Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
FSS head meets with China's new financial regulator chief
Lee Bok-hyun, the governor of South Korea's Financial Supervisory Service, made an unannounced two-day visit to China last week, marking the first visit there by an FSS head in six years. During his visit to Beijing on Aug. 31 and Sept. 1, Lee met with Li Yunze, head of China's National Financial Regulatory Administration, to discuss ways to strengthen financial ties and cooperation between the two nations. “China previously had various supervisory divisions, but it did not have
Industry Sept. 7, 2023
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Taxi fare surges most since Asian financial crisis
Taxi fares have experienced their most significant on-year surge since the 1997 Asian financial crisis, causing commuters like Kim Jung-ah, an office worker in Gangnam, Seoul, to feel the financial strain. Kim, who currently has a cast on her leg, relies on taxis for her daily commute to work, a journey that typically takes 10 to 15 minutes. “I spend around 8,000 to 9,000 won just for the short 10-minute ride to my office,” Kim said. "If I had the option, I'd seriously cons
Industry Sept. 6, 2023
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Toss Bank mulls introducing house mortgage loans
Hong Min-taek, CEO of Toss Bank, the internet-only banking arm of fintech giant Viva Republica, said Tuesday that launching a house mortgage loan service is inevitable for the firm, but that it will wait for the right timing amid the government's efforts to curb household debt. Currently, Toss Bank is the only bank among the three internet-only banks, which also include KakaoBank and K-Bank, that does not offer house mortgage loans. KakaoBank and K-Bank account for 2 percent of the total ho
Industry Sept. 5, 2023
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Unsecured national debt to soar to nearly W800tr next year
Korea's national debt that relies solely on taxpayers' funds for repayment is forecast to soar to a staggering 792.4 trillion won ($601 billion) next year, which more than doubled compared to the figure in 2017, according to a government report released Sunday. In 2017, the unsecured debt amounted to 374.8 trillion won, and over the course of seven years, this figure has steadily climbed, now approaching 800 trillion won. Among the forthcoming 1,190 trillion won of total national d
Industry Sept. 3, 2023
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Government attempts to reassure KFCC depositors
The government on Thursday stepped in to soothe public anxiety over the Korean Federation of Community Credit Cooperatives (KFCC), as depositors' distrust toward the nation's primary mutual financial institution lingers over its high delinquency rates. The joint briefing was organized by relevant agencies including the Ministry of the Interior and Safety, the Financial Services Commission and the KFCC. "Customer assets, including savings deposits, are guaranteed to remain secure u
Industry Aug. 31, 2023
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DGB to establish asset management firm in Singapore
DGB Financial Group, a Korean financial holding company, said it plans to establish an asset management company in Singapore. The company recently submitted an application to the Monetary Authority of Singapore seeking a license to operate as a registered fund management company. "Our primary focus for now is securing the approval as Singapore financial authorities have tightened their approval processes due to the substantial influx of Hong Kong funds into the country," a DGB Financia
Industry Aug. 29, 2023
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Export slump to recover in first half of 2024: KITA
Korea's export downturn will see a recovery in the first half of next year, with the semiconductor market expected to rebound in the fourth quarter of this year, the Korea International Trade Association forecast on Monday. The prediction was based on findings that the primary factor behind Korea's export slump is the slowdown in the global information and communications technology market, according to KITA. “Upon closer examination, I realized that the decrease in the global d
Industry Aug. 28, 2023
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China's property woes will have minimal impact on Korea: FSC
South Korea’s financial authorities downplayed the possibility that the uncertainties stemming from the Chinese real estate crisis will have a serious and direct impact on domestic financial markets. “There is no need to feel excessively anxious, as the stable fundamentals of the Korean economy and financial market are being maintained," Kim So-young, vice chairman of the Financial Services Commission, said during an emergency meeting held Tuesday in Seoul, with representatives
Industry Aug. 23, 2023
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KB, Citibank launch first joint branch in Daejeon
KB Kookmin Bank, South Korea's leading commercial bank, and Citibank Korea inaugurated a joint branch in Daejeon on Monday, according to the Korean lender. Typically, when a bank's branch faces challenges in sustaining its operations while demand still exists in the area, the option of establishing a joint branch is contemplated, an official from KB Kookmin Bank explained. The joint branch will consist of a KB Kookmin Bank branch on the second floor of Citibank's current Daejeon J
Industry Aug. 22, 2023
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Yeouido to go English-friendly to attract investment
The Seoul Metropolitan Government said Monday that it has begun turning Yeouido, home to finance and investment banking businesses in Seoul, into a more English-friendly area in a bid to transform it into a global financial hub. “In the long term, we are considering the possibility of making English the official language of Yeouido to attract foreign investment,” Seoul Metropolitan Government official Kim Guk-jin said. “However, this cannot be accomplished in the short term, so
Industry Aug. 21, 2023
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A third of global GDP covered by Korea-US-Japan partnership
The leaders of South Korea, the US and Japan reached an agreement to establish a trilateral economic security partnership, during a summit held at the Camp David presidential retreat in Maryland on Friday. The trilateral summit was held between Korean President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Fumio Kishida. "We anticipate enhanced stability within our supply chains, financial markets and foreign exchange markets, along with seamless collaboration in cutti
Industry Aug. 20, 2023
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FSC vows to tackle overheated themed stocks
Kim So-young, vice chairman of the Financial Services Commission, stressed the agency's commitment to shielding investor trust from volatile themed stocks. “During the second half, we will strengthen our efforts to address the issue of excessive investment concentration in themed stocks,” Kim said during a press conference held at the Central Government Complex in Seoul on Thursday. The FSC's stance on themed stocks follows a recent surge in volatility in Korean seconda
Industry Aug. 17, 2023
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Government to boost exports with W23tr financial support plan
In a bid to bolster the competitiveness of the country's exports, which form the foundation of Korea's economy, the government has introduced an additional 23 trillion won ($17.18 billion) financial support plan, building upon a prior 16.7 trillion won initiative in funds for export enterprises. The "Comprehensive Export Finance Support Plan" comes after the fourth meeting on export strategy convened by President Yoon Suk Yeol in February. "Korea's exports have face
Industry Aug. 16, 2023
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Foreign investment banks lukewarm on Korea’s near-term growth
Global investment banks offered a lukewarm outlook for South Korea’s near-term growth, with their average projection for 2024 remaining at 1.9 percent as of July, according to a report from the Korea Center for International Finance on Monday. If the Korean economy aligns with these forecasts and achieves 1 percent growth for two consecutive years, it would be the first time since collecting a growth rate statistic in 1954. The Korean economy's growth rate has fallen below 2 percent o
Industry Aug. 14, 2023
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[70th Anniversary] Citibank director counts on The Korea Herald's restless reinvention
In the eyes of Jason Batman, the managing director responsible for Citibank's treasury and trade solutions division, there's a remarkable parallel between Citibank Korea and The Korea Herald. Both entities function as essential conduits that forge connections between Korea and the rest of the world. "Korean conglomerates look at Citibank and see access to the global infrastructure of banking. A one-stop shop that can cater to their needs in 95 markets worldwide," Batman said
70th anniversary Aug. 13, 2023
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