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Regulator to Ease Investment Rules on Financial Firms for Fintech Sector

Regulator to Ease Investment Rules on Financial Firms for Fintech Sector

SEOUL, Sept. 4 (Korea Bizwire) — South Korea’s financial regulator said Wednesday it will ease some rules on financial firms investing in fintech firms, as part of its effort to promote the fintech industry. The new guideline, unveiled by the Financial Services Commission (FSC), will expand the scope of fintech firms for which financial firms’ [...]

S. Korean Bio Shares Tumble on Concerns over Drug Trial Failures

S. Korean Bio Shares Tumble on Concerns over Drug Trial Failures

SEOUL, Sept. 1 (Korea Bizwire) — Bio shares on the Korean stock market tumbled this year as investor confidence was hurt by a series of scandals involving major drugmakers, data showed Saturday. The combined market capitalization of 43 pharmaceutical and bio companies listed on the main bourse, the KOSPI, stood at 81.3 trillion won (US$67.2 [...]

S. Korean Firms Pushing for Self-reliance amid Trade Spat with Japan

S. Korean Firms Pushing for Self-reliance amid Trade Spat with Japan

SEOUL, Aug. 27 (Korea Bizwire) — An intensifying trade feud with Japan is pushing South Korean companies to look beyond their longtime business partners and enhance self-sufficiency on concerns that Tokyo’s stronger export controls could choke off their supply chains. High-tech parts and materials have been unsung heroes behind the latest smartphones and televisions made [...]

Moon Invests 50 mln Won in Fund for S. Korea’s Material Makers amid Trade Row with Japan

Moon Invests 50 mln Won in Fund for S. Korea’s Material Makers amid Trade Row with Japan

SEOUL, Aug. 26 (Korea Bizwire) – In a symbolic move to show the government’s determination to help foster South Korea’s parts and materials production industry against Japan’s export restrictions, President Moon Jae-in on Monday invested 50 million won (US$41,135) in a relevant stock fund. He visited the headquarters of NH Nonghyup Bank in Seoul and subscribed [...]

Debt Recovery Applications Soar Among Business Owners and Day Laborers

Debt Recovery Applications Soar Among Business Owners and Day Laborers

SEOUL, Aug. 23 (Korea Bizwire) — Debt recovery applications are spreading among vulnerable members of the population including retired seniors, business owners, day laborers, and the jobless. The Credit Counselling & Recovery Service reported that 4,910 small business owners had applied for debt recovery this year as of July. The number of applications decreased between [...]

Seoul to Build Homes for Younger Generation Using Public Property

Seoul to Build Homes for Younger Generation Using Public Property

SEOUL, Aug. 23 (Korea Bizwire) — The Seoul Metropolitan Government plans to carry out a construction project known as the Compact City to offer homes to younger Seoulites by redeveloping traffic islands, old sites used by rainwater pump stations, and other unused public property. The Seoul Housing and Communities Corp. (SH) announced on Thursday a [...]

Financial Firms to be Under Scrutiny over Controversial Derivative Products

Financial Firms to be Under Scrutiny over Controversial Derivative Products

SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s financial regulator said Thursday it will begin inspecting financial firms later this week over sales of controversial derivative products that carry the risk of losing nearly all investment. Choi Jong-ku, chairman of the Financial Services Commission (FSC), told lawmakers that financial authorities will start an inspection into [...]

Customs Service Cracks Down on Illegal Foreign Exchange Activity in Malaysia

Customs Service Cracks Down on Illegal Foreign Exchange Activity in Malaysia

SEOUL, Aug. 22 (Korea Bizwire) — The Korea Customs Service has cracked down on 146 individuals who purchased a country house in Johor Bahru, Malaysia and other costly real estate using an illegal foreign exchange method commonly known as “hwanchigi.” The individuals purchased stores, condominiums, and country houses in Johor Bahru without reporting the transactions [...]