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  • Banking & Finance

    Toss to face stricter oversight as Korea's first fintech financial conglomerate

    Viva Republica, which operates Toss, is poised to become the first fintech company subject to the same regulatory framework as Korea's other large financial conglomerates, marking a major shift in oversight for the fast-growing platform. Originally launched as a mobile money-transfer app, Toss has since rapidly evolved into a financial platform spanning banking, brokerage and insurance. Authorities are expected to formally designate the company as a “financial conglomerate” later this month. Introduced in 2021, the system is designed to strengthen oversight of groups with multiple financial subsidiaries by requiring integrated supervision of intra-group risk and related-party transactions. Seven conglomerates — Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai Motor, DB and Daou Kiwoom — are currently subject to the regulations. To qualify, a group must operate across at least two of three sectors — banking, insurance and financial investment — with the smallest business holding more than 5 trillion won ($3.24 billion) in assets. Toss qualifies through Toss Bank and Toss Securitie

    2 MIN READBy Park Han-sol
    Toss to face stricter oversight as Korea's first fintech financial conglomerate
  • Companies

    Hanwha to invest $35.6 bil. in aerospace, AI by 2040

    2 MIN READBy Yonhap
    Hanwha to invest $35.6 bil. in aerospace, AI by 2040
  • Banking & Finance

    Korea's brokerages are raking it in. Their stocks aren't.

    2 MIN READBy Lee Yeon-woo
    Korea's brokerages are raking it in. Their stocks aren't.
  • Companies

    Smilegate showcases 'Chaos Zero Nightmare,' 'Miresi' at Anime Expo 2026

    2 MIN READBy Jhoo Dong-chan
    Smilegate showcases 'Chaos Zero Nightmare,' 'Miresi' at Anime Expo 2026
  • Companies

    Gov't to support Homeplus workers, partners amid botched rehabilitation

    1 MIN READBy Yonhap
    Gov't to support Homeplus workers, partners amid botched rehabilitation
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Tech & Science

Hanwha Science Challenge explores ideas for sustainable future

A team from Seongju Girl’s High School won the top prize at the 2025 Hanwha Science Challenge with a trap against pine wood nematode, an idea that will help address pine wilt disease, which threatens Korea’s forest ecosystem. According to Hanwha Group on Sunday, the team comprised of Kim Joo-eun and Noh Yoon-ah claimed a 40 million won ($28,745) prize for the idea of a high-efficiency trap that addresses the limitations of conventional pine wilt nematode traps. The team created a smart pest-capturing device that automatically adjusts the opening angle of the trap based on real-time weather data such as temperature, humidity and rainfall. It boosted lure efficiency in line with pest activity patterns while reducing resource waste, offering a smarter approach to forest pest control. “We didn’t expect the top prize because other competitors presented high-quality projects,” the team said. “We thank Hanwha Group for providing support that enabled us to conduct quality research, and will continue to do our best to come up with ideas that can help create a sustainable future.” Th

Aug 11, 2025By Nam Hyun-woo
Hanwha Science Challenge explores ideas for sustainable future
Business

KT Q2 profit beats expectations on robust core businesses

Korea's No. 2 mobile carrier KT on Monday reported better-than-expected earnings for the second quarter on the back of solid growth in its core businesses. Net profit came to 733.3 billion won ($527.6 million) in the April-June period, up 78.6 percent from a year earlier, the company said in a regulatory filing. The earnings beat market expectations. The average estimate of net profit by analysts stood at 683.7 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Operating profit for the second quarter jumped 105.4 percent on-year to 1.01 trillion won. Revenue increased 13.5 percent to 7.42 trillion won. The company attributed the strong performance to its flagship mobile business, which saw sales rise 1.6 percent from a year earlier on the back of growth in fifth-generation (5G) subscriptions. The number of 5G users accounted for 79.5 percent of its total mobile subscriptions. Fixed-line business sales rose 1.4 percent over the cited period on the back of increased internet service users, along with higher sales in media and internet protoco

Aug 11, 2025By Yonhap
KT Q2 profit beats expectations on robust core businesses
Banking & Finance

