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Reporter : Lee Yeon-woo
Fri, September 29, 2023 | 03:04
Korea's largest crypto exchange sold fake assets
Counterfeit cryptocurrencies were sold as genuine assets on Upbit, Korea's largest crypto exchange. After an internal review, Upbit is now working to bring those back.
Hana, Saudi EXIM Bank join hands to support Korean firms in Middle East
Hana Financial Group announced Tuesday that it signed a memorandum of understanding (MOU) with the Saudi Export-Import (EXIM) Bank to bolster cooperation in the Middle East.
KB chief bids farewell after 9-year period at helm
KB Financial Group Chairman Yoon Jong-kyoo reflected on his nine-year tenure during a press conference at KB headquarters in Seoul, Monday.
Korean banks say Iran's compensation claim is gov't issue
Iran is seeking compensation for losses incurred on the $6 billion in funds that were held in Korea, following the lifting of the U.S.-led sanctions that saw the funds frozen. The Middle Eastern country is reportedly undergoing a legal review with a view to recovering interest and the foreign exchange losses.
Big insurers up for sale, but financial conglomerates appear disinterested
While major insurance firms are queued up for sale, financial holding companies are exercising caution in proceeding with acquisition deals. This contrasts with earlier market expectations that they would actively pursue acquisitions to expand their non-banking business portfolios.
Korean insurers turn to ASEAN amid low birthrates
As Korea's birthrate hits a record low, local insurance companies are increasingly expanding their operations overseas. Among the targeted regions, the Southeast Asian market - characterized by a high percentage of young people and rapid economic growth - is emerging as a "blue ocean" for these firms.
Stock price manipulators' accounts to be frozen
Financial authorities say they will tighten their grip on unfair transactions following a recent stock manipulation scheme that caused the share prices of nine companies to plummet without any clear reason.
Largest embezzlement case in Korean history exposed at BNK Kyongnam Bank
The Financial Supervisory Service (FSS) has confirmed that the extent of embezzlement in the recent real estate project financing (PF) scandal at BNK Kyongnam Bank is significantly larger than initially thought, with the total amounting to 298.8 billion won ($224 million). This stands as the largest embezzlement case ever recorded in the Korean financial market.
NK hackers ramp up use of Russian exchanges for crypto laundering: report
North Korean-linked hacking groups are increasingly using Russian-based exchanges to launder crypto assets, according to cryptocurrency analytics platform Chainalysis.
Financial regulator in dilemma over making ESG disclosures mandatory
Financial authorities are gearing up to require companies with over 2 trillion won ($1.5 billion) in assets to submit sustainability reports starting in 2025. However, such efforts are making slow progress as companies are now urging the regulators to extend the period, citing a lack of clear guidelines and costs.
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