Last year, South Korea's card payments surged past 900 trillion won ($644.6 billion) for the first time, amid heightened inflation and escalating consumer prices. Data compiled by the Financial Supervisory Service reveals that the combined card payment performance of the nation's eight major credit card companies -- Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Woori, Hana, and BC -- reached 920...

The South Korean government on Sunday announced heightened vigilance against potential domestic repercussions in light of the escalated tensions in the Middle East following Iran's attack on Israel. President Yoon Suk Yeol convened an emergency meeting with cabinet members and relevant government agencies to discuss strategies to respond to the the ongoing conflict between Iran and Israel. The ...

While many law firms in Korea lack familiarity with India's legal landscape, Oh asserted that Jipyong excels in this regard, owing to its extensive experience in Myanmar, a former province of British India that is also partially based in English common law. "The legal framework in Myanmar closely resembles that of India, both rooted in the English common law system. Over the past decade of advis...

South Korea's national debt surged by nearly 60 trillion won ($44 billion) last year, reaching a record high. According to a report on the 2023 national settlement of accounts approved at a Cabinet meeting, the country's national debt stood at 1,126.7 trillion won, up by 59.4 trillion won from 2022. The total includes 1,092.5 trillion won owed by the central government and 34.2 trillion won owe...

Through its six years of successful transformation, AXA now stands to ramp up its core business operations through the utilization of data and artificial intelligence technology to accelerate the development of innovative services, the subsidiary elaborated. For AXA Korea, Buberl also emphasized further bolstering its prominence in the domestic auto insurance sector while increasing its footing ...

Fueled by the unparalleled success of BTS, the country's first and only Grammy-nominated pop artist, Hybe has achieved remarkable feats on the global stage. In 2021, its US subsidiary, Hybe America, acquired Ithaca Holdings, thereby enlisting global pop icons Justin Bieber and Ariana Grande onto its roster of artists. Furthermore, Hybe secured ownership of American hip-hop label QC Media Holdings...

Lee Boo-jin, the president and chief executive of Hotel Shilla, will reportedly sell some 440 billion won ($325 million) in Samsung Electronics stock, in an apparent bid to pay off her inheritance tax. Industry sources revealed Tuesday that Lee, a member of the Samsung Group founding family, is assessing buyer demand for a block deal involving 5,247,140 shares in the tech giant. Should the sale ...

Foreign investors sustained a five-month buying streak in the South Korean stock market, resulting in an unprecedented quarterly volume. The Financial Supervisory Service disclosed Monday that foreign investors amassed a total of 15.8 trillion won ($11.67 billion) worth of local shares in the first quarter of this year, marking the highest recorded amount since the agency started compiling data ...

The next phase for True Balance may involve micro-insurance, reflecting user demand from True Balance users. Looking ahead, Lee envisions entering the deposit business, leveraging credit data from its ACS system. "Right now, our monthly new loans reach around 50 billion won, and for this, we take out 340 billion won from the banks every month. As our company expands, we'll need to establish our ...

Samsung Fire & Marine Insurance, the nation's leading non-life insurer, has ceased selling insurance products through bank channels, commonly known as "bancassurance." As of January, Samsung Fire & Marine Insurance has halted all new sales through banks, following a consistent decline in sales through this channel, according to an official from the company. This decision comes after 21 years si...

Shinhan Bank, a major commercial lender in South Korea, is bolstering its footprint in India through a strategic share acquisition of the local student loan provider, Credila. The bank announced Thursday that it successfully secured an equity investment agreement with Mumbai-based HDFC Credila Financial Services the previous day. As per the agreement, Credila will undergo a capital increase, wi...

Hana Bank, South Korea's major commercial bank, opened a new dealing room -- the latest of its kind here -- in Seoul on Wednesday. Named "Hana Infinity Seoul" to signify the bank's ambition to expand its global reach, the new dealing room occupies the fourth and fifth floors of the lender's headquarters in Jung-gu, central Seoul. Spanning 2,096 square meters and with seating for 126, it is the c...

Yun Ho-young, CEO of Kakao Bank, has been appointed as a new board member for Grab, the largest super-app operator in Southeast Asia, the Internet-only lender confirmed Wednesday. Yun was officially appointed as an outside director of Grab's board on Monday and will serve as a member of the board's audit committee. Yun's appointment follows the strategic partnership formed between the two compa...

Financial regulators are ramping up efforts to encourage local companies to participate in the government's initiative to bolster South Korea's market valuation. The Financial Services Commission announced a series of new incentives on Tuesday for companies improving their governance structures, including exemptions from the government's stringent auditor designation system. Under the current r...

Last year witnessed remarkable growth for South Korea's three internet-only banks, as their combined value surged past the milestone 100 trillion won ($74 billion). The aggregate assets of Kakao Bank, K bank and Toss Bank reached approximately 101.61 trillion won by the end of last year, marking a substantial 27 percent increase from the previous year's 79.5 trillion won. Kakao Bank led the pack...