Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding its fourth Global Finance Awards. The annual awards recognize individuals and companies that have blazed new trails in the global market by providing innovative, convenient financial services in spite of tight regulations and other challenging environments. These successful business models and achievements should be encouraged a

South Korea is likely to see its household savings reach their highest level in more than two decades, as the prolonged COVID-19 pandemic has driven people away from consumption and investment, central bank data showed Sunday. A high level of savings may be seen as a positive economic indicator, but may also be cause for alarm over sluggish consumption and negative market sentiment. Through its monthly research statistics report, the Bank of Korea suggested that the country’s househol

For modern-day Seoulites living, it is sometimes hard to imagine the megapolis as Hanyang, the capital of Joseon for several centuries. To this day, historical artifacts are discovered across the city, revealing the lives of royalty and commoners of the old kingdom. The Seoul Metropolitan Government has recently opened to the public the historic site of Hanyangdoseong, or Hanyang’s town castle wall, on the hillside of Namsan. The site includes a 189-meter stone wall on some 43,000 squar

Seeking to cushion the fallout from the COVID-19 resurgence, South Korea’s government vowed Thursday to spend an additional 4 trillion won ($3.62 billion) by ensuring that local governments across the nation don’t hold back on spending. It also decided to expand the range of usage for its state-distributed dining coupons, seeking to include food delivery applications that are facing soaring demand due to the social distancing restrictions. “(The government) will continue t

In order to drive the sustainable growth of the fintech industry in the post-coronavirus era, South Korea needs to improve its regulatory frame, the British Chamber of Commerce in Korea has said. The BCCK’s fintech committee, which kicked off in December last year, has released its first white paper to highlight how the current COVID-19 pandemic is accelerating the digital transition across the world, officials said Sunday. Outlining the best practices and policy suggestions on the lates

South Korea’s government will supply 114,000 public rental units over the next two years in a move to alleviate the shortage of homes offered on “jeonse” leases, especially in Greater Seoul, officials said Thursday. The latest plan focuses on purchasing existing homes to convert them into public jeonse homes for the underprivileged struggling to find affordable dwellings amid skyrocketing prices. Also, policymakers will offer unoccupied public rental homes to all home seekers,

The financial regulator’s latest move to introduce regulations on the payment settlement system is facing a backlash from the industry, and especially the central bank. The trigger was the revision bill of the Electronic Financial Transactions Act, drafted by the Financial Services Commission and submitted to Rep. Youn Kwan-suk of the ruling Democratic Party of Korea, who chairs the parliamentary National Policy Committee. The bill includes e-payment business deregulations for big te

South Korea’s banking industry on Tuesday sorted out seven candidates for the Korea Federation of Banks’ next chairmanship, set to make the final choice as early as Monday. In an apparent response to criticism that the bankers’ association is under excessive bureaucratic influence, the latest list included several figures from the private sector -- incumbent or former chiefs of commercial banks. The KFB board of directors met in a closed-door breakfast meeting early in the

Kasa Korea, a real estate investment platform operator, on Thursday unveiled the first property to be listed on its platform, offering retail investors relatively easy entry into the property investment market in the form of small-sum securities. The corresponding property is Yeoksam London Vill, a recently built eight-story commercial property located in Seoul’s Gangnam-gu. The building is currently occupied entirely by PCA Korea, the domestic branch of US-based private school Provid

South Korea’s economy will contract 1.1 percent this year amid the COVID-19 fallout and rebound to 3.1 percent growth in 2021, state-run think tank Korea Development Institute said Wednesday. In its latest revision, KDI maintained its outlook for this year at its previous September figure but cut the prospect for next year’s growth by 0.4 percentage point, citing the slower-than-expected recovery pace of the domestic market. “Our economy is expected to expand 3.1 percent (

South Korea is working on replacing its frequently used 100-won coins as the design includes a portrait drawn by an artist who was pro-Japanese during the colonial period, the country’s central bank said Tuesday. The historical figure whose face will be removed or redrawn is Admiral Yi Sun-sin, whose statue stands permanently in Seoul’s downtown Gwanghwamun Square. The naval hero from the Joseon Dynasty who scored dramatic victories against Japanese invaders in the southern seas

Following the presidential election victory of Joe Biden, the United States is expected to “partly” revive its former free trade policies in the multilateral frame, while maintaining some protectionist actions against China, according to South Korea’s state-run think tank. The incoming Democrat administration is especially likely to bolster the US’ solidarity with South Korea and other allies on the trade front in order to regain its standing within the World Trade O

While the prolonged COVID-19 pandemic has struck the global economy hard, it is developing countries with limited access to innovative solutions that are reeling the most. To provide a safety net for struggling economies and move toward common prosperity, it is crucial that innovation leaders such as South Korea share their experience and expertise, according to a senior international development expert. “Leveraging its expertise, experience, and knowledge will be the key for Korea to g

South Korea’s Deputy Prime Minister and Finance Minister Hong Nam-ki offered his resignation on Tuesday, in an apparent response to the market backlash against the government’s proposed changes to the taxation rules. “I have offered my resignation and submitted my letter today, taking responsibility over the prolonged disputes,” the fiscal chief said during a parliamentary finance committee meeting. His abrupt announcement came while answering a question from Rep. Ch

The South Korean government is apparently caught in a real estate dilemma, as its aspiration to ease the supply shortage of “jeonse” apartments will likely contradict its efforts to cool the heated housing market. While policymakers are struggling for a breakthrough, the announcement of jeonse-related measures will probably not take place within this week, according to multiple officials of the Ministry of Economy and Finance and the Ministry of Land, Infrastructure, and Transpo