KB Kookmin Bank announced on March 27 that it has set up an investment banking (IB) unit in its London branch.Through the IB unit in London, which started business on March 26 (local time), the bank plans to look for overseas IB business opportunities in partnership with local financial institutions

Metanoia Project is a blockchain platform based on renewable energy with a focus on “good will.” The project states that its ultimate goal is to develop a p2p donation system based on blockchain while supporting overseas developments. The name of the project, Metanoia, is an ancient Greek word meani

The South Korean government is asking banks to expand financial support for auto component producers which are in financial difficulties. However, the more banks give out loans, the higher the default rate goes up.Major commercial bank loans for auto parts manufacturers showed an overall decline las

The size of the insurance market for migrant workers in South Korea has doubled in less than 10 years. The current law requires foreign employees who reside in the country and the employers who hire them to take out the insurance policies exclusively designed for foreign workers.The amount of annual

As a "qualified" opinion of the audit reports can lead to a downgrade of Asiana Airlines’ credit rating from the current BBB- to BB+, it raises the possibility of cross default on debts related to maintenance of leased planes and asset-backed securities (ABS) and asset-backed short-term bonds (ABSTB

Bank of Korea Governor Lee Ju-yeol said on March 25 that the central bank would maintain monetary easing for the time being for stable economic growth.“An active role of finance is necessary in a macroeconomic point of view alone, and a supplementary budget of 10 trillion won, which is equivalent to

The cryptocurrency of Israeli blockchain project ORBS, which has cooperated with South Korean companies such as Kakao, Samsung SDS and YES24, is planned to be listed on Bithumb. The date of listing is yet to be determined. ORBS is planning to issue its cryptocurrency on March 28 with mainnet launchi

The gold bourse of Korea Exchange (KRX), the only gold spot market in South Korea, has grown by more than three times in five years since its establishment.KRX said on March 21 that a total of 19 tons of gold worth 863 billion won (US$764.94 million) have been traded so far on the bourse after the e

The South Korean government will cut the tax for trading stocks listed in the main KOSPI and secondary KOSDAQ markets and unlisted stocks by 0.05 percentage point within this year.The government had been cautious on lowering the tax rate for stock transactions, but finally decided to lower it within

South Korea’s financial regulations are hampering insurers’ efforts to secure a next growth engine.Global companies based on information and communications technology (ICT), such as Google, Alibaba and Tencent, are making an aggressive investment in insurtech, which refers to the use of technology i

South Korean banks in China have initiated full-scale risk management processes with South Korean companies in China scaling down their business in the country.The Financial Supervisory Service announced on March 20 that South Korean banks increased their assets in China by only 0.2 percent to US$26

The new contract ratio of domestic life insurance companies has fallen below 10 percent. The ratio indicates the share of new policyholders in a life insurer’s total subscribers.The metric has continued to drop since 2010 when it fell below 20 percent for the first time. The steady decline is attrib

The Financial Supervisory Service announced on March 19 that the current net income of South Korean banks’ overseas branches totaled US$983 million in 2018 with a year-on-year growth of 22.2 percent. The amount is equivalent to 8 percent of the banks’ net income for the same period. The total credit

South Korean money market funds (MMFs) attracted more than 20 trillion won (US$17.60 billion) this year.The amount of capital that flew into the MMFs totaled 23.98 trillion won (US$21.10 billion) from Jan. 1 to March 13 this year, according to the Korea Financial Investment Association (KOFIA) on Ma

KB Kookmin Bank announced on March 17 that it has signed a memorandum of understanding (MOU) with Pi Pay, a leading mobile payment platform in Cambodia, at KB Bank Cambodia’s office in Phnom Penh, Cambodia,.Pi Pay, launched in 2017, is Cambodia’s largest mobile payment fintech company with 250,000 u

Global investment banking (IB) companies headquartered in Hong Kong, including J.P. Morgan, are visiting South Korea for talks with South Korean financial companies before the official auction for NXC Corp. starts. They are discussing a financing structure with local financial companies as the sale

AIA Korea’s mobile wellness management application, AIA Vitality, was recognized for its innovation at the Maekyung Financial Product Awards. Now in its 24th year, the Maekyung Financial Product Awards recognizes original and pioneering financial products developed across all financial sectors inclu

KB Kookmin Bank announced on March 13 that it has invested US$20 million (22.65 billion won) in a foreign equity fund specializing in investing in global aircraft makers.The aircraft finance market has been growing steadily thanks to an increase in air passengers and air freight, and it is a market

South Korean asset management firms saw their combined assets surpass 1,000 trillion won (US$883 billion) for the first time last year. However, their net profit took a hit.The combined assets under management of 243 asset managers totaled 1,018.70 trillion won (US$899.51 billion) as of the end of l

The proportion of foreigners’ portfolio investment assets, such as stocks and bonds, in South Korea’s external debts is high, the Bank of Korea says, warning that an external impact could increase instability in the foreign exchange and stock markets.The ratio of portfolio debts to South Korea’s ext