Business - The Korea Times

Korean blockchain operators urged to enhance vigilance against accidents

Industry players advised to do more research on failed projectsBy Lee Min-hyungKorean blockchain operators are being urged to reinforce verification of their software programs and stay alert to any danger signs amid unceasing concerns over the possible recurrence of an accident similar to the recent Terra-Luna fiasco, industry officials said.It has been three months since the once-promising algorithmic stablecoin and its sister token stunned the blockchain industry after their sudden collapse. The shock, however, does not appear to have lasted long here, as few noticeable technological improvements have been made on some local blockchain platforms. Klaytn, a blockchain platform developed by Korea's leading mobile giant Kakao, is losing the market's trust after it was exposed to some network errors.The blockchain caught the attention of local partners, such as game firms, as it was developed by one of the most famous tech firms here. But with more partner firms leaving the Klaytn ecosystem, the price of the coin also nosedived. It was once traded at more than $4 in March last year, bu

Aug 14, 2022By Lee Min-hyung

Korean blockchain operators urged to enhance vigilance against accidents

Why has Apple Pay been unavailable in Korea?

Apple Pay uses Near Field Communication (NFC) technology to enable contactless payment between a device and payment terminal. But Korea has yet to set up an NFC payment network. gettyimagesbank By Kim Bo-eunTalk of Apple Pay launching in Korea in partnership with a local credit card company is drawing interest to just what has prevented the entry of the tech giant's payment service here, since its introduction in 2014. In Asia, Apple Pay is available in mainland China, Japan, Taiwan, Hong Kong, Singapore and Malaysia. Questions have been raised over why Korea, where iPhones account for about 20 to 30 percent of the smartphone market, has not yet launched Apple's payment service.Apple Pay uses Near Field Communication (NFC) technology to enable contactless payment between a mobile phone or watch and a payment terminal.Most stores here, however, are not equipped with NFC payment terminals, as they mostly use IC card terminals used to make payments with credit cards. A

Aug 13, 2022By Kim Bo-eun

Why has Apple Pay been unavailable in Korea?

Exclusive KDB accelerates drive to set up new hub in EU

The Korea Development Bank's flag is seen at its headquarters on Yeouido, Seoul. Yonhap By Kim Bo-eunThe Korea Development Bank (KDB) has initiated steps to set up a branch in Germany in order to establish a new base within the European Union (EU). The state-run lender has drawn up a task force for the purpose, and dispatched personnel to Frankfurt last month, a senior KDB official said. The task force will take steps to switch the KDB's office there into a branch to conduct business operations in the 27-member economic bloc, with a base in the EU's largest economy.The KDB's plan was developed after the U.K. left the EU in 2020. The bank has a branch in London that offers services in corporate finance, trade finance, derivatives, security investment and treasuries. In Europe, aside from this unit, the KDB has subsidiaries in Ireland and Hungary.”The London unit has served as the bank's Europe hub, but Brexit gave rise to the need for a business hub within the EU, to

Aug 12, 2022By Kim Bo-eun

[Exclusive] KDB accelerates drive to set up new hub in EU

FSS to examine Korea Investment & Securities' trading system failure

The headquarters of Korea Investment & Securities in Seoul / Courtesy of Korea Investment & SecuritiesDespite CEO's apology, brokerage criticized for lack of investments in computerized operations By Anna J. ParkFollowing a recent 15-hour system failure at Korea Investment & Securities earlier this week, the Financial Supervisory Service (FSS) has begun to look into the case, as the financial watchdog agency has been receiving reports of related facts from the brokerage company.The financial authority will decide whether to impose sanctions on the firm over the system failure, after thoroughly looking into the reports, if any wrongdoing on the part of the securities firm is confirmed, according to the country's Electronic Financial Transactions Act. For now, the FSS does not have a specific timeline about on-site inspections or sanctions. “Currently, the FSS is examining reports to figure out facts about the issue with facility experts,” an official from the FSS said. Both the home trading service (HTS) and mobile trading service (MTS) of Korea Investment &amp

Aug 11, 2022By Anna J. Park

FSS to examine Korea Investment & Securities' trading system failure

MSCI appoints new head of Korea office

By Lee Min-hyungEric Yun, head of MSCI's Korea officeMSCI has appointed Eric Yun as the new leader of its Korea office.Yun will focus on expanding the MSCI's client base in Korea and drive its sales growth in the local market, the U.S. finance firm said. He took on the new role as the head of Korea client coverage at MSCI on Aug. 1.After studying economics at Seoul National University, Yun received a master's degree in business administration at the University of Chicago. He is best known for his broad range of financial experiences, having worked at major investment banks and hedge funds, including Credit Suisse, UBS, BNP Paribas and LK Asset Management, for about two decades.“More and more Korean investors are expanding their investment portfolio into global assets, and they need more trustworthy and reliable solution providers to achieve their investment goals,” Yun said. “We are excited to offer advanced services to Korean customers who have a high interest in MSCI's industry-leading investment solutions.”Kazuya Nagasawa, head of APAC client coverage at MS

