SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s customs agency said Wednesday it busted 300 cases of crimes related to foreign exchange (FX) transactions worth some 2.6 trillion won (US$1.8 billion) in 2024. The number of such crimes jumped 52 percent last year from 198 cases tallied a year earlier, and the combined value of [...]
SEOUL, Apr. 17 (Korea Bizwire) – South Korean and Japanese finance ministers have voiced serious concerns over the sharp weakening of their currencies against the U.S. dollar and said they can take steps to curb market volatility amid escalating tensions in the Middle East, Seoul’s finance ministry said Wednesday. The verbal intervention by South Korea’s [...]
WASHINGTON, Nov. 7 (Korea Bizwire) — The United States has taken South Korea off its list of countries to monitor for their foreign exchange policies, a Treasury Department report showed Tuesday, marking the Asian country’s first exclusion in more than seven years. The department released the semiannual Report to Congress on Macroeconomic and Foreign Exchange [...]
SEOUL, July 12 (Korea Bizwire) — South Korea plans to allow overseas financial firms to participate in the local foreign exchange market in the fourth quarter, the finance ministry said Wednesday, in the latest move to meet “global standards.” Under the measure, the country will allow foreign institutions that obtain registration from the South Korean [...]
SEJONG, Feb. 7 (Korea Bizwire) — South Korea plans to more than double its foreign-exchange trading hours and allow offshore firms to participate in the market in line with efforts to attract more investment from overseas, the financial authorities said Tuesday. Under the plan, Asia’s No. 4 economy will extend the operating hours of its [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korea will extend trading hours of its foreign exchange market as part of its efforts to make Asia’s No. 4 economy a more attractive investment destination, the finance minister said Thursday. Finance Minister Choo Kyung-ho said the South Korean government will consider extending its foreign-exchange trading hours to [...]
SEOUL, Oct. 14 (Korea Bizwire) — South Korea’s foreign exchange authorities on Thursday have warned that any unreported direct foreign currency transactions between individual residents can be subject to punishment under the nation’s foreign exchange laws. A growing number of individuals are buying and selling dollars through secondhand marketplaces such as Danggeun Market to save [...]
HANOI, Vietnam, Jan. 17 (Korea Bizwire) — VietinBank has launched FX Online 24/7 service, which allows customers to access foreign exchange (FX) services anytime, anywhere on transaction platforms such as VietinBank eFAST and VietinBank iPay. Favorably positioned with these platforms, VietinBank is viewed as an industry leader in providing FX Online services in Vietnam. Sharing [...]
TORONTO, May 27 (Korea Bizwire) — Datasoft Global Technologies Inc. (“Datasoft”), a leading provider of foreign exchange and global payments software solutions, announced today their latest on-demand product extension, FxOffice Platform-as-a-Service (PaaS). Datasoft now embeds multiple world class FX liquidity and payment providers into the FxOffice core to bring an array of foreign exchange pricing, [...]
PARIS, Jul. 17 (Korea Bizwire) — BNP Paribas today announced a settlement with the Board of Governors of the Federal Reserve System (“FRB”) relating to past misconduct in its foreign exchange business. Under this settlement with the FRB, BNP Paribas will pay a fine of USD 246 million (approximately 215 million euros) which will be [...]