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Tue, August 16, 2022 | 10:43

Independence fighter's descendants benefit from KB's housing renovation project

Despite their ancestors' sacrifice and dedication to the country, some descendants of Korean patriots live in poverty. Descendants of Tak Young-eui, the late independence fighter during the 1910-45 Japanese colonial period, were no exception. Their house in a rural town in Jeongseon County in Gangwon Province was old. Its roof and drain pipes as well as the interior needed re...

2022-08-15 15:12

Suspicious international wire transfers at local banks grow

As a follow-up to the ongoing investigation into suspicious international money transfer transactions of over 4.1 trillion won ($3.37 billion) over the last year at Woori Bank and Shinhan Bank, other major local banks have also spotted records of abnormal international remittances during the past year, amounting to some $3.15 billion. In total, a whopping $6.54 billion in sus...

Anna J. Park | 2022-08-14 16:41

BC Card acquires Indonesian software company

BC Card has purchased an Indonesian software developer called Cranium Indonesia in its push to expand its presence in the Southeast Asian market. The company said Sunday that it has signed a deal to acquire a 67-percent stake in Cranium Indonesia, which offers IT services to Indonesian clients in both the public and private sectors.

2022-08-14 16:36

Korean blockchain operators urged to enhance vigilance against accidents

Korean blockchain operators are being urged to reinforce verification of their software programs and stay alert to any danger signs amid unceasing concerns over the possible recurrence of an accident similar to the recent Terra-Luna fiasco, industry officials said. It has been three months since the once-promising algorithmic stablecoin and its sister token stunned the blockc...

2022-08-14 08:46

Why has Apple Pay been unavailable in Korea?

Talk of Apple Pay launching in Korea in partnership with a local credit card company is drawing interest to just what has prevented the entry of the tech giant's payment service here, since its introduction in 2014. In Asia, Apple Pay is available in mainland China, Japan, Taiwan, Hong Kong, Singapore and Malaysia. Questions have been raised over why Korea, where iPhones acco...

2022-08-13 10:32

[Exclusive] KDB accelerates drive to set up new hub in EU

The Korea Development Bank (KDB) has initiated steps to set up a branch in Germany in order to establish a new base within the European Union (EU). The state-run lender has drawn up a task force for the purpose, and dispatched personnel to Frankfurt last month, a senior KDB official said. The task force will take steps to switch the KDB's office there into a branch to conduct...

2022-08-12 15:22

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...

Anna J. Park | 2022-08-11 16:11

MSCI appoints new head of Korea office

MSCI has appointed Eric Yun as the new leader of its Korea office. Yun will focus on expanding the MSCI's client base in Korea and drive its sales growth in the local market, the U.S. finance firm said. He took on the new role as the head of Korea client coverage at MSCI on Aug. 1

2022-08-11 14:42

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...

Anna J. Park | 2022-08-11 08:24

Woori Financial, WWF co-host circular economy conference

Woori Financial Group, jointly with the World Wildlife Fund (WWF), hosted a conference on circular economy in Seoul in line with the international green campaign, the lender said Wednesday. The circular economy refers to a concept that gives incentives to reusing products, rather than discarding them and then extracting new resources.

2022-08-10 16:29

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