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

KB Kookmin Bank CEO Lee Jae-keun has been nominated for a second term as the head of the nation’s top lender, KB Financial Group said Thursday. In a meeting held earlier in the day, the group’s CEO candidate recommendation committee named Lee as the sole and final candidate as the bank’s next CEO. Lee, 57, has been holding the top post since January 2022. Lee is recognized for his experience in crucial posts, such as sales, finance, strategy and more, and for his understanding

Companies Nov. 30, 2023

The Bank of Korea kept the base rate unchanged at 3.5 percent for the seventh straight time on Thursday, unable to either cut or raise the rate as Korea stands the test of the shaky economy. The six members of the monetary policy board unanimously voted for a rate freeze at the last rate-setting meeting held this year, according to BOK Gov. Rhee Chang-yong. The BOK’s Monetary Policy Decision statement showed the board will “maintain a restrictive policy stance for a sufficiently long

Economy Nov. 30, 2023

Mirae Asset Securities, a leading brokerage house based in Korea, has been expanding its presence in the global financial market, backed by its burgeoning overseas operations. With 12 branches and three offices located out of Korea, the firm boasts a vast overseas network across 11 regions including Hong Kong, Singapore, Vietnam, Indonesia, India, Mongolia, China, the US, the UK, Greece and Brazil. The equity capital held by its overseas subsidiaries surpassed $3 billion as of June, according to

Companies Nov. 30, 2023

BlockSquare Seoul, under the wing of its holding company Youth Meta, provides virtual currency trading assistant services based on algorithms powered by artificial intelligence technology. Founded in 2016, the firm’s robo advisor, Goyabot, offers market prediction for some 180 cryptocurrencies, speculating future price movements by using data generated from real-time market monitoring. Goyabot predicts crypto price fluctuations by analyzing buy and sell orders entered on exchanges, trans

Companies Nov. 29, 2023

The answers are all out there in the charts for Iron Won, who leads Youth Meta, the holding company of crypto trading service operator BlockSquare Seoul. After a prolonged period of uncertainty in the cryptocurrency market, the crypto winter seems to have come to an end. As market sentiment lightens up, Won has one piece of advice for investors -- to predict market trends by tracking asset movements. “It is nearly impossible for an average person to approach the crypto market, as it is exp

Companies Nov. 29, 2023

Finance Minister Choo Kyung-ho met with the CEO of London Stock Exchange Group, calling for foreign investors’ interest in Korea’s foreign exchange and state bond markets. Choo attended the market opening ceremony at the London Stock Exchange on Thursday, marking the first time for a Korean governmental official to participate in the event, according to the Finance Ministry. Korean finance figures attended the event with Choo. Choo has been in London since Monday as a part of Presi

Economy Nov. 24, 2023

The Korea Life Insurance Association has tapped Kim Chul-ju, head of the Creditors' Coordination Committee, as its new chairman. An internal recommendation committee made the decision in a meeting held Friday. Kim, a graduate from the department of economics at Seoul National University, served as a public official at the Ministry of Economy and Finance. After working as an economist at the Asian Development Bank and World Bank, Kim returned to the Korean government, serving in key position

Industry Nov. 24, 2023

Mirae Asset Global Investments, an asset management company under Mirae Asset Financial Group, named two vice chairs, Choi Chang-hoon and Rhie Chun-yong, as chief executive officers of the firm in a shareholders meeting Thursday. Choi, who has held the co-CEO post since 2021, will serve another term. His efforts were appreciated for having secured investment stability by strengthening the diversity of the real estate investment portfolio in and out of Korea, the firm said. With 25 years of exper

Companies Nov. 23, 2023

From the fourth quarter of next year, individuals can test out the central bank digital currency with public vouchers, under a real-world test plan introduced by local authorities on Thursday. The Bank of Korea, Financial Services Commission and Financial Supervisory Service jointly announced the details on the pilot project, following a previous notice in October. Thursday’s announcement was made on the sidelines of a visit by Agustin Carstens, general manager of the Bank for Internationa

Economy Nov. 23, 2023

Marking the 140th anniversary of diplomatic relations between Korea and the United Kingdom, the two countries' business leaders held a forum in London to seek cooperation in diverse sectors, from energy and defense to supply chains. The event, held Wednesday on the sidelines of President Yoon Suk Yeol’s state visit to the UK, was co-hosted by the Federation of Korean Industries and the UK's Department for Business and Trade. Yoon delivered a congratulatory speech at the forum, st

Economy Nov. 22, 2023

Lee Sirgoo, CEO of Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, was officially tapped by board members to lead the fintech firm for another three-year term, it said on Wednesday. Lee, who has been serving his second term at the company, was first named its chief in 2017. The appointment is to be finalized through approval at a shareholders meeting, set to take place on Dec. 5. If approved, Lee’s term will last until December 2026. “I decided to assume

Companies Nov. 22, 2023

Meritz Financial Group announced a major reshuffle at the executive level on Monday to maximize its group-wide synergy, following the consolidation of its affiliates Meritz Fire & Marine Insurance and Meritz Securities earlier this year. Vice Chairman Kim Yong-beom, who was the CEO at both Meritz Financial Group and Meritz Fire & Marine Insurance, has stepped down from his post at the insurer to focus on leading the group through its holdings company and managing the group’s overal

Industry Nov. 21, 2023

Korea is likely to see more activity in the metal derivative market amid the growth of battery metals trading, said a CME Group executive in charge of handling the firm’s global metals business. Jin Hennig, managing director and global head of metal products at CME Group, a leading financial derivatives exchange, said Korea can play a critical role in both metal trading and transactions as the overall market is growing at a fast pace. CME Group, as a derivative marketplace, offers futures

Market Nov. 21, 2023