Mirae Asset Daewoo, the largest securities firm by net worth in South Korea, was slapped with a fine of 325.2 million won ($306,000) in December last year over a breach of the Capital Markets Act, according to the Financial Supervisory Service on Tuesday. 　Three brokers at Mirae Asset Daewoo, who were not identified to the media, were given penalties such as suspension, wage cut and reprimand by the watchdog a month after their wrongdoings came to light. Violations by the brokers include misrepr

In the wake of the South Korean government’s signal that it may shut down cryptocurrency exchange businesses, rumors circulated online Friday that a protest against the government’s anti-cryptocurrency move would be held in Gwanghwamun Plaza in central Seoul on Saturday night. An online post said a protest would begin at 8 p.m. Saturday to fight the state-led crackdown “without the slightest legal basis.” The post claimed the crackdown hurts those that cannot afford real

The value of shares traded on South Korea’s second-tier stock market Kosdaq in 2017 hit an all-time high as of Friday, riding the momentum of biotech shares and heightening volatility of shares linked to the cryptocurrency industry since November, data showed Tuesday. From Jan. 2, 2017 to Friday, investors traded stocks worth 876.3 trillion won ($813.9 billion) in total, beating the previous record of 873.8 trillion won in 2015, according to data from the market operator Korea Exchange. On

This is the 47th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.Raonsecure, a local mobile security solutions provider, had a year filled with a string of opportunities, as the government pushed to abolish the use of ActiveX from major websites and approved operations of mobile banks. But nothing seems to have pushed the price ceiling of the Kosdaq-listed company further than growing interest in one particular market -- cryptocurrency.On the back

Mirae Asset Global Investment was managing over 300 private or retirement pension funds worth a combined 5.02 trillion won ($4.65 billion) as of November, a quarter of the domestic market, according to the firm Monday.The volume of the pension funds run by the asset management arm under Mirae Asset Group jumped more than fourfold in November from the end of 2010. The company managed private pension funds worth a combined 2.59 trillion won, while its retirement pension funds were worth

Samsung SDS said Thursday a consortium led by the company had successfully concluded a monthslong test on blockchain-powered storage in marine transport, with the expectation that the technology will take the shipping industry to a new level.  (Samsung SDS)Importers and exporters can make transactions of documents, such as a bill of landing and letter of credit, on the decentralized security system, free of forgery and tampering threats, according to the software solution developer arm under Sou

South Korea‘s top monetary policymaker expressed concerns on what he called the nation’s “irrational exuberance” that may partly be blamed on the cryptocurrency frenzy among local retail investors, during a meeting with the press Wednesday night.This comes in contrast to the “rational exuberance” seen in Korea’s bull financial markets, such as the record run in stock markets and flattening yield curve driven by robust fundamentals and a low key rate poli

South Korea’s Deputy Prime Minister Kim Dong-yeon said Wednesday the country needs to tackle unemployment, foster innovative growth and address the low birthrate and aging population, a week ahead of releasing the economic policy direction for next year.While Kim assured that Korea would achieve economic growth of 3 percent this year and maintain a robust uptrend in the wake of the improving Korea-China relationship, he said the country would face persistent economic threats from within th

Following phenomenal bitcoin demand by retail investors in South Korea in the past few weeks, local cryptocurrency exchanges might represent the nation’s potential to take the lead in blockchain technology. But the bitcoin craze does not necessarily mean investors understand the way blockchain works, or that they can even tell the difference between cryptocurrency and blockchain, since they are more interested in high returns than the underlying technology. Cryptocurrencies are digital cur

South Korea‘s cryptocurrency exchanges said Friday they will adopt self-regulatory measures to boost transparency in the highly speculative market.The Korea Blockchain Association, consisting of 14 virtual currency exchanges here, announced plans to raise the market entry barrier for operators as part of ongoing efforts to protect investors in the fluctuating market. Starting in January, the exchanges will bear responsibility to force traders to store at least 70 percent of cryptocurrency

