An increasing number of South Korean companies are adding blockchain technology to their business portfolios or entering the virtual asset market.For instance, Kakao subsidiary Ground X developed the blockchain platform of Klaytn, and it is now a global blockchain platform working with more than 80
Hana Bank will spin off its blockchain-based cross-border payment service platform.The bank decided at an extraordinary shareholders' meeting on May 31 to create a subsidiary specializing in global digital financial platform services and transfer its Global Loyalty Network (GLN) business.The sep
Hanwha Systems announced on March 29 that it has decided to increase capital by 1.2 trillion won.Hanwha Systems plans to issue 78,689,000 new ordinary shares. The planned issue price is 15,250 won per share. The standard date for the allocation of new shares is April 22 and the scheduled subscriptio
Shinhan Bank announced on March 8 that it has established a pilot blockchain-based digital currency platform in preparation for the issuance of a central bank digital currency (CBDC) by the Bank of Korea.Shinhan Bank built the pilot platform based on an assumption that when the Bank of Korea issues
Samsung SDS recorded the highest ever quarterly revenue in the third quarter of 2020 thanks to the expansion of its IT strategic and logistics BPO businesses and its solid external business growth.Samsung SDS announced on Oct. 27 that it recorded revenue of 2.97 trillion won and operating profit of
SK Telecom (SKT) announced on Oct. 27 that it will open ‘T Factory,’ a facility that shows all about the company, in Seoul, on Oct. 31, 2020. T Factory is designed to share SKT’s future ICT vision and introduce the company’s latest achievements in technologies and services, as well as its partnershi
Shinhan Bank announced on Aug. 26 that it has introduced blockchain-based decentralized ID (DID) to its banking application "Shinhan SOL."DID is a blockchain technology that allows users to encrypt and store their identity information on smartphones and present it when necessary. Shinhan Bank has su
POSCO has opened a public-private partnership incubator facility named "Change Up Ground" in TIPS Town, Seoul.TIPS (Tech Incubator Program for Startup Korea) Town is a Korean version of Silicon Valley. The Ministry of SMEs and Startups has been constructing it in Seoul since 2015. The ministry is op
Lee Sang-heon, who is in charge of precision hospital information system (P-HIS) establishment at Korea University Medical Center, remarked at a conference on June 22 that his team’s cloud-based P-HIS will be a solution for medical institutions with HISs individually established by hospitals entaili
The authors are analysts of NH Investment & Securities. They can be reached at hyundong.lee@nhqv.com and jangjaeho@nhqv.com, respectively. -- Ed. The amendments (passed in Jan 2020) to Korea’s three major data privacy laws are to offer a major business opportunity for data plays. Strong earnings gro
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
LG CNS announced on May 26 that it will develop ID cards that can be used anywhere in the world in partnership with Canada's Evernym, which specializes in blockchain-based decentralized identity (DID) technology.LG CNS has signed an MOU with Evernym to establish global standards on DIDs.DID is a
The National Assembly is planning to amend the Digital Signature Act to discard the public certificate that has been used for 21 years for online banking, housing subscription, electronic bidding, and so on. Although the certificate contributed to e-commerce promotion in its early days, more and mor
SK Telecom announced on May 14 that it will present the Galaxy A Quantum, the world’s first 5G smartphone equipped with a quantum random number generator (QRNG), in cooperation with Samsung Electronics and ID Quantique. The company will open pre-order for the Galaxy A Quantum from May 15 to 21, and
Unlisted stock trading services using blockchain technology are in full swing. Based on the government’s pilot project and a financial regulation sandbox, the financial sector including KOSCOM and blockchain companies is launching services one after another. Many expert say that that blockchains whe
The South Korean government announced on May 7 that its upcoming new deal project for job creation and COVID-19 response will focus on 5G network and artificial intelligence infrastructure establishment, non-contact industry promotion and social overhead capital digitalization.According to the gover
Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) will launch a blockchain-based mobile gift certificate service in 10 municipalities across the nation in the first half of 2020.KOMSCO has already launched the service in four municipalities of Seosan, Seocheon, Jeongeup, and Gyeryo
Samsung SDS is stepping up efforts to introduce its self-developed blockchain platform NexLedger Universal to overseas markets. The platform features high processing speed and strong compatibility and is being applied to all business areas including finance and logistics. Currently, it is being used
“Klip,” a cryptocurrency wallet developed by Kakao Blockchain subsidiary GroundX, will be released for the first time in conjunction with KakaoTalk, the most popular mobile messenger service in Korea, in the first half of this year. Klip will accompany Kaikas, a cryptocurrency wallet for web browser
The Bank of Korea (BOK) set out to develop a bond management system using blockchains. The central bank of Korea is considering adopting the entire process from bond issuance to settlement on a blockchain platform at once.On Feb. 18, the BOK announced that it is conducting a proof of concept (PoC) a