In March 2023, Apple Pay made a grand entrance into the South Korean market, amassing 1 million users on its debut day alone and doubling that figure within three weeks. But a year later, the initial fervor surrounding the mobile payment service of the iPhone maker appears to have dwindled considerably amid the lack of widespread availability. With Hyundai Card's exclusive partnership set to expire in September, no other card companies have followed suit in integrating the service. Speculat

Last year, South Korea's card payments surged past 900 trillion won ($644.6 billion) for the first time, amid heightened inflation and escalating consumer prices. Data compiled by the Financial Supervisory Service reveals that the combined card payment performance of the nation's eight major credit card companies -- Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Woori, Hana, and BC -- reached 920.5 trillion won, marking a 6.4 percent increase from the 2022 total of 856.4 trillion won. T

The South Korean government on Sunday announced heightened vigilance against potential domestic repercussions in light of the escalated tensions in the Middle East following Iran's attack on Israel. President Yoon Suk Yeol convened an emergency meeting with cabinet members and relevant government agencies to discuss strategies to respond to the the ongoing conflict between Iran and Israel. The meeting followed Iran's launch of drones and missiles into Israel early Sunday, apparently in

The Indian government ostensibly fosters foreign investment to fuel economic expansion, yet, stringent and unclear regulations often result in mixed signals for foreign investors, observed Brian K. Oh, a senior lawyer at major Korean law firm Jipyong. "While the Indian government encourages foreign participation, particularly to strengthen the domestic manufacturing industry, strict compliance, especially in the tax system, poses significant obstacles," Oh said in a recent interview wi

South Korea's national debt surged by nearly 60 trillion won ($44 billion) last year, reaching a record high. According to a report on the 2023 national settlement of accounts approved at a Cabinet meeting, the country's national debt stood at 1,126.7 trillion won, up by 59.4 trillion won from 2022. The total includes 1,092.5 trillion won owed by the central government and 34.2 trillion won owed by provincial governments, increasing by 59.1 trillion won and 300 billion won, respectively, from th

French insurance giant AXA's Chief Executive Officer Thomas Buberl made his inaugural visit to South Korea, engaging with the local workforce and meeting with the nation's top financial regulator, according to the Korean unit on Thursday. Buberl visited the local office in Yongsan-gu, Seoul, on Tuesday and held discussions with employees and executives. This marked the CEO's first visit to Korea since assuming the top position in 2016. During his meeting, he commended employees for their contrib

Hybe, the powerhouse behind K-pop sensation BTS, is poised to claim the "large firm" status, with its total assets passing beyond the 5 trillion won ($3.7 billion) mark last year. According to the company's regulatory filings, Hybe's total assets stood at 5.35 trillion won by the end of last year, marking a 9.8 percent increase from the 4.87 trillion won tallied in 2022. This milestone heralds a groundbreaking achievement as the first K-pop company to enter the esteemed "

Lee Boo-jin, the president and chief executive of Hotel Shilla, will reportedly sell some 440 billion won ($325 million) in Samsung Electronics stock, in an apparent bid to pay off her inheritance tax. Industry sources revealed Tuesday that Lee, a member of the Samsung Group founding family, is assessing buyer demand for a block deal involving 5,247,140 shares in the tech giant. Should the sale proceed, her shareholding in Samsung Electronics would decrease from 0.89 percent to 0.8 percent. The

Foreign investors sustained a five-month buying streak in the South Korean stock market, resulting in an unprecedented quarterly volume. The Financial Supervisory Service disclosed Monday that foreign investors amassed a total of 15.8 trillion won ($11.67 billion) worth of local shares in the first quarter of this year, marking the highest recorded amount since the agency started compiling data in 1998. In March, approximately 5.1 trillion won streamed into the domestic stock market from oversea

South Korean founder and CEO of India-focused mobile finance tech firm Balancehero is seeking to gain further momentum by taking a segmentation approach to India’s vigorous economic run. "My Indian friends often likened India to an elephant: challenging to set in motion, but once spurred into action, its force is thunderous. Now, it seems the elephant has begun its stampede,” said Balancehero CEO Charlie Lee said in a recent interview with The Korea Herald. Lee foresaw such expo

