Business - The Korea Times

KB Financial explores support strategies for advanced industries, startups at GITEX Global 2025

KB Financial Group dispatched a delegation to GITEX Global 2025, the world’s largest ICT exhibition hosted by the Dubai Digital Authority, from Monday to Friday at the Dubai World Trade Centre, the group said Sunday. In attendance were over 6,500 firms, investors and institutions from more than 180 countries. They showcased next-generation technologies and industry trends, sharing strategies for driving digital innovation and securing future growth engines. The group’s participation sought to strengthen commercialization and global expansion of startups, as mediated by the KB Starters program, the group’s initiative to foster budding, high-potential industry players. The delegation led by Lee Chang-kwon, KB Financial’s head of digital & IT, met with local venture capital firms and government-affiliated organizations to discuss digital finance corporation. They visited the booths of autonomous driving startups to explore growth strategies for high-tech industries and startups. KB officials focused on gaining deeper insights into industry dynamics across artificial intelligence (AI)

Oct 19, 2025By Lee Kyung-min

KB Financial explores support strategies for advanced industries, startups at GITEX Global 2025

Consumers open more overdraft accounts to bypass loan curbs

Banking consumers are increasingly turning to overdraft accounts and withdrawing cash — a trend widely seen as an attempt to bypass tightening lending regulations, data showed Friday. Known as a "minus account" in Korea, an overdraft account allows users to withdraw more than their available balance, up to a pre-approved limit. When the balance dips below zero, the account essentially functions as a short-term loan. This flexibility, however, comes at a cost, as interest rates are typically higher than those on standard personal loans. According to data from the Financial Supervisory Service (FSS) obtained by Rep. Lee Yang-soo of the main opposition People Power Party, 542,279 new overdraft accounts were opened as of the end of June. At this pace, the FSS projects, the number of new overdraft accounts in 2025 will reach the highest level in the past five years. The number of new accounts rose from 837,780 in 2021 to 954,994 in 2022, peaking at 1.01 million in 2023 before falling to 891,788 in 2024. As of the end of June, the outstanding balance of overdraft accounts at 19 banks, including

Oct 18, 2025By Yi Whan-woo

Consumers open more overdraft accounts to bypass loan curbs

MBK rejects tax evasion allegations against chairman

MBK Partners denied allegations of domestic tax evasion involving the firm and its chairman, Michael ByungJu Kim, emphasizing that all taxes have been duly paid in full compliance with relevant domestic and international laws. A company official said Friday that the private equity firm has consistently filed and paid corporate and income taxes in every country where it operates, including Korea. “The chairman has also met his tax obligations in accordance with Korean law and the standards of the relevant tax authorities,” the official said. “Claims that he engaged in tax avoidance through nonresident filings are entirely unfounded.” The statement came in response to allegations raised Thursday during a National Assembly audit by the Strategy and Finance Committee, where lawmakers from the ruling Democratic Party of Korea (DPK) accused Kim, a U.S. citizen, of evading taxes in Korea. Lawmakers, including Rep. Chung Il-young, argued that Kim has earned significant profits domestically while paying little to no taxes, urging that he be summoned to testify and that a comprehensive tax

Oct 17, 2025By Jun Ji-hye

MBK rejects tax evasion allegations against chairman

Hana Financial to spend $70 bil. on AI, exports, inclusive finance

Hana Financial Group plans to spend 100 trillion won ($70 billion) over five years to strengthen artificial intelligence (AI) financing and assist exporters, small businesses and low-income groups, it said Thursday. The initiative is part of the group’s efforts to advance what it has termed a “Korea Premium” era where finance is elevated as a national growth driver beyond profit-seeking. The drive is one of the largest private-led financial projects in Korea, with a focus away from household mortgage financing and toward more productive, inclusive and innovation-driven investments. The group’s bank, brokerage, capital, insurance and venture capital subsidiaries will be mobilized for the unified growth strategy. Woori Financial announced a similar plan on Sept. 29. “This is more than setting a target — this is a statement of future direction,” said Hana Financial Group Chairman Ham Young-joo. “We are committed to reshaping finance into a vehicle that truly supports people and progress.” Of the total planned expenditure, 84 trillion won will be spent to bolster “productiv

Oct 16, 2025By Lee Kyung-min

Hana Financial to spend $70 bil. on AI, exports, inclusive finance

Mirae Asset's Global X surpasses $73 bil. in US assets under management

Mirae Asset Global Investments’ exchange-traded fund (ETF) arm Global X has reached $73.5 billion in assets under management (AUM) in the United States, the company said Thursday. The milestone comes seven years after Mirae Asset acquired the firm in 2018, during which Global X’s assets have grown 13-fold, cementing its status as one of the top managers in the world’s largest ETF market. As of Wednesday, Global X oversees 101 ETFs in the United States with total assets of $73.5 billion. At the time of the acquisition in 2018, the company’s AUM was around $10 billion, which rose to $42.4 billion by the end of 2023 and $53.9 billion by the end of 2024. The latest total represents a 13-fold increase, reflecting an average annual growth rate of 37.7 percent over the past five years — nearly double the U.S. ETF market’s average of 20.2 percent during the same period. Global X has been recognized by U.S. investors for its distinct and forward-looking ETF product lineup. Its flagship "Global X Defense Tech (SHLD US)" ETF has posted a strong performance compared with peers, driven by a

