The majority of wealthy South Koreans have a negative outlook on this year's economy, with plans to maintain their current asset portfolios. However, some are considering investing in real estate if the economy improves. These findings are from the "2024 Korean Wealth Report," compiled by a think tank under Hana Bank based on a survey of around 2,600 Koreans conducted in December last year. Of the respondents, 746 with over 1 billion won ($726,000) in financial assets -- including

Economy April 25, 2024

Hanwha Life, a leading Korean insurance company and the life insurance subsidiary of Hanwha Group, has made a strategic move into the Indonesian banking sector through a stake investment. The company announced on Wednesday that its board had approved securing a 40 percent stake in Nobu Bank from Indonesia's Lippo Group, marking the first entry of a Korean insurer into the Indonesian banking industry. The decision was made during an extraordinary board meeting held on Tuesday. Hanwha Life�

Industry April 24, 2024

The Korea International Trade Association is ramping up its efforts to support the overseas expansion of local mobility companies in the Gwangju area. On Tuesday, the state-run trade agency's regional headquarters for Gwangju and South Jeolla Province announced that it had signed a memorandum of understanding with MobilityFund, a German venture capital fund, and the Gwangju Green Car Promotion Agency to help boost the global competitiveness of local future and eco-friendly automobile firms.

Industry April 23, 2024

South Korea and Poland have come to the table to seek progress in their arms deal, with Korea grappling with funding challenges for a follow-up agreement with Poland. On Monday, Pawel Bejda, Poland’s deputy defense minister, met with Seok Jong-gun, the head of South Korea’s Defense Acquisition Program Administration, marking the first high-level visit from the Polish government since the administration change there in December 2022. The Polish government's visit to South Korea c

Industry April 23, 2024

In 2022, South Korean fintech app Toss launched the nation’s first bug bounty program by a finance company, inviting attacks on its security system from the outside. Operating the program for several months in the first two years, Toss has kept the doors open starting last year so that hackers can report whenever they discover a vulnerability in Toss security. White hat -- or ethical -- hackers that make a significant discovery are rewarded up to 30 million won ($22,000). Toss remains the

Industry April 22, 2024

The South Korean market on Friday faced heightened volatility in response to Israel's military actions against Iran, with the benchmark Korea Composite Stock Price Index plunging to its lowest level in 11 weeks. The dip coincided with a weakening of the local currency. The Kospi concluded the day at 2591.86, marking a marginal decrease of 1.63 percent from the previous session. Initially opening at 2,600.69, a decrease of 34.01 from the prior session, the index experienced a sharp downturn

Market April 19, 2024

South Korean Finance Minister Choi Sang-mok unveiled the country's plan to bolster green investment in the private sector by establishing a venture capital fund worth 23 trillion won ($16.6 billion), the ministry said Friday. Emphasizing the importance of leveraging private capital for climate financing, Choi made the announcement during the Group of 20 finance leaders' meeting held in Washington on Wednesday and Thursday, the ministry said. During a session on sustainable finance, Cho

Economy April 19, 2024

In March 2023, Apple Pay made a grand entrance into the South Korean market, amassing 1 million users on its debut day alone and doubling that figure within three weeks. But a year later, the initial fervor surrounding the mobile payment service of the iPhone maker appears to have dwindled considerably amid the lack of widespread availability. With Hyundai Card's exclusive partnership set to expire in September, no other card companies have followed suit in integrating the service. Speculat

Industry April 17, 2024

Last year, South Korea's card payments surged past 900 trillion won ($644.6 billion) for the first time, amid heightened inflation and escalating consumer prices. Data compiled by the Financial Supervisory Service reveals that the combined card payment performance of the nation's eight major credit card companies -- Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Woori, Hana, and BC -- reached 920.5 trillion won, marking a 6.4 percent increase from the 2022 total of 856.4 trillion won. T

Economy April 16, 2024

The South Korean government on Sunday announced heightened vigilance against potential domestic repercussions in light of the escalated tensions in the Middle East following Iran's attack on Israel. President Yoon Suk Yeol convened an emergency meeting with cabinet members and relevant government agencies to discuss strategies to respond to the the ongoing conflict between Iran and Israel. The meeting followed Iran's launch of drones and missiles into Israel early Sunday, apparently in

Economy April 14, 2024

The Indian government ostensibly fosters foreign investment to fuel economic expansion, yet, stringent and unclear regulations often result in mixed signals for foreign investors, observed Brian K. Oh, a senior lawyer at major Korean law firm Jipyong. "While the Indian government encourages foreign participation, particularly to strengthen the domestic manufacturing industry, strict compliance, especially in the tax system, poses significant obstacles," Oh said in a recent interview wi

Industry April 14, 2024

South Korea's national debt surged by nearly 60 trillion won ($44 billion) last year, reaching a record high. According to a report on the 2023 national settlement of accounts approved at a Cabinet meeting, the country's national debt stood at 1,126.7 trillion won, up by 59.4 trillion won from 2022. The total includes 1,092.5 trillion won owed by the central government and 34.2 trillion won owed by provincial governments, increasing by 59.1 trillion won and 300 billion won, respectively, from th

Economy April 11, 2024

French insurance giant AXA's Chief Executive Officer Thomas Buberl made his inaugural visit to South Korea, engaging with the local workforce and meeting with the nation's top financial regulator, according to the Korean unit on Thursday. Buberl visited the local office in Yongsan-gu, Seoul, on Tuesday and held discussions with employees and executives. This marked the CEO's first visit to Korea since assuming the top position in 2016. During his meeting, he commended employees for their contrib

Industry April 11, 2024

Hybe, the powerhouse behind K-pop sensation BTS, is poised to claim the "large firm" status, with its total assets passing beyond the 5 trillion won ($3.7 billion) mark last year. According to the company's regulatory filings, Hybe's total assets stood at 5.35 trillion won by the end of last year, marking a 9.8 percent increase from the 4.87 trillion won tallied in 2022. This milestone heralds a groundbreaking achievement as the first K-pop company to enter the esteemed "

Industry April 10, 2024

Lee Boo-jin, the president and chief executive of Hotel Shilla, will reportedly sell some 440 billion won ($325 million) in Samsung Electronics stock, in an apparent bid to pay off her inheritance tax. Industry sources revealed Tuesday that Lee, a member of the Samsung Group founding family, is assessing buyer demand for a block deal involving 5,247,140 shares in the tech giant. Should the sale proceed, her shareholding in Samsung Electronics would decrease from 0.89 percent to 0.8 percent. The

Industry April 9, 2024