MBK Partners, Bain Capital to inject W200b each to become 2nd-largest shareholders

Dongnae, a property tech company based in South Korea, said on Tuesday that it has raised an additional $4.1 million in an extended seed series funding from global investors. Dongnae’s final seed round stood at $8.2 million including $4.1 million in the latest fundraising and another $4.1 million raised five months ago, the company said. The company’s seed funding size compares with local venture investments in all rounds that stood at an average of 2 billion won ($1.7 million) per

South Korea’s market watchdog Financial Supervisory Service said Tuesday it has ordered the state-run Industrial Bank of Korea to compensate up to 80 percent of the losses from the lender’s misselling of problematic funds structured by Discovery Asset Management.  The dispute arbitration committee under the FSS set the reimbursement rate for individual investors, who signed up for Discovery funds through IBK, ranging between 40-80 percent, the FSS said in a statement.  Th

Educational technology startup Riiid has snapped up $175 million in fresh funding from SoftBank Vision Fund 2 to accelerate global entry of its artificial intelligence-based personalized learning experience and assessment program, the company announced Tuesday. SoftBank Vision Fund 2 was the sole investor in the latest series D round, bringing Riiid’s total funds raised to $250 million. Riiid did not disclose its post-money valuation. The deal was made 10 months after its pre-series D rou

Cryptocurrencies extended a dayslong loss Monday in South Korea before recovering some of their losses in the afternoon, as investors and businesses reacted to strict regulations recently introduced in China and the US. The price of the largest cryptocurrency Bitcoin stood at about 44 million won ($39,058) in late afternoon trading, losing almost half of its value from only a month ago, according to Upbit, South Korea’s largest crypto exchange by transaction volume. It fell below 40 mi

Standard Chartered Bank Korea said Sunday it had launched a digital asset management service within its mobile banking application that helps its customers build a retirement portfolio. Through the new mobile platform, dubbed “retirement planning on the palm of your hand,” subscribers to SC Bank Korea’s mobile banking application can create a comprehensive financial plan to achieve retirement income goals. Customers can also receive useful information on how much money they mi

Unhyeongung near Anguk Station on subway line No. 3 is surely not a major Joseon-era palace that appears prominently in tourist guide books. The relatively small complex that once belonged to Heungseon Daewongun, father of King Gojong, however, is worth a visit as it embodies the final years of the dynasty before losing power to Japanese intervention in early 20th century. Not only the dark history of the consequent fall of Joseon royal line, but also the house shows the everyday lives of the r

Bithumb, South Korea’s second-largest cryptocurrency exchange by trading volume, shrugged off questions on Friday about a fraud case involving a major shareholder. Lee Jung-hoon, former chairman of Bithumb Korea -- the operator of crypto exchange Bithumb and Bithumb Holdings, which controls Bithumb Korea -- is currently under investigation in connection with fraud allegations. Due to a very complicated corporate structure, Lee reportedly holds a 65 percent stake in Bithumb Korea. In Oc

Asset management firm Hyundai Investments on Thursday announced the closure of a new, 490 billion-won ($433 million) private fund dedicated to South Korea-focused acquisition financing for private equity clients. The fresh fund, closed on Tuesday, is a second installment of its kind to invest in senior debt, following a 230 billion-won fund created in February 2020. The first installment was fully invested a year after the fund close, financing private equity acquisitions of clients such as Mac

Swiss banking giant UBS said Thursday it has appointed Chang Sei-yoon, the incumbent head of the global markets division at UBS Securities Seoul, as its new country head for the group’s operations in South Korea.  “(Chang) has contributed greatly to UBS‘s growth in Korea and has a deep understanding of the Korean market and clients,” said Edmund Koh, president of UBS Asia Pacific, citing Chang’s more than 25 years of expertise in Korean financial markets. 

South Korean institutional investors were seen betting big on the banking sector and semiconductor firms in the United States during the first quarter, filings showed Wednesday. The National Pension Service, the world’s third-largest pension fund, has amassed holdings in US financial services firms such as JPMorgan Chase, Bank of America and Wells Fargo, according to a filing submitted to the US Securities and Exchange Commission. The NPS, which bought 113,080 additional shares of JPMor

South Korean institutional investors are looking to increase their exposure to foreign alternative assets and diversify in terms of asset classes and destinations. This comes as more institutional investors here are venturing into asset classes that could stimulate post-pandemic recovery and a sustainable future, in their bid to achieve medium-risk, long-term investing through illiquid assets, according to a note to investors by KTB Investment & Securities on Wednesday. For example, the N

Amateur investors in South Korea shifting from stock to crypto in hopes of hitting jackpot

Gold prices in South Korea have continued to gain as investors seek to park their money in safer destinations amid escalating inflation concerns, while high-risk cryptocurrency Bitcoin saw its price drop, data showed Wednesday.  On Tuesday, the price for a gram of gold rose 0.56 percent from the previous session to 68,200 won ($60.50) on the local bourse, maintaining an upward trend for the fourth consecutive day, according to the Korea Exchange. The figure was the highest since it hit a

NH NongHyup Bank, one of South Korea‘s five major banks, said Tuesday it has launched biometric boarding service via mobile applications for the first time as a financial institution here. Customers who registered their palm vein patterns at the bank’s branches will be able to travel aboard a domestic flight through contactless biometric boarding process at Gimpo International Airport, Jeju International Airport and Gimhae Airport, the bank said. Up until now, registration of bio