South Korea’s Hana Financial Group said Thursday that it established a foundation focused on helping the nation’s youth overcome their social and financial issues. The Stump Foundation for Youth will have three primary areas of focus: education and support for youth shelter residents, helping children and teens receive the welfare support they need and suicide prevention programs. For children and teens in youth shelters, the foundation plans to help them become financially indep

South Korea’s consumer prices grew at their sharpest pace in nearly a decade in May, data from Statistics Korea showed Wednesday, feeding inflation concerns and drawing divided reactions from officials and experts. The consumer price index gained 2.6 percent on-year in May, marking the fastest pace of growth since April 2012. The corresponding figure for April 2012 also stood at 2.6 percent. The price index gained 2.3 percent on-year in April, which sent jitters across a market still a

South Korea’s NH Financial Group said Tuesday that it has decided to invest a total 500 billion won ($451.9 million) in improving its information technology operations and services. “To bolster customer protection and services, we have decided to invest a total of 500 billion won in our IT operations,” NH said in a statement. Of the total investment, 320 billion won will be funneled into upgrading IT services of its flagship commercial bank, NH NongHyup Bank, while the res

South Korea’s major commercial banks cut over 1,200 jobs in the first three months of the year, as the bruising COVID-19 pandemic pushed them toward online- and mobile-focused services, data showed Tuesday. The combined size of the workforce of major commercial lenders here shed 1.8 percent or 1,244 jobs in the first quarter compared with the last three months of 2020, according to an online data system operated by the Korea Federation of Banks. The total number of executives and employee

South Korea’s central bank should raise its benchmark interest rate in the second half of the year, given the faster-than-expected pace of the economic recovery, a think tank here said. “If the Bank of Korea decides to carry out a belated rate hike, then the economy could see a bigger shock stemming from a possible economic slowdown or a capital market crunch,” Park Sung-wook, a researcher at the Korea Institute of Finance, said in a report released Sunday. “Our econo

South Korea’s financial regulator is projected to lift its dividend cap placed on local banking groups next month, with the economy apparently on a fast track to recovery, industry watchers said Sunday. The Financial Services Commission in January “recommended” local bankers to limit dividends to 20 percent of their net profits for the first half of the year, with most banks heeding the advice. Shinhan Bank was the only lender that didn’t adopt the 20 percent cap, report

South Korea’s central bank on Thursday took a more hawkish stance toward an interest rate hike by the end of the year, while upgrading its economic outlook for this year to 4 percent. In a briefing tied to a monetary policy meeting held earlier in the day, Bank of Korea Gov. Lee Ju-yeol hinted that the policy board has discussed the possibility of a policy shift. “If the economic situation improves, then there is a need to adjust the measures in line with the situation,” Lee

South Korea’s top financial regulator said Wednesday that cryptocurrency investors would be provided protection under the revised financial transaction information law. “The amended Act on Reporting and Using Specified Financial Transaction Information took effect on March 25 and crypto exchanges are to file for regulatory approval by Sept. 25,” Financial Services Commission Chairman Eun Sung-soo told reporters after delivering a keynote speech at 2021 Korea Fintech Week in S

For South Korean celebrities, making headlines for property investments has long been a sign of success. The global popularity of Korean movies, television and K-pop has allowed A-listers to rake in cash and purchase properties in Korea’s most coveted locations. But stars such as actors Kim Tae-hee and Ha Jung-woo have reportedly sold those properties in recent months. Industry watchers have called the offloading “profit-making moves” before the government’s stricter

The Bank of Korea is looking for a partner to work with on its pilot digital currency development program, raising market expectations that the central bank is moving closer to issuing digitalized cash. The pilot program is set to kick off in August, officials said on Monday, but stressed that it is just a part of feasibility test and that it has no plans yet for actual issuance. The central bank welcomed interested businesses to participate in the bid for a 10-month partnership deal as tech

