Korea’s first won-pegged digital token debuts in test by fanC

South Korea’s first won-pegged stablecoin was test-launched Tuesday by fanC, the developer and issuer of the namesake digital token, in partnership with local financial software firm Initech, marking a key step toward the adoption of won-denominated stablecoins. Named KRWIN, the stablecoin is pegged one-to-one to the Korean won. It is the first time a private entity has issued a won-based digital asset with potential use in the real economy. According to fanC, the release is a demo launch to tes

Aug. 5, 2025

[Photo News] Woori Bank's dealing room revamped

Woori Bank CEO Jung Jin-wan (center) poses with company officials during a ceremony marking the renewal of the bank’s global dealing room at its headquarters in central Seoul on Monday. The revamped facility now includes a new electronic display and ticker board for real-time monitoring of global markets. The renovation comes as Woori Bank steps up its foreign exchange operations. Last year, it launched the digital trading platform “Woori Won FX” and established a dedicated foreign exchange desk

Aug. 4, 2025

Korean stocks tumble on tax reform letdown, trade uncertainty

South Korea’s benchmark Kospi slumped nearly 4 percent on Friday, marking its steepest single-day drop in two months, as investor optimism soured following disappointment over the government’s tax code revision and mounting uncertainty over US tariff talks. The Kospi closed at 3,119.41, down 3.88 percent from the previous session. The selloff was led by institutional and foreign investors, who offloaded 10.7 trillion won ($7.6 billion) and 656.5 billion won worth of shares, respectively. Retail

Aug. 1, 2025

'Baby Shark' Pinkfong eyes management buyout alongside IPO: reports

The Pinkfong Company, creator of the global children’s sensation "Baby Shark," is reportedly pursuing a management buyout in parallel with its planned market debut, according to industry sources on Friday. In May, the company filed for a preliminary review to list on the Kosdaq, marking a renewed push for an initial public offering six years after it first floated the idea in 2019. Multiple industry reports suggest that Pinkfong is in talks with potential buyers regarding a management sale. Acco

Aug. 1, 2025

Lee Jae Myung rolls back Yoon-era tax cuts in first code overhaul

President Lee Jae Myung’s first tax code overhaul, unveiled Thursday, focuses on reversing the tax relief introduced under his predecessor over the past three years, chiefly by raising tax rates on corporations and high-income individuals. “The country’s tax revenue base has eroded sharply over the past three years, leading to a significant drop in the tax-to-GDP ratio,” First Vice Finance Minister Lee Hyoung-il said Tuesday during a press briefing. “This year’s tax revision aims to support econ

July 31, 2025

Hanwha Life makes Wall Street debut with Velocity acquisition

Hanwha Life Insurance has completed its acquisition of Velocity Clearing, becoming the first South Korean insurer to enter the US brokerage industry. The deal, which closed Thursday, gives Hanwha a 75 percent stake in Nexus Clearing, the top holding company of Velocity. Hanwha said the acquisition will boost profitability and expand global investment offerings for clients. Founded in 2003, New York-based Velocity Clearing is a technology-driven brokerage providing end-to-end trading infrastructu

July 31, 2025

Toss Bank logs W31.6tr in fee-free forex transactions

Internet-only South Korean lender Toss Bank has recorded 31.6 trillion won ($22.8 billion) in foreign exchange volume just 18 months after launching the service, driven by its zero-fee policy and rapidly expanding user base. The number of users has reached 2.67 million, with sign-ups peaking at 33,000 per minute, the lender said. The milestone follows Toss Bank’s rollout of the country’s first permanent fee-free forex service in January 2024. While other banks had experimented with temporary pro

July 30, 2025

[Photo News] Kakao Bank-UNICEF $2m climate fund

Kakao Bank CEO Yun Ho-young (center) poses with Sawako Kanetaka (left), Asia-Pacific hub lead at UNICEF, and Cho Mi-jin (right), secretary-general of UNICEF’s Korean Committee, during a signing ceremony in Seoul on Monday for a new global partnership focused on addressing climate risks for future generations. Under the agreement, the three parties will jointly contribute $2 million over the next two years to support children and teenagers through climate-related projects across Asian countries,

July 29, 2025

New threats, new protection: Korea rethinks cyber insurance as attacks surge

A string of high-profile cyber incidents, from SK Telecom’s data breach to a ransomware attack on Seoul Guarantee Insurance, has raised alarm over digital vulnerabilities and spurred Korean insurers to ramp up cyber coverage. Leading the response is Hanwha General Insurance, which in November launched its Cyber Risk Management Center, the first dedicated cyber risk division established by a Korean insurer. As part of its strategy, Hanwha formed a three-way partnership with global cybersecurity f

July 29, 2025

Blackstone bolsters Korea portfolio with 2 logistics centers near Seoul

Blackstone is deepening its presence in South Korea with the acquisition of two last-mile logistics centers in the greater Seoul area. The New York-based alternative investment firm said Monday that its real estate division acquired properties totaling 1.3 million square feet in Gimpo and Namyangju, two of the most competitive infill logistics markets in Gyeonggi Province. The firm said the properties are Grade A facilities — modern, high-quality logistics centers designed for efficient supply c

July 28, 2025