The cryptocurrency market, already reeling from a free-fall in the values of key digital currencies, was dealt another blow on Friday as officials at South Korea's No. 1 cryptocurrency exchange were indicted for offering fraudulent transactions and swindling money from investors.The three officials at Upbit -- a board chairman, a financial director and a working-level official -- allegedly opened a fake account around September last year and made bogus orders worth 254 trillion won ($226.2 billi

The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won ($886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens.About 3 million borrowers, who have no option but to borrow money from private lenders due to their poor credit scores, are expected to benefit from the move, the Financial Services Commission said in a statement.  The maximum legal lending rate was lowered to 24 percen

South Korea's stock market will close this year's trading session next week, the bourse operator said Friday.The main KOSPI, secondary KOSDAQ and derivative markets are scheduled to wrap up the year on Dec. 28, according to the Korea Exchange. Trading will restart at 10 a.m. on Jan. 2, an hour later than usual, though the day's trading will finish at 3:30 p.m. as normal, the KRX added. The ex-dividend date for listed firms, whose fiscal year ends on Dec. 31, is set at Dec. 27, so investors seeki

South Korea’s central bank has vowed closer monitoring in domestic financial markets to brace for potential volatile capital flows following a US rate hike Wednesday, while the financial watchdog reviewed a contingency plan of the national financial system. The Bank of Korea said Thursday it held an emergency meeting led by BOK Deputy Gov. Huh Jin-ho to keep close tabs on the possible consequences of the US Federal Reserve’s decision and its persisting hawkish stance in monetary poli

A slower rate hike schedule by the US Federal Reserve may give South Korea greater leeway in terms of setting monetary policy in the new year, the head of the country's central bank said Thursday.On Wednesday (US time), the Fed raised its key interest rate for the fourth time this year to a range of 2.25 percent to 2.5 percent. It also said it will raise the rate twice next year after reviewing global economic data and international financial markets."The rate hike and its scheduled adjustm

South Korea will make thorough preparations for any destabilizing factors after the US raised interest rates, a senior official said Thursday.Lee Ho-seung, the first vice minister of economy and finance, also said in a meeting with relevant officials in Seoul that a possible hike in market rates in South Korea is something that households and companies can cope with.South Korea's overall household debt reached a record 1,514 trillion won ($1.34 trillion) as of September. He made the remarks afte

South Korean banks will adopt new global rules on management and supervision of interest rate risk next year, the nation's financial watchdog said Thursday. The so-called Interest Rate Risk in the Banking Book (IRRBB) capital requirements were introduced by the Basel Committee on Banking Supervision in 2016 to help banks better measure and control interest rate risk. The new rules will replace the Basel Committee's 2004 rules on management and supervision of rate risk. In a statement, the F

The interest rate differentials between the United States and South Korea have had a negligible effect on the outflow of foreign capital from the domestic bond market, showed a study by Korea’s central bank on Wednesday. This finding stood in contrast to widespread views that foreign capital outflow from the Korean financial market would be accelerated if the base rate of the US Federal Reserve were higher than the Bank of Korea.  The study, “Determinants of Capital Flows in the

South Korean stocks advanced Wednesday on the back of institutional buying, with investors setting eyes on the upcoming results from the US Federal Reserve's rate-setting meeting, analysts said. The South Korean won firmed against the US dollar.The benchmark Korea Composite Stock Price Index rose 16.73 points, or 0.81 percent, to 2,078.84. Trading volume was moderate at 412.55 million shares worth 5.02 trillion won ($4.46 billion), with winners overwhelming losers 531 to 292. The index rebo

South Korea's finance minister vowed Wednesday to remove uncertainty over corporate investments as Asia's fourth-largest economy is moving to cut red tape.Hong Nam-ki, the minister of economy and finance, also said the government will swiftly resolve difficulties companies could face in making investments, calling corporate investments "a key to economic revitalization." The issue of corporate investments has urgency as South Korea is seeking to create jobs and boost the economy.South

South Korea's new finance minister and the central bank chief on Wednesday vowed to make concerted efforts to tackle uncertainties and bolster the economy next year."It doesn't seem that the economy will worsen next year, but we can't let our guard down as there are downside risks out there," Bank of Korea Gov. Lee Ju-yeol said before holding a luncheon meeting with the country's newly inaugurated Finance Minister Hong Nam-ki. "The BOK and the finance minister will cooperate on ma

The South Korean bond market was rarely affected by fluctuating interest rate gaps with the United States in the past but was instead highly influenced by global financial risks, a central bank report said Wednesday.Foreign investors, including sovereign funds and private banks, hold more than 100 trillion won ($88.9 billion) worth of South Korean bonds, accounting for 6 percent of the total market value. The report published by the Bank of Korea said most offshore investors did not budge an inc

South Korea plans to give preliminary approval to a third Internet-only bank in May next year as the government seeks to reinvigorate the financial industry, the head of the financial regulator said Wednesday. Choi Jong-ku, chairman of the Financial Services Commission, told reporters that the regulator will receive applications from companies to set up an Internet-only bank in March next year.  Two Internet-only banks -- K-Bank and Kakao Bank -- were launched last year. The two banks have

The Vietnamese football team’s latest victory in the regional finals under South Korean coach Park Hang-seo has helped South Korean companies.A leading beneficiary was Shinhan Bank, which appointed Park as honorary ambassador earlier this year, seeking to expand its overseas business in the Southeast Asian state.The Vietnamese team defeated Malaysia in the ASEAN Football Federation Suzuki Cup finals on Saturday, scoring its first victory in a decade. Even before the match, Shinhan Bank Vie

South Korea’s short-term sovereign bond yield has hovered just above the base rate, due to lingering market impact from the government’s plan to repurchase bonds before maturity and market uncertainties at home and abroad.The three-year sovereign bond yield came to 1.795 percent at the Monday session’s close, showed data from the Korea Financial Investment Association. On Friday, the bond yield recorded its lowest figure since September 2017 at 1.781 percent.The bond yield move