Business - The Korea Times

Mirae Asset, Korea Investment & Securities engage in possible tit-for-tat over rating downgrades

Korea’s two largest brokerage houses — Mirae Asset Securities and Korea Investment & Securities (KIS) — are engaged in an apparent tit-for-tat by downgrading ratings for each other’s stocks in their analyst reports early this week. The move is fueling speculation over whether the companies may be using the reports as a tool to attract investors away from each other, especially at a time when the stock market is rallying under the new government’s investor-friendly policies. On Wednesday, KIS lowered its investment outlook for Mirae Asset Securities from “buy” to “neutral” on the benchmark KOSPI in an analyst report on investment worthiness. The revised assessment came after Mirae Asset Securities downgraded its own rating for KIS, also a KOSPI-listed company, from “buy” to “neutral” in its report, Monday. According to market observers, a “neutral” rating is often regarded as being effectively equivalent to a “sell.” “In that sense, a neutral-rated stock is perceived as having little merit as an investment,” an executive of an advocate group for retail

Jul 9, 2025By Yi Whan-woo

Mirae Asset, Korea Investment & Securities engage in possible tit-for-tat over rating downgrades

Net purchase of Korean shares by foreigners hits 15-month high in June

Foreign investors purchased the highest value of Korean stocks in 15 months in June, central bank data showed Wednesday, driven by eased concerns over U.S. trade policies and optimism about the new Seoul government's market-supportive measures. Offshore investors bought a net $2.27 billion worth of local stocks last month, marking a second consecutive month of net buying, according to the data from the Bank of Korea (BOK). The June figure marked the highest level since March 2024, when foreigners purchased a net $3.84 billion worth of local stocks. Foreign investors also net purchased $2.81 billion of Korean bonds in June, extending their buying streak to the fifth month. "Expectations for policies by the new government to boost the stock market appeared to have improved investor sentiment. In terms of the bond market, mid- to long-term bond investments continued, though net inflow declined due to the maturity and redemption of government bonds," a BOK official said. The benchmark Korea Composite Stock Price Index (KOSPI) posted its largest monthly gain in 55 months in June by rising 13.8

Jul 9, 2025By Yonhap

Net purchase of Korean shares by foreigners hits 15-month high in June

ING appoints Jung Hae-youne as country manager for Korea

ING said Wednesday that it has appointed Jung Hae-youne, former head of corporate coverage group at BNP Paribas Korea, as the country manager for Korea. Due to her extensive local knowledge and strong client relationships, ING views Jung as well-positioned to lead the bank’s wholesale banking strategy in Korea. She will focus on delivering sector-driven insights, deepening strategic partnerships and advancing financing solutions that reflect the full breadth of ING’s global capabilities. Jung brings over 27 years of experience in delivering wholesale banking solutions to Korean corporations and financial institutions. She joins ING from BNP Paribas Korea, where she led the expansion of the bank’s global corporate business. In previous roles with HSBC and Mizuho Corporate Bank, she was crucial to growing their global banking operations. Earlier, Jung was an investment banker at JP Morgan Securities, where she was involved in mergers and acquisitions, equity, and debt capital market transactions across the automotive, shipbuilding, energy and metal sectors. Jung will be based in Seoul

Jul 9, 2025By Lee Yeon-woo

ING appoints Jung Hae-youne as country manager for Korea

Toss introduces facial recognition payment system at gas stations

Viva Republica, a fintech giant pioneering a range of digital payment systems, said Tuesday that it introduced a new system that allows drivers to pay for gas by using their facial features as identification. The operator of widely-used mobile financial platform Toss said such a facial recognition system will be available at gas stations run by GS Caltex, a major chain in Korea. The company said Toss Place, which manages payment devices for offline businesses’ electronic transactions, formed a deal for strategic cooperation with GS Caltex concerning a facial recognition payment system. It will be the first time the system, called Toss Front, will be available at gas stations in the country. “We, as business partners, will combine our expertise and infrastructure to provide a differentiated customer experience and also enhance our competitiveness,” Viva Republica said. Toss Place will carry out a test to optimize Toss Front in line with a payment system that is currently adopted by gas stations nationwide. Viva Republica said it plans to come up with additional services that “furthe

Jul 8, 2025By Yi Whan-woo

Toss introduces facial recognition payment system at gas stations

Card companies scramble to handle $9.5 bil. consumption vouchers

Card companies are launching full-scale development of their IT systems ahead of the release of 13 trillion won ($9.5 billion) in prepaid vouchers, industry officials said Tuesday. However, the industry remains relatively subdued, as the program's low profitability dampens enthusiasm despite its potential to bring in customers. The government will begin distributing prepaid vouchers, aimed at stimulating economic recovery, starting July 21. The total budget allocated is 13.8 trillion won. Recipients can choose to receive them in the form of credit or debit cards, prepaid cards or local government-issued gift certificates. About 10 trillion won is expected to be issued via credit and debit cards. During the emergency relief distribution in 2020 — a similar program aimed at boosting the economy during COVID-19 — 70 percent of the funds were provided through debit and credit cards. Card companies have been increasing server capacity and running security tests over the past two weeks to avoid the website disruptions and instability experienced during the 2020 rollout. They are also setti

