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Reporter : Anna J. Park
Tue, May 30, 2023 | 19:22
KakaoBank joins NATO-led global cyber defense exercise
KakaoBank has participated in Locked Shields 2023, the world's largest annual cyber defense exercise, as part of a unified team Korea, the internet-only bank announced on Wednesday. The NATO Cooperative Cyber Defense Center of Excellence (CCDCOE) is hosting the ...
Controversy grows over how to support jeonse scheme victims
Following a recent series of suicides by victims of large-scale housing rental scams in Incheon, government ministries as well as the banking industry are working on drawing up measures to support the victims and prevent similar scams. Yet, controversies remain over what would be the optimal solution to address the problem.
KakaoBank plans foray into Southeast Asian markets
KakaoBank plans to advance into the Southeast Asian region within the next few years, as talks are currently ongoing with potential partners in the target countries.
MBK Partners' founder becomes richest person in Korea: Forbes
Michael ByungJu Kim, MBK Partners' founder and chairman, has ranked at the top of Forbes' 2023 list of “Korea's 50 Richest.” It is the first time that the net worth of the private equity legend has overtaken that of Lee Jae-yong, executive chairman of Samsung Electronics, on Forbes' annual billionaire list.
FSC to ease regulations on local investment firms' overseas business
Financial authorities will seek to ease regulations imposed on overseas subsidiaries of local financial companies, in a move to strengthen local investment firms' global competitiveness and outbound business growth. Korea's top financial regulator also plans to introduce a cornerstone investor system into the country's public offering process, which allows investors to be bro...
Financial regulator sets guidelines for AI-based credit rating models
The Financial Services Commission (FSC), the country's top financial regulator, has set guidelines to facilitate financial firms' operation of AI-based models in a transparent and fair manner. The move comes as more financial companies in Korea adopt artificial intelligence (AI) technology.
Korea's debt-to-GDP ratio projected to rise further: IMF report
While Korea's debt-to-GDP ratio is worsening at an alarming rate, its fiscal soundness is expected to continue deteriorating, according to the latest report from the International Monetary Fund (IMF). The IMF said in its Fiscal Monitor report published earlier this month that Korea's debt-to-GDP ratio was estimated at 54.3 percent as of the end of last year, up 0.2 percentage...
Daily short selling hits record high this month
With local stock markets showing signs of recovery recently, daily average short selling reached an all-time high level this month. According to the Korea Exchange (KRX), the bourse operator, the average daily transactional amount of short selling from April 1 to 14 stood at 634.6 billion won ($485 million) for the benchmark KOSPI, while the tech-heavy Kosdaq's daily average ...
Financial regulator to respond sternly to malicious market rumors
Korea's top financial regulator has vowed to respond strictly to vicious market rumors intended to cause turbulence in financial markets. Financial Services Commission (FSC) Chairman Kim Joo-hyun stressed Friday that the top financial authority will counter any attempts to cause disruptions by spreading malicious or groundless rumors.
Sovereign fund KIC holds 2nd Silicon Valley Int'l Financial Cooperation Council
In a move to strengthen networks with venture capitalists and startups in the U.S., the Korea Investment Corp. (KIC) hosted the second installment of the Silicon Valley International Financial Cooperation Council on Thursday afternoon, local time, at its San Francisco office in Menlo Park, California. About 30 participants, including venture capitalists, asset managers, offic...
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