SEOUL, Oct. 16 (Korea Bizwire) – Binance, the world’s leading cryptocurrency exchange, has finalized its acquisition of a South Korean crypto exchange, authorities said Thursday, taking its first step to enter the local digital assets market. The Korea Financial Intelligence Unit (FIU), under the Financial Services Commission (FSC), has approved Binance’s acquisition of GOPAX on [...]
SEOUL, Oct. 16 (Korea Bizwire) — South Korea’s financial regulator has launched an on-site inspection into securities firms and banks accused of mis-selling a 90 billion won ($65 million) investment product that collapsed entirely, marking the first major consumer protection probe under the leadership of newly appointed Financial Supervisory Service (FSS) Governor Lee Chan-jin. The FSS [...]
SEOUL, Oct. 16 (Korea Bizwire) — South Korean police say recent criminal investigations have exposed a growing use of virtual assets to launder the proceeds of large-scale frauds, reigniting debate over the need for stronger oversight as authorities and industry consider expanding the use of digital currencies, including won-pegged stablecoins. The Ulsan Police Agency disclosed [...]
SEOUL, Oct. 15 (Korea Bizwire) — Global asset manager Franklin Templeton has identified South Korea as one of the key drivers of the global emerging market rally this year, highlighting its diversified industrial base and robust stock market performance. In a report released Tuesday, the firm noted that emerging market equities have surged more than 28 [...]
SEOUL, Oct. 15 (Korea Bizwire) — Samsung Asset Management said Tuesday that its KODEX Robot Active exchange-traded fund (ETF) has surpassed 200 billion won ($145 million) in net assets, underscoring surging investor enthusiasm for the nation’s robotics sector amid rapid advances in artificial intelligence. As of October 14, the fund’s net asset value stood at [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s central bank and financial regulator have received below-average marks for their response to the climate crisis, ranking in the lower tier among ASEAN+3 economies, according to a new international assessment. The report by Positive Money, a U.K.-based think tank, evaluated 13 countries in the ASEAN+3 group — comprising [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s National Pension Service (NPS) said it will begin enforcing stricter “responsible investment” standards on private equity and other alternative investments, following heavy criticism over massive potential losses linked to the troubled retailer Homeplus. The decision, announced by the Ministry of Health and Welfare during a parliamentary audit on [...]
SEOUL, Oct. 9 (Korea Bizwire) — South Korea’s exchange-traded fund (ETF) market has entered a new era, surpassing 250 trillion won ($180 billion) in total assets and reshaping what it means to be a “mega fund” in one of the country’s fastest-growing financial sectors. According to data from the Korea Securities Depository released Tuesday, the number [...]
SEOUL, Oct. 8 (Korea Bizwire) — Food prices in South Korea have risen more than 20 percent over the past five years, far outpacing overall inflation and placing a growing strain on household budgets. According to data released Wednesday by the National Data Office, the consumer price index for “food and non-alcoholic beverages” in September [...]
SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s non-life insurers are escalating a fierce competition to secure “exclusive usage rights,” which grant temporary monopolies over newly developed insurance products, as the industry pushes for innovation amid slowing growth in traditional sectors such as auto coverage. According to the General Insurance Association of Korea, domestic insurers [...]