Articles by Choi Ji-won
Choi Ji-won
jwc@heraldcorp.com-
Toss Securities logs record quarterly profit in Q1
Toss Securities, the online-only brokerage arm of Korean fintech giant Viva Republica, continues its upward trajectory, marking a significant milestone with its highest-ever quarterly net profit in the first quarter. The company announced Monday that its net profit soared to a record 11.9 billion won ($8.7 million) in the first quarter, rebounding from a net loss of 400 million won in the same period last year. This figure is equivalent to eight times the annual net profit of 1.5 billion won rec
Industry May 13, 2024
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Loans of self-employed swell 50% in four years
The reliance on bank loans among self-employed South Koreans has surged considerably since the onset of the pandemic, with the overall loan volume and the default rate rising steeply in the past four years. According to data from the nation's major credit ratings firm Nice, provided to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea, the outstanding loans to self-employed individuals from local financial institutions totaled 1,112.74 trillion won ($811 billion) as of t
Economy May 12, 2024
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Financial regulator to complete short selling probe this year
South Korea's chief financial regulator, Financial Supervisory Service Governor Lee Bok-hyun, said the agency plans to conclude its ongoing investigation into illegal short selling by the end of the year. He made the statement during a meeting with a group of reporters on Thursday. "We've completed investigations into some companies and made significant progress with three others. About five companies remain, and, if possible, our goal is to wrap up the investigation by the end of
Economy May 9, 2024
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Kakao Bank hits record high quarterly profit in Q1
South Korean online-only lender Kakao Bank announced Wednesday that its net profit hit a record high of 111.2 billion won ($81.44 million) in the first quarter, a 9 percent increase from the previous year. Operating profit for the same period was 148.4 billion won, up 8.8 percent from last year. The bank said it achieved balanced growth across various business sectors, driven by a steady increase in customer numbers and the successful launch of products and services. Total customer numbers grew
Industry May 8, 2024
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NPS commits record W1.5tr for alternative investments
South Korea's National Pension Service will pour a record 1.5 trillion won ($1.1 billion) in alternative assets managed by external managers this year, the largest such allocation in the fund's history. The majority of the sum, 1 trillion won, will go to private equity funds, according to a recent announcement by the NPS, marking a 25 percent increase from the previous year. In 2023, the NPS allocated 800 billion won to private equity, with Macquarie Asset Management, IMM Private Equit
Industry May 7, 2024
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Value-up program: Market disappointment does not mean a failure, just yet
The Korean government's corporate value enhancement guidelines revealed last week may have disappointed investors, yet experts believe there is room for improvement. After a three-month wait following the initial announcement of the corporate value-up program in February, the Financial Services Commission on Thursday issued several pages of guidelines detailing how companies should create their value enhancement plans and associated regulations. Under the guidelines, companies first select
Economy May 6, 2024
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Woori to re-enter brokerage business with acquisition of Korea Foss Securities
Woori Financial Group said Friday that it will launch a new brokerage arm in the third quarter by acquiring digital brokerage firm Korea Foss Securities and merging it into its existing investment banking subsidiary. The tie-up plan between Woori Investment Bank and Korea Foss Securities marks the financial giant's return to the stock trading business after a decade. Woori Financial Group's long-term goal is to become one of the country's top 10 brokerage firms within the next dec
Industry May 3, 2024
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Exports to US reach all-time high, widen gap with China
South Korea's exports increased for seven straight months, jumping 13.8 percent in April on strong chip demand and record-high automobile sales. Exports to the US, in particular, reached an all-time high, further widening the gap with China, the country's second-largest export destination. Outbound shipments came to $56.2 billion, up 13.8 percent on-year, according to data revealed by the Ministry of Trade, Industry and Energy on Wednesday. The data showed that imports rose by 5.4 perc
Economy May 1, 2024
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Financial groups maintain capital adequacy despite ELS risk
Korean banking groups maintained solid capital adequacy despite significant payouts for consumer compensation due to misselling equity-linked securities tracking a Hong Kong index. Industry sources reported that the average capital adequacy ratio, or Common Equity Tier 1, among five major Korean financial groups -- KB, Shinhan, Hana, Woori, and NongHyup -- was 12.8 percent in the first quarter of this year, a slight decline from 13 percent in the previous term and 12.9 percent from the same peri
Industry April 30, 2024
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Woori Financial jumps in race to take over Lotte Insurance
The competition to acquire Lotte Insurance, South Korea's seventh-largest nonlife insurer, is intensifying, with Woori Financial Group recently joining the race. Woori Financial Group's Chief Financial Official Lee Sung-wook stated Friday that the company is reviewing the acquisition of the insurer "to fortify our competitiveness in the nonbanking sectors." The remarks came during the company's quarterly conference call. The move represents Woori's effort to reenter
Industry April 28, 2024
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7 out of 10 wealthy Koreans offer grim outlook for 2024
The majority of wealthy South Koreans have a negative outlook on this year's economy, with plans to maintain their current asset portfolios. However, some are considering investing in real estate if the economy improves. These findings are from the "2024 Korean Wealth Report," compiled by a think tank under Hana Bank based on a survey of around 2,600 Koreans conducted in December last year. Of the respondents, 746 with over 1 billion won ($726,000) in financial assets -- including
Economy April 25, 2024
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Hanwha Life taps into global banking through fresh investment in Indonesia
Hanwha Life, a leading Korean insurance company and the life insurance subsidiary of Hanwha Group, has made a strategic move into the Indonesian banking sector through a stake investment. The company announced on Wednesday that its board had approved securing a 40 percent stake in Nobu Bank from Indonesia's Lippo Group, marking the first entry of a Korean insurer into the Indonesian banking industry. The decision was made during an extraordinary board meeting held on Tuesday. Hanwha Life
Industry April 24, 2024
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KITA partners with German VC fund to bolster auto firms in Gwangju
The Korea International Trade Association is ramping up its efforts to support the overseas expansion of local mobility companies in the Gwangju area. On Tuesday, the state-run trade agency's regional headquarters for Gwangju and South Jeolla Province announced that it had signed a memorandum of understanding with MobilityFund, a German venture capital fund, and the Gwangju Green Car Promotion Agency to help boost the global competitiveness of local future and eco-friendly automobile firms.
Industry April 23, 2024
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Polish delegation visits Seoul to push ahead with arms deal
South Korea and Poland have come to the table to seek progress in their arms deal, with Korea grappling with funding challenges for a follow-up agreement with Poland. On Monday, Pawel Bejda, Poland’s deputy defense minister, met with Seok Jong-gun, the head of South Korea’s Defense Acquisition Program Administration, marking the first high-level visit from the Polish government since the administration change there in December 2022. The Polish government's visit to South Korea c
Industry April 23, 2024
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[Herald Interview] Why Toss invited hackers to penetrate its system
In 2022, South Korean fintech app Toss launched the nation’s first bug bounty program by a finance company, inviting attacks on its security system from the outside. Operating the program for several months in the first two years, Toss has kept the doors open starting last year so that hackers can report whenever they discover a vulnerability in Toss security. White hat -- or ethical -- hackers that make a significant discovery are rewarded up to 30 million won ($22,000). Toss remains the
Industry April 22, 2024
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