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Reporter : Anna J. Park
Wed, March 29, 2023 | 16:22
Life insurers strengthen digitalization
Insurance companies have set as this year's priority expanding their in-house digital-related units or seeking partnerships with fintech firms to increase their tech capabilities. This move is more salient among life insurance companies than their non-life peers, so as not to lag behind the more tech-savvy financial sector. KB Life, which started anew from January this year a...
[INTERVIEW] Korea to focus on transparency, infrastructure to become Asia's financial hub
Seoul's ranking as a favored global financial hub city has been on the rise since 2019, coming in at the 11th spot in this year's Global Financial Centers Index (GFCI). It is an impressive climb of 25 places in the past three years, since the city was ranked the 36th most favored in 2019. The ranking of the southeastern port city Busan, the second-largest city of Korea, also ...
Fear index shows stock markets haven't hit bottom yet
The current movement of the VIX index, which is often referred to as a fear gauge of stock markets, is hinting that markets haven't yet hit bottom. The VIX, standing for the Chicago Board Options Exchange's CBOE Volatility Index, has been popularly used to measure market sentiment on volatility, as it is derived from S&P 500 options for the 30 days following the measurement d...
Card firms seek new growth drivers amid crisis
Major local card companies are seeking new growth momentum as they vow to weather looming economic threats. Both incumbent and newly appointed CEOs of these companies urged their employees to differentiate themselves from other companies' services to seek growth.
Financial groups to focus on risk management
The heads of Korea's five major financial groups had a common focus in their New Year's messages: the importance of risk management and a sustainable growth strategy amid heightened economic risks. In his New Year's message, KB Financial Group Chairman Yoon Jong-kyu stressed stable growth, as he forecast the economy will witness a decline in real purchasing power and weakened...
Kakao Entertainment to receive pre-IPO investment from PIF, GIC
Kakao Entertainment is facing an imminent investment worth 1 trillion won ($785 million) from major global investors in its pre-IPO round. According to the investment banking industry Monday, the entertainment company is soon expected to sign a stock purchase agreement (SPA) with Singapore's sovereign wealth fund GIC and Saudi Arabia's Public Investment Fund (PIF) this month.
Financial regulators vow to stabilize market, support vulnerable
The heads of the country's top financial regulator, the Financial Services Commission (FSC), and watchdog agency, the Financial Supervisory Service (FSS), both stress that their priorities for 2023 will be on ensuring market stabilization amid heightened external uncertainties, while also supporting vulnerable groups.
Business lobby groups welcome President Yoon's New Year's message
Korea's business associations all welcomed President Yoon's New Year's speech in unison, as they evaluated the message's focus on strengthening exports and reforming pensions, labor and education as appropriate and correct.
Corporate bond issuances by builders fall to 5-year low
Bonds issued by domestic construction companies fell to the lowest level in five years. According to data compiled by financial information service provider, Yonhap Infomax, Wednesday, cumulative bond issuances by builders stood at only 541 billion won ($426 million) this year.
Korean firms face vulnerabilities in internal money controls: KPMG report
In matters of corporate accounting management, Korean corporations turn out to have particular weaknesses regarding internal money controls and irregularities caused by high-ranking management officials.