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Reporter : Anna J. Park
Sun, May 22, 2022 | 22:29
Will BOK take 'big step' to tame inflation?
While it is almost certain that the Bank of Korea (BOK) will raise its key interest rate during this week's policy meeting scheduled for Thursday, aiming to curb the country's rising inflation, the question for now is whether the central bank will take a 'big step,' or an interest rate hike of over 50 basis points this month.
[INTERVIEW] 'Fintech businesses yield both innovation and inclusion'
As the country's financial industry is fast shifting towards digitalization amid the pandemic, the fintech sector has been leading the transformation from the center of the tide. The fintech industry can contribute to social welfare amid this change, according to Lee Keun-ju, Chairman of the Korea Fintech Industry Association (KORFIN). “The fintech industry can contribute to ...
1.7% of local coin investors hold over 100 million won in cryptocurrencies
Nearly 100,000 local coin investors turned out to have over 100 million won ($78,247) in cryptocurrencies, accounting for about 1.7 percent of all local coin investors. According to data compiled by the Financial Services Commission (FSC), Thursday, the total number of users registered at local cryptocurrency exchanges stood at 5.58 million as of the end of last year. Only 1....
KOSPI unlikely to avoid negative impacts from global stagflation shock: analysts
As the U.S. stock market saw its biggest daily drop in nearly two years on Wednesday, Korea's main index, the KOSPI, fell below the 2,600-point mark on Thursday, with strong sell-offs from institutional and foreign investors, shedding the two previous sessions' gains. The index ended at 2,592.34, a 1.28-percent decline from the previous session, while the tech-heavy KOSDAQ fi...
Card companies compete in big data transaction market
Big data has become another key area of competition among local credit card companies, with major credit card firms increasing the registration of tradable big data products on the Financial Data Exchange. They are looking to be appointed as one of the country's officially designated data institutions, which will be announced later this year.
FSC's new vice chief stresses risk management amid market uncertainties
The new vice chairman of the Financial Services Commission (FSC) presided over a financial market monitoring meeting on Wednesday morning, stressing the regulator's determination to keep local financial companies' risk management capacities under control. The meeting was Vice Chairman Kim So-young's first public appearance following his appointment on Tuesday, which received ...
Government needs to overhaul digital asset regulations
Despite the fact that cryptocurrency trades are made in trillions of won every day, the digital asset markets in Korea still stay in the shadow area. There is an opinion that it is too early to incorporate digital assets, including cryptocurrencies, into the institutional system because there are still conflicting perspectives about the fundamentals of cryptocurrencies and th...
Wealth gap expands among young generations
The wealth gap among the country's 20somethings and 30somethings has widened, following fast-rising asset prices over the past couple of years. The top 20 percent asset bracket of people in their 20s and 30s hold 35 times more wealth than those in the lowest 20 percent asset bracket. This is according to data submitted by Statistics Korea to Democratic Party of Korea lawmaker...
K bank continues solid growth in Q1
K bank, Korea's first internet-only bank, posted a quarterly net profit of 24.5 billion won ($19 million) for the first quarter, exceeding the entire annual net profit of 22.5 billion won logged last year. According to the bank on Monday, it has witnessed enhancement in almost every area of its business, ranging from the number of customers to management efficiency, which res...
Is Terra-Luna's collapse prelude to end of cryptocurrency?
The death spiral of Terra (UST) and Luna last week sent shockwaves through the entire cryptocurrency market, triggering sell-offs of other major coins as well. The UST-Luna ecosystem's collapse is being compared to the cryptocurrency industry's version of the fall of the Lehman Brothers, while some even said it is a prelude to the end of the coin bubble era. Market insiders a...
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