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BTS’ Recent Home Concerts Created Economic Effect Worth Nearly 500 bln Won: Report

BTS’ Recent Home Concerts Created Economic Effect Worth Nearly 500 bln Won: Report

SEOUL, Jul. 24 (Korea Bizwire) — K-pop boy band BTS’ fan meetings and concerts in South Korea last month created an economic effect worth nearly 500 billion won (US$424.2 million), an academic report showed Wednesday. According to the report by a research team led by Pyun Ju-hyun, a business professor at Seoul’s Korea University, BTS [...]

S. Korea to Step Up Efforts to Fend Off Japan’s Additional Trade Restrictions

S. Korea to Step Up Efforts to Fend Off Japan’s Additional Trade Restrictions

SEOUL, Jul. 21 (Korea Bizwire) — South Korea will step up its efforts this week to fend off a move by Japan to impose additional trade restrictions against Seoul, according to government officials on Sunday, amid a growing trade dispute that could also disrupt global supplies of semiconductors and smartphones. Diplomatic and economic tensions are [...]

Damage from Cryptocurrency-related Crimes Estimated at 2.7 tln Won

Damage from Cryptocurrency-related Crimes Estimated at 2.7 tln Won

SEOUL, Jul. 21 (Korea Bizwire) — The financial damage caused by cryptocurrency-related crimes reached nearly 2.7 trillion (US$2.3 billion) over the past two years, government data showed Sunday. The financial loss of scams and fraud involving cryptocurrencies came to 2.69 trillion won between July 2017 and June 2019, according to the data from the justice [...]

Professionals Become Advisors in the Thriving Cryptocurrency Market

Professionals Become Advisors in the Thriving Cryptocurrency Market

SEOUL, Jul. 19 (Korea Bizwire) — Professionals from both South Korea and abroad are gathering in the blockchain market as the popularity of cryptocurrencies continues to expand rapidly. Former executives from major IT, finance, and venture investment firms in the country and abroad are joining blockchain businesses as advisors. David Park, the former head of [...]

Consortium Launches Blockchain-based Digital ID in S. Korea

Consortium Launches Blockchain-based Digital ID in S. Korea

SEOUL, Jul. 14 (Korea Bizwire) — A group of major tech companies and financial institutions have joined hands to launch a blockchain-based digital identity platform available on smartphones to provide a trustworthy and secure solution, they said Sunday. Samsung Electronics Co., three mobile carriers — SK Telecom Co., KT Corp. and LG Uplus Corp. — [...]

Kakao Bank’s Accounts Surpass 10 mln 2 Years After Launch

Kakao Bank’s Accounts Surpass 10 mln 2 Years After Launch

SEOUL, Jul. 12 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Friday it has attracted more than 10 million accounts in about two years since launching operations. Kakao Bank, controlled by Kakao Corp., the operator of South Korea’s dominant messaging app KakaoTalk, started operations on July 27, 2017, quickly gaining popularity among [...]

Japan’s Trade Curbs Pose New Downside Risk to S. Korean Economy

Japan’s Trade Curbs Pose New Downside Risk to S. Korean Economy

SEOUL, Jul. 10 (Korea Bizwire) — Japan’s tighter regulations on some high-tech exports to South Korea will serve as a new downside risk to Asia’s fourth-largest economy, which is already struggling with a U.S.-China trade war, economists said Wednesday. In a seminar on the impact of Japan’s trade curbs, Kwon Tae-shin, president of the Korea [...]

About 770 Foreigners Granted Resident Status Under Immigrant Investor Program

About 770 Foreigners Granted Resident Status Under Immigrant Investor Program

SEOUL, Jul. 4 (Korea Bizwire) — Nearly 770 foreign investors have been permitted to live legally in South Korea over the past six years under a government immigrant investor program, the Ministry of Justice said Thursday. Under the Immigrant Investor Scheme for Public Business (IISPB) program launched in May 2013, a total of 766 foreigners [...]