SEOUL, April 29 (Korea Bizwire) – South Korea’s financial regulator is set to partially lift its ban on short selling of listed stocks starting next week, about 14 months after it imposed it to cope with a stock market rout triggered by the COVID-19 pandemic. Although retail investors have urged financial authorities to prohibit the [...]
SEOUL, April 29 (Korea Bizwire) – South Korea’s central bank is set to launch a pilot program to test the viability of a central bank-issued digital currency (CBDC) in the second half of this year. In a report released on Wednesday, the Bank of Korea (BOK) unveiled plans to test the CBDC’s entire lifecycle of [...]
SEOUL, April 27 (Korea Bizwire) – One of South Korea’s top financial officials has recently drawn the ire of investors in cryptocurrency when he lectured them, saying they were walking “on the wrong path” and needed to correct themselves. Appearing in a meeting at the National Assembly on Thursday, Financial Services Commission (FSC) Chairman Eun [...]
SEOUL, April 26 (Korea Bizwire) — Kakao Pay, the mobile payment service arm of South Korea’s top messenger app Kakao Corp., filed for preliminary approval of an initial public offering on the main bourse KOSPI, the Korea Exchange said Monday. The filing by the fintech firm is expected to be cleared around the end of [...]
SEOUL, April 26 (Korea Bizwire) – With the cryptocurrency investment fever spreading among South Korea’s young generation in their 20s and 30s, some are showing signs of ‘cryptocurrency addiction.’ A 28-year-old office worker surnamed Nam confessed that he is showing signs of addiction, with his mood changing from joy to sorrow or vice versa everyday [...]
SEOUL, April 23 (Korea Bizwire) – South Korea’s financial authorities are moving to impose an income tax on cryptocurrency trading from next year, but investors in digital tokens have raised a nagging question about the proposed taxation. A growing number of cryptocurrency investors have cried foul over whether the government will collect a tax on [...]
SEOUL, April 22 (Korea Bizwire) — South Korea’s credit card companies are actively looking for new business opportunities as their main business area is being eroded by so-called ‘big tech’ and ‘fintech’ companies. Shinhan Card Co. launched a drive to develop a visiting car repair service platform in collaboration with integrated car management service provider [...]
SEOUL, April 21 (Korea Bizwire) — A couple of domestic investors appear to be interested in acquiring Daewoo Engineering & Construction Co. as improving performances have boosted the builder’s corporate value, sources said Wednesday. Prospective buyers include local private equity fund Sky Lake Investment, which has recently taken over Doosan Solus Co., a South Korean [...]
SEOUL, April 20 (Korea Bizwire) – Amid woes over a bubble in cryptocurrencies and their rollercoaster moves, authorities here are taking steps to curb people from making ‘irrational’ investments, and trading platforms may face restructuring as banks are expected to seek tighter screening measures for the opening of real-name bank accounts. Wary of missing out, [...]
SEOUL, April 19 (Korea Bizwire) — South Korea said Monday it plans to crack down on any illegality involving cryptocurrencies, such as money laundering, until June amid skyrocketing prices of virtual money. The interagency crackdown comes as the latest frenzied buying of bitcoin and other cryptocurrencies raises concerns about speculative investments and potential illegal activities, [...]