Oct 16, 2025By Jun Ji-hye

Mirae Asset's Global X surpasses $73 bil. in US assets under management

InterviewKorea's digital economy, advanced payment systems bolster global crypto leadership

Asia is moving fast to turn stablecoins from niche payment tools into core financial infrastructure. Japan has already launched pilots where yen-backed stablecoins are used for securities settlement, with Singapore and Hong Kong laying down clear rules for bank-issued tokens. According to Maghnus Mareneck, co-CEO of Cosmos Labs, a U.S. blockchain firm, Korea has the right foundations to follow this path, boasting a highly digitized economy, advanced payment systems and consumers who are comfortable using digital wallets. “The opportunity for Korea is to extend its leadership in digital payments by positioning the Korean won as a trusted, valuable settlement currency in Asia’s digital economy, not limited to Korea, but integrated across the region,” Mareneck said in a recent interview with The Korea Times. “Cross-border pilots with Japan show that regional adoption is moving from theory to practice.” He expects stablecoins to become a key future settlement infrastructure for the Korean financial system in the next five years. “It is realistic and within reach. Over the next fiv

Oct 16, 2025By Lee Kyung-min

Korea's digital economy, advanced payment systems bolster global crypto leadership

Kbank surpasses 15 mil. customers, reaching 1 in 3 Koreans

Kbank said Wednesday that its customer base has surpassed 15 million, reaching 1 in 3 Koreans. This marks a major milestone achieved just a year and a half after the bank first exceeded 10 million customers in March 2024. Founded in April 2017, the internet-only bank reached 1 million customers by April 2019, 5 million by May 2021 and 10 million by March 2024. Its total assets also expanded significantly, rising from 21.4 trillion won ($15 billion) at the end of 2023 to over 33.4 trillion won by the end of the third quarter this year. Kbank's recent customer growth has been driven largely by small business owners and self-employed clients. Their numbers surpassed 2 million last month, doubling from around 1 million at the end of 2023. Their proportion among the bank's total customer base also rose from 9 percent to 14 percent. Kbank said its products featuring low interest rates and quick loan processing have been the main drivers. As a result, mid- to low-credit borrowers now make up 58 percent of Kbank's individual business loan customers. Going forward, Kbank plans to sustain growth th

Oct 15, 2025By Lee Yeon-woo

Kbank surpasses 15 mil. customers, reaching 1 in 3 Koreans

MBK chairman apologizes for Homeplus fiasco during first appearance at Assembly audit

Michael ByungJu Kim, chairman of MBK Partners, Homeplus’ largest shareholder, made his first appearance at a National Assembly audit Tuesday, offering a public apology for the corporate rehabilitation case of the country’s second-largest supermarket chain. “We regret causing concern to the public,” he said during an audit by the Assembly’s National Policy Committee. “We are committed to fulfilling our social responsibility toward Homeplus employees and stakeholders.” Homeplus, which filed for corporate rehabilitation in March amid a liquidity crunch, has been unable to secure a new owner for more than seven months. The situation has drawn national attention, particularly after the decision to close 15 stores nationwide that failed to reach rent agreements, sparking strong backlash from local residents. In addition to the Homeplus case, the private equity firm has been involved in other high-profile matters, including the management rights dispute with Korea Zinc, in which it joined forces with Young Poong to oust company Chairman Choi Yun-beom. MBK has also faced criticism

Oct 14, 2025By Jun Ji-hye

MBK chairman apologizes for Homeplus fiasco during first appearance at Assembly audit

Hana Bank, Incheon establish 'culture bank' for foreign nationals

Hana Bank said Tuesday it signed a memorandum of understanding with Incheon to jointly operate a "culture bank" for foreign nationals. Through this partnership, Hana Bank and Incheon aim to create a hub that helps foreign nationals residing in Incheon integrate into the local community and achieve self-reliance through financial and cultural support. Hana Bank will provide financial fraud prevention training, hands-on digital finance education tailored for foreign nationals and customized services to help them better understand and use Korea's financial systems. Additionally, in collaboration with Incheon and other operating organizations, the program will offer step-by-step Korean language courses designed to support settlement and employment, assist with community activities such as multicultural clubs, and provide education on Korean culture and lifestyle. The new hub is located within Hana Bank's Namdong Industrial Complex Financial Center branch, making it easily accessible to foreign workers employed in the industrial complex. It will also operate on Sundays to improve accessibilit

Oct 14, 2025By Lee Yeon-woo

Hana Bank, Incheon establish 'culture bank' for foreign nationals

Euljiro 4-ga Station becomes Kbank Station: Internet bank secures subway naming rights

Kbank has become the first internet-only bank in Korea to secure naming rights for a subway station in Seoul, the company said Tuesday. Euljiro 4-ga Station on lines 2 and 5 will be co-branded as Euljiro 4-ga (Kbank) starting this December under its contract with Seoul Metro. The name will be displayed across various transit platforms, including subway signs, train announcements and route maps. The agreement is set to last three years through the end of 2028. The station renaming is expected to provide subway riders with regular exposure to the bank’s brand, boosting both its visibility and customer familiarity. Kbank’s headquarters is located in the Euljiro area, a key business hub in central Seoul, home to numerous financial institutions and corporate headquarters. The area also attracts a vibrant crowd of young people and office workers thanks to its trendy dining spots. Notably, Euljiro 4-ga Station, where lines 2 and 5 intersect, serves as a bustling transfer point with heavy foot traffic. In addition to the station naming initiative, Kbank stands out as the only internet-only ba