Jul 8, 2025By Lee Yeon-woo

Card companies scramble to handle $9.5 bil. consumption vouchers

AIA Life in Korea announces new board chairman, CEO

AIA Life in Korea has appointed Fisher Zhang as chairman and nonexecutive director of its board, while reappointing Nathan Chuang as CEO, the company said Monday. At a shareholder meeting held Friday at AIA Tower in central Seoul, a resolution was passed to reappoint Chuang as CEO, while Chairman Zhang's appointment has been effective since June 9. Zhang's appointment to the board of AIA Life in Korea comes after AIA Group named him regional chief executive for Korea, Mainland China and Vietnam. Zhang previously served as CEO of AIA China from 2017 until his promotion to regional chief executive and group executive committee member in November 2024. Under his leadership, AIA China grew to become one of the group's largest market operations. Since joining AIA in 2000, Zhang has held several senior management roles in China, including chief distribution officer, chief agency officer and chief marketing officer. Meanwhile, following his reappointment, Chuang will continue to lead AIA Life for another three-year term. Prior to becoming CEO in 2022, he held senior leadership positions at AIA Gr

Jul 7, 2025By Jun Ji-hye

AIA Life in Korea announces new board chairman, CEO

National Agricultural Cooperative Federation chief bolsters global expansion efforts

National Agricultural Cooperative Federation (NACF) Chairman Kang Ho-dong shared his strategic direction for global expansion with employees in Europe, the cooperative organization for farmers said Monday. According to the NACF, also known as NongHyup, its three financial subsidiaries — NACF in France, NH NongHyup Bank London branch and NH Investment & Securities in London — reported their latest operations to the chairman during his visit to the bank’s London branch last Thursday. “Kang visited NH NongHyup Bank’s office in London to encourage its employees there while discussing the company’s presence in the global market,” an NACF official said in a press release. Opened in 2021, NH NongHyup Bank’s London office was the bank’s first overseas branch in Europe, marking a milestone for a major Korean bank entering the U.K. financial market, the official added. “The NACF France needs to play a pivotal role in Korean agro-food’s successful advance into the European market,” Kang also said during his visit to the London office. “The London offices should serve not on

Jul 7, 2025By Jhoo Dong-chan

National Agricultural Cooperative Federation chief bolsters global expansion efforts

Banks tilted toward conglomerates in loan business over tightened household lending rule

Major commercial banks are focusing more on conglomerates over households to secure revenues for their loan business, a result of pressure to reduce loans for private households. The data compiled by five biggest lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — showed their combined outstanding balance in loans for large corporations totaled at 165.65 trillion won ($121.31 billion) last month, up 4.6 percent from December 2024. The net increase averaged 1.21 trillion won per month over the corresponding six months. “Such an increase marks a turnaround in corporate loan business, considering the amount was on a downward trend previously,” an industry official said. He noted the five lenders’ aggregate outstanding balance in loans for conglomerates amounted to 158.39 trillion won in December 2024. The figure represented a 0.3 percent decline from June 2024, and a net decrease of 80 billion won per month on average over the six months. Officials said the lenders are expanding loans for large businesses, as they are regarded as a reliable source of income at a time when f

Jul 7, 2025By Yi Whan-woo

Banks tilted toward conglomerates in loan business over tightened household lending rule

Insurers expand product lineup amid rising foreign population

Insurance companies are accelerating the launch and development of products in response to the increasing number of foreign residents here, industry officials said Wednesday. Earlier in the day, NH NongHyup Property and Casualty Insurance introduced a new comprehensive insurance plan designed to better support the growing number of foreign seasonal workers in rural areas. Under the seasonal worker program, local agricultural cooperatives hire foreign nationals and dispatch them to farms facing labor shortages during peak farming seasons. The new insurance product provides coverage for liabilities related to agricultural work, expenses for workers' early return due to accidents or illness, and compensation for business interruption in the event of a disaster. Agricultural cooperatives nationwide are eligible to enroll in the policy. The number of foreign seasonal workers employed in Korea is projected to reach around 95,700 this year, marking a 41 percent increase from the 67,778 employed last year. These workers have been gaining popularity among local farms, as their daily wages average

Jul 3, 2025By Jun Ji-hye

Insurers expand product lineup amid rising foreign population

Students honored for offering insights into inclusive banking

The Korea Times presented awards to seven winners of the 21st English Economic Essay Contest during a ceremony at Lotte Hotel Seoul on Wednesday. Open to university undergraduate and graduate school students in Korea and abroad, the annual economic essay contest is sponsored by Woori Bank, an affiliate of Woori Financial Group. The contest aims to help students deepen their understanding of the economy and finance while enhancing their English writing skills. This year's contestants wrote on one of two subjects. The first topic was: "Korea has become a super-aged society, prompting banks and other financial services firms to better cater to older customers. Unlike younger counterparts, it has been slower for older adults to adapt to digital banking services. Suggest tips for financial companies to attract and better serve older customers." The second topic was: "The financial industry is moving quickly to rely on artificial intelligence (AI) technology to more efficiently and cost-effectively introduce financial products, as well as handle asset management, investment and other services.

Jul 2, 2025By Lee Yeon-woo

Banking & Finance