The number of subscribers to Kakao Pay Securities, the brokerage arm of mobile messenger giant Kakao, surpassed the 5 million mark as of July, 17 months since its inception, the company said Friday. The number is equivalent to one-fifth of the 28 million South Koreans who are economically active, it added. According to the Korea Financial Investment Association, the number of accounts used for public offering funds via Kakao Pay Securities surpassed 2.1 million as of June. The number of sub

KakaoBank became the largest financial company in South Korea by market capitalization with its market debut Friday, although its share price failed to meet expectations of hitting the daily upper limit. Shares of the country’s biggest mobile-only bank began trading at 53,700 won ($46.98), 37.7 percent higher than its initial public offering price of 39,000 won. It later rose a further 26 percent to 68,000 won during the morning trade, far less than the market expectation of reaching t

Korea Shipbuilding & Offshore Engineering Co., the world's biggest shipbuilder by order backlog, said Friday it has received a 660 billion-won ($578 million) offshore facility order in the United States. Hyundai Heavy Industries Co., main affiliate of the shipbuilder, will build a semi-submersible floating production system (FPS) for a US-based oil-developing company by Sept. 28, 2024, Korea Shipbuilding said in a statement. The offshore oil production facility will be installed in Shenand

South Korean stocks opened higher Friday, tracking overnight rallies on Wall Street that stemmed from optimism over jobless data. The benchmark Korea Composite Stock Price Index (Kospi) rose 6.6 points, or 0.2 percent, to trade at 3,282.73 points in the first 15 minutes of trading. The Kospi got off to a solid start on bio and financial gains. Overnight, the S&P 500 gained 0.6 percent to close at a record high, with the Dow Jones Industrial Average and the tech-heavy Nasdaq composite both

South Korea posted a current account surplus for the 14th straight month in June as exports remained solid amid the global economic recovery, the central bank said Friday. The current account surplus reached $8.85 billion in June, compared with $10.76 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. The current account has been in the black since the country suffered a deficit of $3.33 billion in April last yea

South Korea’s top two financial regulators are set to go through leadership changes simultaneously, with longstanding bureaucrats being assigned to lead them Thursday. In an apparent attempt to win back public trust on dealing with economic woes before his term ends in May 2022, President Moon Jae-in tapped Koh Seung-beom, one of the Bank of Korea’s seven-member monetary policy board and a former Finance Ministry official, to lead the Financial Services Commission. Current FSC Ch

If Friday’s IPO reaches daily upper limit, market cap of mobile-only bank might rise on par with Hyundai Motor

South Korean stocks snapped a three-day winning streak Thursday on investors attempted to lock in profits from the recent gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 4.25 points, or 0.13 percent, to close at 3,276.13 points. Trading volume was moderate at about 671 million shares worth some 11.7 trillion won ($10.2 billion), with gainers outnumbering losers 518 to 308. Foreigners bought a net 70 billion won, while retail in

Insurance companies, typically some of the most conservative firms in finance, are rolling out subscription services and setting reasonable payment terms to meet the needs of young Koreans in a bid to secure future customers. Hanwha Life Insurance said Thursday it has launched three subscription insurance products. Unlike other insurance products that dole out money only when customers are deceased, injured or hospitalized, the company offers benefits related to daily consumption. “The

Loan rollover mulled for self-employed merchants

SK REIT, the first real estate investment trust from South Korea’s third-largest conglomerate SK Group, said Thursday that it has begun the process for an initial public offering on the country’s benchmark Kospi in September. The REIT obtained approval on its registration statement from the Financial Service Commission. The REIT aims to raise 232.6 billion won ($203.7 million) from the IPO by floating around 46.5 million new shares at 5,000 won apiece.  Book building for ins

Koh Seung-beom, who was nominated to lead the Financial Service Commission (FSC), is an expert with extensive experience in dealing with economic and financial policies. Born in 1962, Koh, currently a member of the Bank of Korea (BOK)'s rate-setting board, passed the civil service exam in 1984, spending most of his career as a public servant at the finance ministry and the financial regulator. The nominee was in charge of major financial policies over household debt, the capital market and cor

South Korea said Thursday it will increase its stockpile of so-called rare metals, in line with growing demand from emerging industries, such as electric cars and rechargeable batteries. Under the plan, the country will seek to maintain at least 100 days' worth of rare metals to cope with potential uncertainties in their supply, significantly up from the current 56.8 days, according to the Ministry of Trade, Industry and Energy. South Korea has been designating 35 different kinds of resources

Yeo Han-koo, who has been tapped as South Korea's new trade minister, is tasked with a mission to maintain a recovery in exports amid the virus pandemic and expand its trade portfolio with emerging economies. The 51-year-old bureaucrat has served various positions at the trade ministry, before taking the current position as the presidential secretary for New Southern and New Northern policies. "We anticipate that Yeo will successfully carry out pending issues, including coping with the ne

Finance Minister Hong Nam-ki said Thursday the government will discuss with local banks whether to further roll over the debt and interest payments of small merchants hit hard by the pandemic. Since April last year, the government has encouraged local banks to extend loan maturity and hold off interest payments for micro business owners to help them cope with the fallout of the pandemic. The measures, which have been extended by six months twice, are set to expire at end-September. "The g