Korea Times AI content 2 team Reporter
Value context and insight. lkm@koreatimes.co.kr
A joint partnership between NH NongHyup Bank, a leading Korean commercial lender, and Fireblocks, a New York-headquartered digital infrastructure firm, on a blockchain-mediated tax refund program is an excellent opportunity to advance digital assets markets in the traditional banking services, the Asia-Pacific head of the U.S firm said –day.
![[INTERVIEW] NH NongHyup Bank's exceptional financial services and openness attract global partnership: Fireblocks APAC head](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Regional banks are fortifying collaboration with fintechs, in an industry-wide move to overcome waning competitive edge in digitization drive and extended downturn in the anemic growth potential in the non-Seoul metropolitan areas, market watchers said Friday.Underpinning the joint cooperation is mutual benefit from the cross-use of each other’s revenue model. Fintech’s platform users can be integrated into the lenders’ customers and vice versa. Also strengthened will be tech-powered innovation drive. Decades of sales expertise from regional lenders tailored to the needs of the residents can offset disadvantages for the late entrants.
The Korean currency is strengthening against the dollar, boosted by U.S. President Donald Trump’s comments on the need for a Federal Reserve rate cut and low oil prices, market watchers said Friday.
The Korean economy grew 2 percent in 2024 from the previous year, lower than the earlier projection of 2.2 percent, crippled by an unexpected significant dent in expansion in the fourth quarter amid President Yoon Suk Yeol's martial law fiasco, according to the central bank, Thursday.
The Korean currency opened at 1,437 won against the U.S. dollar, Tuesday, a gain of 14.7 won from the previous session, boosted by expectations of a less aggressive tariff policy from the new Donald Trump administration, market watchers said.
Shareholders can decline to receive notices for shareholder meetings and dividend payments through the Korea Securities Depository (KSD) website, the stock custody service provider said Tuesday.
The main opposition Democratic Party of Korea (DPK) is facing heavy criticism for attempting to pressure acting President Choi Sang-mok into approving its key initiatives through threats of impeachment, political observers said Monday.
By Lee Kyung-minDemocratic Party of Korea Chairman Rep. Lee Jae-myung / YonhapThe main opposition Democratic Party of Korea (DPK) is set to pressure the country’s top five commercial lenders to lower their surcharge, or discretionary premiums, a much-criticized means of defending their profit margins even when their borrowing costs dropped due to a Bank of Korea (BOK) key rate cut.Also advancing the calls is Financial Supervisory Service (FSS) Governor Lee Bok-hyun who called for a close monitoring of how borrowing costs are set and whether the BOK’s 50 basis point cut the past three months were translated into lower interest burden for households and businesses.Central to the demand of the main opposition is revision of a law governing surcharge formula, long criticized for a lack of transparency with arbitrarily set costs passed onto the borrowers.The lenders are likely to concede and exclude insurance premiums and contributions in setting the surcharges, as long as they can avoid having the details of the interest rate charge method disclosed.Read MoreBanks to lower di
Woori Financial Group Chairman Yim Jong-yong and Hana Financial Group Chairman Ham Young-joo are working to reassure key offshore investors of Korea’s robust economic fundamentals and their commitment to bolstering corporate value, the groups said Sunday.
The Bank of Korea (BOK) held its key interest rate steady at 3 percent, Thursday, despite a stagnant economy, citing the recent sharp weakening and elevated volatility of the Korean currency as a key factor in delaying a much-anticipated monetary easing. The BOK evaluated that the Korean economy is experiencing an extended, steeper-than-expected downturn, as reflected in the sharp decline of broader economic sentiment indices since President Yoon Suk-yeol's controversial martial law declaration on Dec. 3, 2024. However, BOK Governor Rhee Chang-yong said a pause in policy is necessary to fully assess the impact of consecutive monetary easing measures implemented in October and November. Rhee said the detention of the president on Wednesday for questioning by investigators will help Korea avoid a feared downgrade in its creditworthiness. However, the country will remain under close scrutiny from offshore investors, who will be watching whether the economic dynamics are functioning independently of political uncertainties, a point Rhee has consistently emphasized. Shin Sung-hwan, a well-kn