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Reporter : Anna J. Park
Fri, August 12, 2022 | 06:14
FSS brings legal battle with Woori Financial chief to Supreme Court
The Financial Supervisory Service (FSS) has decided to appeal to the Supreme Court over a legal battle with Woori Financial Chairman Son Tae-seung, as the two sides have been fighting over the validity of the FSS' sanctions on the financial group's chief. The decision to appeal came several weeks after the FSS lost its appellate trial on the issue in late July.
FSS to examine Korea Investment & Securities' trading system failure
Following a recent 15-hour system failure at Korea Investment & Securities earlier this week, the Financial Supervisory Service (FSS) has begun to look into the case, as the financial watchdog agency has been receiving reports of related facts from the brokerage company. The financial authority will decide whether to impose sanctions on the firm over the system failure, after...
Internet banks perform poorly in board gender diversity
Internet-only banks that have been vocal about their demand for innovation have turned out to be actually lagging behind their traditional peers in their environmental, social and corporate governance (ESG)-related efforts. They've been especially weak in fulfilling the governance factor. K bank and Toss Bank haven't even appointed any female independent board members yet, wh...
Flood damage to vehicles during torrential rain to hit insurers
Over a thousand luxury cars have been flood damaged during the record torrential rainfall that mostly struck wealthy districts of southern Seoul earlier this week, wreaking havoc on non-life insurers' profitability. According to insurance industries, over 1,500 cases of flood damaged high-end cars due to Monday's deluge have been submitted to major non-life insurance companie...
Carlyle CEO Kewsong Lee's sudden resignation draws attention
Carlyle Group Chief Executive Kewsong Lee, 56, stepped down from his post earlier this week, drawing market attention to his sudden resignation. The renowned Korean-American CEO's departure from his post came several months prior to the official termination of his five-year term, which is slated for the end of this year. Lee had also stepped down from the firm's board as well.
Korea Investment & Securities' trading system crippled by torrential rain
Following a half-day system failure due to heavy rainfall, Korea Investment & Securities' transaction system resumed operating on Tuesday. The brokerage vowed to compensate those whose stock trading had been hampered by the system failure. According to the firm, the system has been normalized as of 7 a.m. on Tuesday morning, some 15 hours after the company's home trading syst...
Coupang aims to strengthen profitability through financial biz
As Coupang has decided to enter the financial industry, launching Coupang Financial earlier this month, market watchers view the move as an attempt by the e-commerce firm to secure a stable cash cow business. According to the Financial Supervisory Service (FSS), Coupang Financial, a subsidiary of Coupang Pay, registered itself as a specialized credit financial business on Fri...
Insurers' growing exposure to project financing raises concerns over financial soundness
Local insurers are being called on to exercise more careful risk management in project financing due to soaring interest rates. According to a Korea Insurance Research Institute (KIRI) report, the total amount of local insurance industries' project financing has grown to exceed that of the banking industry, triggering concerns over the insurance sector's financial soundness. ...
[INTERVIEW] Finda brings innovation to local loan markets
Since Finda, a platform offering a one-stop loan marketplace, was founded in 2015, the fintech company has been exponentially growing by attracting millions of users in the country. Over the past three years, Finda has grown by a whopping 65 times in terms of monthly revenue, and it has been keeping up with its goal to increase its revenue by three times this year compared to...
Companies struggle to secure female board members
The country's capital market act revision that requires the mandatory appointment of a female member on corporate boards came into effect on Friday. The revision was first enforced as a law in August 2020, but it had a two-year grace period before going into effect. The statute prohibits the single-gendered formation of a company's board, when the company's entire asset size ...
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