Articles by Park Ga-young
Park Ga-young
gypark@heraldcorp.com-
McKinsey hires former Oliver Wyman Korea head
Consulting firm McKinsey & Company on Wednesday said they have hired Park Joong-ho, former head manager of Oliver Wyman’s Korea office, as a new partner here. Park worked at Oliver Wyman, a consulting firm specialized in financial services companies, for 15 years and led the company for more than three years until December 2020. At Oliver Wyman, he provided consulting services to financial institutions and governmental organizations in areas such as digital transformation, glo
Market March 4, 2021
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Banks still wary of cryptocurrency partnership
The resurgence of cryptocurrency trading as well as upcoming changes in law that mandate investments in bitcoins be made with accounts under real names are likely to provide new opportunities for commercial lenders seeking new income sources. But many are still reluctant to make ties with crypto exchanges, citing risks in the volatile market and lack of confidence over forging partnerships with smaller crypto exchanges here. Currently, three banks -- Shinhan, NH Nonghyup and K bank -- are in p
Market March 3, 2021
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Like hot tech shares, Bitcoin falls as US bond yields rise
Bitcoin declined Friday, falling below 53 million won ($48,100) in the week that the largest cryptocurrency is suffering its worst pullback in a year. The digital currency fell to as low as 52.88 million won in the afternoon, plunging almost 20 percent from Sunday’s record high of 65.84 million won. Bitcoin’s volatility coincided with a slump in stock markets with investors wary over a sharp rise in US bond yields, hurting steep valuations of tech companies. The te
Market Feb. 26, 2021
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Bitcoin moves with extreme volatility amid warnings
Bitcoin prices continued to fluctuate on Wednesday as authorities in and out of the country expressed concerns over the digital coin’s volatility. After plunging 22 percent from Sunday’s record high of 65.84 million won ($59,294) to 50.9 million won on Tuesday, bitcoin prices stabilized at about 56 million won in the afternoon on Wednesday, Upbit data showed. The recent surge was driven by endorsements from Silicon Valley and Wall Street. Tesla, a US electric vehicle maker, said
Market Feb. 24, 2021
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Once-hot P2P lending industry faces tough road ahead
Peer-to-peer lending platforms that were once the talk of the town are facing a myriad of challenges amid ongoing litigation and tougher regulations, highlighted by a lawsuit against Tera Funding, experts said on Tuesday. Tera Funding is facing another class action from investors who are unhappy with delayed payments and loss of investments. This is the second time the company has had to deal with a lawsuit since August 2020 when a group of 500 investors took the company to the court, alleging
Market Feb. 23, 2021
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Seoul to tax crypto gains, bring in more regulations
South Korean investors who make more than 2.5 million won ($2,260) from cryptocurrency trading will face a 20 percent tax starting next year, according to the Ministry of Economy and Finance on Monday. The first 2.5 million won is tax-free. For instance, if an investor makes a 10 million won profit from trading Bitcoin, 7.5 million won of that amount will be subject to the 20 percent tax. Inheritances and gifts of cryptocurrency will also be taxed. In such cases, the price of the asset wil
Market Feb. 22, 2021
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Bitcoin is now worth more than its weight in gold
The price of Bitcoin surged to another record high over the weekend, becoming more expensive than 1 kilogram of gold. The digital coin was being traded for more than 65 million won ($58,800) as of Sunday morning, data from crypto exchange Upbit showed. Bitcoin’s rally came as domestic gold prices recently declined to hit a new 10-month low. Gold, which has long been a safe haven asset both in Korea and worldwide, stood at 62,967 won per 1 gram as of Friday. The largest cryptocurrency&
Market Feb. 21, 2021
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Woowa Brothers' founder joins super wealthy donation campaign
Kim Bong-jin, the founder and chairman of a local delivery app operator Woowa Brothers, on Thursday joined the bandwagon of rich, self-made South Koreans donating substantial amounts of their assets to society. Kim said he and his wife have joined The Giving Pledge, a global campaign of the world’s wealthiest people contributing a majority of their assets to philanthropic projects, and that they would donate a half of their wealth in their lifetimes, according to the company. The 45-ye
Market Feb. 18, 2021
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Zero Pay mulls partnership with China’s UnionPay
Zero Pay, a mobile payment app developed by Seoul City, is considering a partnership with China’s financial platform UnionPay International, the company’s official said Wednesday. “We’re negotiating with UnionPay and other payment apps abroad but it is very early stage,” an official from Korea Easy Payment Foundation, which operates Zero Pay, said. “But it is our firm goal to expand our network beyond Korea so that users can pay with our app overseas,&rdqu
Market Feb. 17, 2021
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Security concerns arise over soaring digital currencies
As the prices of Bitcoin and other cryptocurrencies approach record highs, digital currency exchanges are reaping the benefits of increased traffic, but are simultaneously burdened with security concerns. Domestic crypto exchanges said Tuesday that they are ramping up alert levels amid an uptick in interest and the establishment of new laws. Earlier this month, the top two local digital currency exchanges, Upbit and Bithumb, suffered server shutdowns amid increased transactions. Bithumb&rsquo
Market Feb. 16, 2021
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Hyperconnect deal hints another record year for Korean VCs
Korea’s venture capital firms are expected to see another strong year, following a record performance in 2020, amid a rise in the valuations of domestic startups and increased options for an investment exit. Hyperconnect, the operator of the video chatting app Azar, last week signed a deal to sell to Match Group, a US tech company that owns a slew of dating apps including Tinder and OkCupid. The deal valued at $1.7 billion will bestow handsome returns to domestic venture capital firms li
Market Feb. 15, 2021
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New law to allow reversal of fat-finger transactions via Kakao Pay, Toss
Mistaken transactions made through mobile payment apps will be subject to aid from a state-run deposit insurer after a revision of a depositor protection legislation takes effect later this year. Starting on July 6, the Korea Deposit Insurance Corporation will help reverse error remittances that have occurred not only in accounts of financial institutions but also in mobile payment services such as Toss and Kakao Pay, according to amendments to the Depositor Protection Act. However, transact
Market Feb. 10, 2021
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Bitcoin hits record on Tesla’s $1.5b bet
Bitcoin prices hit a record high on Tuesday, as US electric vehicle maker Tesla unveiled it had purchased $1.5 billion in bitcoin. Bitcoin prices inched closer to 50 million won ($44,800) each in Korean exchanges on Tuesday, while exceeding that threshold in overseas exchanges. Bitcoin in South Korean exchanges were being traded at a discount of more than 3 percent on Tuesday, due to different market environments such as regulations and trading volume. In its latest annual report Monday
Market Feb. 9, 2021
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[Herald Interview] ‘Stock investment: A lifelong game’
In his early 30s, Kim Dong-joo felt no need to make more money a few years after selling his own social commerce startup to the nation’s top mobile messenger operator Kakao. The 2011 sale carried out in exchange for a huge stock option turned him into a man of fortune when Kakao made a backdoor listing after merging with then Kosdaq-listed internet portal Daum Communications in 2014. But something was missing, he said. “I lost my motivation to work because my monthly salary was i
Market Feb. 7, 2021
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K bank sees record inflow of deposits, new customers in Jan.
South Korea’s first internet-only lender, K bank, saw a hike in term deposits in January backed by new customers looking to invest in bitcoins through the online bank. Under the partnership between K bank and crypto exchange Upbit forged in June, retail investors can open a bitcoin trade account via the online lender. A bitcoin frenzy in January appears to have pushed the number of customers subscribing and depositing cash at K bank, according to market watchers. K bank’s sav
Market Feb. 4, 2021
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