Prospects of the launch of a new online-only bank in South Korea were dampened this week, as major information and communication technology companies retracted their intentions to enter the banking business.Naver and Interpark -- two major Korean ICT firms widely expected to participate -- each recently confirmed they will not be seeking a permit to operate an internet-only bank here.E-commerce operator Interpark said it decided against joining the internet banking business to “focus on it

South Korea’s KB Kookmin Bank and Shinhan Bank held key meetings to review and recognize last year’s business performance and set fresh operational strategies for 2019, as the country’s two largest banking groups step up their competition to clinch this year’s “leading bank” title.Over the weekend, KB Kookmin Bank held a strategy meeting that brought together the bank’s CEO Hur Yin and the deputy directors at the bank’s nationwide branches to discu

South Korea’s top two finance and banking groups have joined Bloomberg’s fledgling Gender Equality Index, signaling the sector’s rising commitment to promoting gender equality and female-friendly policies in the workplace.KB Financial Group and Shinhan Financial Group said Thursday they have become the first Korean companies to be included in the Bloomberg GEI for their commitment to transparency in gender reporting and advancing women’s workplace equality. KB and Shinhan

South Korea’s internet-only banking sector is set to undergo a series of ownership changes and to see new market players, as a new regulatory change allowing nonfinancial institutions to own and operate online banks takes effect from Thursday.　The new law, designed to ease ownership rules for internet-only banks, enables information and communication technology companies to own up to 34 percent of an internet-only bank, up from the 4 percent (10 percent without voting rights) threshold sti

SoftBank Ventures Asia, the venture investment arm of Japan’s SoftBank Group, announced Wednesday that it has hired Lee Seung-hoon as its new chief financial officer.Lee will be responsible for the management of global funds and limited partners of SoftBank Ventures Asia. He will also oversee financial initiatives of global offices, including Beijing, Singapore and Silicon Valley, the firm said. The new Softbank Ventures Asia CFO has 15 years of experience in advising on mergers and acquis

South Korea’s mortgage-backed lending rates have hit a three-year high, affected by the central bank’s latest key interest rate hike. As local banks mark up their loans accordingly, the country’s household debt burden is expected to face new pressures.The Korea Federation of Banks said Tuesday that the Cost of Funds Index -- a benchmark lending rate for mortgage loans also known as Cofix -- for new loans was set at 2.04 percent for December, up 0.08 percenta

Conflict over salaries between the management and labor union of KB Kookmin Bank, South Korea’s biggest commercial bank by profits, is being prolonged, raising concerns that labor-management disputes could dampen the company’s growth momentum and operations.　After the bank’s labor union staged a nationwide strike last week -- the first in 19 years -- the management and the union appeared to have made some headway in negotiations by striking an agreement on the conditions for ea

Woori Bank, South Korea’s third-largest commercial lender, officially adopted a financial holding company structure on Monday, pledging to actively pursue strategic mergers and acquisitions to expand its nonbanking business under its new status.　“Woori has held a strong banking business, but its nonbanking segment has remained weak until now,” said Sohn Tae-seung, chairman of Woori Financial Holdings and Woori Bank, during a press conference at Woori Bank’s headquarters i

LAS VEGAS -- Digital health care is growing at a rapid pace, as innovative technologies and solutions are revolutionizing the health management and treatment paradigm.Signaling widening interest in the convergence of technology and health care, mobile health devices, wearables and wellness gadgets are a major part of this year’s Consumer Electronics Show in Las Vegas.Alongside big names in conventional electronics, 521 digital health, 631 wearables and 151 fitness exhibitors have arrived at the

LAS VEGAS -- Despite China’s fast-growing presence in the global display business, South Korean display makers remain undisputed leaders when it comes to future innovation, according to the chief of Merck KGaA’s performance materials division on Wednesday.　“Indeed, China has been putting lots of emphasis on driving the growth of the display technology. But if you look at large companies, you can see that the Korean companies are still very strong in innovation,” CEO Kai Beckmann said in an inter

