Taipei Fubon Bank, the banking arm of Taiwan's Fubon Financial Holding, is waiting to receive the final nod from the local authorities to launch its first office in Seoul. South Korea’s Financial Supervisory Service recently completed its review of the Taiwanese commercial bank’s office establishment application and forwarded its opinion to the Financial Services Commission, an FSS official confirmed Thursday. “Foreign banks can establish new offices through a reporting sy

Industry Dec. 20, 2024

Finance Minister Choi Sang-mok on Wednesday vowed to restore market credibility amid the ongoing political turmoil, stressing that the indicators that gauge market volatility and economic instability show signs of easing thanks to the swift responses by the government and the country's constitutional and economic systems. "The budget plan and key tax bills were passed in the National Assembly on Dec. 10, demonstrating that Korean economic policies are moving forward through consultatio

Foreign Affairs Dec. 18, 2024

BC Card, one of South Korea's leading card issuers, has confirmed the reappointment of CEO Choi Won-seok for another term. The company announced Tuesday that its executive nominee recommendation committee selected Choi as the sole candidate for the CEO position. This will mark Choi's fourth consecutive term since he took office in March 2021, and the first time a BC Card CEO has served a fourth term since the company joined KT Group in 2011. The committee selected Choi as the nominee,

Industry Dec. 17, 2024

Woori Financial Group said Monday it has activated its emergency operation system and ramped up communications with investors as South Korea navigates deepening political turmoil. Chairman Yim Jong-yong convened an emergency meeting earlier in the day to address rising financial instability following President Yoon Suk Yeol's suspension. Yoon's suspension came after the National Assembly passed an impeachment motion related to his activation of martial law on Dec. 3, intensifying marke

Economy Dec. 16, 2024

Seoul's stock market saw heightened volatility on Monday, the first trading session following President Yoon Suk Yeol's suspension over the weekend. The benchmark Kospi opened at 2,511.08, up 16.62 points from Friday's close, briefly reaching 2,515.62 in the morning before reversing. By 2:30 p.m., the Kospi was down 0.3 percent at around 2,488, driven by a heavy selloff from foreign investors, who offloaded a net 490 billion won ($341.5 million). Individual investors supported the

Economy Dec. 16, 2024

Finance Minister and Deputy Prime Minister Choi Sang-mok has vowed all-out efforts to fill the leadership vacuum created by President Yoon Suk Yeol's impeachment. On Sunday, he held an emergency economy-related ministerial meeting, where he said, "Our economy once again faces a critical test," warning of growing internal and external uncertainties. He announced that the "2025 Economic Policy Direction" would be jointly released by relevant ministries before year-end, foc

Economy Dec. 15, 2024

Hana Financial Group on Thursday named Lee Ho-seoung, CEO of its card unit, as the final candidate to lead Hana Bank in a major leadership reshuffle at its subsidiaries. The group announced that its CEO recommendation committee had finalized candidates for top posts at three key subsidiaries -- Hana Bank, Hana Card and Hana Securities -- focusing on candidates with expertise in internal controls and sales. “Amid heightened volatility and uncertainty in domestic and global financial markets

Industry Dec. 13, 2024

South Korea's financial markets experienced brief volatility on Thursday following President Yoon Suk Yeol's refusal to step down, but quickly regained stability, closing higher for a third straight day, signaling potential for a steady recovery. The day began with the benchmark Kospi opening 14.12 points higher at 2,456.63. Early gains followed a two-day rally -- the first consecutive upswing on the Kospi since Yoon's short-lived martial law declaration last Tuesday, which sent s

Economy Dec. 12, 2024

Korea Development Institute President Cho Dong-chul expressed confidence that the recent political turmoil sparked by President Yoon Suk Yeol's brief martial law declaration would not have a lasting economic impact, despite increased volatility in local financial markets. "It's undeniable that the recent unexpected political crisis has harmed our economy. However, I believe a severe risk, such as the foreign exchange crisis we faced in the past, is unlikely," Cho said Wednesd

Economy Dec. 11, 2024

Hana Financial Group on Tuesday announced bolstered engagement with foreign investors and regulators, as market volatility intensifies amid South Korea's ongoing political turmoil. The group said that it sent letters to overseas investors on Monday, assuring them of the implementation of value-enhancement measures based on its commitment to improving shareholder rights and reinforcing its strong fundamentals. In October, the finance giant unveiled a corporate value-up plan, outlining target

Industry Dec. 10, 2024

Amid the rapidly expanding global virtual asset market, South Korea has decided to push back cryptocurrency trading taxation until 2027. On Tuesday, the National Assembly passed a revised Income Tax Act, which includes a two-year delay on taxing income from virtual asset trading, initially planned for implementation next month. The original plan proposed a 22 percent tax on annual crypto income exceeding 2.5 million won ($1,750) starting in January 2022 but has been delayed three times due to po

Industry Dec. 10, 2024

South Korean shares hit their lowest level of the year on Monday, as market sentiment was weighed down by prolonged political uncertainty following the failure of the motion to impeach President Yoon Suk Yeol. The local currency also continued its decline against the US dollar, fluctuating around 1,435 won throughout the afternoon. The benchmark Korea Composite Stock Price Index, which opened at 2,392.37 points, down 35.79 points from the previous session, extended its losses during the day to t

Market Dec. 9, 2024

The financial subsidiaries of Hanwha Group, South Korea’s seventh-largest conglomerate, have launched an artificial intelligence research center in San Francisco, the global hub for AI development. Hanwha AI Center, established by Hanwha Life in collaboration with Hanwha General Insurance and Hanwha Asset Management, officially opened last week at Hanwha Group’s San Francisco headquarters. The opening ceremony was attended by senior executives, including Hanwha Life Vice Chairman and

Industry Dec. 9, 2024

The general insurance industries of South Korea and Indonesia are deepening their partnership. The General Insurance Association of Korea announced on Monday that it recently signed a memorandum of understanding with the General Insurance Association of Indonesia to strengthen exchanges and collaboration. The agreement outlines plans to support member companies' overseas expansion and collaborate on initiatives aimed at mutual growth in both countries' insurance sectors. The associatio

Industry Dec. 9, 2024

South Korea's financial regulators are set to meet with the heads of major financial groups next week amid escalating political tension surrounding President Yoon Suk Yeol’s impeachment motion. The Financial Services Commission is arranging a meeting with the heads of major financial groups, including KB, Shinhan, Hana, Woori and NongHyup, though the date remains unconfirmed. An official from one of the groups indicated that the meeting, initially set for Thursday, was canceled on Sat

Economy Dec. 8, 2024