Shinhan Bank CEO Jung Sang-hyuk called on the international subsidiaries to enhance customer trust and strengthen internal controls to boost global expansion, the bank announced Tuesday. "For Shinhan Bank to maintain steady growth and achieve lasting global recognition, we must earn unwavering trust from our customers. Please focus on rigorous compliance with local regulations and meticulous internal controls to further enhance customer confidence," Jung said Monday during an event gat

Industry July 16, 2024

Kakao Bank announced Friday that it is donating 1 billion won ($726,000) to the United Nations International Children's Emergency Fund to aid in tackling the global climate crisis and supporting future generations. The internet-only bank and the Korean Committee for UNICEF conducted a ceremony Thursday to deliver the donation. Kakao Bank CEO Yun Ho-young and Cho Mi-jin, Secretary General of the Korean Committee for UNICEF, attended the event. The donation will fund programs to address and a

Industry July 12, 2024

The South Korean economy is poised to continue its recovery in the latter half of this year, yet the country must address its "existential issue," which stems from problems such as low productivity, a declining population and climate change, the Organization for Economic Cooperation and Development said Thursday. "We publish surveys every two years, but this one is about an existential issue for Korea," said Vincent Koen, the OECD's country studies division chief in the

Economy July 11, 2024

Kyobo Life Insurance is stepping into the asset trusts business, marking the latest milestone in its evolution to become a comprehensive asset management company. Kyobo Life, a major South Korean life insurer, announced Monday it recently secured a license in the asset trusts business from the Financial Services Commission. This marks the company's first move in the trusts sector since obtaining a license for the money trust business in 2007. With this new license, Kyobo Life can now offer compr

Industry July 8, 2024

A woman in her late 40s and mother of two recently enrolled in a will-substitute trust at a local bank. Despite her relatively young age, she was doing her estate planning due to terminal cancer, which can progress rapidly and unpredictably. Her primary concern has been ensuring the proper distribution of her assets to her two children after her death, particularly to her 10-year-old youngest who has a disability. She stipulated that her oldest should receive the majority of his inheritance at a

Industry July 7, 2024

First Vice Finance Minister Kim Byoung-hwan has been nominated to lead the Financial Services Commission, South Korea's top financial policy-making unit, the presidential office announced Thursday. In nominating Kim, the office noted, "With his exceptional insights into finance and macroeconomics, the nominee is well-suited to effectively advance policy tasks such as modernizing the financial industry and ensuring stability in financial markets." A 53-year-old expert in macroecono

Economy July 4, 2024

Global investment bank Credit Suisse affiliates have been fined a record amount for violating Korea's short selling regulations. The Securities and Futures Commission under the Financial Services Commission announced that it had decided to impose fines totaling 27.17 billion won ($19.5 million) on two affiliates of UBS AG -- formerly Credit Suisse -- for illegal short selling amounting to 100 billion won discovered earlier this year. This is the largest fine imposed since the penalty system

Economy July 3, 2024

The South Korean government has unveiled a set of economic measures for the second half, focusing on helping small business owners grappling with debt as the economy continues to show uneven recovery. President Yoon Suk Yeol introduced a 25 trillion won ($18 billion) support package for small business owners and the self-employed burdened by loans, and called for structural measures during a meeting to discuss the direction of economic policy in the second half held at Cheong Wa Dae on Wednesd

Market July 3, 2024

Hana Bank’s foreign exchange trading room in Seoul, the largest in South Korea, completed its first extended trading session on Tuesday. Starting Monday, Korea extended its foreign currency trading hours, pushing the closing time from 3:30 p.m. to 2 a.m. the following day. This move is part of Korea’s strategy to enhance its financial market and attract more foreign capital, with won-dollar trading now available until 5 p.m. in London and 1 p.m. in New York. Additionally, foreign fin

Economy July 2, 2024

Kyobo Life Insurance CEO and Chairman Shin Chang-jae's ethical business practices received global recognition at the Geneve Entrepreneurship Forum on Thursday. The leading life insurer in South Korea said Monday that Shin was awarded the Global Ethics & Stakeholder Commitment Award at the annual entrepreneurship forum held at the International Labor Organization headquarters in Geneva. Each year, the International Council of Small Business gathers distinguished entrepreneurs, legislator

Industry July 1, 2024

South Korea retained its emerging market status by Morgan Stanley Capital International, with the ongoing short selling ban cited as a hindrance to the country's efforts for a status upgrade. "The recent short selling ban introduces market accessibility restrictions," MSCI said Thursday when announcing the results of its market classification review for the global standard indexes. In part, the New York-based index provider acknowledged and welcomed the recently proposed measures

Economy June 21, 2024

NongHyup Bank has teamed up with local livestock fractional investment platform Bankcow to expand their business enabling customers to pool their funds to invest in livestock raised on Korean farms. The bank announced on Thursday that it has entered a strategic business agreement with Stockeeper, the operator of Bankcow, to collaborate on securities token offerings (STOs). "Through this business agreement, our goal is to enhance convenience and security for investors using our fractional in

Industry June 20, 2024

President Yoon Suk Yeol declared a "national emergency on population" Wednesday, rolling out measures to expand cash support for newborn babies and reverse the declining birth rate trend. "The population crisis caused by extremely low birth rates is the foremost and critical issue for South Korea," Yoon said, adding that the rapid population decline has now become a matter "prompting concerns about the very survival of South Korea." Yoon made the announcement during

Economy June 19, 2024

South Korean banks are bolstering their services for foreigners to tap into the rapidly expanding foreign customer market. Shinhan Bank recently pioneered a service among local commercial banks that allows foreign residents in Korea to conveniently apply for new check cards online through its mobile app SOL Bank. With its newly implemented foreign identification verification system, foreigners aged 17 or older with valid domestic identification documents, like an alien registration card or domes

Industry June 16, 2024

South Korea's ban on the short selling of stocks is set to be extended until March next year. The projected deadline was discussed during a government-parliament meeting between the country's top financial regulators and the ruling People Power Party on Thursday to discuss the enhancement of short selling regulations. "We have proposed extending the short selling ban until March 2025, after the development of the computerized monitoring system," said lawmaker Jeong Jeom-sig,

Economy June 13, 2024