SEOUL, Jan. 23 (Korea Bizwire) — Unions in the South Korean banking sector are demanding a position on the board of directors to better represent themselves with management. According to sources close to the banking industry, an increasing number of financial institutions including KB Financial Group, Shinhan Bank and Woori Bank are addressing calls from labor [...]
SEOUL, Jan. 23 (Korea Bizwire) — Six South Korean banks will begin issuing new trading accounts for cryptocurrencies next week by introducing a system that bans the use of anonymous accounts in cryptocurrency transactions, a senior financial regulator said Tuesday. When the banks introduce the system of verifying cryptocurrency investors’ identification next Tuesday, current virtual [...]
SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s top financial regulator said Sunday that it will tighten capital regulations on high-risk household lending, in the latest move meant to slow the pace of household debt growth. The stricter regulations will be applied to banks, savings banks and insurance firms that provide loans to home buyers [...]
SEOUL, Jan. 22 (Korea Bizwire) — The government plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said Sunday. Currently, financial authorities ban banks from offering virtual accounts, which are needed to sell or buy cryptocurrencies, to [...]
SEOUL, Jan. 16 (Korea Bizwire) — Foreigners have net bought more than 2.2 trillion won (US$2 billion) worth of South Korean stocks this year in continuation of their buying spree from 2017, the Korea Exchange (KRX) said Tuesday, amid strong performance by local firms. Offshore investors acquired listed shares valued at 10.2 trillion won last [...]
SEOUL, Jan. 15 (Korea Bizwire) – Shinhan Bank, one of South Korea’s largest lenders, will serve as the title sponsor for the nation’s top professional baseball league over the next three seasons. The Korea Baseball Organization (KBO) announced its three-year partnership with Shinhan on Monday. The amount of the sponsorship fee and the new league emblem will be unveiled at a signing ceremony in Seoul on Tuesday. Shinhan Bank also owns a [...]
SEOUL, Jan. 11 (Korea Bizwire) — The government will give tax breaks to individuals that invest in mutual funds for startups and soften some listing rules for the junior KOSDAQ stock market, officials said Thursday. The move is part of a new policy move to boost the KOSDAQ market and help smaller firms raise funds [...]
SEOUL, Jan. 10 (Korea Bizwire) — South Korea’s financial regulators have inspected banks that have opened virtual accounts for corporate customers amid concerns that such accounts could be exploited as a loophole to attract new investors for cryptocurrencies, an official said Wednesday. Regulators have banned banks from offering virtual accounts, which are needed to sell [...]
SEOUL, Jan. 9 (Korea Bizwire) – Bitcoin prices on South Korean exchanges have risen today despite hints at government regulation, and a drop in the value of the cryptocurrency in other markets. According to cryptocurrency exchange Bithumb, the price per bitcoin reached 24.7 million won as of 2:30 p.m. today, up 1.4 percent after financial [...]
SEOUL, Jan. 8 (Korea Bizwire) — The head of a biotech venture firm has emerged as the fourth-richest man in stock holdings in South Korea, industry data showed Sunday, amid a bio venture boom in Asia’s fourth-biggest economy. The value of stocks held by Seo Jung-jin, chairman of biopharmaceutical firm Celltrion Inc., rose to 5.39 [...]