Seoul shares open higher on US gains

Seoul shares opened a tad higher Monday tracking gains on Wall Street, as investors awaited key U.S. inflation data this week for clues on the future path of the Federal Reserve's interest rate policy. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.93 point, or 0.03 percent, to 3,210.94 in the first 15 minutes of trading. On Friday (U.S. time), the Dow Jones Industrial Average rose 0.47 percent to 44,175.61, while the tech-heavy Nasdaq Composite advanced 0.98 percent to 21,450.02. In Seoul, large-cap stocks were mixed. Chip giant SK hynix rose 2.53 percent, top carmaker Hyundai Motor climbed 0.24 percent and leading steelmaker POSCO Holdings jumped 3.55 percent. Major battery maker LG Energy Solution gained 1.45 percent and leading refiner SK Innovation increased 1.3 percent. Among decliners, market bellwether Samsung Electronics fell 0.84 percent and leading shipbuilder HD Hyundai shed 0.15 percent. Hanwha Ocean, the shipbuilding unit of Hanwha Group, dropped 7.05 percent. The local currency was trading at 1,388.55 won against the greenback at 9:15 a.m., up 1.05 won from the

Aug 11, 2025By Yonhap
Seoul shares open higher on US gains
Tech & Science

Science ministry hosts APEC meeting on open innovation

The science ministry on Monday kicked off a meeting on technology partnership with members of the Asia-Pacific Economic Cooperation (APEC), seeking global coordination based on open innovation. Delegations from the 21 APEC member economies gathered in Incheon, west of Seoul, for a three-day session of the Policy Partnership on Science, Technology and Innovation (PPSTI), according to the Ministry of Science and ICT. The PPSTI is a working group under APEC promoting collaboration in science and technology among the members. During the event, the ministry said Korea will explore ways to expand exchanges among researchers and advance innovation through open science. Participants will also discuss strategies to address climate change with science and technology, the ministry added. "We hope communication and collaboration within the APEC bloc will lead to prosperous innovation in science and technology," the ministry said in a release. Last week, Korea hosted a separate ministerial meeting among APEC member economies to discuss cooperation in the AI industry. The series of events comes ahead of

Aug 11, 2025By Yonhap
Science ministry hosts APEC meeting on open innovation
Companies

80th Liberation Day Korea-Japan economic relations: 80 years of competition, evolving partnership

After decades of hardship under Japanese colonial rule since 1910, Korea reclaimed its independence on Aug. 15, 1945. However, it was not until 20 years later that the two countries began a new chapter of diplomatic and economic engagement after signing the Treaty on Basic Relations in 1965. Since then, the economic relationship between Korea and Japan has gone through a significant transformation. It began with one-sided cooperation driven by government-led aid and technology transfer from Japan to Korea, laying the groundwork for Korea’s rapid industrialization. Building on this, the relationship shifted to a more balanced, competitive and two-way partnership, while political and historical disputes tested the arrangement along the way. However, despite the unresolved tension, their interdependence continues to anchor the two countries as they adapt to new challenges and priorities in a rapidly changing regional and global context. Learning and asymmetry to partnership Up to 1990, Korea focused on learning technology and industrial expertise from Japan, which, as Asia's advanced indust

Aug 11, 2025By Lee Gyu-lee
[80th Liberation Day] Korea-Japan economic relations: 80 years of competition, evolving partnership
Business

Korea drives APEC's commitment toward food security

INCHEON — Members of the Asia-Pacific Economic Cooperation (APEC) agreed to seek sustainable agricultural measures against climate change and rising uncertainties in global supply chains, adopting a joint statement that underscored the value of mutual cooperation and investment. Korea's Minister of Agriculture, Food and Rural Affairs Song Mi-ryung said Korea has demonstrated its leadership in safeguarding global food security by renewing APEC's commitment to sustainable agricultural measures, adding that all member states identified "technology" as the key to tackling challenges. During the APEC Food Security Ministerial Meeting in Incheon, top agriculture officials of 21 APEC member economies adopted the joint statement, highlighting their cooperation in agricultural policy, technological development and official development assistance (ODA). “Seoul has secured global leadership in establishing sustainable food security across the globe by drawing countries to select the joint statement on digital-based agricultural innovation and countermeasures against climate change,” Song sai

Aug 10, 2025By Ko Dong-hwan
Korea drives APEC's commitment toward food security
Companies

Will defense sector's supercycle continue?

