In August, South Korea’s financial auditor and the Korea Exchange set out to scrutinize Merrill Lynch’s Seoul office over mounting complaints that the US investment bank’s high-speed trading was unfairly disrupting local stock prices.　About six months later, it remains to be seen how far the Financial Supervisory Service has come in terms of monitoring high-frequency trading and collecting evidence.　The FSS and KRX had strengthened their monitoring of the investment bank after

Watchdog to focus on false disclosures, illegal short-selling and high-frequency trading by foreign investment firms

South Korea’s financial regulator plans to establish an open interbank payment network this year that can be accessed not only by banks but also financial technology companies, with the goal of bolstering the country’s fledgling fintech business sector. The Financial Services Commission on Monday announced plans to create an open financial payment system accessible to nonbank players, and to lower the required usage costs. The move is expected to help Korea foster more successful fin

Whether it’s a subway station or a local market, it’s easy to spot signs across Seoul promoting Zero Pay, a state-sponsored mobile payment system designed to lower credit card processing costs for small merchants and business owners here.Led by the Seoul Metropolitan Government, the Zero Pay system was introduced in beta trials in December. But a couple of months into its launch, public interest in the state-sponsored mobile pay system remains weak, while doubts persist about the mer

Stocks of South Korea’s solar energy-related businesses rose Monday on the latest reports that China might be mulling changes to a major solar power subsidy policy announced last year. A meeting between China’s National Energy Administration and companies involved in the solar energy industry took place last week and participants discussed whether subsidies for utility-scale projects would be renewed, reports said.  The subsidies were largely halted in June 2018, resulting in lo

The total dividend payments by listed companies in South Korea are likely to exceed 30 trillion won ($26.7 billion) this year, data showed Sunday, reaching a record high in light of mounting pressure from the country’s largest investor, the National Pension Service, to raise their dividend payouts.The total cash dividends of 612 Kospi- and Kosdaq-listed companies that have disclosed figures for 2018 as of Sunday amounted to 27.5 trillion won, according to Seoul-based financial data provide

With the US-North Korea summit scheduled to take place in Hanoi this week, North Korea-related stocks have been buoyed by the latest conciliatory mood, and a rally is forecast into the future. Shares of South Korean resort operator Ananti, an operator of a resort at Kumgangsan in the North, was among the most traded shares on the Kosdaq bourse last week, with its weekly transactions amounting to nearly 705.3 billion won ($626.9 million), according to the Korea Exchange. The firm’s shares c

Banksalad, South Korea’s leading mobile app for personal finance management, said Friday that the number of its monthly active users had reached 1.5 million, marking a threefold increase from its average for last year.Founded in 2012 by local startup Rainist, Banksalad pools a user’s financial information from different banks and finance companies into a single platform. This consolidates data for bank accounts, investments, savings bonds and more. Upon analyzing a user’s finan

South Korea’s wholesale prices hit a 12-month low in January, affected by a decline in crude oil prices, the Bank of Korea said Friday.The central bank said the producer price index, an economic indicator that tracks the prices of goods sold in a country before they reach consumers, had reached 103.75 last month, down 0.2 percent from a month earlier. The index was seen continuing its downward streak for a fourth consecutive month and hitting its lowest point since January 2018, when

The bearish global cryptocurrency market has prompted investors to turn their attention to “safer” bitcoin exchange-traded funds. But South Korean institutions have kept a tight leash on the whole cryptocurrency industry, instead observing the US’ steps for the time being.“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of bitcoin ETFs within the market -- which is why we are observin

Woori Financial Group has set out to acquire Hi Asset Management, marking the first step in its stated moves to expand its nonbanking business through strategic mergers and acquisitions and strengthen its holding company structure.Woori Financial was among those that joined the preliminary bidding process for Hi Asset Management on Monday, alongside Kiwoom Securities and a number of private equity funds from Korea and abroad, according to an industry report. Hi Asset Management, a subsidiary of

Hana Financial Group, South Korea’s third-largest banking group, said Tuesday that it has partnered with SK Telecom and Kiwoom Securities to take aim at forming a new internet-only bank here.The three companies have formed a consortium with Kiwoom Securities holding the biggest stake. Together, they are embarking on preparations to apply for a government-issued license to operate an online-only bank here, according to Hana Financial. The move comes as the firms seek to further embrace the

Woori Financial Group Inc. expressed its intent to buy an asset management company on Monday, industry sources said, as the financial group seeks to diversify its revenue sources.Woori submitted a letter of intent to buy HI Asset Management to Deloitte Anjin, a sales manager, according to the sources. HI Asset Management is an affiliate of HI Investment & Securities Co. which came under DGB Financial Group's wing last September.Woori Financial Group has vowed to proactively seek mergers

South Korea’s telecom stocks have been underperforming this year, and analysts point out that the commercialization of 5G network services, likely to start in March, will impact their price.According to the Korea Exchange, the nation’s top mobile operator SK Telecom’s share price plunged 5.2 percent since the beginning of the year, as of Friday’s closing. KT and LG Uplus shares dropped 4.2 percent and 15 percent, respectively, in the same period.  Foreign investors,

Foreign investors in South Korea continued to purchase more locally listed stocks while offloading bonds last month, the latest data on foreign investors’ stock and bond ownership by the Financial Supervisory Service showed Monday.Foreign investors net purchased some 3.73 trillion won ($3.32 billion) in locally listed stocks during January, continuing the transition to net buying observed in December last year, according to the FSS.By region, Europe net purchased 1.7 trillion won in stocks