Business - The Korea Times

Korea Eximbank forges strategic partnership with Uzbek ministry

The Export-Import Bank of Korea (Korea Eximbank) signed a memorandum of understanding (MOU) with Uzbekistan's investment ministry to establish a strategic partnership, the state-run lender said Tuesday. The signing ceremony took place Sunday in Samarkand, on the sidelines of the annual meeting of the Asian Development Bank. Under the agreement, the two sides will expand cooperation in industrial development and strengthen information sharing to help stabilize supply chains. The partnership will also cover investments in energy transition and green infrastructure, as well as collaboration in artificial intelligence (AI) technologies. The MOU follows an agreement reached last December between the two countries' deputy prime ministers for economic affairs. The signing ceremony was attended by Finance Minister Koo Yun-cheol and Eximbank CEO Hwang Ki-yeon. Uzbek officials in attendance included Deputy Prime Minister Khodjaev Jamshid Abdukhakimovich, Finance Minister Kuchkarov Djamshid Anvarovich and Deputy Minister of Investment, Industry and Trade Gulamov Shokhrukh Khasanovich. Eximbank said

May 5, 2026By Lee Hyo-jin

Korea Eximbank forges strategic partnership with Uzbek ministry

Parents skeptical about gov't decision to allow credit cards for minors

The government’s decision to allow the issuance of credit cards to minors aged 12 and older has drawn skepticism from parents Tuesday, with some raising concerns about early exposure to overspending and the potential for delinquency. Credit cards had previously been limited to adults aged 19 and older, but the minimum eligibility age was lowered through a revision to the enforcement decree of the Specialized Credit Finance Business Act, which took effect Monday. A woman in her 40s surnamed Kim, who lives in Seoul’s Gangseo District and has a 13-year-old daughter, expressed doubts about the move, questioning whether a credit card is necessary when her child already has a debit card. Her daughter currently uses KakaoBank's "mini card," a debit card designed for teenagers, through which she receives a monthly allowance of 100,000 won ($67). "I don't see the need for a credit card, since it's ultimately a system where I have to pay for what my daughter spends," she said. "It feels like a policy designed to benefit card companies. If misused, it could lead to delinquencies or other side e

May 5, 2026By Lee Hyo-jin

Parents skeptical about gov't decision to allow credit cards for minors

Mirae Asset's Korbit stake bid stirs up alleged favoritism

Mirae Asset Financial Group’s bid to acquire a stake in the virtual asset exchange Korbit has sparked controversy over possible preferential treatment, as critics say the deal effectively sidesteps restrictions on financial institutions owning crypto exchanges, industry officials said Monday. In February, Mirae Asset Consulting, an affiliate of the group, announced an agreement to purchase 26.91 million shares in Korbit — equivalent to a 92.06 percent stake — for 133.5 billion won ($91 million), citing plans to secure new growth drivers in the virtual asset sector. The Financial Intelligence Unit under the Financial Services Commission, the country’s top financial regulator, later approved changes to Korbit’s executive lineup, including the appointment of Mirae Asset Consulting representatives to its board. The remaining step is a review by the Fair Trade Commission (FTC), which has recently collected opinions from around 10 securities firms to assess the deal’s potential market impact. According to industry insiders, the FTC asked whether the combined entity could raise entr

May 4, 2026By Jun Ji-hye

Mirae Asset's Korbit stake bid stirs up alleged favoritism

Korea Eximbank sets up $500 mil. critical minerals supply chain alliance with ADB

The Export-Import Bank of Korea (Korea Eximbank) has signed a $500 million (735 billion won) financing agreement with the Asian Development Bank (ADB) to support critical minerals projects in developing countries, the state-run lender said Monday. The agreement was signed by Korea Eximbank CEO Hwang Ki-yeon and ADB President Masato Kanda the previous day in Samarkand, Uzbekistan, on the sidelines of the ADB's annual meeting. Under the deal, Eximbank will participate in a newly established ADB-led financing platform called the Critical Minerals-to-Manufacturing Financing Partnership Facility (CMM FPF), aimed at strengthening critical minerals supply chains across Asia and the Pacific. Eximbank plans to commit up to $500 million by 2029 through its supply chain stabilization fund, using a mix of loans, guarantees and investments. ADB aims to scale up the overall financing pool to between $2 billion and $3 billion. The two institutions will jointly identify promising critical minerals projects in developing countries and provide cofinancing across the value chain, including exploration, ext

May 4, 2026By Lee Hyo-jin

Korea Eximbank sets up $500 mil. critical minerals supply chain alliance with ADB

From concert tickets to delivery apps, banks diversify revenue beyond finance

As tighter government lending restrictions curb household loans and pressure traditional interest-driven profits, Korea’s major banks are looking beyond finance for growth, branching into lifestyle services to build new sources of non-interest income, according to industry officials Sunday. From concert platforms to food delivery, banks are moving more aggressively into consumers’ everyday lives. Woori Bank is the latest to join the shift, launching its cultural platform app TWOTHEMOON (2TM) last month. Centered around Seoul’s trendsetting cultural hubs of Seongsu, Hongdae and Itaewon, the platform offers users access to performance listings alongside teaser videos, artist interviews and behind-the-scenes content. To address one of the country’s most persistent ticketing frustrations, the bank also introduced traffic control systems and anti-bot safeguards designed to curb macro-driven bulk purchases. The initiative extends beyond ticket sales. Woori is positioning 2TM as an alternative platform for emerging artists and smaller event organizers, offering independent booking infras

