SEJONG -- South Korea has yet to see any positive signals of an economic revival although the government predicted it would bounce back in the second half of the year.The financial woes of companies are continuing while the stock market is lackluster. In addition, another round of the US dollar’s strong position is aggravating the situation.Korea saw its exports fall by 10.3 percent during the Jan. 1-Nov. 20 period, on year, according to the Korea Customs Service. The nation’s outbou

Commercial banks in South Korea plan to formally launch an open banking service later this month, in a move to boost convenience and lower transaction costs for their customers, the country's financial watchdog said Sunday. The service, which enables bank customers to use virtually all banking services of any bank here with just one smartphone application, will be formally launched on Dec. 18, the Financial Services Commission said in a statement. Since launching a trial operation of the se

Negative signals weigh down final growth outcome

South Korea's per capita national debt exceeded 14 million won ($11,864) and is expected to double by 2028, data showed Sunday, amid concerns that such ballooning debt could weigh on the nation's fiscal health. According to the National Assembly Budget Office, per capita national debt stood at 14.18 million won as of Saturday. In comparison, per capita national debt was 7.23 million won in 2009. The office predicted that South Korea's national debt may rise to 1,490 trillion won in 2028, compare

South Korea’s central bank on Friday left its benchmark interest rate unchanged at 1.25 percent, while cutting its economic growth forecast for this year to the lowest level in a decade. The widely expected decision to keep its policy rate frozen follows the Bank of Korea’s Monetary Policy Board’s move in October to trim the rate by 25 basis points to the current rate. It had come merely three months after cutting the rate to 1.5 percent in July. The central bank is likely to m

The Bank of Korea Friday kept its policy rate frozen for the remainder of the year to see the impact of recent rate cuts on Asia's fourth-largest economy.But the central bank again trimmed its growth outlook for this year and next year amid still prevailing headwinds.BOK Gov. Lee Ju-yeol said the local economy is estimated to grow 2 percent on-year in 2019 and 2.3 percent next year.The figures mark downward revisions from the 2.2 percent for 2019 and 2.5 percent for 2020 forecast in July."T

South Korean stocks opened slightly lower Friday on fears of a delay in a US-China trade deal.The benchmark Korea Composite Stock Price Index lost 2.82 points, or 0.13 percent, to 2,115.78 in the first 15 minutes of trading.The local shares closed slightly lower Thursday, one day after US President Donald Trump signed the law on support for protesters in Hong Kong, possibly creating a last-minute hurdle in US-China trade negotiations aimed at ending their prolonged trade dispute. Hit by the leng

GENERAL INSURANCEKB INSURANCEKB Insurance has launched an on-demand insurance product that offers a time unit insurance coverage for those working in delivery services, the first such product to be introduced in South Korea, according to the company.The subsidiary of KB Financial Group signed a memorandum of understanding with two firms -- Woowa Brothers, operator of the country’s largest mobile food ordering and delivery service app, and Smallticket, a community-based insurance marketing

South Korea will create momentum for an economic rebound next year, the country's chief economic policymaker said Thursday.  Asia's fourth-largest economy suffered a setback as exports slowed amid a global economic slowdown and the trade dispute between the United States and China.  About 40 percent of South Korean exports go to the US and China -- South Korea's top two trading partners and the world's two largest economies.   The International Monetary Fund has recently lowe

CEO Lee seeks future growth in fast-growing financial markets in ASEAN, China, India

Korean banking giant kicks off New South Policy by becoming 2nd-largest shareholder

ASSET MANAGEMENT MIRAE ASSET Mirae Asset Global Investments is continuing to make efforts to expand its presence in the global financial market by introducing innovation investment solutions to global investors, according to the company. It has been 15 years since the biggest Korean asset management firm started establishing its global network by launching overseas offices in many parts of the world. Still, the financier is seeking to grow further in the global market by launching various f

REGIONAL BANK/ JB FINANCIAL

CONSUMER FINANCE / BANKWOORI BANKFor Woori Bank, one of the top business goals this year was to reinforce trust in the market by protecting consumers’ rights and improving user convenience.The bank’s latest move was to revise its employee evaluation scheme to prioritize sustainable customer profit over short-term performance.Earlier this month Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung announced a business innovation road map for next year, which includes a plan

Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding the Global Finance Awards, marking its third year in action.The award seeks to recognize individuals and companies that have blazed new trails in the global market by providing innovative, user-friendly financial services in spite of tight regulations and other challenging conditions. These successful business models and achievem