Shinhan Futures Lab, a South Korean innovation hub owned by Shinhan Financial Group, said on April 11 it is poised to ramp up support for startups by teaming up with Korean fund of funds management firm Korea Growth Investment Corp. Shinhan Financial has signed a memorandum of understanding with the state-led FOF manager, also known as K-Growth, to foster investments in startups dedicated to fintech, according to the banking group.Under the agreement, the two will share information about fintech

Market April 11, 2019

Debt-ridden Kumho Asiana Group called on its creditors to inject 500 billion won ($439.17 million) to address its liquidity crisis through a business revamp plan it submitted to the state-led Korea Development Bank, according to the KDB on April 10. Ex-chairman of Kumho Asiana Park Sam-kooRelated:Kumho Asiana creditors demand asset sell-off, solid loan repayment planCorrected audit report weighs on Asiana AirlinesIn the recovery plan, submitted April 9, the family-owned conglomerate agreed to se

Industry April 10, 2019

Real-time in-app digital messaging is increasingly becoming the norm. On-demand mobility app users can exchange text messages with drivers to get a ride to deliver food. While watching live-streamed videos of a sports game, you can also send cheers or share thoughts about an athlete or a team. Couples, meanwhile, can enjoy private conversations on dating apps. Those buying a product online can place an inquiry directly to sellers on an e-commerce platforms, while sellers can interact with thousa

Technology March 28, 2019

For decades, lawyer Yoon Hee-woong has built his career providing legal advice for corporations. Since joining the South Korean law firm Yulchon in 2000, he has been paving the way for large business groups to take over financial companies, especially in the wake of the global financial crisis in 2007-2008.A big deal he helped close in 2007 was retail giant Lotte’s purchase of Daehan Fire & Marine Insurance. A year later, Yoon was involved in Hyundai Motor’s takeover of Shinheung

Market March 19, 2019

LG Electronics CEO Jo Seong-jin recently conceded that as a newcomer in the mergers and acquisitions market in 2015, the firm had a tough time acquiring a stake in family-owned Austrian headlight maker ZKW Group. After years of negotiations, the tech giant and its holding firm LG Corp. were finally able to purchase shares worth 1.1 billion euros ($1.25 billion) in April 2018. It marked the largest acquisition in its 70-year history. Before that, it was focusing on research and development. (Hera

Technology March 18, 2019

South Korea is riding the global trend of high liquidity in the startup scene. Money is pouring into the sector, and investors are looking for the next big thing to invest in. However, concerns linger that the upcycle is being maintained by government spending, and not a real appetite for startups.   In 2018, venture capital investment surged 43.9 percent on-year to 3.4 trillion won ($3 billion), according to latest data by the Ministry of SMEs and Startups. However, of that amount, 20 percent a

Industry Jan. 31, 2019

The thick glass ceiling in the finance industry of South Korea got a few more cracks in the last month, with the latest reshuffles in the country’s leading banking and securities brokerage companies having nominated women leaders to the top posts.The nomination of Park Jeong-rim as the co-CEO of KB Securities on Dec. 19 marked another leap forward, as she is set to become the first female CEO of a brokerage firm in Korea. Her nomination awaits approval in the upcoming general shareholders&

Market Jan. 1, 2019

After hours of strenuous waiting, standing against the wicked winter winds, those who have flocked to scenic viewpoints stare in awe at the sea’s horizon.On South Korea’s west coast, the gleaming yellow sun in the ruddy sky inches closer to the horizon. Hues spread along the horizon get overwhelmingly richer, creating more dazzling reflections off the waters of the Yellow Sea. Soon, the blinding glare gives way to red-tinged dusk, as the sun goes out of sight, down the horizon.It was worth the h

Travel Dec. 27, 2018

South Korea’s stock market indexes in 2018 are set to mark the largest yearly slump in a decade since the global financial crisis hit Asia’s fourth-largest economy in 2008.As of the Wednesday session’s close, the main bourse index Kospi fell 17.8 percent since Jan. 2 this year, while the second-tier market benchmark Kosdaq slid 16.6 percent, according to data from the Korea Exchange on Thursday. Both figures indicate the largest gap since 2008, when the Kospi plunged 40.7 perce

Market Dec. 27, 2018

South Korea’s stock market indexes drifted lower Wednesday on prevailing risk-averse investor sentiment due to uncertainties in the United States. The main bourse benchmark Kospi closed at 2,028.01, down 1.3 percent, while the second-tier benchmark Kosdaq slid 0.6 percent to close at 665.74.  Both markets suffered strong net sales from retail investors. They net sold stocks worth 468.1 billion won ($415.8 million) on the main bourse and shares worth 348.7 billion won on the second-tie

Market Dec. 26, 2018

South Korean engineering and construction services provider Hyundai Engineering said Wednesday that it donated five units of modular homes to residents of aged buildings vulnerable to risks of natural disasters on Friday. Modular homes refer to prefab buildings for residential purposes. Such buildings involve a construction method in which sections of a house are manufactured away from a construction site, then delivered to the site and installed there.Representatives of Hyundai Engineering, Hop

Industry Dec. 26, 2018

The size of annual dividends of Kospi-listed firms is likely to jump for the sixth consecutive year this year, partly spurred by the companies’ efforts to enhance responsible shareholder engagement since 2017, data showed Tuesday. The volume of dividends from ordinary shares and preferred shares trading on the Kospi throughout 2018 will unprecedentedly top a combined 30 trillion won ($26.6 billion), unless the year-end dividend shrinks by over 4 percent to 20.9 trillion won compared to the

Market Dec. 25, 2018

South Korea’s financial authorities announced Sunday plans to introduce at most two internet-only banks within the next two years, in an apparent move to ramp up competition in a market in the course of deregulation.Business entities with plans to operate new banks without brick-and-mortar branches will be granted preliminary regulatory approval by the Financial Services Commission by May 2019, according to the FSC’s plans. The application will be accepted by March. Considering times

Market Dec. 23, 2018

The annual volume of capital raised through initial public offerings in the South Korean stock market this year is expected to mark the lowest in five years, amid volatile sessions throughout 2018 due to external uncertainties, data showed Sunday.Some 2.8 trillion won ($2.4 billion) in equity capital is expected to be raised through IPOs in Korea’s markets by the end of the year, according to data from the Korea Exchange, the sole market operator. The figure included the anticipated raise

Market Dec. 23, 2018

South Korea’s central bank has vowed closer monitoring in domestic financial markets to brace for potential volatile capital flows following a US rate hike Wednesday, while the financial watchdog reviewed a contingency plan of the national financial system. The Bank of Korea said Thursday it held an emergency meeting led by BOK Deputy Gov. Huh Jin-ho to keep close tabs on the possible consequences of the US Federal Reserve’s decision and its persisting hawkish stance in monetary poli

Market Dec. 20, 2018