Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
Lenders throw W6tr lifeline to KFCC to ease liquidity concerns
Seven Korean lenders have decided to provide over 6 trillion won ($4.64 billion) in financial assistance to the country's primary mutual financial institution that has been hit by liquidity shortage concerns, according to industry sources on Tuesday. Five major Korean commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- as well as the Industrial Bank of Korea and the Korea Development Bank, have signed repurchase agreement contracts with the Korean Federation of Community
Industry July 11, 2023
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Tax revenue to plunge on real estate slump
Government revenue from comprehensive real estate holding tax is expected to decrease by 2 trillion won ($1.5 billion) amid a slump in the real estate market, further exacerbating the nation’s potential fiscal deficit this year, according to market estimates Sunday. The comprehensive real estate holding tax is a nationwide tax that is imposed on an annual basis for apartments with a government-assessed value surpassing 1.2 billion won. Aimed at preventing speculative investments, it is s
Industry July 9, 2023
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[KH Explains] Can Daegu Bank shake industry oligopoly?
South Korea’s financial authorities are seeking to dismantle the banking industry’s long-held oligopoly by lowering the entry barrier for newcomers. But the outlook remains mixed amid the seemingly impregnable dominance of the nation’s five banks. The Financial Services Commission, Korea’s top financial regulator, said Wednesday that it will allow more banks to break the existing oligopolistic structure of the commercial banking industry, led by the top five banks -- KB
Industry July 9, 2023
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FSC chief seeks to reassure KFCC depositors
Korea's top financial regulator on Friday sought to reassure depositors in the Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, that the government would ensure the safety of their assets. “I urge people to refrain from withdrawing their deposits from KFCC simply out of concerns, as it can lead to their financial losses,” Financial Services Commission Chairman Kim Joo-hyun said during a press conference held to commemora
Industry July 7, 2023
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[Herald Interview] Kakao Pay-Siebert mashup picks up speed
With the domestic market rapidly nearing saturation, going global has become a must for Kakao Pay, the online payment unit of South Korean tech giant Kakao Corp. However, one of its key challenges is raising brand awareness among global users. In order to speed up the process, the company has recently decided to team up with US brokerage firm Siebert. With a goal to acquire a majority stake of up to 51 percent in Siebert with a total investment of approximately $77.38 million, Kakao Pay purcha
Industry July 6, 2023
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[KH explains] More card issuers jump on Apple Pay bandwagon
Apple Pay, having launched its service in Korea in March with Hyundai Card as its initial partner, is expected to extend its reach by adding new local partners. According to industry sources, three leading credit card issuers here -- Shinhan Card, KB Kookmin Card and BC Card -- have submitted letters of intent to collaborate with Apple Pay. Although the companies refused to confirm the information, rumors suggest that the three firms will begin Apple Pay services sometime in September or October
Industry July 5, 2023
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[News Focus] Korea adds plans to relax visa rules
Contained in the government's economic plans for 2023 announced Tuesday was a stimulus option that had been neglected for years: immigration. Reaffirming plans announced by the Justice Ministry last week, the government said it would revise immigration policies in the fourth quarter to increase the rapidly-aging country's economically active population. The policy changes include extending the duration of work visas, as well as expanding the range of industries eligible for work visa
Industry July 4, 2023
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Shinhan, Woori chairmen celebrate 100 days in office
Shinhan Financial Group Chairman Jin Ok-dong and Woori Financial Group Chairman Yim Jong-yong are celebrating their first 100 days in office back-to-back this week with their business focuses set on overseas operations and internal administration. While Jin has been primarily focused on global expansion, Yim's attention has been more directed toward improving overall transparency and corporate governance. Jin and Yim hit their first 100 days on Friday and Saturday, respectively. From the
Industry June 30, 2023
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Apple Pay sees 26m transactions in Korea in first 100 days
Over 25.8 million transactions have been made with Apple Pay since its launch on March 11, Hyundai Card announced Thursday. Among these transactions, 93 percent were made at offline retailers. The numbers, covering the period from March 21 to June 27, were part of key indicators and customer data unveiled by the Korean card company in celebration of the 100th day since the introduction of Apple Pay in Korea. Additionally, Apple Pay facilitated payment transactions for over 108,000 merchants. Amo
Industry June 29, 2023
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‘U-shaped’ recovery forecast for trade
South Korea's trade deficit will persist in the second half of this year, following the same pattern observed in the first half, according to a Korean trade lobby group on Wednesday. Nevertheless, there is anticipation for a gradual recovery resembling a "U-shape" in the long term, as the trade deficits continue to decrease steadily. “It is difficult to anticipate a V-shaped recovery. Although we are uncertain about the duration, we expect to see a U-shaped recovery,”
Industry June 28, 2023
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[Best Brand] Shinhan's spring-inspired card offers excellent cash back rewards
Shinhan Card's spring-themed credit and debit cards have been well received by customers by providing excellent benefits and discounts at various stores both within and outside of Korea. The cards are named "Bom," a Korean word that holds dual meanings. Firstly, as a noun it can be translated to "spring," representing the beginning of the four seasons. The Korean company said it chose this name to show that its new card's concept symbolizes support for a vibrant and
Industry June 28, 2023
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Government raises limit for overseas remittances
The annual limit for overseas remittances without the need for additional documentation will be raised from $50,000 to $100,000 from July 4, following the passage of an amendment to the current limit on Tuesday. The current limit was created back in 1999 when the foreign exchange transaction-related law was first established. The changes are intended to reflect economic growth, according to the government. An amendment to the current law, which includes among other measures the increased limit f
Industry June 27, 2023
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JB Financial celebrates 10th anniversary
JB Financial Group celebrated its 10th anniversary with an event held in Muju-gun, North Jeolla Province, according to the financial firm on Tuesday. The event on Saturday, held under the slogan, "10 Years of Partnership, New Leap," was attended by over 3,500 executives and employees, including JB Financial Group Chair Kim Ki-hong, Jeonbuk Bank CEO Baek Jong-il, Kwangju Bank CEO Ko Byung-il, JB Woori Capital CEO Park Chun-won, JB Asset Management CEO Choi Won-cheol and JB Investment CE
Industry June 27, 2023
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Hyundai Card bolsters ties with Visa in digital push
Korean credit card issuer Hyundai Card and Visa, a world leader in digital payment, on Monday announced that they have signed a strategic business partnership deal to collaborate on businesses using analyzed data. The partnership signing ceremony was held at Visa’s headquarters in San Francisco on Wednesday with top executives, including Hyundai Card Vice Chairman and CEO Chung Tae-young and Visa CEO Ryan McInerney in attendance. “Hyundai Card and Visa have agreed to prioritize colla
Industry June 26, 2023
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[Herald Interview] Korea an ideal landing spot for megasized data centers
John Pritchard, the head of the tenant advisory group and global services at Cushman & Wakefield Korea, calls Korea a competitive investment destination for hyperscale data centers -- enormous tech complexes with soaring demand for data processing and storage in the burgeoning era of artificial intelligence. “The Korean market is primed for hyperscale data center investment,” the executive at the Korean unit of the US commercial real estate services firm told The Korea Herald in
Industry June 25, 2023
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