As insurance companies grapple with finding new growth drivers, Hanwha Life has shifted its focus overseas, exploring new markets and sectors while expanding partnerships. A key milestone has been reached in Vietnam, where Hanwha Life’s local subsidiary achieved its first cumulative profit since entering the market in 2008. This marks the first such accomplishment among fully owned overseas subsidiaries of a Korean insurer. Building on this momentum, Hanwha Life aims to become the fifth-la

Industry Nov. 27, 2024

Kakao Bank, a major online lender in Korea, is bolstering its presence in Southeast Asia with reinforced partnerships with Indonesian digital bank Superbank. The bank on Wednesday announced it has signed a contract to collaborate on developing new financial products with Superbank, a digital bank in which Kakao Bank is one of the major shareholders. According to the new contract, Kakao Bank will provide consulting for Superbank’s new financial products, leveraging its expertise in mobile

Industry Nov. 27, 2024

Shinhan Financial Group is intensifying efforts to enhance its corporate value, with Chairman Jin Ok-dong leading initiatives both domestically and internationally. In November, Jin attended a joint investor relations event in Hong Kong, organized by South Korea's Financial Supervisory Service, following a similar event in New York in May. He presented Shinhan's corporate value enhancement plan, outlined strategies for strengthening South Korea's capital market, and discussed glob

Industry Nov. 27, 2024

Industrial Bank of Korea is intensifying its efforts to support small businesses struggling with the economic downturn and high interest rates. Last month, the state-run lender unveiled a comprehensive support plan, extending the interest rate reduction period for government-backed small business loans by a year with a 130 billion won ($93 million) investment. It will also allocate 28 billion won to dedicated loan funds and 14 billion won to preferential rates on savings and debt restructuring

Industry Nov. 27, 2024

South Korean online lender Kakao Bank has committed to enhancing its corporate value and increasing shareholder returns as it strives to become a leading, comprehensive financial platform within the next three years. In a meeting with analysts on Tuesday, CEO Yun Ho-young presented a detailed three-year plan centered on two main goals: "sustainable growth" and "innovative expansion." The plan sets ambitious targets, including 30 million customers, 100 trillion won ($71.6 bill

Industry Nov. 26, 2024

South Korean banks will head to Las Vegas next January for CES 2025, with some set to showcase their latest artificial intelligence-driven financial technologies at the world’s largest consumer electronics event. Among the participants will be Shinhan Bank, returning for a third consecutive year to host its own booth at the global expo. This year, the bank will highlight two of its newest innovations -- "AI Investment Mate" and "AI Branch." "AI Investment Mate,&quo

Economy Nov. 25, 2024

Woori Bank CEO Cho Byung-kyu is stepping down in disgrace as legal risks surrounding the bank and its parent group intensify. According to industry sources on Sunday, the board of Woori Financial Group, the holding company of Woori Bank, on Friday decided against reappointing Cho following the expiration of his current term at the end of this year. The decision came hours after local prosecutors filed an arrest warrant for former Woori Financial Chairman Son Tae-seung on charges of breach of tru

Industry Nov. 24, 2024

The International Monetary Fund on Wednesday lowered its economic growth forecast for South Korea to 2 percent next year, down from 2.2 percent projected in October, citing high uncertainties and weak domestic demand. The announcement came after a team of IMF officials led by Korea mission chief Rahul Anand made a two-week visit to Seoul for an annual country meeting with the finance ministry, the Bank of Korea and other institutions to discuss the country's economic policy measures. "

Economy Nov. 20, 2024

Lotte Group's stock plummeted to record lows on rumors of a liquidity crisis, but experts claim these concerns are overstated and emphasize the need for better debt control. The holding company’s stock closed at 20,550 won ($14.80) on Monday, down 6.6 percent from the previous day, while Lotte Chemical saw the sharpest decline among its subsidiaries, falling 10.22 percent to 65,900 won and reducing its market capitalization to 2.82 trillion won, a 15-year low. Both stocks hit 52-week

Industry Nov. 19, 2024

South Korean prosecutors raided the headquarters of Woori Bank on Monday as part of an ongoing probe into alleged improper loans linked to family members of former Woori Financial Group Chairman Son Tae-seung. The Seoul Southern District Prosecutors' Office searched offices at Woori Bank’s central Seoul headquarters, including those of the group chairman and the bank’s CEO, seeking internal documents, payment records and transaction logs tied to the alleged 35 billion won ($25 m

Industry Nov. 18, 2024

Hana Financial Group Chairman Ham Young-joo pledged to enhance wealth management services tailored to senior generations in Hong Kong, emphasizing the group’s global expertise and commitment to deepening ties between South Korea and the city’s financial sectors. Ham made the remarks during a meeting Thursday with Peter Lam, chairman of the Hong Kong Trade Development Council, following the South Korean financial delegation’s investor relations event in the city. The meeting als

Industry Nov. 18, 2024

Korean platform companies are increasingly setting sights on US listings as the domestic stock market loses momentum. Viva Republica, the operator of financial app Toss, recently paused its initial public offering plans in Korea to explore a US listing instead. “We are considering the US as our listing destination over Korea, but no specific plans or timeline have been set,” a Viva Republica official said Wednesday, noting that both markets remain options. Viva Republica’s pivo

Market Nov. 1, 2024

Hankook & Co., the holding firm of Korea's largest tire maker Hankook Tire & Technology, announced Friday that it has signed a definitive agreement to acquire a stake in Seoul-based automotive parts supplier Hanon Systems. Under the agreement, Hankook & Company will purchase a 23 percent stake in Hanon Systems from private equity firm Hahn & Co. for approximately 1.23 trillion won, finalizing the deal about six months after the two companies signed a memorandum of understand

Economy Nov. 1, 2024

Viva Republica, the company behind the popular financial app Toss, is now aiming for a US market debut, pivoting from its initial plan to list in Korea. “We are considering the US as our listing destination over Korea, but no specific plans or timeline have been set,” a Viva Republica official said Wednesday, adding that while they are focusing on the US, a debut there has not yet been set. The confirmation follows reports from the previous day that Viva Republica has decided to drop

Market Oct. 30, 2024

The Asia-Pacific region’s largest annual tax administration meeting launched Tuesday in Seoul, bringing together top tax officials from 18 countries to advance tax administration and bolster international cooperation. The 53rd annual meeting of the Study Group on Asia-Pacific Tax Administration and Research opened at Shilla Hotel in central Seoul, hosted by South Korea's National Tax Agency. This is the fourth time Korea has hosted this gathering, and the first since 2013. Around 180

Economy Oct. 29, 2024