Shinhan Financial chair tapped for second term

Shinhan Financial Group Chair Jin Ok-dong, 64, was tapped for a second term with the banking group Thursday. He is expected to serve another three-year term following approval from shareholders in March. The group’s chairperson recommendation committee selected Jin as the final candidate after interviewing four shortlisted contenders, including Jin himself, Shinhan Bank CEO Jung Sang-hyuk and Shinhan Securities CEO Lee Sun-hoon, along with an external candidate who requested anonymity. “I plan t

Dec. 4, 2025

Coupang executive sell-off draws scrutiny

Senior executives at Coupang sold troves of company stock in mid-November — days before the company formally disclosed a massive data breach — timing that has sparked investor concern despite the trades being officially preplanned. According to US Securities and Exchange Commission filings, Chief Financial Officer Gaurav Anand sold 75,350 shares on Nov. 10 at $29.02 apiece, totaling about $2.2 million. Pranam Kolari, then the vice president of engineering responsible for search and recommendatio

Dec. 3, 2025

FSS chief puts Upbit on notice over ‘serious’ security failures

The head of South Korea's banking regulator issued a stern warning to Upbit on Monday, signaling that the crypto exchange could face strong measures after a major security lapse enabled hackers to steal roughly 45 billion won ($30.6 million) worth of virtual assets. Financial Supervisory Service Gov. Lee Chan-jin said the scale and nature of the breach and Upbit’s inadequate response “cannot be treated lightly,” underscoring growing regulatory frustration with repeated cybersecurity failures acr

Dec. 1, 2025

Biotech shares in Korea rise on buzz over local Mounjaro production

Rising speculation that Eli Lilly could produce its blockbuster weight-loss drug Mounjaro in Korea drove sharp gains in Kosdaq-listed biotech firm Peptron and drew renewed attention to SK Pharmteco on Friday, though the SK subsidiary declined to confirm. Mounjaro is a treatment for Type 2 diabetes, which is also known to be effective for weight loss. If confirmed, it would mark the first time a Glucagon-Like Peptide-1 agent is produced here. Peptron closed at 340,000 won ($231) on Friday, surgin

Nov. 28, 2025

Authorities suspect North Korea behind W45b Upbit hack

Lazarus Group, North Korea’s state-backed hacking unit, is being floated as a strong suspect behind the roughly 45 billion won ($30.7 million) cryptocurrency hacking incident at Upbit, South Korea’s top virtual asset exchange. Authorities said Friday they are currently conducting an on-site inspection of Upbit, and strongly suspect that Lazarus Group played a part in the heist. Upbit suffered a massive hacking attack Thursday, resulting in an estimated loss of 44.5 billion won in Solana-based as

Nov. 28, 2025

Hahn & Co. awarded W66b for Namyang Dairy deal delay

Seoul-based private equity firm Hahn & Co. has won its damages suit against former Namyang Dairy Products Chair Hong Won-sik, with a Seoul court ordering Hong to pay 66 billion won ($45 million) for delaying the company’s acquisition. The Seoul Central District Court on Thursday ruled partly in favor of Hahn & Co., ordering Hong to compensate the firm for losses stemming from his refusal to honor a 2021 share purchase agreement, plus interest for delayed payment. The court dismissed all other cl

Nov. 27, 2025

Weak won keeps BOK on hold despite growth upgrade

South Korea’s central bank kept its benchmark interest rate unchanged at 2.5 percent on Thursday, citing the won’s rapid depreciation as a key risk factor. The rate freeze was supported by five out of six members of the monetary policy board, excluding Bank of Korea Gov. Rhee Chang-yong, whose individual vote is not disclosed. One of the six members suggested bringing down the rate by 0.25 percentage point. Regarding the recent devaluation of the won, Rhee said, "One-sided movement (of the curre

Nov. 27, 2025

[Finance Awards] Toss marks 10 years with bold pivot beyond finance, deeper platform ecosystem

Viva Republica, operator of the all-in-one finance platform Toss, has emerged as one of South Korea’s most influential fintech players, redefining consumer expectations through a user-first model and an expanding ecosystem of bundled services. Since launching in 2015 as a simple money transfer app, Toss has grown into a comprehensive financial platform used by tens of millions. It introduced conveniences that quickly set new industry standards, including one-touch banking transactions, simplifie

Nov. 27, 2025

Weak won keeps BOK on hold despite growth upgrade

South Korea’s central bank kept its benchmark interest rate unchanged at 2.5 percent on Thursday, citing the won’s rapid depreciation as a key risk factor. The Bank of Korea said the weakening won was the main reason for extending its rate freeze, in place since May. A rate cut now would widen the rate gap with the US Federal Reserve, potentially triggering capital outflows and adding further downward pressure on the currency. The won closed at 1,477.1 per dollar on Monday, its weakest level sin

Nov. 27, 2025

Crypto exchanges race to woo corporate clients

South Korea has yet to fully open the door to corporate cryptocurrency trading, but local exchanges are already racing to win over institutional clients, a segment widely seen as the key to deepening liquidity and stabilizing the country’s volatile virtual asset market. Earlier this year, the Financial Services Commission took its first cautious step by allowing a limited set of entities, including law enforcement agencies, nonprofits and virtual asset service providers, to conduct crypto transa

Nov. 26, 2025