Banks in South Korea are likely to tighten their rules on household loans in the first quarter of this year amid a recent trend of rising interest rates, central bank data showed Monday.The overall index measuring banks' "attitude" toward extending loans to households came to minus 13 for the January-March period, compared with minus 17 a quarter earlier, according to data by the Bank of Korea (BOK).A reading below zero means banks will implement tougher screening for household loans,

Authorities close in on alleged influence by incumbents for reappointments

A special investigation will be implemented on virtual accounts used for cryptocurrency deals, as part of the government’s recent pledge to crack down on excessive speculations, officials said Sunday.The Financial Services Commission-affiliated Korean Financial Intelligence Unit and Financial Supervisory Service will jointly lead the inspection of six major banks, starting from Monday. The corresponding banks are KB Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of

The number of donees who had reported gift taxes upon receiving at least 100 million won ($94,000) as of 2016 surpassed 50,000, increasing 21 percent from the previous year, data from the National Tax Service showed.By age, most, or 14,840, were in their 40s, followed by those in their 50s and 30s.By rate of increase, the number of those aged 10-19 who inherited 100 million won or more shot up 31 percent. A total of 715 aged under 10 were in the group as well, up 11 percent from 2015.Industry wa

This is the 48th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.South Korea announced in October last year the upcoming PyeongChang Olympic Winter Games will become the test bed for the nation‘s first fifth-generation network. The news triggered anticipation for the hyper-connectivity -- or connectivity between humans and things -- powered by what would roughly be 10 times faster than 4G long-term evolution standard in the country that boast

South Korean brokerage KTB Investment & Securities is on track for a transition in leadership to incumbent Vice Chairman Lee Byung-chul, in the wake of a series of scandals involving Chairman Kwon Sung-moon. Lee, 48, announced Tuesday in a regulatory filing that he would exercise his right of first refusal on 18.76 percent of shares worth 66.2 billion won ($62.2 million) in the securities firm, which the 55-year-old Kwon waived in December 2017. By exercising the right, Lee can purchase or p

Don Tapscott, a Canadian best-selling author and founder of Blockchain Research Institute, will speak at a blockchain conference slated for Jan. 17 in Seoul, according to an industry source Wednesday.  The event, titled “Blockchain Revolution: Convergence with Traditional Economy,” will take place at Seoul Dragon City in Yongsan, central Seoul. Tapscott, co-author of “Blockchain Revolution,” last visited Korea in late October last year. Swiss blockchain tech sta

South Korea’s leading banking groups on Tuesday vowed to achieve innovation in the digital finance sector this year, seeking to vie with burgeoning financial technology rookies and internet-only banks. KB Financial Group, the nation’s top banking group by market capitalization, said that it would become the industry’s “first mover” by incorporating new digital technology and co-working with fintech startups.“We shall build a new KB-centered financial ecosystem

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the seventh installment. — Ed.Securities firms in South Korea have for the past few years joined the race to lower commission fees -- to nearly zero -- to draw in more retail investors. But to Ryan Moon, co-founder of Korea’s first robo adviser-powered investment service provider Newsystock, such an approach is off the point, as increasingly sophisticated retail investors here

South Korean stocks advanced Tuesday, the first trading session of 2018, as large cap tech and chemical shares gained ground, analysts said. The Korean won sharply rose against the US dollar to reach an over three-year high. The benchmark Korea Composite Stock Price Index added 12.16 points, or 0.49 percent, to end at 2,479.65. Trade volume was light at 244 million shares worth 4.4 trillion won ($4.1 billion), with winners outnumbering losers 499 to 333.The local stock market opened higher led b

Mirae Asset Daewoo, the largest securities firm by net worth in South Korea, was slapped with a fine of 325.2 million won ($306,000) in December last year over a breach of the Capital Markets Act, according to the Financial Supervisory Service on Tuesday. 　Three brokers at Mirae Asset Daewoo, who were not identified to the media, were given penalties such as suspension, wage cut and reprimand by the watchdog a month after their wrongdoings came to light. Violations by the brokers include misrepr

The South Korean government has been developing a system that is likely to start banning the use of anonymous accounts in cryptocurrency transactions from around Jan. 20, financial industry sources said Tuesday. The system is a part of follow-up measures after the government announced last week a set of fresh measures to curb transactions of cryptocurrencies, including a possible closure of cryptocurrency exchanges if necessary, amid growing fears that a bubble over exchanges may be set to burst

People who invested in stocks last year received the highest returns compared with those who betted on real estate, funds, gold and other assets, financial data showed Tuesday.The benchmark KOSPI ended 2017 up 21.76 percent from a year ago. The increase is 15.5 times the 1.4 percent annual interest rate for a time deposit at a bank, according to the data.The index for the secondary KOSDAQ jumped 26.44 percent.Investors with stocks in large caps were the big winners. Samsung Electronics surged 41

Foreign investors poured more than a net 3 trillion won ($2.8 billion) into the tech-heavy KOSDAQ market last year to spearhead the record rally of the secondary bourse, industry data showed Monday.A net 3.13 trillion won worth of KOSDAQ-listed shares were purchased by offshore investors in 2017, outnumbering a net 668.3 billion won by individual buyers, according to the data by the Korea Exchange. At the same time, institutional investors dumped a net 1.8 trillion won worth of shares over the s

In the wake of the South Korean government’s signal that it may shut down cryptocurrency exchange businesses, rumors circulated online Friday that a protest against the government’s anti-cryptocurrency move would be held in Gwanghwamun Plaza in central Seoul on Saturday night. An online post said a protest would begin at 8 p.m. Saturday to fight the state-led crackdown “without the slightest legal basis.” The post claimed the crackdown hurts those that cannot afford real