Financial Services Commission Chairman Choi Jong-ku said Thursday he has offered to resign, to give President Moon Jae-in a wider range of options in the upcoming Cabinet reshuffle. “The term of office for a Financial Services Commission chairman is three years, but I have tendered my resignation to give (President Moon) a wider option in the reshuffle under the current situation, where Cheong Wa Dae is considering a Cabinet reshuffle,” Choi told reporters during a briefing held at t

A 15-member economic mission from Israel visited Hyundai Card’s headquarters Wednesday, amid Israeli President Reuven Rivlin’s state visit to South Korea, the firm said Thursday. The delegation, which consisted of Israeli government officials and heads of startups in the auto-tech and ICT sector, met with Hyundai Card CEO Chung Tae-young at the firm’s headquarters in Yeouido, western Seoul.  Chung joined the tour of the office, explaining the firm’s key design projec

South Korea's financial regulator said Thursday it launched a squad with investigative power to effectively crack down on unfair practices in the financial market. So far, financial authorities have audited financial firms and referred unfair trading cases to police or prosecutors because they have no investigative power. The launch of a "special judicial police" at the Financial Supervisory Service came after the National Assembly passed a revised law in 2015 that gives investigative

With mounting anti-Japanese sentiment, financial institutions in South Korea, especially lenders, are closely monitoring how it could affect them, according to sources Wednesday. Tokyo’s decision to tighten controls on exports of key materials needed for the Korean tech industry, coupled with mounting tensions over Japan’s wartime forced labor has fueled strong anti-Japanese sentiment here in recent weeks. Of the four major commercial banks in Korea, Shinhan is known to have a s

South Korea's financial regulator said Tuesday it will receive applications in October for a third internet bank, as it seeks to reinvigorate the nation's financial industry. The Financial Services Commission said applications will start being received Oct. 10 and an initial approval will be granted by early January next year. If things go well, a final approval will be granted by early February next year, it said. "Financing ability is one of the important standards used by an evaluation c

Korean firm’s NY head talks about stiff competition and raising profile

Kakao Bank, one of the first internet-only banks launched in South Korea nearly 2 years ago, said Friday that its customer count surpassed 10 million the previous day. Launched in July, 2017, the online bank owned by Kakao Corp. has been outperforming its industry rival K-Bank in terms of popularity and users. Kakao and K-Bank are the nation’s only internet banks at the moment, with financial authorities currently mulling the approval of the nation’s third and fourth candidates. 

Shares of Lotte Group subsidiaries continued to stagger Wednesday following anti-Japanese sentiments due to trade restrictions on exports of key raw materials to local tech conglomerates. The retail giant with its owner family’s roots in Japan is in hot water due to its association with popular Japanese brands including Uniqlo and Asahi.Shares of Lotte Corp., holding company of Lotte Group, closed nearly 1.5 percent lower from the previous session at 40,400 won ($34.19). Lotte Shopping, wh

South Korean stocks suffered extended losses Tuesday, likely the result of Japan’s decision to place export restrictions on key semiconductor materials along with the growing possibility that the US Federal Reserve will leave interest rates unchanged this month. The benchmark Kospi closed 0.59 percent lower from the previous trading at 2,052.03, despite opening higher. It fell more than 2 percent Monday, the worst decline in two months, amid a strong mood of lowered anticipation of an aggr

Toss Bank, Kiwoom Bank likely to renew challenge with improved proposals

FSC chief dispels concerns, saying Japan’s possible withdrawal won’t affect market

FSS chief’s firm stance on banks’ liabilities likely to lead to additional legal battles

Starting Monday, local banks and financial companies come under the 52-hour workweek rule, becoming late starters in South Korea’s initiative to reduce long working hours and improve the quality of life.Due to the one-year grace period, the financial sector is apparently off to a better start than the manufacturing sector which had undergone radical changes in the labor environment last year, simultaneously with the double-digit hike in the nation’s hourly minimum wage.Their core dil

Entertainment shares and others related to “Descendants of the Sun” power couple, Song Joong-ki and Song hye-kyo, displayed a weak performance Thursday following the surprise announcement of their divorce filing. Studio Dragon, the main production studio behind “Arthdal Chronicles,” closed 1.29 percent lower from the previous day’s trading at 68,800 won ($59.40).  “Arthdal Chronicles” is a blockbuster historical-fantasy series starring Song Joong-ki