The Bank of Korea is proactively pushing for the introduction of a central bank digital currency to maintain its grip on the sovereign currency amid the continued digital transformation of the finance sector. The BOK has developed a two-track system for Korea's CBDC: a retail CBDC for individuals and a wholesale CBDC for institutions. It will first test out the wholesale CBDC by having banks issue tokenized deposits to some 100,000 people in the fourth quarter of 2024. “Digitalizati

Economy Dec. 21, 2023

South Korea’s top commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- are facing a potential risk of suffering losses in overseas real estate investments amid a slowdown in the global property market following persistent high rates. The balance of overseas real estate funds sold by the five banks stands at 753.1 billion won ($580 million), according to financial authorities. Of the amount, fund products worth 257.1 billion won are set to expire next year. With the global r

Economy Dec. 18, 2023

Seoul-based private equity firm MBK Partners is gearing up for a second round in a battle for control of Hankook & Co., the holding company behind Korea's largest tire maker, Hankook Tire & Technology. On Friday, MBK said through Ventura, a special purpose company set up for the bid, that it has raised its offer for the public tender for Hankook & Co., from 20,000 won ($15.34) to 24,000 won per share. "This would be the first and last price raise," MBK said in a statem

Companies Dec. 17, 2023

Regulating digital currency is a major priority on the global agenda, International Monetary Fund Managing Director Kristalina Georgieva said at an international conference held in Seoul on Thursday. "We must consider the effects if crypto assets become widespread. The scenario is not far-fetched," Georgieva said in her opening speech at the event co-hosted by the Ministry of Finance, Bank of Korea, Financial Service Commission, and the International Monetary Fund. The event was held u

Economy Dec. 14, 2023

Constantine Enterprises CEO Robert Hiscox pinned high hopes on the company’s latest condominium development project near Toronto, which could become the beginning of a potential partnership with two Korean partners, Daewoo Engineering & Construction and Hyundai Asset Management. Hiscox and Rogers Communications Chairman Edward Rogers co-founded the real estate company Constantine Enterprises back in 2013. The company works as a developer, construction builder and manager of property pr

Companies Dec. 13, 2023

An expansion of the business into the real estate market and beyond comes as Rogers Communications Chairman Edward Rogers, who leads the Canada-based technology and media company, bets high on the country’s burgeoning economy. Rogers has been focusing on diversifying his business outside of the core telecom space, co-founding the real estate development and management firm Constantine Enterprises with his longtime friend Robert Hiscox in 2013. “It was to take advantage of the amazing

Companies Dec. 13, 2023

Mirae Asset Securities has acquired Sharekhan Limited, India’s major brokerage firm, in a $370 million deal to bolster its expansion in the world’s fifth-largest economy. The firm has signed a share purchase agreement with BNP Paribas SA for the acquisition of Sharekhan Limited, according to an announcement made by Mirae Asset Securities on Tuesday. The French banking giant has sold its entire stake in the retail brokerage firm, eight years after the acquisition in 2015. Founded in 2

Companies Dec. 12, 2023

BlockSquare Seoul is working to strengthen its service lineup to support investors in mitigating risks and increasing profit in cryptocurrency trading. The company provides charts which show the price fluctuation of major cryptocurrencies and assess risks, bid prices and liquidation attempts. The charting service, like the cryptocurrency market, operates on a 24-hour basis. The charts further speculate future price movements by using data generated from real-time market monitoring. The chartin

Companies Dec. 12, 2023

North Korea is the only potential trigger for a downgrade of South Korea’s current sovereign rating of AA -- the third-highest level on the S&P Global Ratings table, an expert from the credit appraiser said. If reunification of the Korean Peninsula is to happen -- though it is a very “unlikely scenario” -- South Korea’s sovereign rating could take a hit, according to Kim Eng Tan, senior director for the sovereign ratings team in Asia-Pacific. "(Reunification) i

Economy Dec. 12, 2023

Speed and accuracy in processing real-time data are key requisites for interpreting the volatile cryptocurrency market, said Won Hyuk, chief technical officer at BlockSquare Seoul. The crypto trading assistance company has created a charting tool for investors, which helps with trading analysis. Its AI-powered Goya algorithm suggests the best time to buy and sell, reading into the market price fluctuation of cryptocurrencies. “We convert figures from orderbook, on-chain data and liquidatio

Companies Dec. 12, 2023

Korea is in the middle of blame-shifting, as banks face more than 3 trillion won ($2.28 billion) in losses combined in the first half of next year from the sales of equity-linked securities tied to a Hong Kong index. Financial authorities are considering creating guidelines for compensation regarding the sales of ELS products tracking the Hang Seng China Enterprises Index, seeing the possibility of banks’ misselling. The value of ELS products sold by Korea’s five major banks set to m

Market Dec. 6, 2023

Global consulting firm McKinsey & Co. on Monday said it has promoted two associate partners, Kim Gi-hong and Moon Ho-joon, as partners. Having studied engineering at Seoul National University, Kim joined McKinsey & Co. in 2016 and has pursued a career across energy and infrastructure. Kim's experience involves leading diverse projects on strategic and practical proposals for oil refinery, petrochemical and construction businesses, and proposing management reforms for companies. Ki

Companies Dec. 5, 2023

A sibling feud over the management of Hankook & Co., the holding company behind the world’s sixth-largest tiremaker, Hankook Tire & Technology, has been reignited, as the older of the two brothers has joined hands with a major private equity house to shore up his stake. Asia's largest private equity firm MBK Partners announced through a regulatory filing Tuesday that it has launched a public tender for Hankook & Co., offering 20,000 won ($15.23) per share under a goal to

Industry Dec. 5, 2023

Art Together, a subsidiary under major Korean art auctioneer K-Auction, announced Monday it has submitted its registration statement for fractional investments in Yayoi Kusama's 2002 artwork, “Pumpkin,” to the country’s top regulator, the Financial Supervisory Service. Art Together purchased the painting from renowned British auction house Christie’s for 1.09 billion won ($835,000) and has set the subscription price at 1.18 billion won, allowing retail investors to s

Market Dec. 4, 2023

Contrary to concerns that the short selling ban would lead to an exodus of foreign funds, offshore investments have flooded into Korea over the past month backed by dovish expectations on US interest rates and a chip recovery. Last month, financial authorities in Korea announced a complete ban on short selling from Nov. 6 until the end of June 2024, in a bid to ensure a "fair playing field" for investors. While market watchers predicted that implementing a short selling ban would drive

Market Dec. 3, 2023