SEOUL, Feb. 8 (Korea Bizwire) — South Korean internet-only kakaobank said Wednesday that its net profit hit an all-time high last year thanks to increased interest income. Its net profit came to 263.1 billion won (US$208.5 million) in 2022, up 28.9 percent from the previous year, the lender said in a regulatory filing. Its revenue [...]
SEJONG, Feb. 7 (Korea Bizwire) — South Korea plans to more than double its foreign-exchange trading hours and allow offshore firms to participate in the market in line with efforts to attract more investment from overseas, the financial authorities said Tuesday. Under the plan, Asia’s No. 4 economy will extend the operating hours of its [...]
SEOUL, Feb. 7 (Korea Bizwire) — After the government announced that it would allow security token offerings, South Korean brokerages are doubling down on efforts to launch related services. Shinhan Securities Co., for instance, announced on Monday that it will set up a security token offering (STO) alliance. An STO alliance is an organization that [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s bourse operator said Tuesday it will push to open the derivative market earlier and allow for nighttime trading in the area as part of efforts to upgrade investment practices to global standards and reduce volatility. Currently, derivative trading in South Korea starts at 9 a.m., the same [...]
SEOUL, Jan. 30 (Korea Bizwire) — Banks in South Korea returned to their pre-pandemic operation hours for the first time in about 1 1/2 years Monday in line with the government’s eased virus curbs despite their labor unions’ protest. First-tier banks, including KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup, along with other financial institutions, [...]
SEOUL, Jan. 26 (Korea Bizwire) — A financial regulator chief on Thursday warned of stern action against labor unions opposing banks’ plan to “normalize” their pandemic-caused shortened operation hours as the government is set to lift the indoor mask mandate later this month. “As far as I know, employers have determined the stance (of normalizing [...]
SEOUL, Jan. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea hit an all-time high in December, as corporate dollar savings increased, central bank data showed Wednesday. Residents’ outstanding foreign currency-denominated deposits had come to US$110.98 billion as of end-December, up $3.59 billion from the previous month, according to the data from [...]
SEOUL, Jan. 24 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to abolish the existing mandatory registration policy for foreigners investing in local stocks within this year, in line with efforts to meet global standards. The move came as foreigners are currently required to file personal information with local financial authorities before [...]
SEOUL, Jan. 19 (Korea Bizwire) — South Korea’s leading asset manager Mirae Asset Global Investments Co. said Thursday it has purchased a logistics center near India’s financial hub of Mumbai in the latest move to expand its portfolio in one of the world’s fastest growing economies. Earlier this month, the firm’s Indian unit, Mirae Asset [...]
SEOUL, Jan. 16 (Korea Bizwire) — The number of fabricated South Korean banknotes hit a record low in 2022 on increased non-cash transactions amid the pandemic, central bank data showed Monday. The number of counterfeit banknotes found in South Korea last year came to 150, down from the previous record low of 176 a year [...]