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World's 1st female spacewalking team makes history
Protesters detained for breaking into U.S. ambassador's residence
Samsung to update software to prevent security flaw in Galaxy S10, Note 10
S. Korea, US to hold defense cost talks in Hawaii next week
Woori Financial signs MOU with SAP for digitalization of financial services
SK’s bio biz put to test as it waits for FDA approval for antiepileptic dr...
Korean pharmas eye China
S. Korea asks regional football body to consider punishing N. Korea over cr...
North Korean leader visits farm, calls for stable food supply
US to consider S. Korea’s stance on looming auto tariffs: Mnuchin

Oct 18, 2019 Finance

Woori Financial signs MOU with SAP for digitalization of financial services

Woori Financial Group said Friday it has signed a memorandum of understanding with Germany-based business-software giant SAP to boost the digital transformation of its corporate financial services. The deal was signed by Woori Financial Group Chairman Sohn Tae-seung and SAP CEO Jennifer Morgan at the SAP Executive Briefing Center in New York on Thursday, local time. The value of the deal was not released. Though the newly formed partnership, both sides will cooperate in establishing an int

Seoul stocks open higher on Brexit breakthrough

South Korean shares opened higher Friday as investors cheered a breakthrough in negotiations on Britain's exit from the European Union. The benchmark Korea Composite Stock Price Index rose 7.88 points, or 0.38 percent, to 2,085.82 in the first 15 minutes of trading. Investors welcomed a severance deal between Britain and the EU that could wrap up more than three years of uncertainty after Britain decided to leave the EU. In Seoul, large caps were mixed.Market kingpin Samsung Electronics added 0.

Oct 18, 2019
Finance
Daily money transfers via mobile payment apps exceed W200b in H1

The value of daily money transfers via mobile payment apps in South Korea surpassed 200 billion won ($168.6 million) in the first half of the year, central bank data showed Thursday, as more people used smartphones for financial services. The value of daily money transfers via smartphone apps, such as Toss, Naver Pay and KakaoPay, stood at 200.5 billion won in the January-June period, up 60.7 percent from six months ago, according to the data by the Bank of Korea. Toss, Naver Pay and KakaoPay ac

Oct 17, 2019
Finance
Kakao Bank to raise W500b in capital by issuing new shares

South Korea’s internet-only lender Kakao Bank has decided to raise 500 billion won ($422.4 million) in capital by issuing new shares, the firm said Wednesday. The decision was approved by its board, as the firm seeks to improve its fiscal soundness. According to Kakao Bank, it will issue 100 million new common stocks priced at 5,000 won per share. The record date for the shares is scheduled Nov. 5 and the stocks will be listed on Nov. 22. Once the capital increase process is complete

Oct 16, 2019
Finance
Three consortia apply for internet-only bank: regulator

South Korea‘s financial regulator said Tuesday it received applications from three consortia, including one led by a fintech firm, for a license to set up a new internet-only bank. 　Fintech firm Viva Republica led one consortium, which included KEB Hana Bank, Hanwha Investment & Securities and the Korean unit of Standard Chartered bank.　The second consortium is led by an industry organization of owners of small businesses in Seoul, the Financial Services Commission (FSC) said in a stat

Oct 15, 2019
Finance
Viva Republica-led consortium reapplies for internet-only bank

Rival Kiwoom-led consortium renounces bid

Oct 15, 2019
Finance
Kakao Bank to discuss capital raise at board meeting

South Korea’s internet-only lender Kakao Bank will discuss an upcoming capital increase at its board meeting, the firm’s spokesperson said Tuesday, as it seeks to improve its fiscal soundness, while resolving issues surrounding its shareholder structure. “We will discuss an upcoming capital increase at the board meeting scheduled Wednesday,” Kakao Bank spokesperson Hwang Eun-jae told The Korea Herald. “We believe the issue of raising capital is important now conside

Oct 15, 2019
Finance
LVMH set to lose W8b from drop in YG’s stock value

Despite YG Entertainment’s scheduled return of a 67 billion won ($56.6 million) investment to LVMH this week, the French luxury giant is still projected to lose around 8 billion won due to the decline in the K-pop agency’s stock value, local reports said Monday. According to reports citing financial industry sources, LVMH also purchased 503,588 common shares of YG worth 20.3 billion won when it bought 1,359,688 redeemable convertible preferred shares in the entertainment agency via i

Oct 14, 2019
Finance
Upbit operator Dunamu to launch comprehensive OTC platform

Dunamu, an operator of global cryptocurrency exchange Upbit, announced Monday that it plans to launch a comprehensive over-the-counter trading platform that deals with all types of unlisted stocks. According to the Upbit operator, it will jointly launch the platform, which will be available in the form of an app, with local brokerage Samsung Securities and big data analytics company Deep Search by the end of the month. The goal of this collaborative effort is to address the problem of &ldq

Oct 14, 2019
Finance
Half of S. Korea’s savings deposits belong to top 1% of income earners

Of the combined savings deposits held by major banks in South Korea, nearly half belonged to the nation’s top 1 percent of income earners, a report from the Financial Supervisory Service showed Sunday. According to the report released via a minor opposition Bareunmirae Party lawmaker, 18 commercial banks operating in Korea held a combined 283.3 trillion won ($238.9 billion) on behalf of its clients in the top 1 percent income bracket, which accounted for 45.5 percent of the total deposits,

Oct 13, 2019
Finance
Seoul stocks to advance further this week on US-China trade deal

South Korean stocks are expected to build further gains as the United States and China reached a partial deal to end their trade war and as the Bank of Korea's rate decision comes under focus.On Friday (Washington time), US president Donald Trump unveiled the first phase of a deal with China to end their yearlong trade row that has roiled the global financial market and suspended a planned tariff hike.The benchmark Korea Composite Stock Price Index closed at 2,044.61 Friday, up 1.2 percent from

Oct 13, 2019
Finance
Rebidding for third internet-only bank kicks off amid lack of interest

Financial authorities on Thursday began to accept applications for a second round of bids for a preliminary license to operate the nation’s third internet-only bank, according to the Financial Services Commission.Unlike the first round earlier in the year, however, concerns are mounting that market expectations may have soured, as only one consortium confirmed its bid on the first day.“The business license for a new internet-only bank is the FSC’s top priority task for the seco

Oct 10, 2019
Finance
Korea rises two notches in global competitiveness on high macroeconomic stability, IT

Labor market rigidity, low entrepreneurship cited as hurdles as Korea takes 13th spot

Oct 9, 2019
Finance
Hyundai Card prepares for possible IPO

Hyundai Card, the credit card unit of Hyundai Motor Group, is seeking underwriters and advisers for a proposed initial public offering, its spokesperson said Tuesday. “We have approached domestic and foreign financial institutions as part of the listing process,” the firm’s spokesperson Ha Young-jin told The Korea Herald. “But right now it’s difficult to say whether we will proceed with the plan. An IPO would be an opportunity to expand our capital and bolster

Oct 8, 2019
Finance
Foreigners remain net buyers of S. Korean bonds, stocks

Foreign investors continued to scoop up local shares and bonds in the first seven months of the year, the central bank said Tuesday, possibly reflecting their confidence in the country's strong economic fundamentals despite a steady decline in exports and sluggish growth.In the January-July period, foreigners purchased a net US$8.71 billion worth of local stocks while also purchasing a net $16.43 billion worth of local bonds, the Bank of Korea said in a report submitted to the parliamentary fina

Oct 8, 2019
Finance

The Korea Herald by Herald Corporation

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Date of registration : 2015.04.28
Publisher. Editor : Kwon Chung-won
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