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Reporter : Anna J. Park
Tue, May 30, 2023 | 13:59
Naver Pay and Samsung Pay join hands to counter Apple Pay
With Apple Pay's imminent launch in Korea, Naver Pay and Samsung Pay formed a strategic partnership earlier this week to consolidate their current dominance over the mobile payment market in the country, a move seen as an alliance to keep Apple Pay's potential growth in local markets in check. It is the first time for Samsung Pay to join hands with financial companies, other ...
Won-dollar rate soars on growing fears of prolonged US monetary tightening
The won-dollar exchange rate exceeded the 1,300 won mark during Friday's trading session amid growing fears over some U.S. Federal Reserve officials' hawkish remarks that a 50-basis-point increase would be needed in next month's FOMC meeting. With the longer-than-expected global monetary tightening factoring in the trading session, the won-dollar exchange rate was at 1,291.9 ...
Gov't admits economy slowing down amid falling exports, inflation
The Korean government officially identified the country's economy as having slowed in its monthly economic analysis report on Friday. It is the first time that the finance ministry's monthly report acknowledged that the economy has slowed.
FTC and FSS cooperate to stem unfair financial contract terms, conditions on consumers
The Fair Trade Commission (FTC) and the Financial Supervisory Service (FSS) have decided to expand their partnership in supervising the internal control initiatives and contractual terms and conditions financial firms apply to their consumers through their products.
Local biz leaders to make proactive investment despite negative outlook for this year: EY Korea survey
Local business leaders remain spirited as they plan to expand into new business areas in preparation for the future that will come after the current recession era, despite their overwhelming negative outlooks on the economic prospect for this year. According to a survey by EY Korea conducted on 407 high-ranking business leaders of local companies, six out of 10 respondents sa...
Financial regulator to focus on preemptive inspections
The Financial Supervisory Service (FSS) is setting out to shift its investigative focus from a punitive nature to preemptive and preventive so that financial companies as well as financial markets could maintain their soundness efficiently amid growing uncertainties. According to its annual plan for this year announced on Wednesday afternoon...
Regulator seeks to break up oligopoly in banking industry
The Financial Supervisory Service (FSS) has begun to look into ways to induce further competition in the local banking industry, aiming to break up the current oligopolistic system dominated by five major commercial lenders - Shinhan, KB Kookmin, Hana, Woori and NH NongHyup. The move follows President Yoon Suk Yeol's criticism earlier this week of local banks paying hefty bon...
[INTERVIEW] Activist fund Align aims to dispel Korean stocks' undervaluation
Lee Chang-hwan, the CEO of activist fund Align Partners, has recently been a vocal figure in various media outlets, calling on businesses to improve corporate governance and enhance their shareholder return policies. One of the key activist campaigns that he is focusing on aims to get Korea's major financial groups to improve shareholder returns. As a minor shareholder of Shi...
Will IPO market recover?
Grocery e-commerce platform Oasis has become the latest Korean company that decided to cancel its initial public offering plans amid unfavorable market conditions since last year. Kurly, a premium grocery e-commerce, ended up dropping its IPO plan in early January, due mainly to a plunging corporate valuation.
Battle for SM management heats up between Lee-HYBE and SM-Kakao blocs
With the war being waged surrounding SM Entertainment's controlling stake between SM Entertainment's founder Lee Soo-man, in alliance with HYBE, and the current management of SM, who has teamed up with Kakao and activist fund Align Partners, market attention is now on how the situation might unfold.