Business - The Korea Times

Koreans' purchase of Japanese yen up nearly fivefold in May

An employee organizes Japanese yen at a foreign exchange department of a bank in Seoul, Jan. 3. NewsisKoreans' combined purchase of the Japanese currency at local banks jumped nearly fivefold in May from a year earlier, data showed Sunday, as more people took advantage of a weaker yen. The amount of Japanese currency sold at the country's four major banks came to 30.16 billion yen ($213 million) in May, soaring from 6.28 billion yen tallied a year earlier, according to the market data.The increase apparently came as more people took advantage of the weak yen in recent weeks, which fell to an eight-year low against the won. On Friday, the Korean won closed at 903.82 won against 100 yen, marking the highest level since June 2015, when it traded at 905.4 won.The eased COVID-19 travel restrictions also induced more people to travel to Japan, with others purchasing the yen for future profits.The amount of deposits in the yen at the four banks came to 810.9 billion yen as of Thursday, up 16 percent from 697.8 billion yen tallied in late May.The latest slide in the yen comes as Tokyo contin

Jun 18, 2023

Koreans' purchase of Japanese yen up nearly fivefold in May

Korean financial firms make inroads into Southeast Asian market

KakaoBank CEO Yun Ho-young, left, and SCBX CEO Arthid Nanthawithaya pose after signing a partnership on forming a consortium for a virtual bank license in Thailand at SCB Park Plaza in Bangkok, Thursday. Courtesy of KakaoBank By Lee Min-hyungFinancial companies here are in a rush to expand their presence in Southeast Asia amid the toughening rivalry that is prevalent in the domestic market.KakaoBank, the nation's leading internet-only bank, has recently signed a partnership with SCBX of Thailand. The latter is one of the country's leading financial groups, rapidly expanding its investment in the area of financial technology there.Under the alliance, both companies decided to establish a consortium for a virtual bank license in Thailand. They will cooperate in not only the early phase of the consortium's operation but also after receiving the license, according to a statement from the Korean lender. The virtual bank refers to a kind of internet-only bank that does no

Jun 16, 2023By Lee Min-hyung

Korean financial firms make inroads into Southeast Asian market

FSS chief vows to speed up probe into alleged stock manipulation case

Financial Supervisory Service head Lee Bok-hyun, first from left, participates in an emergency macroeconomy meeting at the Korea Federation of Banks headquarters in Seoul, Thursday. Deputy Prime Minister Choo Kyung-ho, second from right, speaks during the session on the day. / YonhapThe financial watchdog will speed up its investigation into the alleged stock manipulation case amid investors' cry over unfair trading.Shares in five companies _ Dongil Industries, Manho Rope Wire, Pangrim, Taihan Textile and Dongil Metal _ plunged by a daily-permissible 30 percent Wednesday, prompting the country's bourse operator, the Korea Exchange (KRX), to suspend their trading starting Thursday.The stock plunge came amid investors' woes over stock manipulation cases. For one, a slew of companies crashed for days earlier this year, causing massive losses to retail investors."We've handled the issue and the stocks in question since long ago, and we've also kept close eyes on unusual movements in stock prices, their causes and people concerned," Lee Bok-hyun, the head of the Financial Supervisory Serv

Jun 15, 2023

FSS chief vows to speed up probe into alleged stock manipulation case

KB Financial's debate tournament expands to Indonesia

A promotional image for KB Financial Group's Solveathon debate program / Courtesy of KB Financial GroupBy Lee Min-hyungKB Financial Group will hold a debate tournament with college students from Indonesia in celebration of the 50th anniversary of Korea's diplomatic relations with the Southeast Asian country.A total of 205 Indonesian students applied for this year's KB Solveathon event. KB will select 16 teams from Korea and four teams from Indonesia. The main event will be held for three days from July 6, and the final is scheduled for July 13 at KB's headquarters in southern Seoul's Yeouido.KB Financial Group headquarters in southern Seoul's Yeouido / Korea Times fileThose who advance to the final will receive benefits when joining the company. KB will also offer a total of 30 million won in prize money for the event participants. The financial holding firm will also offer other special benefits to prize winners, such as academic training programs in the United States and Indonesia.“The competition rate for this year's event is four times as high as last year's,” a spoke

Jun 15, 2023By Lee Min-hyung

KB Financial's debate tournament expands to Indonesia

Korea Securities Depository set to build securities token platform

Korea Securities Depository (KSD) CEO Lee Soon-ho speaks during a press conference in Seoul, Wednesday. Courtesy of KSDBy Lee Min-hyungThe Korea Securities Depository (KSD) pledged Wednesday to widen its business portfolio into securities tokens by building a relevant platform in line with the rise of the new form of cryptocurrency used for fractional asset ownership.“We will establish a securities token platform, and set up specific business models for the emerging industry,” KSD CEO Lee Soon-ho told reporters during a press conference. “The KSD already built a medium- to long-term roadmap in the area. But as no specifics have been confirmed as to how the industry will grow, we will play the role of screening the registration of the tokens and managing the total amount of issued tokens here for the time being.”The remark reflects the growing attention on the securities token industry, after the Financial Services Commission (FSC) approved the issuance and distribution of the tokens in early February. Under the decision, investors can digitally trade fractions

