Despite new direction, Korea remains a pivotal market for SoftBank’s venture capital unit dedicated to funding early-stage tech startups, says CEO

South Korea's four major cryptocurrency exchanges have joined forces to tackle money laundering via the digital currency market, sources here said Monday.The four entities -- Bithumb, Upbit, Corbit and Coinone -- recently established a hotline to share information on a real-time basis on any unusual trading or transactions that are suspected to involve criminal acts, such as voice phishing and pyramid schemes.  "They are now able to instantly check any wrongful transactions made at oth

Foreign investors have net purchased nearly 3 trillion won ($2.66 billion) worth of South Korean stocks on the main bourse this month so far, data showed Sunday, adding fuel to a bear market rally. The foreign net purchase volume on the Kospi through Jan. 25 amounted to 2.9 trillion won, climbing to a 15-month high.  The recent buying spree helped lift the Kospi, which closed at 2,177.73 Friday, rising 136.69 points or 6.7 percent overall since the beginning of the year. It was the highest

The chief of the state-run Industrial Bank of Korea urged its employees at home and abroad to embrace client-centric innovation as a key mission for 2019 during a companywide event to share the bank’s management strategy and vision for the year, held Friday.　“The year 2019 will determine which banks survive the infinite competition and also determine a new order for the finance sector for the next 10 years,” said IBK Chairman and CEO Kim Do-jin during a companywide event in Chu

The South Korean central bank on Thursday held its policy rate steady for January amid rising uncertainties at home and abroad.In the first monetary policy board meeting of the year, the Bank of Korea voted to freeze the base rate at 1.75 percent, following a quarter percentage point hike made in November. The BOK decided to take a wait-and-see stance from the beginning of the year as a slowdown in the world economy and the on-going US-China trade dispute weighed heavily on Asia's fourth-largest

Financial institutions including Kyobo Life Insurance, SBI Holdings and Kiwoom Savings Bank are mulling jumping into South Korea’s internet-only bank business amid the state’s efforts to foster the sector, reports said Wednesday. The companies attended a briefing session Wednesday, co-hosted by the Financial Services Commission and Financial Supervisory Service to discuss the formation of the country’s third internet-only bank. The institutions admitted they had been eyeing the

By Steve BriceThe fourth quarter of 2018 was the second-worst quarter for global stocks since the 2008 financial crisis. No major equity market was spared. A benchmark of global stocks dropped 13 percent during the quarter, and 11 percent in all of last year, recording its biggest annual loss in a decade, as investors were spooked by the US Federal Reserve’s interest rate hikes amid slowing global growth and corporate earnings. What can we learn from the latest market tantrum and how do we

Prospects of the launch of a new online-only bank in South Korea were dampened this week, as major information and communication technology companies retracted their intentions to enter the banking business.Naver and Interpark -- two major Korean ICT firms widely expected to participate -- each recently confirmed they will not be seeking a permit to operate an internet-only bank here.E-commerce operator Interpark said it decided against joining the internet banking business to “focus on it

The head of the financial watchdog on Tuesday called for credit card firms to focus on their risk management processes this year, as global trade wars and market volatility further weigh on the nation's economy. Yoon Suk-heun, governor of the Financial Supervisory Service, made the remarks at a meeting with chief executives of credit card firms earlier in the day.  "This year will be the most difficult year amid a global economic slowdown, trade pressures and household debt," Yoon

South Korea's central bank said Monday that it will entrust local asset management firms with investment of its foreign reserves into advanced market stocks this year.The Bank of Korea held more than $400 billion worth of foreign reserves in 2018, consisting of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion. As of end-2017, the BOK manages 80.9 percent of its foreign assets directly, wi

The members of the Group of 20 leading economies have agreed to work together to tackle global imbalances and aging populations, viewing them as structural issues that could hinder sustainable and inclusive growth of the global economy, South Korea’s finance ministry said Sunday.　The G-20 will look into imbalances between savings and investments for multilateral solutions to global imbalances while seeking various policy options, such as fiscal, monetary and structural reform, to deal with

Korea's top two banks hold key meetings to recognize recent business performance, to set fresh strategies for new year

South Korea’s state-run pension fund suffered valuation losses from its investment in the country’s 10 major conglomerates due to declines in their stocks, data showed Sunday.　The National Pension Service held an average 7.76 percent stake in the conglomerates at the end of 2018, compared with 6.62 percent at the end of 2017, according to data compiled by Chaebul.com, which tracks South Korean conglomerates. 　But the value of the NPS’s stock holdings in the 10 conglomerates fel

South Korea‘s antitrust watchdog said Sunday that it has fined four foreign banks 693 million won ($618,000) for fixing the prices of foreign exchange derivatives and selling them to five South Korean companies.　The Fair Trade Commission said Standard Chartered Bank Korea and the local units of Deutsche Bank AG, JPMorgan Chase & Co. and HSBC agreed on prices of foreign exchange derivatives on seven occasions between March 2010 and February 2012. 　Deutsche Bank, JPMorgan Chase & Co.