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Woori Financial launches foundation for public interest

By Lee Min-hyungWoori Financial Group headquarters in Seoul / Courtesy of Woori Financial GroupWoori Financial Group will launch a foundation dedicated to providing multilateral support to the socially vulnerable and young generation here, the company said Sunday.The decision is part of Woori's group-wide efforts to fulfill the environmental, social and corporate governance (ESG) management. Under the plan, Woori's 15 affiliates will raise 20 billion won ($15.92 million) to carry out a series of projects for the public interest, the group said.“We have decided to push ahead with the project by joining hands with Woori's 15 affiliates,” Woori Financial Group Chairman Son Tae-seung said. “Woori Financial Future Foundation will engage in a set of multiple public welfare projects, with a view to helping the vulnerable stand on their own feet and supporting the growth of the young generation.”Woori's subsidiaries will also keep donating a certain portion of their operating profits for the foundation each year, so the foundation can continue to carry out social proj

May 29, 2022By Lee Min-hyung
Woori Financial launches foundation for public interest

More investors file complaints against Terraform co-founders

Terraform Labs co-founder Do KwonA second group of investors in Terraform Labs' troubled cryptocurrencies filed complaints Friday against its co-founders on charges of fraud.The company's coins, TerraUSD and Luna, crashed earlier this month, causing huge losses for hundreds of thousands of investors.A total of 76 people participated in the latest legal action against CEO Do Kwon and co-founder Daniel Shin, according to an online community of the tokens' holders. Their combined loss amounted to 6.7 billion won ($5.35 million), they said in the complaints submitted to the Seoul Southern District Prosecutors Office."If the truth is revealed through a thorough investigation, all the fraudsters will be arrested and pay for their crimes," the group's leader said. On May 19, five investors filed similar complaints with the district prosecution office, claiming they suffered a combined loss of 1.4 billion won.In mid-May, the stablecoin TerraUSD and its digital coin counterpart Luna registered falls of more than 99.99 percent from their highs, wiping out more than US$38 billion of investors'

May 27, 2022
More investors file complaints against Terraform co-founders

KDB relocation emerges as last-minute campaign issue in Seoul, Busan mayoral elections

Seoul Mayor Oh Se-hoon, right, of the ruling People Power Party, and Song Young-gil of the main opposition Democratic Party of Korea, both candidates for Seoul mayor, cast their ballots on the first day of the two days of early voting for the June 1 local elections in Seoul, Friday. Yonhap Experts say understanding the policy lender's unique roles is crucial for countryBy Yi Whan-wooThe rival mayoral candidates for both Seoul and Busan are capitalizing on President Yoon Suk-yeol's plan to relocate the Korea Development Bank's (KDB) headquarters outside the nation's capital in their last-minute campaigns to woo voters in the June 1 local elections. Yoon wants to move the state-run KDB to Busan in the name of balanced regional development, which collides with Seoul's goal of becoming a global financial hub by enhancing the networks and infrastructure of financial firms already heavily concentrated in the city.The rival candidates are either for or against the presiden

May 27, 2022By Yi Whan-woo
KDB relocation emerges as last-minute campaign issue in Seoul, Busan mayoral elections

FSS extends inspection on scandal-tainted Woori Bank

Woori Bank headquarters in Seoul / YonhapBy Lee Min-hyungThe Financial Supervisory Service (FSS) will extend its inspection of the scandal-tainted Woori Bank, citing the need to look deeper into the lender's internal control system after one of its employees was arrested for allegedly embezzling more than 60 billion won ($47.3 million) from the lender last month.The financial authority was supposed to wrap up its investigation on May 27, but decided recently to extend the timeline to June. The FSS cited the need for more time to get the facts straight surrounding the scandal, as the employee allegedly started engaging in the criminal act in 2012. Under the latest decision, the financial watchdog is widely expected to investigate in detail whether Woori Bank's internal control system has been operating properly for the past decade.In late April, the FSS launched its investigation into the lender, and while conducting the month-long probe, it uncovered evidence that the employee had allegedly embezzled an additional 5 billion won from what was known previously.The employee is under inv

May 26, 2022By Lee Min-hyung
FSS extends inspection on scandal-tainted Woori Bank

Eximbank awarded for supporting SMEs in exports

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, center, poses with President Yoon Suk-yeol, left, after the bank got a presidential commendation at the convention for SMEs held at the presidential office complex in Yongsan District, Seoul, Wednesday. Courtesy of EximbankBy Yoon Ja-youngThe Export-Import Bank of Korea (Eximbank) got a presidential commendation for supporting the country's small and medium-sized enterprises (SMEs) in their exports. According to Eximbank, it was awarded the presidential commendation at the annual convention for SMEs organized by the Korea Federation of SMEs at the presidential office complex in Yongsan District, Seoul, Wednesday. It is the biggest event for SMEs, awarding not only business leaders who have contributed to the national economy and job creation but also those who have helped SMEs to grow and develop. Eximbank was the only financial institution to get a presidential commendation for its contributions to SMEs.The bank has been steeply increasing funding for SMEs during the past decade. It supported them with a record high of 30 tri