Samsung Fire & Marine Insurance, the nation's leading non-life insurer, has ceased selling insurance products through bank channels, commonly known as "bancassurance." As of January, Samsung Fire & Marine Insurance has halted all new sales through banks, following a consistent decline in sales through this channel, according to an official from the company. This decision comes after 21 years since the company first introduced bancassurance in 2003. Bancassurance allows ins

Shinhan Bank, a major commercial lender in South Korea, is bolstering its footprint in India through a strategic share acquisition of the local student loan provider, Credila. The bank announced Thursday that it successfully secured an equity investment agreement with Mumbai-based HDFC Credila Financial Services the previous day. As per the agreement, Credila will undergo a capital increase, with Shinhan Bank injecting around $180 million through the acquisition of new shares. This transaction w

Hana Bank, South Korea's major commercial bank, opened a new dealing room -- the latest of its kind here -- in Seoul on Wednesday. Named "Hana Infinity Seoul" to signify the bank's ambition to expand its global reach, the new dealing room occupies the fourth and fifth floors of the lender's headquarters in Jung-gu, central Seoul. Spanning 2,096 square meters and with seating for 126, it is the country's largest such space, the bank states. The opening ceremony was a

Yun Ho-young, CEO of Kakao Bank, has been appointed as a new board member for Grab, the largest super-app operator in Southeast Asia, the Internet-only lender confirmed Wednesday. Yun was officially appointed as an outside director of Grab's board on Monday and will serve as a member of the board's audit committee. Yun's appointment follows the strategic partnership formed between the two companies last year. In October, Kakao Bank announced the acquisition of a 10 percent stake i

Financial regulators are ramping up efforts to encourage local companies to participate in the government's initiative to bolster South Korea's market valuation. The Financial Services Commission announced a series of new incentives on Tuesday for companies improving their governance structures, including exemptions from the government's stringent auditor designation system. Under the current regulations, listed companies appointing auditors voluntarily for six consecutive years m

Last year witnessed remarkable growth for South Korea's three internet-only banks, as their combined value surged past the milestone 100 trillion won ($74 billion). The aggregate assets of Kakao Bank, K bank and Toss Bank reached approximately 101.61 trillion won by the end of last year, marking a substantial 27 percent increase from the previous year's 79.5 trillion won. Kakao Bank led the pack with total assets of 54.48 trillion won, followed by Toss Bank with 25.73 trillion won and

More South Korean securities and investment firms are turning their eyes to the Indian market, exploring opportunities to tap the world's fastest-growing economy. NH Investment & Securities recently announced a partnership with Lighthouse Canton, a Singapore-based global asset management institution, as part of this trend. In January, NH Absolute Return Partners, a Singapore-based asset management company owned by NH Investment & Securities, signed a memorandum of understanding to c

Mirae Asset Financial Group founder and Chairman Park Hyeon-joo is donating 1.6 billion won ($1.2 million) he earned from dividends last year, marking the 14th straight year of his philanthropic tradition. On Sunday, the company disclosed that Park will endow his entire dividend income from Mirae Asset Global Investments. Continuing the practice since 2010, Park's cumulative donations now reach 31.5 billion won. The group traces Park's charitable journey back to 2008 when he penned a l

Lee Bok-hyun, head of South Korea's Financial Supervisory Service, pledged Thursday to promote "sound and fair finance," aiming to enhance the country's allure as an investment destination for foreign investors. Lee addressed officials from global financial firms and foreign diplomats during the annual "FSS Speaks" forum held in Seoul under the theme "toward sound and fair finance." "In striving for this objective, we aim to cultivate market practices

South Korean banks are poised to bolster their presence in Poland, anticipating a surge in demand for financial assistance as the two nations deepen their strategic alliances and economic ties. On Tuesday, KB Kookmin Bank, one of the country's leading lenders, announced a partnership with Poland's Bank Pekao to establish a "Korea Desk." According to Kookmin Bank, the signing ceremony for the deal was held on Monday at Pekao's Warsaw headquarters. The event was attended b