Jun 14, 2023By Lee Min-hyung

Korea Securities Depository set to build securities token platform

Credit finance companies eye Central Asia as next land of opportunity

Financial Services Commission (FSC) Vice Chairman Kim So-young speaks during a meeting in downtown Seoul, Wednesday, on facilitating the entry of domestic credit finance companies into the global market. Courtesy of FSCBy Lee Yeon-wooSoutheast Asia has been a lucrative market for Korean financial firms for some time. However, as this market approaches saturation, officials suggest that Central Asia could be the next land of opportunity.The Financial Services Commission (FSC) held a meeting, Wednesday, to discuss support plans for facilitating the entry of domestic credit finance companies into the global market. Credit finance companies include credit card firms, leasing and installment financing companies and venture capital firms.“Digitalization not only enables digital payments in countries with insufficient financial infrastructure but also broadens the scope of financing options,” FSC Vice Chairman Kim So-young said during the meeting in Seoul attended by financial experts and officials from these firms.“Last month, during my visit to Kyrgyzstan, I witnessed th

Jun 14, 2023By Lee Yeon-woo

Credit finance companies eye Central Asia as next land of opportunity

Net-zero banking: nice to have? Or necessary for survival?

By Choi Jung-kiuGlobal temperatures are projected to reach an increase of 1.5 degrees Celsius far ahead of early expectations of around 2050, breaching this limit around 2030 according to IPCC reports. The world is, and should be, undergoing a net-zero transformation, and banking will be a vital part in delivering this success as we seek to tackle growing carbon emissions. Global annual carbon emissions have risen from around 26 billion tons of CO2 in 2001 to over 31 billion tons by 2021. While this continued growth is cause for alarm, there are encouraging signs of a carbon-neutral shift in recent years. A remarkable 90 percent of the global economy is pledged to a net-zero future today, a huge acceleration of the 16 percent covered by pledges as of 2019.There are already strong indications of this vital transition gaining traction in financial institutions. Analysis by Boston Consulting Group (BCG) indicates that more than 450 banks globally now have a net-zero commitment. But genuine strategy and concrete action plans to achieve these goals must be in place, with few banks yet dem

Jun 14, 2023

Net-zero banking: nice to have? Or necessary for survival?

Samsung Card wins MyData license

By Lee Min-hyungSamsung Card headquarters in Seoul / YonhapSamsung Card has won a license belatedly to operate its MyData business. The company is forecast to launch relevant services this year, in a bid to find fresh revenue sources amid a market slowdown.MyData is a service enabling customers to check their comprehensive financial information at one glance through one online platform offered by any one of the major financial firms here. The service also offers analytic data on customers, including their spending patterns, and recommends optimal financial products for them.Unlike other card business operators, Samsung Card was unable to receive the license for the past year after its largest shareholder ― Samsung Life Insurance ― faced the heavy punishment of an institutional warning from the Financial Supervisory Service in January 2022. Both firms had since been prohibited from expanding into new businesses.According to the financial industry, the Financial Services Commission recently granted an approval for Samsung Card's MyData business operation. It took almost two months sinc

Jun 11, 2023By Lee Min-hyung

Japanese business leaders pledge to support Busan's Expo bid

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, right, gives a speech during the chairmen's meeting between the KCCI and the Japan Chamber of Commerce and Industry (JCCI) at Signel Busan hotel, Friday. The meeting marked the first gathering between the two business chambers in six years. Courtesy of KCCI Chairmen of KCCI, JCCI meet for 1st time in 6 years amid thawed bilateral tiesBy Yi Whan-wooBusiness chambers of Korea and Japan have agreed to cooperate to support Korea's bid to host the World Expo 2030 in Busan, according to officials, Friday. They also pledged to work closely for the successful hosting of the upcoming World Expo 2025 to be held in Osaka. The joint announcement on mutual cooperation for the expos was reached during a meeting in Busan between the chairmen of the two sides ― Chey Tae-won of the Korea Chamber of Commerce and Industry (KCCI) and Ken Kobayashi of the Japan Chamber of Commerce and Industry (JCCI).It marked the firs

Jun 9, 2023By Yi Whan-woo

Japanese business leaders pledge to support Busan's Expo bid

KB, Shinhan, Hana promote overseas investor relations amid dismal stock performance

From left, Shinan Financial Group Chairman Jin Ok-dong, KB Financial Group Chairman Yoon Jong-kyoo and Hana Financial Group Chairman Ham Young-joo. Courtesy of each firm By Lee Min-hyungLeaders from Korea's major financial holding firms are ramping up their overseas investor relations (IR) activities, in a bid to improve stock performance by attracting more foreign investment.Starting from Thursday, Shinhan Financial Group Chairman Jin Ok-dong embarked on an eight-day business trip to three European countries ― such as the Netherlands, France and the United Kingdom. Jin will meet with its investors and shareholders there.He will also discuss future partnerships with BNP Paribas from France during his trip to Paris. Both companies have maintained close business ties for more than two decades. BNP Paribas is the fourth-largest shareholder of Shinhan Financial Group with a stake of 3.55 percent as of the end of 2022.This is the second time that Jin has engaged in overs

Jun 9, 2023By Lee Min-hyung

Banking & Finance