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SNT Group buoyed by IMM Credit & Solutions as affiliates hit record highs

Shares of SNT Group affiliates have reached all-time highs after IMM Credit & Solutions (ICS), a subsidiary of the Korean private equity firm IMM Private Equity, made a strategic 200 billion won ($144 million) investment, market watchers said Tuesday. They noted that ICS’ broad-based efforts to enhance corporate value have paid off. Last month, ICS made its investment by purchasing 200 billion won in exchangeable bonds issued by SNT Group, a leading medium-sized player in Korea’s defense and energy sectors. The deal covered SNT Dynamics, SNT Energy and SNT Holdings. ICS believes the group’s stable cash flows in these sectors support expectations for long-term growth. The market responded swiftly to the investment news. Strong buying by both institutional and retail investors boosted trading volumes, driving consecutive gains for the three affiliates. SNT Dynamics jumped 5.19 percent on Monday, closing at 62,800 won and briefly reaching an intraday high of 64,900 won, setting a record. SNT Energy also hit a historic peak of 56,600 won on July 29. SNT Dynamics produces essential defens

Aug 26, 2025By Jun Ji-hye
SNT Group buoyed by IMM Credit & Solutions as affiliates hit record highs

More than 10,000 Koreans hold over 1 bil. won in crypto

The number of cryptocurrency investors in Korea with holdings of more than 1 billion won ($750,000) on domestic exchanges has surpassed 10,000. While most of these so-called “crypto millionaires” are in their 50s, those in their 20s have the highest average holdings. According to data submitted by the Financial Supervisory Service to Rep. Park Sung-hoon of the People Power Party on Aug. 24, as of Aug. 5 a total of 10,810 users across Korea’s five major cryptocurrency exchanges — Upbit, Bithumb, Coinone, Korbit and GOPAX — each held assets exceeding 1 billion won. The average balance of these investors came to 2.23 billion won, about 217 times the overall average of 10.27 million won per user. By age, investors in their 50s made up the largest share with 3,994 people, or 36.9 percent of the total. They were followed by those in their 40s (3,086), 60s and above (2,426), 30s (1,167) and 20s (137). Despite being the smallest group, investors in their 20s held the largest average balance, at 2.69 billion won per person. The statistics exclude exchange deposits, meaning the actual wea

Aug 25, 2025By Hankookilbo
More than 10,000 Koreans hold over 1 bil. won in crypto

No. of bank branches shrinks 20% since pandemic, but agency banking pilot stalls

The total number of bank branches nationwide has fallen by nearly 20 percent since the COVID-19 pandemic, while the government’s pilot project for bank agency services, designed to improve consumer financial access, has made little headway, according to an opposition lawmaker Sunday. Rep. Choo Kyung-ho of the People Power Party cited data from the Korea Federation of Banks showing that domestic banks operated 5,654 branches at the end of 2019, but the figure dropped to 4,572 by the end of this July, a decline of 19.1 percent over five years and seven months. Branch closures occurred every year and across all regions during the period. Daegu saw the sharpest contraction, with its branch count falling 23.6 percent from 292 to 223, followed by Seoul, which recorded a 22.6 percent decline from 1,864 to 1,443. Banks have been shutting down or consolidating offline branches to streamline operations amid the growing digitalization of financial services. To prevent financial exclusion, particularly for older adults and people in less accessible regions, the Financial Services Commission (FSC),

Aug 24, 2025By Jun Ji-hye
No. of bank branches shrinks 20% since pandemic, but agency banking pilot stalls

SC Bank Korea launches special interest rate promotion for new customers

Standard Chartered (SC) Bank Korea said Sunday it is offering a special promotional interest rate for the SC Cheil Hi Account, a flexible deposit account that allows customers to make unlimited deposits and withdrawals. Under the promotion, customers can earn up to 2.6 percent per annum (pre-tax) by meeting certain preferential rate conditions. The account offers a base rate of 0.1 percent, with up to 2.5 percentage points available through additional incentives. To qualify for the preferential rate, first-time customers — defined as those who open an account within 31 days of becoming a new SC Bank Korea customer — can earn an additional 1.2 to 2 percentage points, depending on their account balance. Additional bonuses are available for eligible customers, including 0.1 percentage points for accounts opened through a partner channel, 0.2 percentage points for consenting to receive marketing communications and 0.2 percentage points for customers with "primary status" or higher at the bank. The preferential interest rate for first-time customers is valid for one year from the date of

Aug 24, 2025By Lee Yeon-woo
SC Bank Korea launches special interest rate promotion for new customers

Toss to waive remittance fees for foreigners this year

Toss, operated by Viva Republica, will waive international remittance fees for foreign customers in Korea through December, the mobile platform operator said Friday. The waiver will be applied to four countries including the U.S., China, Uzbekistan and Vietnam. The move is intended to enhance foreign customers' experiences with Toss’s convenient and secure financial services. Last month, Toss launched an international remittance service for foreign customers in partnership with SentBe, a global remittance platform specializing in global money transfers that is widely used in Korea. Friday’s decision is a continued expansion of the “Free Transfers for Life,” a key customer campaign launched in 2021 to permanently waive money transfer fees for domestic transactions. Toss said its users saved a combined 2 trillion won ($1.43 billion) in domestic transfer fees under the program. About 1.5 million long-term foreign residents in Korea will be able to send money to their home counties without additional charges. Those residents constitute 64 percent of the total 2.19 million long-term resi

