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Overseas Equity Funds Rising in Popularity

Overseas Equity Funds Rising in Popularity

SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s publicly offered overseas investment funds are regaining popularity among local investors, data showed Friday, as they seek tax benefits and higher returns. According to the data by the Korea Financial Investment Association, the combined net worth of such funds came to 39.4 trillion won (US$34.9 billion) as [...]

S. Korea Collected Nearly 320 tln won in Taxes in 2016: Gov’t

S. Korea Collected Nearly 320 tln won in Taxes in 2016: Gov’t

SEOUL, Apr. 17 (Korea Bizwire) — South Korea collected a record amount of local and central government taxes last year, official data showed Sunday, with the numbers likely to go up in the coming years. According to data by the finance and interior ministries and the central bank, Seoul brought in 318.1 trillion won (US$278.5 [...]

1 out of 4 Employees in Financial Sector Earn More Than 100 Mln Won

1 out of 4 Employees in Financial Sector Earn More Than 100 Mln Won

SEOUL, Feb. 15 (Korea Bizwire) – One out of four employees in South Korea’s financial sector earned more than 100 million won (US$87,000) last year, a report showed Wednesday.  The report submitted to the Financial Services Commission by the Korea Institute of Finance said 24.8 percent of employees at 1,389 financial firms earned more than [...]

S. Korean Companies Stay with Same Accounting Firm Too Long, Undermining Transparency

S. Korean Companies Stay with Same Accounting Firm Too Long, Undermining Transparency

SEOUL, Jan. 25 (Korea Bizwire) – South Korean companies tend to work with the same accounting firm for a long period of time, an analysis showed Wednesday, a practice partly blamed for corroborated cover-ups of financial troubles that later blow up in damaging losses for lenders and investors.  The analysis by corporate watcher CEO Score [...]

S. Korea’s Fintech Firms Seek to Tap into China

S. Korea’s Fintech Firms Seek to Tap into China

SEOUL, Dec. 22 (Korea Bizwire) – South Korea made a pitch Thursday for its financial technology, or fintech, in China under the government’s campaign to support related startups here seeking to do business abroad.  The state-funded Fintech Center held the “Fintech Demo Day in Beijing” event, joined by five South Korean firms and potential business [...]

S. Korea Sets Sights on ‘Cross-Border Financing Hub’

S. Korea Sets Sights on ‘Cross-Border Financing Hub’

SEOUL, Dec. 8 (Korea Bizwire) – South Korea has decided to reset its push to become a regional financial hub, reflecting a change in related global circumstances, authorities announced Thursday.  Despite the government’s initiative that started in 2008, foreign financial firms have withdrawn or scaled down their businesses in Asia’s fourth-biggest economy.  In a relevant [...]

S. Korea Accelerates Drive for Fintech Industry

S. Korea Accelerates Drive for Fintech Industry

SEOUL, Dec. 1 (Korea Bizwire) – South Korea hosted another event Thursday to demonstrate its financial technology, albeit still in the nascent stage, as the government views it as the key to the future of the nation’s financial sector.  Seven “promising” fintech startups here participated in the Demo Day event, the 13th of its kind, [...]

Test Bed for Robo-Advisor Offers Positive Returns

Test Bed for Robo-Advisor Offers Positive Returns

SEOUL, Nov. 25 (Korea Bizwire) – It’s been a month since Korea began the pilot operation of a robo-advisor for financial investments, and thus far, it has left some positive impressions. According to Koscom, an IT solution company that’s overseeing the test bed, the AI-based system managed to make a profit on all portfolios investing [...]

S. Korea’s Financial Authorities on ‘Utmost’ Alert after Trump’s Win

S. Korea’s Financial Authorities on ‘Utmost’ Alert after Trump’s Win

SEOUL, Nov. 9 (Korea Bizwire) – South Korea’s top financial regulator said Wednesday the related authorities will do their best for market stabilization with an “utmost sense of tension,” as Americans caught the world off guard by choosing Donald Trump as their next president.  “Following the U.S. presidential elections, the expansion of swings at South [...]