A wave of cyberattacks has exposed personal data at seven South Korean financial firms, prompting emergency security measures as regulators investigate whether a single attacker used artificial intelligence to breach their defenses. Shinhan Bank and Yegaram Savings Bank reported the largest breaches, affecting about 25,000 and 40,000 people, respectively. Authorities found the same attacker’s internet protocol address across all seven affected firms, raising suspicions of a coordinated campaign.

MBK Partners Chairman Michael ByungJu Kim has been named a parliamentary audit witness for a second consecutive year as lawmakers scrutinize the private equity firm’s handling of Homeplus. The National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee has called Kim to testify at Wednesday’s audit of the Ministry of SMEs and Startups. Questions are expected to focus on emergency business stabilization funding provided following Homeplus’ entry into court-led rehabilitation and loss

Hayfin Capital Management opened a Seoul office on Thursday to deepen ties with Korean institutional investors and expand its investments in the country, particularly in maritime finance. The European alternative asset manager, which oversees 40 billion euros ($45 billion), has appointed Chris Choi, former head of private equity, Asia-Pacific at UBS Asset Management, to lead the office. It manages nearly 1 billion euros on behalf of Korean investors. “Hayfin has been investing on behalf of Korea

South Korea is becoming a launchpad for investment innovation, with S&P Dow Jones Indices introducing some of its newest strategies here before other markets, a senior executive said. Sophisticated investors and inventive financial firms make Korea a valuable testing ground for products ranging from multi-asset and covered call strategies to thematic indices, according to Cameron Drinkwater, chief product and operations officer at S&P DJI. “It is a very important market for us not only because i

AIA Life Korea has nominated Leo Ng, chief financial officer at AIA China, as its next chief executive officer, the Hong Kong-headquartered life insurer said Monday. Ng Served as the CFO at AIA China from 2016. Including 12 years with AIA, he brings over 30 years of experience in the life insurance industry, having held several senior leadership roles across Asia, the insurer said. Ng holds a Bachelor of Mathematics degree from the University of Waterloo in Canada, specializing in actuarial scie

South Korea's top tax official called on Mexico to provide tax support for Korean firms operating in the country during the first bilateral high-level meeting with Mexico's tax authority, the National Tax Service said Wednesday. NTS Commissioner Lim Kwang-hyun met with his Mexican counterpart Antonio Martinez Dagnino, commissioner of the Mexican Tax Administration Service, or SAT, in Mexico City on Tuesday. Lim shared specific challenges brought by Korean entities, including delays in value-adde

South Korea's stock market was one of the world’s most volatile earlier this year, fueling growing questions about whether the country's sidecar remains effective. The key market safeguard, a five-minute halt on program trading, has been triggered far more frequently this year than ever before. The benchmark Kospi has seen 49 sidecar activations, nearly double the 26 recorded in 2008 at the height of the global financial crisis. The secondary Kosdaq has also seen 32 sidecar interruptions this ye

Citibank Korea is set to have a new chief after six years, with its corporate banking head Kim Kyoung-ho poised to take the helm after the current chief Yoo Myung-soon steps down. Citibank Korea's executive recommendation committee selected Kim as the final candidate for chief at a meeting held Tuesday. Kim is expected to be appointed following approval at a shareholders' meeting and a subsequent board meeting. Kim joined Citibank Korea in 2001 and has held various positions in corporate banking

The Korea Exchange's newly launched after-hours market has seen high levels of volatility in its first week, amid relatively thin liquidity and a high concentration of retail investors. According to the KRX, an average of 54.85 million shares, worth 1.1 trillion won ($811 million), changed hands each day in during the 4-8 p.m. after-hours market from Sept. 14 to Friday, accounting for 4.6 percent of total market trading value. During the period, a total of 5,354 volatility interruptions — measur

The South Korean won has limited room to strengthen further in the near term, as exporter dollar-selling flows have weakened and demand for overseas stocks remains strong, according to State Street Markets. "The Korean won has already strengthened to its capable extent," Choi Ji-uk, senior macrostrategist for the Asia-Pacific region at State Street Markets, said at a media roundtable held at the custodian bank's Seoul office on Thursday. The won, which had dipped to its weakest point since the g

South Korea has allowed foreign financial institutions to settle won payments directly overseas, marking a step toward making the currency more widely used on a global scale, the Finance Ministry said Wednesday. Under the new framework, existing registered foreign institutions will be able to obtain an additional license as Registered Foreign Institutions for KRW Business, or RFI-Ks for short. With the license, foreign financial institutions will be able to open omnibus accounts with domestic ba

South Korea's stock market rally has stalled as chip stocks lose ground, wiping more than 200 trillion won ($147 billion) off its combined market capitalization over the past month. The benchmark Kospi's market capitalization stood at 5,464.31 trillion won, while the Kosdaq's totaled 455.08 trillion won at Tuesday's close, bringing the combined market capitalization of the two markets to 5,922.87 trillion won. The figure represents a decline of over 200 trillion won from 6,234 trillion won on Au

Global X, the US exchange-traded fund arm of Mirae Asset Global Investments, has launched an ETF focused on multilayer ceramic capacitors and other electronic components benefiting from the rapid expansion of AI infrastructure. The Global X MLCC & Electronic Components ETF began trading Friday on the Cboe BZX Exchange. The actively managed fund invests in manufacturers of MLCCs, essential components used to regulate power and filter electrical signals in AI servers, electric vehicles, smartphone

Lee Kyu-hong, former chief investment officer at Teachers' Pension Korea, has been appointed to head fund management at the National Pension Service, the world's third-largest pension fund, which manages 1,866 trillion won ($1.4 trillion) in assets, the pension fund announced Monday. Lee will assume his duties as CIO on Tuesday. He will serve a two-year term with the possibility of annual reappointment based on performance. Having held senior investment positions at both private and public asset

KB Financial Group named Lee Jae-keun, chief business officer of global, wealth management and corporate finance, as the final candidate to be its next chairperson, defying expectations that incumbent Chairman Yang Jong-hee would serve a second term, the banking group said Friday. Following a meeting of its chair candidate recommendation committee, the group announced Lee as the final candidate. He is expected to be formally appointed as chairperson at an extraordinary general meeting of shareho