Aug 23, 2025By Lee Kyung-min
Toss to waive remittance fees for foreigners this year

InterviewOpportunity for all: Lucentblock reshapes real estate investment with financial innovation

Lucentblock, established in 2018 and based in Daejeon, is the first fintech company outside the Seoul metropolitan area to be recognized by the Financial Services Commission as an innovative financial service provider. Under its vision statement of “Until anyone can access any asset,” the firm operates SOU, a platform for fractional real estate investment that lists properties on an exchange and issues profit securities, opening a new path for inclusive real estate participation. Fractional investment involves dividing high-value assets or rights, such as buildings or artworks, into tradable shares, enabling many investors to participate with relatively small amounts. In a recent interview with The Korea Times, CEO and co-founder Huh Se-young, also known as Phillip Huh, said that SOU is transforming the conventional asset market while fostering an ecosystem where investors, tenants and local communities can grow together. Demonstrating its effectiveness, the platform has so far sold out 11 offerings and in July, the company marked its first successful exit by selling a shared office

Aug 23, 2025By Jun Ji-hye
Opportunity for all: Lucentblock reshapes real estate investment with financial innovation

Over half of Korean workers use AI at work: BOK survey

More than half of Korean workers use generative artificial intelligence (AI) at work, with AI estimated to have contributed to around 1 percent of the country's GDP over the past two years, the central bank said Monday. According to a survey conducted by the Bank of Korea (BOK), 51.8 percent of workers in Korea said they use generative AI at work, while 17.1 percent said they use AI regularly in their jobs. The proportion of people who use AI at their workplace is almost twice that of the United States, the report showed. The weekly average time spent using AI was also higher, with Koreans using AI for five to seven hours on average, compared with only 0.5 to two hours for workers in the U.S. Korean men used AI more often than women, while the AI utilization rate was markedly higher among those aged 18 to 29 compared with those aged 50 to 64, and among those with a master's degree compared with those with undergraduate degrees, according to the survey. By occupation, licensed professionals, such as doctors and lawyers, were the most active users of AI, with their usage rate at 69.2 percen

Aug 18, 2025By Yonhap
Over half of Korean workers use AI at work: BOK survey

KRX pre-announces revision to introduce individual-based monitoring

Korea's main bourse operator said Monday it has recently pre-announced revisions to market regulations aimed at establishing a market surveillance system based on individuals rather than accounts. Under the proposed revision, brokerages and other market entities registered as members of the Korea Exchange (KRX) will be required to submit market surveillance-related data to the KRX's Market Oversight Commission. "Such a measure is aimed at improving market oversight by shifting from an account-based system to an individual-based system that combines account details and encrypted personal identification numbers," the KRX said. The current account-based system has often resulted in excessive monitoring and makes it difficult for authorities to detect links between accounts held by the same individual. The new approach is expected to reduce the number of subjects under analysis by 30 to 40 percent, according to officials. The move follows the joint announcement last month by the KRX, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) of a set of comprehensive

Aug 18, 2025By Yonhap
KRX pre-announces revision to introduce individual-based monitoring

Seoul shares extend losses late Monday morning on chip uncertainties

Korean stocks extended losses late Monday morning amid a slump in chip shares, as investor sentiment was dampened by uncertainties over U.S. President Donald Trump's potential tariff measures on semiconductors. The benchmark Korea Composite Stock Price Index (KOSPI) fell 37.9 points, or 1.17 percent, to 3,187.76 as of 11:20 a.m. The index opened lower and remained in negative territory, weighed down by heavy foreign selling. Market jitters were heightened ahead of a planned summit between Trump and Russian President Vladimir Putin, with concerns growing after Trump hinted at new tariffs on steel and semiconductor products. In Seoul, major chip and tech shares traded lower. Chip giant Samsung Electronics sank 1.68 percent, and its rival SK hynix retreated 2.89 percent. Leading battery maker LG Energy Solution decreased 2.28 percent, and defense giant Hanwha Aerospace dipped 1.36 percent. The local currency was trading at 1,385 won against the greenback at 9:15 a.m., down 3.2 won from the previous session.

Aug 18, 2025By Yonhap
Seoul shares extend losses late Monday morning on chip uncertainties

Foreign tourists can ride Jeju buses with overseas Visa cards

Foreign visitors to Jeju Island can now ride buses without buying a separate ticket or transit card, simply by using a Visa card issued in their home countries. According to Visa, Thursday, the transit system has been implemented on all Jeju buses starting this month. This project marks the first application of such a system to public transportation in Korea. It was launched as part of an agreement signed in March between Visa and Jeju Special Self-Governing Province, with the goal of advancing the island's payment infrastructure. Through this initiative, Jeju aims to enhance convenience for foreign tourists and take the lead in developing new business models built around the innovative payment system. The open-loop transit payment system allows passengers to tap and pay fares using credit, debit or prepaid cards based on the EMV global payment standard. Customers can also use various devices, including smartphones and smartwatches. The system was first introduced in London in 2012 and has since been adopted in major cities such as New York, Hong Kong and Singapore. In 2024 alone, Visa p

Aug 15, 2025By Lee Yeon-woo
Foreign tourists can ride Jeju buses with overseas Visa cards
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