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

LIFE INSURANCE/ KYOBO LIFE

Komsco discloses ‘clothing security label’ tech to prevent forgery

Lending rates on fresh loans extended by banks in South Korea sharply fell from a month earlier in October, central bank data showed Thursday, an apparent outcome of two recent rate cuts.The average interest rate on all new loans extended by banks in the month came to 3.2 percent, down 0.11 percentage point from the month before, according to preliminary data from the Bank of Korea.The rate on all outstanding loans came to 3.45 percent, also down 6 basis points from 3.51 percent in September. Th

About 58 billion won ($49.3 million) worth of cryptocurrency was stolen on Wednesday from Upbit, a South Korean exchange, in a cyberattack, the exchange's operator said.The company, Dunamu Inc., said deposit and withdrawal services were immediately halted after the finding. "At 1:06 p.m., 342,000 Ethereum worth 58 billion won, were transferred from the Upbit Ethereum Hot Wallet to an unknown wallet," it said in a statement posted on the website of its exchange under the name of its CEO

KB Insurance, a unit of KB Financial Group, said Wednesday that it has signed a memorandum of understanding with global e-commerce platform Cafe24 to provide comprehensive insurance services for e-commerce merchants.The deal was signed by KB Insurance Chairman and CEO Yang Jong-hee and Cafe24 CEO Lee Jae-suk at the KB Insurance headquarters in Seoul.  Through the newly formed partnership, both firms plan to roll out more insurance and financial services for e-commerce merchants, in cooperat

South Korean banknotes have different lifespans, with the most valuable bills circulating for three more years on average than smaller bills, according to data from the Bank of Korea earlier this week.The central bank said 50,000 won bills, Korea’s largest denomination, had an average lifetime of 162 months, while 10,000 won bills lasted only about 127 months. The lifespan of a banknote is the period of time between the note’s issuance by the BOK and its return to the bank due to dam

Large South Korean companies' ability to service their debts worsened sharply in the first nine months of this year due to plunging profits, a corporate tracker said Wednesday.The interest coverage ratio for 241 out of the country's top 500 firms averaged 5.08 as of end-September, compared with 10.01 a year ago, according to CEO Score, which tracks financial details of conglomerates.The ratio is obtained by dividing a company's operating profit by its interest expenses. A reading below 1 means t

State-run bank seeks SME expansion in ASEAN state

The delinquency rate for South Korean banks' won-denominated loans edged down in September due to a slight decline in the number of firms that failed to repay their debts, government data showed Monday. The rate for bank loans more than 30-days overdue stood at 0.44 percent at the end of September, down 0.06 percentage point from a month earlier, according to the data from the Financial Supervisory Service. Compared with a year ago, the rate was also down 0.1 percentage point, it said.The delinq

South Korean investors have increased their investments in overseas funds in recent weeks, as they seek to escape from heightened stock volatility stemming from global trade issues, data showed Sunday. According to the Korea Financial Investment Association, nearly 4,700 overseas funds created and managed by local entities have drawn a combined 177.4 trillion won ($150.4 billion) from investors so far, an increase of 2.5 trillion won from the end of last month.  The combined net worth of th

Sluggish economic growth and a bleak stock market outlook have pushed South Korean securities firms to expand their horizons by turning to real estate investment.While some brokerages prefer to operate teams dedicated to real estate investment trusts, or REITs, others choose to establish subsidiaries, suggesting full-scale portfolio expansion.Yet the trend has some observers worried that the competitive game might result not in market diversification but in an oligopoly among top-tier players.&l