Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
Market remains puzzled ahead of real-name crypto coin trading
Investors, cryptocurrency exchanges and banks in South Korea appeared to be confused Sunday over the government’s push to launch a real-name trade system of digital currencies as part of efforts to tighten its grip on the fast-growing and unfettered market.Starting Tuesday, cryptocurrency purchases using local currency will be allowed only for individual accounts registered under real names. Bank accounts of digital coin buyers using local currency and of cryptocurrency exchanges must be r
Market Jan. 28, 2018
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HiteJinro’s holiday gift packages feature Gerard Bertrand wines
With the Lunar New Year holiday in a few weeks, Korean distiller HiteJinro has unveiled 59 packages featuring luxury wines as holiday gifts. Among the packages is a limited edition one featuring Gerard Bertrand wines, awarded red wine maker of the year by French magazine La Revue du Vin de France in 2015 and European winery of the year at the Wine Star awards in 2011. It is exclusively available before and during the Lunar New Year holiday, which falls in the third week of February. Other wine s
Industry Jan. 28, 2018
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Kiwoom Securities head to lead brokerages' association
Kwon Yong-won, chief executive of Korea’s online-only brokerage Kiwoom Securities, was elected the chairman of the Korea Financial Investment Association Thursday. Starting Feb. 4, the 56-year-old will serve his three-year term for the self-regulatory organization for financial investment industry in Korea. Kwon is the fourth chairman of the association founded in 2009. Kwon earned 145 votes out of 231 participants to beat contenders, former chief Woori Investment & Securities Hwa
Market Jan. 25, 2018
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W11.2tr earmarked for midrange borrowers
South Korea’s Financial Services Commission said Thursday it plans to circulate a combined 11.2 trillion won ($10.6 billion) this year for local retail borrowers that hold midrange credit scores while having trouble finding corresponding loans.The FSC pledged to pour a combined 8 trillion won into state-run loan products sold at banks, including those designed for refinancing. The remaining 3.2 trillion won will be spent to encourage private banking institutions to develop and sell midrang
Market Jan. 25, 2018
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SC Bank Korea refurbishes mobile banking app
Standard Chartered Bank Korea released updates to its flagship mobile banking app “Self Bank” on Jan. 8, almost a year after the app was released.The app is designed to allow its retail customers to buy banking services without visiting a brick-and-mortar branch. Since the app was launched in February 2017, Standard Chartered Bank Korea has sold 53,000 products ranging from checking products, deposits, savings, credit cards, consumer loans to insurance through the app. The update ena
Market Jan. 25, 2018
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Kakao taps marketing experts as new co-CEOs
Kakao, South Korea’s internet platform giant, has tapped its vice presidents with marketing backgrounds as new co-chief executive officers, the firm said Wednesday. Starting March, Yeo Min-soo, vice president of advertising, and Joh Su-yong, vice president of brand design, will take the helm of the operator of a flagship messenger app, a web portal, an online streaming service and a direct bank, among others. Yeo, 48, has played a vital role in establishing Kakao’s tailored advertising platform,
Industry Jan. 24, 2018
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LG Hausys tops W3tr in yearly net revenue in 2017
LG Hausys, a maker of windows, curtain walls and other interior materials, hit a record high in net revenue in 2017, according to the firm Tuesday. The Kospi-listed firm’s net income in 2017 came to 3.26 trillion won ($3.04 billion), up 11.2 percent compared to the previous year. Its operating profit reached 133 billion won, down 15.3 percent on-year. (LG Hausys)This marked the first time that the material arm under the third-largest conglomerate in market cap topped 3 trillion won in net profit
Industry Jan. 24, 2018
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Korea to begin real-name crypto coin purchases Jan. 30
South Korea’s financial watchdog on Tuesday unveiled a set of guidelines to employ a real-name transaction system for virtual coins encrypted on distributed ledger platforms like blockchain, starting Jan. 30. Once the new real-name transaction system comes into effect, cryptocurrency traders will be able to resume the purchase of encrypted coins like bitcoin, ether or ripple in Korea.Traders in Korea have faced hurdles in depositing money to buy more coins since the government in December
Market Jan. 23, 2018
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Kakao Bank to start housing deposit loan service
Kakao Bank, South Korea’s biggest direct bank, announced Monday it would start selling housing deposit loan products for either a two-year period jeonse (lease with down payment) contract or monthly rent, from Tuesday.A face-to-face process when submitting documents will not be required, like other products of the online-only bank, partly with the help of scraping technologies that enable the bank to extract documents regarding housing deposit loan borrowers’ identification.The annou
Market Jan. 22, 2018
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[Kosdaq Star] Test-prep firm MegaStudyEdu surges on takeover deals
This is the 49th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.On South Korea‘s second-tier stock market, not only tech and bio companies are on the rise, but also one unique industry has been steadily growing: education services. Reflecting the country’s high enthusiasm for education and aspirations for better jobs, education services companies have been gaining presence in the market dominated by tech companies. MegaStudyEdu, a test
Market Jan. 21, 2018
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Justice Ministry official depicts crypto coin founders as scammers
A high-ranking Ministry of Justice official on Thursday described cryptocurrency founders as scammers and insisted that any purchase of encrypted coins in Korea translates into an outflow of cash.Shim Jae-chul, an official at Justice Ministry in charge of policy and planning, said in a panel session held in the National Assembly Thursday that the recent cryptocurrency speculation in Korea stems from coin founders’ proclamation that their coins would turn into an alternative to gold or a me
Market Jan. 18, 2018
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[From the scene] English newspaper helps remote Nohwa Island bridge gap
NOHWADO, South Jeolla Province -- Lights go out around 9 p.m. in most of the buildings on the island of Nohwado. The day for many of the island’s some 5,000 residents -- largely abalone and seaweed farmers -- begins well before dawn. Exceptions include the only high school on the 25-square-kilometer island about 375 kilometers south of Seoul, where student journalists stay hard at work until 10 p.m. Extracurricular sessions, which include supplementary classes, academic programs and club activit
Industry Jan. 18, 2018
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Cryptocurrency ban could destroy economies for decades: Tapscott
Best-selling author and blockchain advocate Don Tapscott on Wednesday called for South Korea’s “sensible regulation” on cryptocurrency tokens and initial coin offerings, warning the government could otherwise “destroy economies for decades,” during a press conference in Seoul.Tapscott called bans on cryptocurrencies and initial coin offerings “heavy-handed approaches used by dictators and undemocratic countries,” and contrasted them with “sensible
Market Jan. 18, 2018
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[Newsmaker] Policy drive, biotech boom bring Kosdaq to 16-year high
South Korea’s second-tier Kosdaq hit a 16-year high, crossing 900 points at Tuesday’s close for the first time since the decline of the US-led information technology boom of the early 2000s, this time on lofty expectations for state policy support and an ongoing biotech boom. The Kosdaq closed at 901.23 Tuesday, up 1.1 percent from Monday’s close. The index has jumped 36.7 percent in three months. The closing mark topped 900 for the first time since March 2002. On Wednesday, th
Market Jan. 17, 2018
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[Herald Interview] Moin out to cut cost of remittance
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the eighth installment. — Ed.Despite the constant wave of technological advances, the remittance method has evolved little in South Korea over the past few decades, with only banks legally allowed to provide remittance services.Now with the growth of the fintech industry, a startup can address problems in interbank remittance and bring more benefits to customers, according to Ian Su
Market Jan. 16, 2018
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