The South Korean government has been reviewing whether to turn Korea Land and Housing Corp. into a holding company and spin-off key businesses to prevent further information leaks from the company, sources close to the matter said Friday. The reports come amid a nationwide crackdown on a massive land speculation scandal centered on LH employees who abused insider information concerning large-scale state funded land development projects. According to the sources, the Ministry of Economy and Fi

The Export-Import Bank of Korea said Tuesday that it would provide $30 million to fund the purchase of 34,000 twenty-foot equivalent unit containers by the nation’s top shipper, HMM Co. The state-run lender will provide the senior debt, while Multi Asset Global Investment, an alternative investment fund operator under financial giant Mirae Asset Financial Group, will manage subordinated debt funds worth $10 million. Mirae Asset Securities, the key brokerage unit of Mirae Asset Financial G

South Korea’s central bank faces decisions in whether to maintain or raise its key interest rate as a bigger-than-expected jump in global consumer prices have heightened inflation concerns. The Bank of Korea is scheduled to hold its fourth monetary policy meeting this year on May 27, in which they are expected to decide whether to keep the national interest rate anchored at a record-low of 0.5 percent or change course. While they may have smoothly maintained a dovish stance so far, ami

Lawmakers have been reviewing easing loan regulations to make it easier for young people and newlyweds to buy homes, including measures that could raise their loan-to-value ratios up to 90 percent, sources close to the matter said Sunday. Several options under discussion among ruling Democratic Party lawmakers include limiting the LTV in areas designated as “overheated speculative zones” -- such as Seoul’s affluent Gangnam district -- to 40 percent, while raising the LTV for p

South Korea’s Woori Financial Group said Wednesday that it was donating $100,000 to India to help the country win its battle to contain the COVID-19 pandemic. Joining forces with the Community Chest of Korea, the financial conglomerate will offer the donation to the United Way, a nonprofit organization. The donation will be used to procure medical supplies, including oxygen ventilators, build temporary hospitals, and provide food and daily necessities for communities in India. Woori Fina

South Korean banks have launched emergency safety measures for their businesses in India, as the country grapples with the world’s worst COVID-19 outbreak. The spiking coronavirus infections and deaths in the world’s second-most populous nation has set yet another major hurdle for the banks’ overseas expansion goals, after Myanmar’s military coup put a damper on their plans. According to the watchdog Financial Supervisory Service, a total of eight banks have entered t

South Korea’s income inequality has worsened after the outbreak of the COVID-19 pandemic last year, with rising female unemployment and pay cuts widening the gap, a report from the central bank showed Monday. The average income earned by the bottom 20 percent here in the April-December period last year declined by 17.1 percent on-year, data compiled by the Bank of Korea showed. The income loss is larger than those of other income groups, such as the top 20 percent, which shed an average

Oh Jong-gyun, a 35-year-old in Seoul, had an awkward moment when he went to pay for valet service during a blind date last week. Not only was he feeling shy in front of a lady he had just met that evening, Oh also realized that he hadn‘t carried ”real money“ for months. “I risked losing face, on my first date, to ask her for 3,000 won. Well, she didn’t have it either,” he said. Oh is one of growing number South Koreans living without physical money as they

The Korean Federation of Community Credit Cooperatives said Friday that one of its subsidiaries had been granted a license to establish its business permanently in Uganda. The financial cooperative received the permission from the Uganda government after entering the market in October 2018. The microfinancing-centered business, which started out with only two employees at the time, now has more than 150 employees working in 15 subsidiaries, providing services to over 5,000 members in the Afric

South Korea’s financial watchdog on Wednesday imposed penalties of up to 12 million won ($10,700) on local businesses that violated its internal controls over financial reporting rules in 2018. Following an inspection, the Financial Supervisory Service found 28 cases of violations across 19 companies. It has decided to slap fines ranging from 3 million won to 12 million won on 13 of those cases – five businesses, one representative of a business and seven internal auditors. The F