Kwon Yong-won, chairman of the self-regulatory organization Korea Financial Investment Association, was found dead Wednesday, according to local news reports.The Bangbae Police Station said the unnatural death of the financial officer was reported during the day, adding that the detailed cause of death has yet to be identified.The financial officer’s reported death came in the wake of a recent allegations of his verbal abuse against staff -- behavior dubbed “gapjil” in Korean.L

The number of private funds in South Korea has fallen sharply over the past three months amid controversies over derivative-linked funds and a liquidity crisis at a major company, data compiled by a market operator showed Tuesday.According to the Korea Financial Investment Association, the number of private funds -- including private equity funds and hedge funds -- in the country tallied 11,177 as of the end of October, down 302 from three months earlier.October marked the third consecutive mont

The Korea Herald is looking for domestic financial firms that are seeking to play a leading role in global markets.As South Korea’s No. 1 English daily newspaper, The Korea Herald has established the Global Finance Awards to give wider publicity to financial firms who have shown outstanding performance and further promote their global competitiveness. For a fair and thorough evaluation, a judging committee consisting of renowned industry experts will screen candidate companies and the

South Korean credit card companies have recently been tapping into and expanding their business in Vietnam, eyeing the Southeast Asian country’s growing economy while seeking to diversify due to a sluggish domestic market.The credit card unit of Hyundai Motor Group, Hyundai Card, announced last month that it has signed a deal worth 49 billion won ($41.9 million) to acquire a 50 percent stake in Vietnamese retail bank Finance Company Limited for Community. FCCOM is a wholly-owned subsidiary

Mirae Asset Daewoo said Monday that its Hong Kong branch has become the first South Korean brokerage to become an initial public offering underwriter on the US’ Nasdaq exchange for German biotechnology firm BioNTech. BioNTech raised $150 million in its IPO last month and started trading on Oct. 10. The firm’s shares were trading at $16.52 on Monday and its market value currently stands at around $3.7 billion.  Established in 2008, it specializes in so-called messenger RNA or mRN

Despite their disappointing earnings results so far, major South Korean listed firms are likely to see a robust performance next year in line with the recovery in the global chip industry, data compiled by a local market tracker showed Monday.According to FnGuide, the combined operating profit of 279 publically traded companies is projected to climb 26 percent next year on a consolidated basis to 165.8 trillion won ($142 billion) from 131.6 trillion won this year.Their net profit and sales are p

Woori Financial Group said Friday that it has helped finance small and midsized companies and startups with 6.6 trillion won ($5.6 billion) in loans as of September. The announcement came a day after Woori held a meeting of its innovation finance committee to discuss both existing and future plans to support SMEs and startups. The committee, led by Woori Financial Group Chairman Sohn Tae-seung, was launched in May in an effort to improve access to financing for SMEs and startups.  The lates

Regarding the US Federal Reserve’s latest decision to cut interest rates, South Korea’s central bank on Thursday said the move will have a positive impact on the local economy, though other factors will be considered for its own rate cut decision.“On the principle that a US rate cut leads to a rise in stock prices and interest rate cuts, the latest decision is expected to contribute to growth in the global economy,” Yoon Myun-shik, senior deputy governor of the Bank of Ko

The head of South Korea’s self-regulatory organization of the financial investment services industry refused to step down on Wednesday despite a public outcry over recent allegations of verbal abuse of his staff -- behavior dubbed “gapjil” in Korean.“I have decided to continue as Korea Financial Investment Association chairman until the end of my term,” Kwon Yong-won said in a press conference held at the organization’s headquarters in Yeouido. “I w

Kyobo Life Insurance said Wednesday it had developed the world’s first artificial intelligence-based underwriting system that automatically analyzes and approves contracts with clients. The system -- named “BARO” in abbreviation of best analysis and rapid outcome -- employs machine learning technology, along with the ability to process large amounts of natural language data, according to the insurer. Like a human underwriter, BARO has the ability to insure or reject client

CREATIVE AWARDS/ GOLD PRIZESHINHAN CARDBy Kim Il-bongGeneral manager of Brand CommunicationWe would first like to thank our customers who have always had faith in us. Shinhan Card is honored that The Korea Herald has recognized its “My DIY series: Deep Making Deep Taking Card” advertisement. With the beginning of a new digital era, Shinhan has deeply considered ways to provide customized services through technologies such as big data and artificial intelligence. The “Deep

Seoul stocks opened higher Tuesday, taking a cue from gains on Wall Street and growing hope for a trade deal between the United States and China. The benchmark Korea Composite Stock Price Index moved up 6.52 points, or 0.31 percent, to reach 2,100.12 in the first 15 minutes of trading. Wall Street advanced Monday, encouraged by a wave of better-than-expected earnings results by major companies. Tech shares gained. Market behemoth Samsung Electronics edged up 0.39 percent, and No. 2 chipmake

South Korea's financial regulator said Monday it will deepen cooperation with the 10-member Association of Southeast Asian Nations in the financial technology sector.Sohn Byung-doo, vice chairman of the Financial Services Commission, said in a meeting with envoys from ASEAN earlier in the day that an upcoming summit is expected to help better connect South Korea to ASEAN. President Moon Jae-in is set to host the special summit with his counterparts from the region in South Korea's southern port

South Korea and other donor states have collectively pledged to add $9.6 billion to the Green Climate Fund over the next four years. Asia’s fourth-largest economy will be the ninth-largest contributor, providing $200 million, which is double the amount it provided for the 2015-2018 period.The fund held its first high-level replenishment conference in Paris last week, seeking donations to finance its activities for the 2020-2023 period, Seoul’s Ministry of Economy and Finance said Mon

Hanwha Systems, the defense technology unit of Hanwha Group, announced Monday that it is expected to raise as much as 460.1 billion won ($393.7 million) for its initial public offering and join the benchmark Kospi by the end of next month. The firm is offering around 32.9 million shares at 12,250 won to 14,000 won apiece, the firm said in a press conference. The exact share price will be determined Wednesday through book building before receiving investor orders Nov. 4-5.  NH Investment &am