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Reporter : Anna J. Park
Thu, June 1, 2023 | 10:42
When will Kakao Entertainment debut on bourse?
Kakao Entertainment is widely believed to be aiming to go public by the end of this year or early next year. The entertainment subsidiary of Kakao had long considered making a debut on the local stock market, yet the IPO plan has been delayed till now, amid strong criticism against the big tech firm's continuous split-off listings that harmed Kakao shareholders' interests.
Financial regulators launch task force to break banks' oligopoly
Financial authorities made it official Wednesday their moves to bring in more competition in the local banking sector, aiming to break the current oligopoly enjoyed by the five major commercial banks. Citing the current oligopoly structure as harmful to customers' and utility, the authorities suggested the need to lower the hurdle of banking licenses for new entrants.
K bank improves efficiency through robotic process
K bank announced Tuesday that it has raised its efficiency by adopting robotic process automation (RPA), an AI-based software system that saved 28,000 hours of work last year for the digital lender.
Naver Pay and Samsung Pay join hands to counter Apple Pay
With Apple Pay's imminent launch in Korea, Naver Pay and Samsung Pay formed a strategic partnership earlier this week to consolidate their current dominance over the mobile payment market in the country, a move seen as an alliance to keep Apple Pay's potential growth in local markets in check. It is the first time for Samsung Pay to join hands with financial companies, other ...
Won-dollar rate soars on growing fears of prolonged US monetary tightening
The won-dollar exchange rate exceeded the 1,300 won mark during Friday's trading session amid growing fears over some U.S. Federal Reserve officials' hawkish remarks that a 50-basis-point increase would be needed in next month's FOMC meeting. With the longer-than-expected global monetary tightening factoring in the trading session, the won-dollar exchange rate was at 1,291.9 ...
Gov't admits economy slowing down amid falling exports, inflation
The Korean government officially identified the country's economy as having slowed in its monthly economic analysis report on Friday. It is the first time that the finance ministry's monthly report acknowledged that the economy has slowed.
FTC and FSS cooperate to stem unfair financial contract terms, conditions on consumers
The Fair Trade Commission (FTC) and the Financial Supervisory Service (FSS) have decided to expand their partnership in supervising the internal control initiatives and contractual terms and conditions financial firms apply to their consumers through their products.
Local biz leaders to make proactive investment despite negative outlook for this year: EY Korea survey
Local business leaders remain spirited as they plan to expand into new business areas in preparation for the future that will come after the current recession era, despite their overwhelming negative outlooks on the economic prospect for this year. According to a survey by EY Korea conducted on 407 high-ranking business leaders of local companies, six out of 10 respondents sa...
Financial regulator to focus on preemptive inspections
The Financial Supervisory Service (FSS) is setting out to shift its investigative focus from a punitive nature to preemptive and preventive so that financial companies as well as financial markets could maintain their soundness efficiently amid growing uncertainties. According to its annual plan for this year announced on Wednesday afternoon...
Regulator seeks to break up oligopoly in banking industry
The Financial Supervisory Service (FSS) has begun to look into ways to induce further competition in the local banking industry, aiming to break up the current oligopolistic system dominated by five major commercial lenders - Shinhan, KB Kookmin, Hana, Woori and NH NongHyup. The move follows President Yoon Suk Yeol's criticism earlier this week of local banks paying hefty bon...