Amid the recent market frenzy surrounding cryptocurrencies like Bitcoin, the volume of deposits and withdrawals made through bank accounts for virtual coin trading has surpassed 64 trillion won ($57.85 billion), data showed Tuesday.  During the first quarter, nearly 64.2 trillion won flowed in and out of real-name bank accounts from commercial lenders, including Shinhan Bank, NH Nonghyup Bank and internet-only K bank, for digital token investments through South Korea’s four major c

Shareholder engagement in the form of behind-the-curtain dialogues or proxy voting, as well as engagement with asset owner clients, should be a key for asset managers to sustain the concept of green finance in Asia, investment professionals said Monday. There is no shortcut to navigate how to persuade Asian companies to commit to net-zero pledges. Incentives to achieve the sustainable goals have so far remained elusive, while on the other hand, asset prices have yet to fully reflect climate ri

South Korean banks saw their financial health improve in the first quarter from three months earlier as they recorded high net profits and raised capital amid the COVID-19 pandemic, data showed Tuesday. The average capital adequacy ratio of 16 commercial and state-run banks stood at 15.34 percent as of end-March, up 0.34 percentage point from the end of last year, according to the data from the Financial Supervisory Service (FSS). A key barometer of financial soundness, the ratio measures the

South Korean stocks opened nearly flat Tuesday as investors are keeping an eye on signs that may stoke inflation fears. The benchmark Korea Composite Stock Price Index (KOSPI) traded down 1.36 points, or 0.04 percent, at 3,202.56 points in the first 15 minutes of trading. The KOSPI got off to a muted start on investor concerns over early post-pandemic inflation that may trigger tapering talks in the United States. Key Federal Reserve officials are set to comment on the state of the US economy

South Korea's exports jumped 45.6 percent on-year in May to extend their gains to a seventh consecutive month due to strong demand for chips amid the global economic recovery, underscoring a rebound from the pandemic-caused slump, data showed Tuesday. Outbound shipments came to $50.7 billion last month, compared with $34.8 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports rose 37.9 percent to $47.8 billion, resulting in a trade surplu

The growth rate of South Korea's consumer prices for May is estimated to have remained high due largely to last year's low base, a senior government official said Tuesday, amid concerns about growing inflationary pressure. First Vice Finance Minister Lee Eog-weon said the growth of consumer inflation is likely to surpass 2 percent in the second quarter, but annual inflation is not likely to top the central bank's target of 2 percent. He said the government will unveil a set of measures to help

Loans extended by insurance companies in South Korea rose 7 percent on-year in the first quarter, led by gains in home-backed lending and corporate loans, the financial watchdog said Tuesday. Insurers' outstanding loans totaled 255.1 trillion won ($229 billion) as of end-March, compared with 238.4 trillion won the previous year, according to the Financial Supervisory Service (FSS). Their loans to households rose 3.6 trillion won on-year to 124.9 trillion won as of end-March, as the extension

South Korea on Tuesday held the sixth round of free trade talks with a group of South American countries, after around a year of hiatus amid the COVID-19 pandemic. The two parties kicked off the four-day meeting virtually to set details on the pending trade agreement, according to the Ministry of Trade, Industry, and Energy. The previous meeting was held in Uruguay in February 2020. South Korea launched its first talks with the four member states of the South American trade block Mercosur -- B

The South Korean economy is forecast to grow 3.8 percent this year on the back of strong export growth and expansionary macroeconomic policy, the Organization for Economic Cooperation and Development said Monday, ramping up its previous projection of 3.3 percent. “Strong overseas demand for IT products, which account for about a fifth of total exports and automobiles is lifting exports. A gradual easing of distancing measures and government relief packages have helped vulnerable household

South Korean cryptocurrency exchange Korbit has launched a nonfungible token trading platform for the first time in the local crypto sector, the company said Monday. An NFT is a unit of data on a blockchain and represents ownership of unique digital items, such as images, sound files or text. An NFT contains data of the ownership history and the original author. As it offers royalty to the original author every time the asset is traded, the NFT technology is being increasingly utilized in the

South Korean stocks advanced for a second straight day Monday after a choppy session, as investors lean towards belief that the price hike is likely temporary. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.19 points, or 0.48 percent, to close at 3,203.92 points. Trading volume was moderate at about 1.1 billion shares worth some 13.8 trillion won ($12.4 billion), with gainers outnumbering losers 505 to 342. Foreigners bought a net 52

The exchange traded fund market in South Korea is soon expected to expand in size along with the government’s move to ease regulations regarding actively managed ETFs, a report showed Monday. As the Korea Exchange has allowed the listing of active ETFs since August, eight new related products were launched on the nation’s main bourse Kospi on Tuesday. Previously, only bond ETFs could be listed on the local stock market, according to Korea Investment & Securities strategist Seo S

South Korea’s central bank should raise its benchmark interest rate in the second half of the year, given the faster-than-expected pace of the economic recovery, a think tank here said. “If the Bank of Korea decides to carry out a belated rate hike, then the economy could see a bigger shock stemming from a possible economic slowdown or a capital market crunch,” Park Sung-wook, a researcher at the Korea Institute of Finance, said in a report released Sunday. “Our econo

Private sectors across the globe should make a concerted effort to narrow the gaps in achieving the philanthropic goal of a green economy, said a top financial regulator of South Korea. “Even if a nation successfully puts an end to COVID-19, the pandemic will not be over until it’s over everywhere,” Financial Services Commission Chairman Eun Sung-soo said in an opening remark of Partnering for Green Growth and the Global Goals 2030‘s special session on Saturday. &ldquo

A 170-square-meter land in Myeong-dong, central Seoul, where South Korean beauty brand Nature Republic’s flagship store is located, has been named the most expensive real estate property in the country for the eighteenth consecutive year, data showed Monday.  The prime plot in the middle of the downtown shopping district was appraised at nearly 200 million won ($179,800) per square-meter, up 3.8 percent from 190 million won estimated a year earlier, according to data released by th