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Reporter : Anna J. Park
Wed, November 30, 2022 | 10:41
FSS vows stern action against suspicious overseas remittance cases
The Financial Supervisory Service (FSS) plans to wrap up its months-long investigations over local banks and securities firms' abnormal overseas remittance transactions that amounted to nearly 10 trillion won ($7 billion) in 2021.
Kakao Pay Insurance launches first product
Kakao Pay Insurance officially launches its very first insurance plan this week, aiming to solidify its position as the country's representative fintech-led digital non-life insurer. It took six months for the digital insurer to come up with its first product, since the country's financial regulator, the Financial Services Commission (FSC), gave the green light to the firm to...
Startups see corporate values dive due to tightened liquidity
A rapid tightening of global liquidity is dealing hefty blows to local startup companies, as many of them are forced to accept much-lowered corporate valuations to attract new investments. An overall drop in new investments made by venture capital companies has forced startups to sell their stakes at much lower prices. For instance, Balaan, a high-end fashion shopping commerc...
Internal business transactions soar at Naver and Kakao
Naver and Kakao, Korea's leading IT platform companies, each recorded internal transactions worth over one trillion won ($700 million) last year. While the volume of the internal transactions doubled at Naver during the past four years, Kakao logged a seven-fold increase in such settlements during the same period. According to documents submitted by the Fair Trade Commission ...
4 major banks spend $178 mil. on legal fees
Major local banks' spending on legal costs has soared in the last couple of years, in their efforts to defend themselves from financial authorities' punishments for some key financial scandals and accidents. According to documents submitted by the Financial Supervisory Service (FSS) to main opposition Democratic Party of Korea (DPK) Rep. Lee Yong-woo, four major banks - KB Ko...
Insurance sector faces low growth amid inflation, uncertainties
Insurance experts in the country forecast a 2.1 percent year-on-year growth in premium income next year, due mainly to continuing inflation and recessional market sentiment stemming from increased uncertainties in macroeconomic factors. Participants at a seminar hosted by the Korea Insurance Research Institute (KIRI) in Seoul, Thursday, called for local insurers to strengthen...
Meritz flourishes on Chairman Cho's meritocracy-based management
Meritz Fire & Marine Insurance has achieved exponential growth since the company broke off from Hanjin Group's affiliates back in 2005. During the past 17 years, the company's market cap has increased to 4.5 trillion won ($3.1 billion), which is more than a 23-fold growth rate, while the insurer's assets also recorded a 10-times increase to reach 28 trillion won.
Innovative restructuring leads Meritz Fire's prominent growth
Since taking the helm of Meritz Fire & Marine Insurance in 2015, Vice Chairman Kim Yong-beom has been focusing on revamping the corporate structure and empowering each employee with a greater sense of responsibility over the business.
Meritz Fire marks 100th anniversary in October
Meritz Fire & Marine Insurance celebrated its 100th anniversary on Oct. 1. Often dubbed the icon of innovation in the local insurance market, the company has undergone continual transformation and renovation to thrive as a successful company throughout the past century.
KIC to join UN-backed campaign to strengthen sustainable investment
Korea Investment Corporation (KIC), the country's sovereign fund, plans to join the UN-backed Principles for Responsible Investment (PRI), aiming to strengthen its ESG-focused investment activities.
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