South Korean gold prices are at their lowest in almost a year while bitcoin prices rise exponentially, but a Korean analyst on Friday rebutted claims that gold’s decline was down to the bitcoin craze.Gold was trading at 44,180 won ($40.60) per gram 10 minutes ahead of closing at 44,200 won Friday, according to an estimate by the Korea Exchange. On Wednesday, the price dipped below 44,000 won for the first time since Dec. 23, 2016. By contrast, bitcoin has skyrocketed past 20 million won, w

South Korea rolled out plans Wednesday to curb speculation on cryptocurrencies, including trade bans for minors and ways to impose taxes on investment returns, in its resolve to tame the country’s bitcoin craze without completely shutting it off. Banks in Korea that provide virtual bank accounts for cryptocurrency trades will have to verify the identification of account holders when creating new ones and prohibit minors from opening accounts, according to the plan.The regulators will also

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the sixth installment. — Ed.Peer-to-peer platform can be a destination not only to retail investors seeking higher yields, but also for borrowers taking loans for their business which would face more expensive options from conventional financiers, 8Percent, a South Korean P2P lending platform, said.The power of such a platform is particularly attractive to borrowers holding midrange

Information technology solutions firm Cafe24 gained Monday preliminary approval for an initial public offering on the nation‘s second-tier Kosdaq market operated by the Korea Exchange, marking the first company to be listed through the operator’s “Tesla Policy” introduced in December 2016.Cafe24, a Korean company that offers IT solutions for sellers looking to create online retailers, is expected to earn some 40 billion won ($36.6 million) through the entry into Kosdaq sl

South Korea was not an exception from a bitcoin price spike Monday, as the US began trading a derivative related to the de facto key cryptocurrency on the Chicago Board Options Exchange on Sunday.  As of 1 p.m. Monday, bitcoin in South Korea traded at 19.5 million won ($17,900), up 35.8 percent compared to a day prior, according to data from local coin tracker Coinass. The coin price remained about 10 percent higher than the world average, the data also showed. The surge does not necessaril

South Korean smart card maker Kona I and French smart card component maker Linxens have signed a strategic cooperation to expand business for payment and security starting next year, Kona I said Monday. The two companies are reviewing various projects, ranging from telecommunication, e-government, access control, financial services to internet of things, among others, according to Kona I. The two have already been working together, for example, with Linxens providing components such as RFID Ante

This is the 46th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.A tax cut in the US and the strong Korean won has negatively affected a tech rally on South Korean stock markets in the past couple of weeks. The Kosdaq-listed light-emitting diode maker Seoul Semiconductor was no exception, as its share price hit a record 33,550 won on Nov. 27, but backtracked to 28,250 won on Friday, falling 13.1 percent over the past two weeks.But some analysts pai

South Korea’s household debt-to-gross domestic product increased at the second-fastest rate in the world on-year as of first half of this year, reports said Sunday, quoting data from Bank for International Settlement. According to survey of 43 countries conducted by BIS, Korea‘s ratio of total household credit-to-GDP came to 93.8 percent as of the second quarter of 2017, up 4.3 percentage points year-on-year. The data by Basel-based financial institution was released on Dec. 3.T

The state-owned Fintech Center of Korea signed a memorandum of understanding Thursday with its Malaysian counterpart, the Fintech Association of Malaysia.Malaysia is the eighth country to partner with Korea to seek bilateral cooperation in financial technology, following the United Kingdom, Australia, France, Singapore, the United States, China and Switzerland. The size of deal has yet to be disclosed, but Korean firms’ entry into “one of the world’s leading payment markets” would be significant

South Korea, an emerging market for cryptocurrency trade, is likely to remain out of the global race to sell bitcoin futures to investors.Securities firms in Korea withdrew plans to draw investments through foreign bitcoin-related derivatives, upon the Financial Services Commission’s order to ban the trade. The direction was sent through the Korea Financial Investment Association on Tuesday.As a result, securities firms such as eBest Investment & Securities and Shinhan Financial Invest