Since their launch two years ago, South Korea’s two internet-only banks, Kakao Bank and K bank, have steadily built up a sizeable user base, proving the merits of branchless banks to financial consumers here.　And now, Kakao Bank, run by Korean mobile messaging giant Kakao, and K bank, led by telecommunications firm KT, have set out to expand the scope of their business through capital injection enabled by a recent change to the local banking law.However, the two firms have encountered new

Large-sum savings deposits over 1 billion won ($880,000) increased at the fastest pace in eight years in 2018, central bank data showed Sunday.According to the Bank of Korea, such accounts topped 565.8 trillion won, up 66.6 trillion won, or 13.3 percent from a year earlier.This marked the steepest on-year increase since 79.4 trillion won in 2010. Also, the superrich accounts expanded at almost double the pace of savings accounts in general, indicating the polarization in cash savings.The on-year

Local brokerages are projecting a rosy outlook with their high-risk investment products, amid an ongoing oil price rally coupled with signs of a weakened Korean currency, analysts said Sunday. “The record-high oil prices represent (a shift in investors’) preference for high-risk assets,” Oh Tae-wan, an analyst at Korea Investment & Securities, said.Last week, US oil prices rose to the highest level in more than a year with Brent crude futures, -- the international benchmark

South Korea’s Mirae Asset Global Investments has been making notable strides in its global investments, which the firm attributed to more direct engagement in deals with overseas investment banks and pursuing a balanced portfolio. The Seoul-based asset management company has been clinching deals with foreign IBs through its global network and alternative investment portfolio. Its acquisition of US golf equipment brand Titleist in 2011, luxury hotel chain Four Seasons in Sydney and Fairmont

Shinhan Futures Lab, a South Korean innovation hub owned by Shinhan Financial Group, said on April 11 it is poised to ramp up support for startups by teaming up with Korean fund of funds management firm Korea Growth Investment Corp. Shinhan Financial has signed a memorandum of understanding with the state-led FOF manager, also known as K-Growth, to foster investments in startups dedicated to fintech, according to the banking group.Under the agreement, the two will share information about fintech

The volume of fixed-income securities issued by the South Korean government reached an all-time high of 48.5 trillion won ($42.5 billion) in the first quarter, according to the Korean Financial Investment Association on Wednesday. The figure was a 42.3 percent increase from the same quarter last year. It also surpassed the record set for the previous quarterly high -- 46.4 trillion for the second quarter of 2014. Net debt issuance also posted a quarterly high with 34.07 trillion won. Net debt is

The chief of South Korea’s top financial regulator met with the CEOs of local credit card companies Tuesday to finalize measures aimed to diversify income sources and prevent further losses suffered by the card industry following a cut in card transaction fees.　The measures included putting a cap on lofty marketing expenses and allowing credit card firms to operate services analyzing and managing credit information in order to help improve profitability.　While the card industry acknowledge

South Korea’s financial authority has fined a Goldman Sachs affiliate 72 million won ($63,000) for naked short selling, marking the third case of the US-based investment bank facing sanctions here.The Securities and Futures Commission of the Financial Services Commission judged earlier this year that Singapore-based Goldman Sachs India Investments conducted short selling without securing underlying assets, officials said Monday.Naked short selling refers to the sale of borrowed shares in o

South Korea's central bank chief will attend international meetings this week to discuss pending economic and financial issues with this counterparts from the world's major economies, the Bank of Korea said Tuesday.BOK Gov. Lee Ju-yeol will head for Washington DC on Wednesday to participate in the G20 Finance Ministers and Central Bank Governors meetings slated for the following day, according to the central bank.Lee also plans to attend annual meetings of the International Monetary Fund and the

Stock prices of South Korea’s flagship carrier Korean Air and Hanjin KAL soared Monday, buoyed with grave irony by the news of Chairman Cho Yang-ho’s death earlier in the day. Analysts are seeing the price soar as the “cruel effect” of an “owner risk” -- a risk that stems from investors’ distrust in the owner of a company -- which is more defined in Korea due to massive family-owned enterprises called chaebol.As of 10:10 a.m., Korean Air shares increased

Woori Financial Group said Monday it has closed a deal to acquire Tongyang Asset Management and ABL Global Asset Management, marking its first acquisition deal since the group’s adoption of a holding company structure earlier this year. Woori Financial signed a stock purchase agreement with China’s Anbang Insurance Group to acquire its two asset management subsidiaries, closing a deal that is expected to help the group expand its nonbanking business segment. The deal comes around thr

Return of Blackpink, Twice to help K-pop stocks rebound

South Korean shares ended higher Friday, with investors expecting a US-China trade deal. The won fell against the dollar. 　The benchmark KOSPI rose 3.08 points, or 0.14 percent, to close at 2,209.61. Trading volume was moderately heavy at 511.71 million shares worth 4.13 trillion won ($3.6 billion), with gainers outnumbering losers 452 to 372.　Foreigners and institutions bought a combined 161.311 billion won worth of stocks, offsetting individuals’ stock selling worth 154.63 billion won. 　

The chief of South Korea’s financial supervisory body on Friday stressed “inclusive finance” and “responsible innovation” as the key drivers of its regulatory oversight this year as the country prepares for explosive growth in the fintech sector.Financial Supervisory Service Gov. Yoon Suk-heun called on foreign financial firms here to “bring in a new wave of financial inclusion and responsible innovation to the Korean financial industry.”Yoon was speakin

As South Korea’s venture investment hit a record high last year, Korea Venture Investment, South Korea’s fund of funds management institute, saw a jump in revenue growth, data from the Financial Supervisory Service showed on April 4. KVIC logged operating sales of 22.9 billion won ($20.1 million) and operating profit of 6.4 billion won, growing 38.59 percent and 385.76 percent, respectively. Its revenue soared 456.01 percent to 5.3 billion won during the same period, the company&rs