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Reporter : Lee Min-hyung
Sun, August 14, 2022 | 12:51
Banks request licensing for digital asset business
Commercial banks here have urged the government to issue licenses for them to operate digital asset businesses amid ever-toughening competition against big tech firms that are expanding their financial presence at a rapid pace. They submitted the request to the Financial Services Commission (FSC), which has pledged to ease a set of regulatory hurdles that the financial indust...
KakaoBank wins best digital bank award
KakaoBank has won a best digital bank award from an overseas finance magazine. The mobile bank received Asia's Best Digital Bank award from Euromoney Awards for Excellence. This is the first time that a Korean internet-only bank has won the award since the magazine established the category in 2016.
Bitcoin set to bounce back as inverted US treasury yield curve sparks recession fears
The price of Bitcoin will enter a period of a major upturn near the end of this year when the U.S. Fed is expected to be in the final stage of its monetary tightening, experts said Monday. The outlook came after the inversion between the U.S'. 2-year treasury yield and 10-year treasury yield recently deepened to the highest level since 2000 amid the Fed's possible giant rate ...
Won-dollar exchange rate surpasses 1,320 level for first time in more than 13 years
The won-dollar exchange rate surpassed the 1,320 level, for the first time in more than 13 years, Friday, reflecting a growing aversion to risk triggered by fears of a global recession. The Korean currency closed at 1,326.1 won per dollar, up 14 won from the previous trading session. This is the first time since April 2009 that the won-dollar exchange rate surpassed the 1,320...
Gov't's move to support young borrowers raises moral hazard concerns
The Financial Services Commission's (FSC) recent decision to ease interest burden on the younger generation is drawing public ire, as it is feared to potentially expose vulnerable borrowers to even higher financial risks. The financial authority, on Thursday, introduced the so-called youth debt exception program under which those aged under 34 will be able to delay their prin...
Dunamu, Bithumb escalate competition in NFT market amid crypto doldrums
Dunamu and Bithumb, the two largest cryptocurrency exchange operators here, are increasing competition in the non-fungible token (NFT) market, identifying the area as their next growth engine amid the lukewarm crypto sentiment here and abroad. Both firms understand the urgent need to expand their revenue streams preemptively due to the inherent volatility in the crypto market...
NH's digital chief from Samsung SDS extends term
NH Financial Group's Chief Digital Officer Lee Sang-rae has extended his term until the end of this year in recognition of his achievement in driving the firm's digital transformation. NH scouted Lee in July 2020 for the vice president-level position, speaking highly of his decades-long experience in data analysis. The NH executive worked for about three decades at Samsung SD...
Fears of COVID-19 resurgence push up bio stocks despite KOSPI's fall
Shares of bio and pharmaceutical companies have made a solid recovery amid fears of a resurgence of the coronavirus, despite an overall worsening of stock market sentiment here. The first half of this year was a nightmarish period for players in the biotechnology and pharmaceutical industries, as their stock values plummeted as the intensity of the COVID-19 pandemic waned.
Korea's first alternative trading system to debut in 2024
The nation's first alternative trading system (ATS) will start operating in 2024 amid hopes for more capital inflow and the stabilization of the local securities market, Korea Financial Investment Association (KOFIA) Chairman Na Jae-chul said, Tuesday. “We plan to receive a preliminary license to operate the system by the end of this year under the goal of starting operations...
Minor exchanges feared to close down amid crypto market decline
Minor cryptocurrency exchanges are feared to have to close down amid rapidly-cooling market sentiment here and abroad. The five largest cryptocurrency exchanges in Korea - Upbit, Bithumb, Coinone, Korbit and Gopax - account for more than 99 percent of the market. According to data from the Korea Financial Intelligence Unit, a total of 26 crypto exchanges _ including the top f...
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