SEOUL, June 7 (Korea Bizwire) — In response to the challenge posed by tech giants making inroads in the banking industry, traditional financial services companies such as banks and credit card issuers are going on the counterattack. Credit card companies are preparing to launch an ‘open pay’ service that enables customers to register and use [...]
SEOUL, June 4 (Korea Bizwire) — SK ecoplant Co., a leading South Korean builder formerly known as SK Engineering & Construction Co., has launched a drive to strengthen its waste management business by investing about 400 billion won (US$357 million) to acquire four waste processing companies. The company disclosed on Thursday that it had signed [...]
SEOUL, June 2 (Korea Bizwire) — Smaller cryptocurrency exchanges are scrambling to kick out so-called altcoins as a new amendment bill for reporting and using specified financial transaction information is soon to take effect. By September, all cryptocurrency exchanges must offer Information Security Management System (ISMS) authorization and bank account connections to stay in business. [...]
SEOUL, June 2 (Korea Bizwire) — South Korean investors’ purchase of shares in electric vehicle leader Tesla Inc. hit a one-year low in May amid a drop in its price, data showed Wednesday. Domestic investors bought a net US$80.8 million worth of Tesla shares in May, the lowest amount in one year, according to the [...]
SEOUL, May 28 (Korea Bizwire) — South Korea’s state pension fund said Friday it will stop funding new coal power projects at home and abroad to join the global transition from fossil fuels and pursue a responsible investment strategy. The National Pension Service (NPS)’s fund management committee approved the plan to limit investment in companies [...]
SEOUL, May 28 (Korea Bizwire) — South Korea plans to impose a 20 percent income tax on capital gains from cryptocurrency transactions starting next year as planned, the government announced Friday, despite growing investor calls for delaying the taxation plan. The government announced the plan after discussing the matter during a vice-ministerial interagency meeting chaired [...]
SEOUL, May 26 (Korea Bizwire) — Financial damage caused by cryptocurrency-related crimes has totaled more than 5.5 trillion won (US$4.9 billion) since 2017, a lawmaker said Wednesday, citing data from police. According to Rep. Yun Chang-hyun of the main opposition People Power Party, the National Police Agency (NPA) estimated the damage to be 467 billion [...]
SEOUL, May 26 (Korea Bizwire) — South Korea’s credit card companies are cutting overseas automated teller machine (ATM) withdrawal limits as part of their risk management efforts. The nation’s largest credit card company, Shinhan Card Co., announced on Tuesday that it will reduce per-client overseas ATM withdrawal limits to US$50,000 per month starting from next [...]
SEOUL, May 19 (Korea Bizwire) — The number of retail investors who own less than a 1 percent stake in Samsung Electronics Co. is estimated at about 4 million. According to a quarterly report submitted by the South Korea’s electronics giant on Monday, the company had roughly 3.9 million individual shareholders as of March 31. [...]
SEOUL, May 18 (Korea Bizwire) — South Korean retail investors buying foreign stocks have turned to net sellers of shares in electric vehicle leader Tesla Motors Inc. for the first time in the past 18 months. While Tesla’s share price has fallen this month, its CEO Elon Musk’s recent behavior has also risen as a [...]