Mobile messenger Kakao’s entry into the stock trading market, via its fintech spinoff Kakao Pay, will boost growth of the financial technology sector and the brokerage market, according to local analysts on Thursday. The Financial Services Commissions, South Korea’s financial regulator, on Wednesday approved Kakao Pay’s request to acquire a controlling 60 percent stake in local brokerage Baro Investment & Securities. The stock trader has been renamed to Kakao Pay Securi

Kyobo Securities is set to launch a dual CEO system to strengthen the company’s two business pillars -- investment banking and wealth management -- the company said Wednesday. The board of directors approved the nomination of Park Bong-kweon, the former vice president of Kyobo Life Insurance, as the firm’s new CEO in charge of wealth management. Park’s CEO designation will be finalized at the general meeting of stockholders in March. The securities firm has been led by incu

The Financial Services Commission, South Korea’s financial regulator, said Wednesday that it has approved fintech firm Kakao Pay’s request to become the largest shareholder of brokerage house Baro Investment & Securities. With that final authorization, the fintech firm will be able to operate stock trading businesses on its own mobile platforms as well as those run by its parent firm, mobile messenger giant Kakao. Last year the Kakao fintech spinoff submitted an application

Patent applications for masks have increased notably in recent years, according to South Korea’s patent administrator, reflecting growing concerns about microfine dust and epidemics, such as the new coronavirus outbreak. The number of patent applications here for antibacterial face masks came to an annual average of 68 during the 2014-2018 period, almost double the figure for the previous five years, the Korean Intellectual Property Office said Tuesday in a release. The individual ann

Investment in South Korean commercial real estate will remain upbeat this year, with total transactions exceeding 10 trillion won ($8.4 billion), according to leading US-based commercial real estate service provider CBRE on Tuesday. This anticipated yearly figure falls lower than the record-high 16 trillion won seen in 2019, but was on a par with the country’s five-year average. “Record-low interest rates and global economic instability are leading individual investors to focus

Hana Bank, one of the largest commercial banks in South Korea, said Tuesday it is considering acquiring a stake in a local bank in Myanmar. The Southeast Asian nation has recently started allowing foreign financial companies to run operations, to a limited extent. “While having applied at the local financial authorities in Myanmar for launching a branch in the local market, Hana Bank is also considering to acquire a stake in a major local bank,” said a spokesperson from Hana Fi

Responding to the quick spread of the new coronavirus, South Korea’s credit card issuers are running a hotline with the Korea Centers for Disease Control and Prevention, according the Credit Finance Association Tuesday. Through the emergency communication line, the KCDC makes real-time requests to card companies for payment records to identify the places visited by the infected -- both Korean citizens and foreign nationals. Health authorities are allowed to access the payment informat

Derivative-linked fund fiasco weighs down on investor sentiment

Global private equity fund operator Kohlberg Kravis Roberts said Tuesday that it will sell a landmark logistics center to a South Korean real estate asset manager. The US-based company issued a release to confirm that Pebblestone Asset Management is to acquire BLK Pyeongtaek Logistics Center from a KKR-led consortium. The precise amount of the deal was not disclosed. “The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully

South Korean stocks ended nearly flat Monday, with fears of the rapid spread of the new coronavirus weighing down investor sentiments. Stocks on China’s major exchanges plunged on the first trading session after an extended Lunar New Year holiday that lasted from Jan. 24 to Feb. 2, which dragged down local indexes here even further. The benchmark bourse Kospi opened sharply lower at 2,086.61 points -- down 32.40 points, or 1.53 percent, from the previous session. The weak start continu

Seven South Korean firms are looking to raise as much as a combined 247 billion won ($206.6 million) through initial public offerings in February, but market watchers are wary as the local stock market grapples with the Wuhan coronavirus scare. While the number of infections in Korea grew to 15 as of Sunday, from just three a week prior, the Korea Exchange’s main bourse, Kospi, dipped 5.7 percent and its development board, Kosdaq, sank 6.3 percent. The companies may have weaker incentive

South Korea’s financial institutions are announcing measures to assist local businesses -- mostly small and medium-sized enterprises, which are likely to bear the brunt of the recent coronavirus outbreak. Commercial banks here are at the forefront of efforts to support small businesses, with many expanding their loan programs and offering discounted interest rates for SMEs. Announcing its support package on Sunday, KB Kookmin said it would offer loans of up to 500 million won ($417,000)

Consumer Bridge, which runs electronics comparison website Honey Review, said Wednesday it has attracted seed investment of 300 million won ($251,022) from Kakao Ventures, an investment unit of the nation’s largest mobile messenger firm Kakao. The startup was established in October last year by Shin Jae-hyun, a former developer at cryptocurrency exchange platform UPbit and travel information startup MyRealTrip, and Park Seong-hwan, who previously worked for Kakao and fashion startup S

NHN, one of South Korea’s largest internet service providers, said Monday that its credit and debit card-based payment services will be available on tech giant Google’s flagship platforms including Google Play, YouTube and Google Drive. The firm -- based in Pangyo, Gyeonggi Province -- offers a mobile payment solution called Payco, which was already available to a limited extent on the Google platforms. Since November 2017, Payco subscribers have been able to use Payco membershi

South Korean stocks have fluctuated between losses and gains amid growing fears about the Wuhan coronavirus outbreak around the world. Since health authorities confirmed the first coronavirus case here, Seoul’s benchmark Kospi has dipped nearly 6 percent, according to the nation’s sole stock market operator on Sunday. As of Friday, the Kospi index shed 5.85 percent from Jan. 17, the last trading session before the first case of the virus was confirmed here, the Korea Exchange sai