May 26, 2022
Eximbank awarded for supporting SMEs in exports

Mirae Asset, Hyundai Card team up for private label credit card

Hyundai Card CEO Chung Tae-young, right, poses with Mirae Asset Securities Chairman Choi Hyun-man after signing a partnership on launching a private label credit card, at the latter's headquarters in Seoul, Monday. Courtesy of Hyundai CardBy Lee Min-hyungMirae Asset Securities will launch a private label credit card (PLCC) by teaming up with Hyundai Card sometime in the latter half of this year.This will mark the first time for a Korean securities company to sign a PLCC partnership with a local credit card business operator. A PLCC is a special credit card issued for customers who want to receive benefits with a certain brand.The Mirae Asset-Hyundai PLCC will be launched under the concept of “consumption for investment.” When its users make payments with the card, they can receive some gift points and use them to purchase stocks.The credit card also offers special promotional benefits. Its subscribers can receive stocks worth as much as 100,000 won as part of a “welcome gift,” the two companies said.Both companies will also keep partnering with each other to o

May 25, 2022By Lee Min-hyung
Mirae Asset, Hyundai Card team up for private label credit card

Brokerage firms choose to sell buildings for higher profitability

Shinhan Financial Investment headquarters on Yeouido, Seoul / Courtesy of Ssangyong EngineeringBy Anna J. ParkWith the country's real estate prices continuing to soar, major securities firms are choosing to sell their own buildings and remain as a tenant, so they can divert their profits to investment banking or prop up trading to yield higher returns. Shinhan Financial Investment is currently in negotiations with a consortium of IGIS Asset Management and KKR to sell its office building in Seoul's Yeouido financial district, where the brokerage company's headquarters has been located for the past two decades.Shinhan Financial selected the IGIS-KKR consortium as its preferred bidder on May 11 to sell the building for around 640 billion won ($506 million). The sale is expected to yield a profit of over 400 billion won considering the building's book value. A company official explained that the cash inflows would be diverted to the firm's capital for developing other key businesses. “With the capital increase, we plan to seek new opportunities for further earnings, particularly in

May 25, 2022By Anna J. Park
Brokerage firms choose to sell buildings for higher profitability

KakaoBank partners with 7-Eleven

Promotional image of KakaoBank's moneybox service in partnership with 7-Eleven / Courtesy of 7-ElevenBy Anna J. ParkKakaoBank has partnered with convenience store chain 7-Eleven for the first time, offering benefits for customers using Moneybox, a savings tool of the digital bank. The online-exclusive bank plans to partner with more business brands in various sectors so as to expand its influence further. Any customers of KakaoBank can register for the “Moneybox with 7-Eleven” partnership initiative through the banking app starting this Wednesday until June 1.After completing registration, the moneybox function will automatically work in partnership with 7-Eleven from June 2 to June 30, through which various benefits ranging from e-tickets and discount coupons will be distributed next month. Customers' moneybox function will be returned back to its normal state in July. “We have launched the brand-partnered moneybox to return a range of benefits on top of reminding the customers of the fun of savings,” an official from the digital bank said. “We plan to

May 25, 2022By Anna J. Park
KakaoBank partners with 7-Eleven

Despite Luna fiasco, Wemade set to launch stablecoin

Wemade CEO Chang Hyun-guk speaks during an online press conference, Tuesday. YonhapBy Lee Min-hyungWemade has reiterated its willingness to issue its own stablecoin despite increasing negative sentiment in the global cryptocurrency industry following the sudden collapse of once-prominent Terra and Luna coins. Chang Hyun-guk, CEO of the local games publisher, shared Tuesday the company's vision to push ahead with its earlier plan to launch the tentatively-named WEMIX Dollar next month.“Wemade's stablecoin was designed to guarantee the stability of game tokens,” he said during an online press conference.He also underlined that its stablecoin is different from Terra and Luna, as it represents what he called an “inter-game economy” under which the stablecoin will be used to trade game coins and non-fungible tokens.“Wemade is a listed firm and has operated a blockchain business for the past four years, during which period, we have set up tight internal control systems,” Chang said. The company has also had to receive audits regularly and abided by tight

May 25, 2022By Lee Min-hyung
Despite Luna fiasco, Wemade set to launch stablecoin

KB Financial vows to expand partnership with Jefferies Financial Group

KB Financial Group Chairman CEO Yoon Jong-kyoo, right, shakes hands with Jefferies Financial Group President Brian Friedman at KB headquarters in Seoul, May 19. The two discussed expanding Jefferies Financial Group's partnership with KB Securities to KB Financial Group. Courtesy of KB Financial GroupBy Yi Whan-wooKB Financial Group said Tuesday its Chairman and CEO Yoon Jong-kyoo met with Brian Friedman, president of the U.S. investment banking company Jefferies Financial Group, to discuss consolidating their partnership to help the Korean firm expand its presence in the global investment banking industry. They will widen their partnership from the ongoing cooperation between KB Financial Group's brokerage arm KB Securities, and Jefferies Group LLC, a Jefferies Financial Group subsidiary, to incorporate the entirety of the Korean financial giant.The two parties signed a contract in July 2021, under which Jefferies Financial Group agreed to offer research data and information on U.S stocks to Korean institutional investors via KB Securities and also offer online educational seminars f

May 24, 2022By Yi Whan-woo
KB Financial vows to expand partnership with Jefferies Financial Group
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