Defense stocks in Korea, which surged sharply amid growing global geopolitical tensions, are now facing a valuation test as disappointing earnings reports on Friday triggered a steep decline in share prices, industry officials said Sunday. According to the Korea Exchange, shares of LIG Nex1 plunged 14.93 percent to close at 513,000 won ($368.67). Institutional investors sold 107 billion won worth of shares, while foreign investors offloaded 51.8 billion won. In a single day, the stock erased an entire month’s gains. The decline was sparked by its second-quarter earnings shock. After Thursday's market close, the company reported revenue of 77.6 billion won for the quarter — a 57.9 percent increase from a year earlier, but below the market consensus of 85.6 billion won. Speculation that U.S. President Donald Trump and Russian President Vladimir Putin will soon hold a summit also added downward pressure, fueled by hopes for an end to the Russia-Ukraine war. In response, Hanwha Aerospace, the leading defense stock, fell 5.47 percent. Other major domestic defense names also closed lower:

Aug 10, 2025By Lee Yeon-woo
Will defense sector's supercycle continue?
Banking & Finance

Korea’s digital insurers disappearing amid regulatory hurdles, structural challenges

Digital insurance companies in Korea have been shrinking amid steep regulatory hurdles and structural challenges, leaving only two insurers — Kyobo Lifeplanet Life Insurance and Kakao Pay Insurance — as the main players, industry officials said Sunday. According to the Insurance Business Act, an insurance company is classified as a digital insurer if at least 90 percent of its total insurance contracts and premiums are obtained through methods such as telephone and computer communications. In the first quarter of this year, only Kyobo Lifeplanet and Kakao Pay Insurance met these standards, as they each generated 100 percent of their sales through online channels. The figure for Carrot General Insurance, the nation’s first digital non-life insurer, stood at 89.1 percent. On Sept. 10, Hanwha General Insurance is set to absorb its subsidiary, Carrot General Insurance. Established in 2019, Carrot has faced ongoing losses and worsening financial health, leading to the decision to merge it back into its parent company. Hana General Insurance and Shinhan EZ General Insurance, which once po

Aug 10, 2025By Jun Ji-hye
Korea’s digital insurers disappearing amid regulatory hurdles, structural challenges
Tech & Science

Will Tving-Wavve merger prompt local streaming services' recovery?

The upcoming merger of Korea's homegrown streaming services Tving and Wavve is drawing keen interest over whether they can survive the industry’s cutthroat competition and narrow the gap with dominant player Netflix. The merger is expected to bring major changes to the landscape of Korea’s streaming service market. While the new platform is expected to stage a rivalry against Netflix, Watcha, one of the market’s first movers, has entered court receivership, raising concerns among its remaining users over a possible shutdown. Wavve’s largest shareholder, SK Square, announced Thursday that it will purchase Wavve's convertible bonds worth 75 billion won ($53.9 million), while Tving’s majority owner, CJ ENM, will acquire 50 billion won worth of Wavve’s convertible bonds from SK Square. Wavve also announced a leadership change, naming Seo Jang-ho, CJ ENM senior vice president of the content business division, as the new head of the company. Seo, who has long headed CJ ENM’s global distribution strategy for K-content, has a deep understanding of both the structure of the K-conten

Aug 10, 2025By Lee Gyu-lee
Will Tving-Wavve merger prompt local streaming services' recovery?
Companies

POSCO E&C faces credit rating downgrade risk after fatal accidents

A series of worker fatalities this year has heightened reputational risks for POSCO E&C, sparking concerns over its credit rating and its ability to secure funding, industry officials said Sunday. Two of Korea's three major credit agencies have issued reports as of Sunday expressing concern over the company’s credit standing. The warnings follow a series of serious industrial accidents at POSCO E&C worksites this year, in which four workers were killed and one was critically injured. The latest occurred on Aug. 4, when a worker lost consciousness from electrocution while on the job. The Ministry of Land, Infrastructure and Transport has launched a full-scale probe of the company's construction sites after President Lee Jae Myung called for a thorough investigation and the identification of all legally permissible punitive measures, including revoking the company's construction license. Korea Investors Service wrote that sustained negative perceptions of the brand’s credibility could ultimately erode its fundamental business strength if combined with potential disruptions to new contr

Aug 10, 2025By Lee Yeon-woo
POSCO E&C faces credit rating downgrade risk after fatal accidents
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