SEOUL, Jul. 4 (Korea Bizwire) — South Korea’s financial regulator said Wednesday that it approved the slapping of 144 million won (US$129,148) in fines on Samsung Securities Co. over its massive “fat-finger” error. Read More: Samsung Securities to Pay Huge Price for Its Fat-finger Error Holding a regular meeting earlier in the day, the Securities and [...]
SEOUL, Jul. 2 (Korea Bizwire) — South Korea’s bourse operator said Monday it will strengthen cooperation with global entities to attract more foreign investment into the country’s secondary stock market so as to turn it into the world’s top trading venue for tech shares. The tech-laden KOSDAQ market marked the 22th anniversary of its establishment [...]
SEOUL, Jun. 27 (Korea Bizwire) — The financial regulator said Wednesday it will bolster oversight of bank accounts used for cryptocurrency transactions, in the latest effort to prevent cryptocurrencies from being exploited for money laundering. In a statement, the Financial Services Commission (FSC) said it will step up monitoring of money transfers between local and [...]
SEJONG, June 23 (Korea Bizwire) — The financial watchdog’s punishment against Samsung Securities Co. over its fat-finger error will not make a financial dent, but it could weaken its market position in the long run, experts said Saturday. On Thursday, the Financial Supervisory Service (FSS) decided to recommend that Samsung Securities should face a six-month [...]
SEOUL, Jun. 23 (Korea Bizwire) — The Ministry of Science, ICT and Future Planning (MSIP) revealed yesterday its plans to secure a competitive edge in blockchain technology on a global scale by pushing forth six projects in the sector. The six projects to utilize blockchain technology are in the fields of livestock products, customs, real [...]
SEOUL, Jun. 23 (Korea Bizwire) — The South Korean government has announced measures aimed at strengthening the transparency of banks, as they are being advised to provide loan applicants with a detailed breakdown of the interest they will be charged. In the case of banks having charged unjustifiable high interest rates, the surplus in interest [...]
SEOUL, Jun. 19 (Korea Bizwire) — With more than 2 million foreign residents in South Korea, and the number of individuals with voting rights surpassing 100,000 people for the first time this year, local banks are targeting foreign retail banking customers to cash in on the rising expat population. Some banks have started offering banking [...]
SEOUL, Jun. 18 (Korea Bizwire) — Starting as early as the latter half of the year, consumers who have taken out bank loans will be able to request information from banks as to how their interest rates are being calculated. In addition, a detailed breakdown of interest rates for each bank to be publicly announced [...]
SEOUL, Jun. 14 (Korea Bizwire) — South Korean banks have stepped up preparations for a possible resumption of economic projects in North Korea, as a historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un raised hopes of more reconciliation between Seoul and Pyongyang. After about five hours of talks in Singapore [...]
SEJONG, May 30 (Korea Bizwire) — According to the Ministry of Strategy and Finance, the Korea Development Bank issued green bonds to domestic institutional investors yesterday. The total amount of bonds issued was 300 billion won and the coupon rate stood at 2.53 percent. Maturity is three years. Green bonds are special-purpose bonds with use [...]