May 3, 2026By Park Han-sol

From concert tickets to delivery apps, banks diversify revenue beyond finance

Woori Bank hosts US investment seminar for Korean firms

Woori Bank held an investment seminar for small and medium-sized Korean companies seeking to enter the U.S. market amid tariff uncertainty and shifting trade conditions, the bank said Thursday. The event, held at the bank's headquarters in Seoul the previous day, was co-hosted with the Ministry of SMEs and Startups and brought together a range of public and private institutions. Participants included representatives from Woori Bank's Global Investment WON Center and its U.S. subsidiary Woori America Bank, as well as the Korea SMEs and Startups Agency, the Korea Trade-Investment Promotion Agency (KOTRA), the law firm Jipyong and accounting firm Samil PwC. The program featured 11 sessions on U.S. market entry strategies and the local business environment, along with one-on-one consultations covering financing, legal and tax issues, real estate and investment procedures. U.S.-based experts also shared practical insights and on-the-ground perspectives. The seminar followed a similar event held last year on investment opportunities in Vietnam. "This seminar was designed to give companies acces

Apr 30, 2026By Lee Hyo-jin

Woori Bank hosts US investment seminar for Korean firms

KOSPI tops 6,750 intraday, ends 1.38% lower after 3-day streak on oil surge

The KOSPI briefly rose above the 6,750 mark to hit a new intraday high Thursday, but later gave up its gains to finish lower amid rising global oil prices. The benchmark index opened at 6,739.39, up 48.49 points, or 0.72 percent, from the previous close, and quickly climbed to 6,750.27, surpassing Tuesday’s intraday record of 6,712.73. It then turned downward in the afternoon and closed at 6,598.87, down 92.03 points, or 1.38 percent. The index’s strong start was fueled by better-than-expected first-quarter results from four major Big Tech companies. However, the rally lost momentum as global oil prices climbed after the U.S. reaffirmed its maritime blockade against Iran. West Texas Intermediate crude futures hovered around $109 per barrel in after-hours trading. Investor sentiment was further weighed down by a hawkish readout of the Federal Open Market Committee (FOMC) meeting. Despite the late-session decline, KOSPI has maintained an upward trend in recent days, driven by strength in semiconductor shares. A day earlier, the benchmark had finished at a record 6,690.90, up 49.88 point

Apr 30, 2026By Jun Ji-hye

KOSPI tops 6,750 intraday, ends 1.38% lower after 3-day streak on oil surge

KOSPI rally sparks overseas demand for Korean ETFs

KOSPI’s strong rally has fueled growing demand among overseas investors for exchange-traded funds (ETFs) offering exposure to Korean equities, industry officials said Wednesday. Korea’s benchmark index has been setting successive record highs, driven largely by gains in semiconductor shares, and is now delivering standout returns among global equity markets. One notable example is the rapid inflow into the Roundhill Memory ETF (DRAM), a semiconductor-focused fund launched on April 2 on the New York Stock Exchange by U.S. asset manager Roundhill. The ETF attracted more than $1.11 billion in net inflows as of April 21, less than a month after its release. The ETF is heavily concentrated in Korea’s major chipmakers, Samsung Electronics and SK hynix. As of April 21, SK hynix accounted for 26.9 percent of the portfolio and Samsung Electronics 23.4 percent, meaning the two together make up more than half of the fund. The rapid rise of the fund is widely seen as unusual for a relatively small asset manager. An official in the asset management industry said, “The product’s appeal likely

Apr 29, 2026By Jun Ji-hye

KOSPI rally sparks overseas demand for Korean ETFs

Hana Financial, POSCO International, Dunamu team up on blockchain-based cross-border payments

Hana Financial Group said Wednesday it signed a memorandum of understanding with POSCO International and Dunamu to jointly develop blockchain-based overseas remittance services. The three companies aim to combine Hana Financial's foreign exchange network, POSCO International's global trading and supply chain operations, and Dunamu's blockchain technology to test real-time cross-border transfers. The agreement signing ceremony took place at the group's headquarters in Seoul and was attended by Lee Eun-hyung, vice chairman of Hana Financial Group, POSCO International CEO Lee Kye-in and Dunamu CEO Oh Kyoung-suk. Under the partnership, the companies will collaborate on building blockchain-based remittance systems, improving global cash management and payment infrastructure, and exploring new digital finance business opportunities. Hana Financial plans to leverage its global network to develop blockchain-based remittance services aimed at reducing transfer time and costs, particularly for corporate clients. POSCO International will act as a test bed by applying the system to its global trade o

Apr 29, 2026By Lee Hyo-jin

Hana Financial, POSCO International, Dunamu team up on blockchain-based cross-border payments

Chief regulator vows bold deregulation to enhance financial innovation

The chief of the country's financial regulator said Wednesday that his agency will take bold steps to help the financial sector further develop innovative services. In an event to promote fintech services, Lee Eog-weon, chairman of the Financial Services Commission (FSC), said his agency and related parties will provide their support for financial innovation and the fintech industry in selective, vital areas. "Our support will be centered on artificial intelligence (AI), data and young entrepreneurs," Lee said, adding that unnecessary and outdated regulations will be drastically removed. The FSC chief also said his agency will actively tackle changes taking place in the financial sector.

Apr 29, 2026By Yonhap

Banking & Finance