Aug 11, 2022By Lee Min-hyung

Internet banks perform poorly in board gender diversity

gettyimagesbankBy Anna J. Park Internet-only banks that have been vocal about their demand for innovation have turned out to be actually lagging behind their traditional peers in their environmental, social and corporate governance (ESG)-related efforts. They've been especially weak in fulfilling the governance factor. K bank and Toss Bank haven't even appointed any female independent board members yet, while KakaoBank has appointed only one female board executive out of its six independent board members. She is Lee Eun-kyung, a former judge and legal expert with ample advisory experience in gender and human rights issues. The reason that KakaoBank appointed a female board member is to abide by the revision of the country's Capital Markets Act. The revision obligates companies with over two trillion won ($1.5 billion) worth in capital assets to avoid board members being of a single gender, requiring the firms to appoint at least more than one female board member into their executive group. KakaoBank has also set up an ESG committee within its board, which is the first attempt to do s

Aug 11, 2022By Anna J. Park

Internet banks perform poorly in board gender diversity

Woori Financial, WWF co-host circular economy conference

Woori Financial Group Vice President Park Jong-il, fourth from left, poses with other key participants during a conference co-hosted by the banking group and World Wildlife Fund (WWF) at The Plaza Seoul hotel on Tuesday. Courtesy of Woori Financial GroupBy Yi Whan-wooWoori Financial Group, jointly with the World Wildlife Fund (WWF), hosted a conference on circular economy in Seoul in line with the international green campaign, the lender said Wednesday. The circular economy refers to a concept that gives incentives to reusing products, rather than discarding them and then extracting new resources.The concept is observed by the United Nations and other non-profit organizations including the WWF, the largest international conservation organization.The conference took place at The Plaza Seoul hotel in central Seoul, Tuesday, attracting more than 120 participants from both Korea and abroad. Among them were Woori Financial Group Vice President Park Jong-il, WWF-Korea Executive Director Hong Yoon-hee, as well as officials from the U.N. Environment Programme Finance Initiative (UNEP FI), Gl

Aug 10, 2022By Yi Whan-woo

Woori Financial, WWF co-host circular economy conference

Samsung's financial arms hit by earnings falls amid stock slump

A flag with the Samsung logo waves in front of the firm's building in Seoul. YonhapBy Lee Min-hyungSamsung's financial arms are forecast to report steep earnings declines amid the stock market slump and weak sales environment.According to data from market tracker FnGuide, Samsung's four financial affiliates, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Card, are estimated to have produced a combined net profit of 1.82 trillion won ($1.39 billion) in the first half of this year, down 33.6 percent from the previous year.The earnings fall is attributable to the dwindling stock market condition here and sluggish growth in the local insurance market.Samsung Life Insurance, the largest financial affiliate of Samsung Group, will be hit hardest by the unfavorable market circumstances, according to data. The life insurer generated a net profit of 1.16 trillion won between January and June in 2021, but the figure is forecast to drop below 500 billion won during the same period this year, according to data from the market tracker.The benchmark KOSP

Aug 10, 2022By Lee Min-hyung

Samsung's financial arms hit by earnings falls amid stock slump

Korea Investment & Securities' trading system crippled by torrential rain

The headquarters of Korea Investment & Securities on Yeouido suffered rain damage amid torrential downpours on Monday. Image captured from a SNS online communityBrokerage firm pledges to compensate customers after trading system shutdownBy Anna J. ParkFollowing a half-day system failure due to heavy rainfall, Korea Investment & Securities' transaction system resumed operating on Tuesday. The brokerage vowed to compensate those whose stock trading had been hampered by the system failure.According to the firm, the system has been normalized as of 7 a.m. on Tuesday morning, some 15 hours after the company's home trading system (HTS) and mobile trading system (MTS) suffered a failure. “We're very sorry for the havoc wreaked on customers' overseas stock trading. The company plans to swiftly compensate customers for damages stemming from the system failure, according to procedure,” an official from the brokerage firm said. “The company pledges to improve the transaction system, and will make our best efforts to stabilize the system,” he explained, adding tha

Aug 9, 2022By Anna J. Park

Korea Investment & Securities' trading system crippled by torrential rain

Carlyle CEO Kewsong Lee's sudden resignation draws attention

Former Carlyle Group CEO Kewsong Lee / Courtesy of the Carlyle GroupBy Anna J. ParkCarlyle Group Chief Executive Kewsong Lee, 56, stepped down from his post earlier this week, drawing market attention to his sudden resignation. The renowned Korean-American CEO's departure from his post came several months prior to the official termination of his five-year term, which is slated for the end of this year. Lee had also stepped down from the firm's board as well.The Carlyle Group ― one of the top global private equity firms, along with KKR and Blackstone ― said in its statement that the firm's co-founder, Bill Conway, will serve as interim CEO during their search for a new candidate for the position. Although no official explanation is offered by the Washington, D.C.-based private equity firm over Lee's departure, U.S.-based media outlets reported that Lee's exit was mainly due to the failure of his negotiations with the company's board over a new contract. Due to the news of Lee's abrupt resignation, the private equity firm's stock price fell by 6.23 percent, ending at $35.29 at Monday's