As uncertainties surrounding an uneven economic revival from the COVID-19 pandemic linger in the Asian region, top economic policymakers and central bank chiefs from South Korea, China and Japan on Monday pledged to maintain an open trade regime and strengthen regional cooperation. “The regional outlook has improved, with continued policy support and growing vaccine coverage. However, we should remain vigilant as the economic recovery has been uneven across and within member economies,

South Korea unveiled Thursday a set of measures aimed at mitigating risks from the growing household debt burden and bringing the debt growth rate down to levels comparable to before the coronavirus hit the country. “In the course of responding to the COVID-19 crisis last year, the increase in household debt has inevitably expanded. We will manage to revert the household debt growth rate to pre-coronavirus levels,” Finance Minister Hong Nam-ki said while presiding over an emergen

Standard Chartered Bank Korea said Tuesday it signed an agreement with a city-funded women rights organization to nurture young talent and foster the development of the tech-driven financial services sector. Under the memorandum of understanding, the bank and Seoul Foundation of Women and Family will jointly run an incubator program dubbed Women in FinTech Academy, which is to target young women who aspire to launch fintech startups. The program is expected to increase women’s stake in

Shinhan Financial Group said Monday it has dedicated its first chunk of a 240 billion-won fund ($215 million) into a wind turbine project, as part of an ongoing initiative to support the government’s New Deal programs. The Shinhan Green New Deal Fund was designed to double down investments in the renewable energy sector for the country to achieve sustainable development after the COVID-19 pandemic. Affiliates of Shinhan Financial Group including Shinhan Bank and Shinhan Life Insurance

Just as spring is a season of rebirth, a 49-year-old amusement park in Seoul has also been given a new lease on life.  Reopening to the public after eight months of renovation, the Children’s Grand Park located in Neung-dong, Gwangjin-gu is a popular picnic spot that has been loved by generations of Seoulites since 1973.  Covering a total of 530,000 square meters, the park has a zoo, botanical garden, outdoor performance venue and many other fun attractions.  The public p

Cho Young-eun, a 68-year-old retiree in Seoul, thought she would have a comfortable life in the years ahead. She and her husband had an apartment to live in, and a pension and savings to cover their daily expenses. But her expectations were shattered when she learned about the tax hike on her home in Gangnam last month. She paid around 4 million won ($3,577) in comprehensive real estate taxes last year but might have to pay nearly 3 million won extra this year and 7.5 million won more next y

Citibank Korea, the South Korean unit of Citigroup, said Thursday that it would withdraw its retail business as part of its parent company’s reorganization plans for Asia. 　 The decision was made to streamline operations and enhance global competitiveness by focusing investments and resources on its consumer banking franchise, it said in a statement. But the bank has not yet set a timeline or made detailed plans and will take time to conduct a thorough review, as well as hold discussion

Woori Bank said on Tuesday it has completed a project led by the Vietnamese central bank to jointly set up an electronic network for financial transactions aimed at promoting cashless payments in the Southeast Asian nation. Woori Bank Vietnam was the only foreign lender among nine commercial banks selected to build the Automated Clearing House, a computer-based electronic network for processing transactions designed by the State Bank of Vietnam. The network is a part of the Vietnamese governm

The election of Seoul’s new mayor has left the central government’s housing policies in limbo, as the administration is expected to face pushback from the conservative bloc that is campaigning to ease real estate regulations. The political realignment following the results of the by-election last week has sparked concerns over possible policy shifts for the property market. The government and ruling Democratic Party of Korea are expected to hold talks to revise real estate policies

South Korea’s Finance Minister Hong Nam-ki on Tuesday told global fiscal policymakers that they should refrain from using climate change policies as a tool of trade protectionism. “Climate change policies, such as the carbon border adjustment mechanism, should be prevented from being abused as trade protectionism,” Hong said during a virtual meeting of the Coalition of Finance Ministers for Climate Action. The European Commission is expected to announce a proposal for a c

South Korea’s economy is expected to grow 3.6 percent this year in the wake of the coronavirus pandemic, but it will grow 2.8 percent in 2022 as the world economy recovers, the International Monetary Fund said on Tuesday. The figures have remained unchanged from its estimate released on March 26 in a report on the outcome of its annual consultation with South Korea held in January. Last month, it forecast Asia’s fourth-largest economy to grow 3.6 percent this year, up from its esti

South Korea has seen the largest and fastest increase in total national liabilities last year, as it neared the 2,000 trillion won ($1.78 trillion) mark and exceeded the country’s gross domestic product for the first time, the Finance Ministry said Tuesday. The total liabilities reached 1,985.3 trillion won ($1.76 trillion) in 2020, up 241.6 trillion won, or 13.8 percent, from a year earlier, according to the 2020 settlement of accounts endorsed by the Cabinet. The figure is a record hi

With abundant data and digital analytics tools, big tech firms could conduct a more accurate assessment of a company‘s creditworthiness than conventional banks, giving them the upper hand in providing lending services in terms of allocative efficiency, a think tank said Monday. Amid accelerating digitization in the financial industry, big tech firms are capitalizing on their platforms and growing user databases to expand their financial services from basic payment system to financial in

The Export-Import Bank of Korea has signed an agreement with Hyundai Motor to provide financial support to the automaker vying with global rivals to take the lead in future vehicle markets.　 Under the memorandum of understanding inked on Thursday, the state-run policy lender will offer the automaker some 3 trillion won ($2.65 billion) until 2023 for its projects involving its plan to make the transition to become a smart mobility solution provider that manufactures zero-emission and driverless

The global economy is poised to make a strong rebound on the back of a revival in manufacturing and the coronavirus vaccine rollout, said Finance Minister Hong Nam-ki on Thursday. “The upturn in the global economy will be steeper than expected,” he said at a meeting with government officials on innovative growth. His remark came as Asia’s fourth-largest economy showed signs of recovery supported by exports. “Exports are the core driving force of an economic recovery.