LAS VEGAS -- The Consumer Electronics Show, the world’s biggest technology showcase, officially kicked off in Las Vegas on Tuesday, showcasing the latest technology innovations from big companies and startups across diverse product categories.This year’s event features more than 4,500 exhibiting companies, including a record 1,200 startups, while more than 20,000 products are being launched on the show’s floor, according to the Consumer Technology Association, the organizer of CES.From high-end

LAS VEGAS -- Samsung Electronics showcased its foldable phone prototype to customers in a closed-door meeting at the Consumer Electronics Show in Las Vegas on Tuesday, offering a glimpse into what the South Korean tech giant’s folding phone would look like when completed.According to a high-level executive from a customer of Samsung, the electronics maker is currently finishing up optimization processes for its foldable phone’s hardware and software.“When unfolded, Samsung’s foldable phone does

LAS VEGAS — When it comes to future mobility, autonomous vehicles typically take the spotlight, as global automakers and tech companies compete to bring self-driving cars into the mainstream.　Further stretching the limits of transport, another mobility technology once considered the realm of science fiction is inching closer to reality: flying cars. A number of flying car prototypes and designs will be featured at the Consumer Electronics Show in Las Vegas that kicks off on Tuesday. Airborne veh

LAS VEGAS — When we think of a car, the obvious image has always been one with four wheels attached to the vehicle’s body.However, South Korea’s Hyundai Motor has pushed the boundaries of this definition with its “walking car” concept Elevate, which was unveiled on the sidelines of the 2019 Consumer Electronics Show in Las Vegas on Monday. Elevate is Hyundai’s first-ever vehicle with four moveable legs that give the car an insect-like look. It combines the technology found in electric cars and r

LAS VEGAS — South Korea’s biggest internet company Naver is debuting its proprietary artificial intelligence, robotics and mobility technologies to a global audience for the first time at the 2019 Consumer Electronics Show in Las Vegas that kicks off Tuesday. Korean electronics giants such as Samsung and LG have regularly attended CES to showcase their latest technologies and products to the world. But it’s the first time for Naver, which operates the country’s biggest web portal and a slew of i

South Korea’s top five banks have set out to compete for increased profitability in 2019 as they gain new momentum with group-wide reforms, executive reshuffles, structural realignment as well as strategic mergers and acquisitions.　KB Financial Group, which has been Korea’s most profitable bank since 2017, will concentrate on defending its leading status in the industry by continuing to post stable profits and boosting its share value.This was evident in KB Financial Group Chairman Y

South Korea’s finance industry is bracing itself for a year of stunted growth, as it foresees growing global economic uncertainties and concerns over profitability in the new year. With a fresh sense of alarm, the chiefs of the country’s biggest banks plan to tackle the oncoming challenges by further embracing digital innovation and overseas business expansion.Korea Federation of Banks Chairman Kim Tae-young said in his New Year’s message that “it will be difficult for th

South Korea’s Samsung Electronics ranks second in terms of the number of patent applications filed worldwide, a recent report by the World Intellectual Property Organization showed.　According to the World Intellectual Property Indicators 2018, Japan’s Canon created 24,006 patent families between 2013 and 2015, followed by Samsung Electronics (21,836) and the State Grid Corporation of China. For Samsung, the largest share of its patent families -- patents taken out in multiple countries to protec

Hanmi Pharmaceutical said Friday that Rolontis, its biologic drug for the management of chemotherapy-induced neutropenia, has been submitted for approval to the US Food and Drug Administration. Neutropenia refers to an abnormally low level of neutrophils, a type of white blood cell. Spectrum Pharmaceuticals, which has been developing Rolontis for commercialization since in-licensing the drug from Hanmi in 2012, submitted a biologics license application to the US FDA for Rolontis (eflapegrastim)

South Korea’s top biopharmaceutical companies and ventures will be making their way to the 37th J.P. Morgan Healthcare Conference in the US next month, eyeing new partnerships, foreign investment and promotional opportunities.　　The conference, taking place in San Francisco, California, from Jan. 7-10, is the world’s largest and oldest health care investment symposium. Held annually, the event brings together major pharma companies and global investors to discuss the latest development trends and