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Tue, September 27, 2022 | 22:16
Regulator seeks to boost fintech acquisitions
The Financial Services Commission (FSC) will further relax rules governing financial holding companies, banks and insurance firms to allow them to invest in or acquire financial technology startups, the regulator said Tuesday.
GDP doesn't measure wellbeing
Finance Minister Kim Dong-yeon, right, shakes hands with OECD Secretary-General Angel Gurria, Tuesday, ahead of their meeting on the sidelines of the OECD World Forum in Songdo, Incheon. An OECD report contributed by economists including Nobel laureate Joseph Stiglitz said countries have been using growth numbers too much as the key measurement to indicate the level of their ...
Invest in SMEs
The Korea Development Bank (KDB) holds its first forum for small- and medium-sized enterprises (SME) at its Seoul headquarters, Monday, to help them attract investors. SMEs in aviation, semiconductor equipment and healthcare participated and introduced their companies to venture capitalists. Courtesy of KDB
Shinhan boosts support for startups
Shinhan Financial Group has pushed its key subsidiaries to set up funds to invest in tech startups in fields related to the Fourth Industrial Revolution, the financial holding company said Monday. The group plans to set up 800 funds that will invest 3 trillion won in startups in biotechnology, healthcare and other emerging technologies. Shinhan's global investment banking uni...
Gov't to slash card fees for self-employed
The government and the ruling Democratic Party of Korea (DPK) unveiled measures Monday that will enable a larger group of the self-employed and small businesses to pay lower fees to credit card companies on customer transactions. After the two reach a consensus, the Financial Services Commission (FSC) said it will expand the scope of reductions in card processing fees. Howeve...
[INTERVIEW] Moon's income policy drags down growth
President Moon Jae-in's key economic policies supporting fast minimum wage hikes and income redistribution without spurring productivity and innovation in the private sector have hurt the ...
All eyes on BOK's rate hike this week
The Bank of Korea (BOK) is likely to raise its key rate at the last monetary policy meeting of 2018 on Nov. 30, ahead of another increase in the U.S. interest rate in December, analysts said. BOK Governor Lee Ju-yeol has indicated the central bank's future short-term policy will have to focus on “maintaining financial stability” above all else, pointing to growing imbalances ...
Fostering digital leaders
NongHyup Financial Group Chairman Kim Gwang-soo delivers a keynote speech on innovation at the company's internal workshop on digital leadership at its Seoul headquarters, Nov. 23. The program was launched in 2016 aimed at helping its employees develop practical skills in digitization and innovation. Courtesy of NongHyup Financial Group
Income gap widens to 11 year-high
The rich have become a lot richer, and the poor have become a lot poorer as seen in the latest data from the state-run Statistics Korea. As a result, the country now faces the worst income inequality in 11 years. This is mainly because of the weakening job market, which has further reduced the disposable incomes of young, single households, the statistics agency said on Nov. ...
Rigid labor poses biggest risk to economy
Militant unions and an inflexible labor market are posing the biggest risk to the Korean economy already beset by sagging domestic demand. Together with President Moon Jae-in's pro-labor policies, these unfavorable factors are dampening business confidence and scaring off foreign investors. A number of international financial organizations have been urging Korea to address an...
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