Bithumb announced on Jan. 26 that customers can transfer virtual assets only to overseas exchanges that had passed an anti-money laundering risk assessment review. As of Jan. 26, exchanges that passed the review were Coinbase, Kraken, Coincheck, Bitflyer, Bybit, Gemini, Coinlist Pro, Phemex and BitB
Shinhan Bank announced on Nov. 30 that it has developed and verified stablecoin-based overseas remittance technology for the first time in the Korean financial sector.Stablecoins are cryptocurrencies pegged to a legal tender, such as the U.S. dollar or the Korean won, at the 1:1 ratio. They are a bl
The author is an analyst of NH Investment & Securities. He can be reached at junsup@nhqv.com. -- Ed. 3Q21 review: Sound earnings meet expectations KBFG’s 3Q21 results release shows its highest-ever consolidated NP for a 3Q. All of the firm’s business arms reported sound earnings. The firm’s NIM impr
Samsung Electronics has chosen blockchain technology as one of its future growth engines. The tech giant has officially launched the Blockchain Development Group by putting together researchers who have been working on blockchain development at various departments of its wireless business division.T
AIA Group Limited announced on March 12 financial results for the year ended 31 December 2019.Growth rates are shown on a constant exchange rate basis below:Robust growth in value of new business• 6 percent growth in value of new business (VONB) to US$4,154 million• 16 percent growth in VONB excludi
Samsung Electronics Co. is supporting blockchain-based startups through Creative Lab (C-Lab), an in-house startup incubator program. As the Samsung Galaxy S10 flagship smartphone to be unveiled on Feb. 20 is expected to feature a cryptocurrency wallet, there is growing speculation that Samsung Elect
Coinwon Transfer, a subsidiary of Coinwon, one of Korea’s major virtual currency exchanges, has released an overseas money remittance service called “Cross.”Cross can send money overseas in an hour or less on average. The fee is 1 percent of the remittance, up to 80 percent cheaper than the existing
Naver's Japanese subsidiary LINE will disclose general-purpose cryptocurrency "LINK," which has been developed by Bitbox, a global cryptocurrency exchange, on October 16.LINK will be used for user compensation-based content of distribution-type application (dApp) that will be launched in the fou
The Financial Supervisory Service (FSS) will start evaluating the management status of Woori Bank next week. As the bank’s computer system broke down on September 21 right before Chuseok holiday and caused great inconvenience to its customers, this evaluation will be especially focused on the bank’s
The South Korean government held the sixth Ministerial Meeting for Innovative Growth in Seoul on September 27 and released a set of deregulatory measures.The package includes the opening of duty-free shops in the arrival halls of international airports. As a pilot project, a duty-free shop will open
A service which applies blockchain technology to financial certification will be rolled out next month. Experts say that it is necessary to expand the applications of blockchanin technology to trade finance and overseas remittance to make the most of the new technology.According to the banking indus
Foreign financial companies operating in South Korea have transferred 1.2 trillion won (US$1.08 billion) worth of funds a year on average to their headquarters durign the past five years, according to data released by the Financial Supervisory Service (FSS). The financial regulator submitted the dat
South Korea’s foreign direct investment (FDI) fell by approximately 30% in the first quarter of this year as South Korean companies refrained from undertaking M&As amid negative investor sentiment.The Ministry of Strategy & Finance announced on June 12 that remittances from South Korea for FDI purpo
NH Nonghyup Bank has launched a service that allows customers to transfer money to the Philippines without a bank account.The NH-Metro Accountless Overseas Transfer Service allows customers to remit money in Philippines peso, even if they do now have a bank account.Customers can send money to the Ph
Customs authorities’ investigation into the owner family of the Hanjin Group is zeroing in on Korean Air's alleged violation of the Foreign Exchange Transactions Act.About 40 customs officers from the Seoul Customs Service raided five departments including the finance department at the headquart
As an increasing number of companies around the world is seeking to attract investment through an initial coin offering (ICO) based on blockchain technology, South Korean firms are also trying to converge blockchain with various services.According to related industry sources on March 25, Certon Co.
The volume of South Korean companies’ investment in China reached the lowest in three years. After controversy over China’s retaliation against South Korea for the deployment of the THAAD system, South Korean companies are lessening their investment in China.According to the Ministry of Strategy and
According to Korea’s direct overseas investment in 2016 released by the Ministry of Strategy and Finance on February 15, Korea posted US$49.24 billion in direct overseas investment (about 56 trillion won) in 2016, up 18.7 percent from a year earlier. The amount of remittances added up to US$ 35.25 b
K Venture Group, or KVG, the investment arm of Kakao Corporation, announced on June 9 that it has become the largest shareholder of Philippine-based bitcoin-related fintech startup Satoshi Citadel Industries, or SCI (CEO John Bailon), by acquiring its 40 percent stake. It is KVG’s first investment o
The Ministry of Strategy & Finance announced on Dec. 10 that new enforcement ordinances and regulations of the Foreign Exchange Transaction Act would become effective in February of next year, through a Ministry of Government Legislation review and a Cabinet meeting.Accordingly, the scope of busines