Tagged: south korea

December 2, 2024 @ 10:41 pm By Omar Faridi  |  

World ID Credentials are now reportedly being piloted in select countries including Chile, Colombia, Malaysia and South Korea. This secure and “anonymous” World ID feature increases global access to World Network and paves the way for “increased World ID utility.” It also enables consumers to… Read More

December 1, 2024 @ 6:22 pm By Michael Wong  |  

South Korea’s main opposition Democratic Party of Korea (DPK) agreed on Sunday to postpone the implementation of a controversial cryptocurrency tax by two years, responding to mounting investor backlash and political pressure. The decision mirrors the party’s move a month earlier to scrap a planned… Read More

November 24, 2024 @ 6:40 pm By Michael Wong  |  

South Korea’s Financial Supervisory Service (FSS) plans to enhance the monitoring of abnormal transactions in virtual asset exchanges as market volatility intensifies, particularly following the U.S. presidential election. This move aims to address gaps in current systems and bolster consumer protection measures. Virtual asset exchanges… Read More

November 18, 2024 @ 10:04 pm By Omar Faridi  |  

South Korean authorities are reportedly investigating crypto exchange Upbit for numerous KYC (Know Your Customer) violations. Due to these reported compliance failures at the Korean exchange, Upbit might have to pay fines as high as $71,500 for each case along with potential issues with its… Read More

November 17, 2024 @ 6:09 pm By Omar Faridi  |  

Kaspersky is announcing the opening of its latest Transparency Center in Seoul, South Korea, reaffirming its commitment to delivering the best security assurance for its products and services. Located in the Kaspersky office, the new facility will provide “the company’s stakeholders with services ranging from… Read More

October 26, 2024 @ 2:12 pm By Michael Wong  |  

South Korea is set to strengthen oversight of cross-border virtual asset trading, including cryptocurrency, with revised regulations slated for enactment by late 2025, according to reports. The government aims to revise the Foreign Exchange Transactions Act in collaboration with relevant agencies, intending to curb illegal… Read More

September 5, 2024 @ 11:12 am By Omar Faridi  |  

Ripple, the provider of digital asset infrastructure, announced that Yonsei University in South Korea is the latest partner to join its University Blockchain Research Initiative (UBRI) program. This new partnership with one of South Korea’s academic institutions “marks Ripple’s 58th UBRI partnership globally, and its… Read More

July 30, 2024 @ 5:02 pm By Omar Faridi  |  

In a strategic move to extend its global footprint, Toss Securities, a securities firm with a data-driven investment platform based in South Korea, is set to establish a new corporate office in the United States. Toss Securities is a subsidiary of the South Korean Fintech,… Read More

July 20, 2024 @ 9:22 am By Michael Wong  |  

South Kora’s Financial Services Commission (FSC) announced early this week that new stringent regulations targeting illegal transactions involving virtual assets will be enforced. The new legislation, known as the Virtual Asset Users Protection Act, mandates virtual asset exchanges to report illegal activities to the financial… Read More

July 2, 2024 @ 9:03 am By Omar Faridi  |  

On 1 July 2024, Clearstream introduced a direct link to South Korea with the Korea Securities Depository (KSD). This innovative link is expected to provide clients “with seamless market access to settle and safe keep Korean government bonds, including Korean Treasury Bonds (KTBs) and Monetary… Read More

May 19, 2024 @ 9:29 am By Michael Wong  |  

Woori Bank, a major South Korean commercial lender, has officially entered the competition to secure a license for the country’s fourth internet-only bank. The bank confirmed that it had submitted a letter of intent to join the Korea Credit Data (KCD) led consortium. This move… Read More

May 13, 2024 @ 10:57 pm By Omar Faridi  |  

Payment cards remain the most preferred payment tool for e-commerce purchases in South Korea, collectively accounting for over half (54%) of the total e-commerce payments in 2023, signifying a strong preference for secure and convenient transactions among the online shoppers, finds GlobalData, a data and… Read More

April 7, 2024 @ 8:16 pm By Michael Wong  |  

Shinhan Bank, a prominent player in South Korea’s banking sector, is set to enter the digital arena, vying for a license to become the country’s fourth internet-only bank, according to a Korea Herald report. The move positions Shinhan to compete with established digital banks such… Read More

April 2, 2024 @ 11:54 am By Omar Faridi  |  

Crypto.com, which claims to be “trusted” by more than 80 million customers worldwide and the industry leader in regulatory compliance, security and privacy, announced that it is launching the Crypto.com App in South Korea, which will allow Korean retail users in the market to trade… Read More

February 1, 2024 @ 3:42 pm By JD Alois  |  

OurCrowd, a global online investment platform catering to smaller (accredited) investors, has announced the launch of its Korea-Israel Venture fund – officially labeled NH-OC Global Open Innovation Fund. OurCrowd offers single-company investment opportunities as well as a growing list of sector funds along with its… Read More

January 9, 2024 @ 11:15 pm By Omar Faridi  |  

ZilBank.com, a B2B payment platform, has recently announced its initiative that enables South Korean entrepreneurs and freelancers to conduct payments to the United States effortlessly, promoting worldwide business expansion without being limited by geographic barriers. The platform has made it easier for South Korean businesses… Read More

January 1, 2024 @ 6:24 pm By Omar Faridi  |  

Lightyear announced a strategic investment from two South Korean venture capital funds, Sunbo Angel Partners and Lighthouse Combined Investment. Both funds, with ties to South Korea’s automotive industry and other manufacturing corporate alliances, “have recognized Lightyear’s potential to create the next era of highly efficient… Read More

November 28, 2023 @ 12:51 am By Omar Faridi  |  

Nium, the firm enabling real-time global payments, and Jeonbuk Bank (JB Bank), aSouth Korean financial institution, have announced a partnership. Together, they will offer the country’s first global remittance service “targeted at the 2.5 million non-Korean residents that live in South Korea.” The service will… Read More

November 22, 2023 @ 5:42 pm By Omar Faridi  |  

LOTTE HIMART, one of the largest electronic goods retailers in South Korea, has partnered with international insurtech bolttech in order “to launch the country’s first-ever home appliance switching service.” Powered by bolttech’s embedded insurance technology, the service will “enable LOTTE HIMART customers to easily replace… Read More

November 17, 2023 @ 5:08 pm By Omar Faridi  |  

Elliptic – the firm enabling blockchain analytics and data intelligence – and CODE – a South Korean Travel Rule solution provider – have launched a partnership which represents Elliptic’s entrance into the Korean market. The new alliance will help companies in the country ramp up… Read More