutions firm Cafe24 gained Monday preliminary approval for an initial public offering on the nation‘s second-tier Kosdaq market operated by the Korea Exchange, marking the first company to be listed through the operator’s “Tesla Policy” introduced in December 2016.Cafe24, a Korean company that offers IT solutions for sellers looking to create online retailers, is expected to earn some 40 billion won ($36.6 million) through the entry into Kosdaq sl
Market Dec. 11, 2017
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Korea nerves fray after first-ever bitcoin futures in US
South Korea was not an exception from a bitcoin price spike Monday, as the US began trading a derivative related to the de facto key cryptocurrency on the Chicago Board Options Exchange on Sunday. As of 1 p.m. Monday, bitcoin in South Korea traded at 19.5 million won ($17,900), up 35.8 percent compared to a day prior, according to data from local coin tracker Coinass. The coin price remained about 10 percent higher than the world average, the data also showed. The surge does not necessaril
Market Dec. 11, 2017
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Kona I, Linxens to seek cooperation in security business
South Korean smart card maker Kona I and French smart card component maker Linxens have signed a strategic cooperation to expand business for payment and security starting next year, Kona I said Monday. The two companies are reviewing various projects, ranging from telecommunication, e-government, access control, financial services to internet of things, among others, according to Kona I. The two have already been working together, for example, with Linxens providing components such as RFID Ante
Market Dec. 11, 2017
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[Kosdaq Star] Seoul Semiconductor unfazed by IT sell-offs
This is the 46th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.A tax cut in the US and the strong Korean won has negatively affected a tech rally on South Korean stock markets in the past couple of weeks. The Kosdaq-listed light-emitting diode maker Seoul Semiconductor was no exception, as its share price hit a record 33,550 won on Nov. 27, but backtracked to 28,250 won on Friday, falling 13.1 percent over the past two weeks.But some analysts pai
Market Dec. 10, 2017
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Korea's household debt-to-GDP rises 2nd-fastest: BIS
South Korea’s household debt-to-gross domestic product increased at the second-fastest rate in the world on-year as of first half of this year, reports said Sunday, quoting data from Bank for International Settlement. According to survey of 43 countries conducted by BIS, Korea‘s ratio of total household credit-to-GDP came to 93.8 percent as of the second quarter of 2017, up 4.3 percentage points year-on-year. The data by Basel-based financial institution was released on Dec. 3.T
Market Dec. 10, 2017
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Fintech Center Korea inks partnership with Malaysia
The state-owned Fintech Center of Korea signed a memorandum of understanding Thursday with its Malaysian counterpart, the Fintech Association of Malaysia.Malaysia is the eighth country to partner with Korea to seek bilateral cooperation in financial technology, following the United Kingdom, Australia, France, Singapore, the United States, China and Switzerland. The size of deal has yet to be disclosed, but Korean firms’ entry into “one of the world’s leading payment markets” would be significant
Dec. 7, 2017
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