SEJONG, Mar. 20 (Korea Bizwire) — South Koreans’ direct purchases from foreign countries rose to a record high last year on rising demand for cheaper and different products, customs data showed Tuesday. A total of US$2.11 billion worth of foreign goods was directly bought by South Korean shoppers via overseas internet shopping malls last year, [...]
SEOUL, Mar. 6 (Korea Bizwire) — A growing number of South Korean fashion companies are producing online-only products and shutting down offline outlets amid ever rising sales of fashion items among the younger generation, industry sources said Tuesday. Avista Corp. said it will soon close its offline stores for Kai-aakmann brand products so they could [...]
SEOUL, Jan. 30 (Korea Bizwire) — Social commerce service WeMakePrice is set to become the first South Korean shopping website to accept cryptocurrencies in South Korea. According to reports, WeMakePrice is in talks with cryptocurrency exchange Bitthumb to allow users to make payments with cryptocurrencies such as Bitcoin, which could see the website become the [...]
SEOUL, Jan. 26 (Korea Bizwire) — South Korean retail giant Shinsegae Inc. said Friday it has signed an initial agreement with a foreign investment firm and a private equity firm to strengthen its e-commerce business amid a rapid expansion of the country’s online market. Shinsegae said it will hive off the online business divisions of [...]
SEOUL, Jan. 15 (Korea Bizwire) — South Korea’s science ministry said Monday it will invest 86.6 billion won (US$81.5 million) this year to develop climate-related technologies to curb carbon gas emissions. The Ministry of Science and ICT said it designated two new sectors in 2018 to secure related technologies to better combat climate change. The [...]
SEOUL, Jan. 12 (Korea Bizwire) – The government’s move to regulate cryptocurrency trades could hurt the blockchain industry, experts have warned. According to industry sources on Friday, blockchain businesses are expressing concerns over the impact of cryptocurrency regulations, despite the government’s assurance that it would support the latest technology. “The growing number of cryptocurrency transactions [...]
SEOUL, Jan. 11 (Korea Bizwire) – The governor of the Financial Supervisory Service, Choi Heung-sik, is facing resignation calls from investors over his anti-cryptocurrency viewpoint. The FSS has found itself in hot water after threatening to ban all cryptocurrency transactions in South Korea, as frustrated protestors took to the official website of the presidential Blue House [...]
SEOUL, Jan. 11 (Korea Bizwire) – South Korea’s justice ministry is drawing up legislation aimed to curb overheating in the virtual currency market, including a complete shutdown of all cryptocurrency exchanges in the country, its minister said Thursday. “The ministry is preparing legislation that basically bans any transactions based on a virtual currency through the [...]
SEOUL, Jan. 11 (Korea Bizwire) – Xiaohongshu, a Chinese social e-commerce mall said Thursday it is looking for South Korean companies who will sell their products on its rapidly growing platform. Launched in 2013, Xiahongshu, also known as RED, is an online retail mall with more than 75 million registered users and also has a [...]
SEOUL, Jan. 2 (Korea Bizwire) — A planned protest against the government’s cryptocurrency regulations failed to live up to the hype, with no one turning up at Gwanghwamun Plaza over the weekend. Despite an online post last week urging bitcoin investors to join a protest against the current administration’s anti-cryptocurrency stance, no sign of protest [...]