AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

Kwon Ga-rim
  • Dunamu Reports Q1 Profit of 69.5 Billion Won Amid Declining Trading Volume
    Dunamu Reports Q1 Profit of 69.5 Billion Won Amid Declining Trading Volume Dunamu reported a significant decline in its financial performance, with a nearly 80% drop compared to last year. This downturn is attributed to a decrease in trading volume in the virtual asset market amid global economic slowdown.In the first quarter of this year, Dunamu recorded a net profit of 69.5 billion won, marking a 78.3% decrease from the same period last year.The decline in performance is largely influenced by global risks, including the conflict between the United States and Iran, which have led to reduced trading volumes in the virtual asset market. Since the major liquidation crisis in October of last year, the downturn in the virtual asset market has persisted. Upbit's cumulative trading volume for the first quarter of this year was $141 billion, down 62.3% from the previous year. The influx of investment funds into the domestic stock market, driven by a booming stock market, has also contributed to the contraction of the virtual asset market.Domestic virtual asset exchanges rely heavily on transaction fee revenue, with dependence reaching 99%, making the reduction in trading volume directly linked to deteriorating financial results. Dunamu plans to seek a rebound through service enhancements, expanding partnerships, and exploring new business opportunities.* This article has been translated by AI. 2026-05-15 23:42:28
  • SC First Bank Reports Q1 Net Profit of 104.9 Billion Won, Down 6.3% Year-on-Year
    SC First Bank Reports Q1 Net Profit of 104.9 Billion Won, Down 6.3% Year-on-Year SC First Bank reported a decline in profits for the first quarter of this year, attributed to rising operating costs. On May 15, the bank announced that its net profit for the first quarter was 104.9 billion won, a decrease of 6.3% compared to the same period last year.Interest income fell due to a decline in the net interest margin (NIM). For the first quarter, interest income was 291.5 billion won, down 5.1% from the previous year. During the same period, NIM decreased by 0.23 percentage points.In contrast, non-interest income increased significantly, driven by improvements in the wealth management (WM) sector, which saw a rise in high-net-worth clients. Non-interest income for the first quarter reached 110.1 billion won, a 25.1% increase year-on-year.The total loan portfolio grew to 43.7363 trillion won, marking a 2.2% increase from the previous year. Asset quality indicators remained stable, with the non-performing loan (NPL) ratio at 0.56% as of the end of March, similar to the end of last year.SC First Bank plans to continue enhancing its WM sector performance by expanding private banking (PB) centers in the metropolitan area and Busan, following the success in Apgujeong.* This article has been translated by AI. 2026-05-15 23:19:47
  • COFIX Rises After a Month, April Rate Up 0.08%
    COFIX Rises After a Month, April Rate Up 0.08% Banking sector variable mortgage rates, determined by the COFIX (Cost of Funds Index), have risen after a month. The Korea Federation of Banks reported on May 15 that the new COFIX for April was 2.89%, an increase of 0.08 percentage points from March's rate of 2.81%.The balance-based COFIX also rose from 2.85% to 2.87%, an increase of 0.02 percentage points. COFIX represents the weighted average interest rate of funds raised by eight domestic banks. An increase in COFIX indicates that banks are paying higher interest rates to secure funds.The new balance-based COFIX, introduced in June 2019, increased from 2.45% to 2.49%. This new index includes rates for other deposits, borrowings, and transaction funds.With COFIX rising after a month, mortgage rates are expected to increase as well. Amid stricter household loan regulations making it difficult to obtain mortgages, the rising interest rates are likely to heighten the financial burden for actual borrowers.* This article has been translated by AI. 2026-05-15 22:15:17
  • KakaoBank Lowers Interest Rates for New Hope and Sunshine Loans
    KakaoBank Lowers Interest Rates for New Hope and Sunshine Loans KakaoBank is taking steps to ease the financial burden on vulnerable borrowers by expanding inclusive finance.KakaoBank announced that starting May 15, it will reduce the interest rate for the New Hope Loan II by 0.30 percentage points.The New Hope Loan is a tailored product for low-income individuals or those with poor credit who find it difficult to secure loans from banks. The bank will also lower the interest rate for the Sunshine Loan by 0.75 percentage points to support consumers facing challenges in accessing formal financial services. With this rate reduction, the interest rates for both the New Hope and Sunshine loans are expected to fall to the mid-4% range annually.In July, a revision to banking laws will take effect, prohibiting banks from factoring in contributions from the Korea Inclusive Finance Agency when calculating loan interest rates. In anticipation of this change, KakaoBank is proactively implementing the expected rate cuts more than a month in advance to alleviate the financial burden on low-credit borrowers. The bank plans to continue reviewing improvements to its products for those with low to moderate credit ratings.A KakaoBank official stated, "We lowered the rates to ease the financial burden on borrowers facing economic difficulties. We will continue to lead in practicing inclusive finance for low to moderate credit individuals and those with insufficient financial history, based on competitive rates and convenience."* This article has been translated by AI. 2026-05-15 11:10:39
  • Hana Financial Becomes Major Shareholder in Dunamu with $1 Billion Investment
    Hana Financial Becomes Major Shareholder in Dunamu with $1 Billion Investment Hana Financial Group has made a significant investment of 1 trillion won (approximately $1 billion) in Dunamu, positioning itself as the fourth-largest shareholder in the company. This investment is seen as a culmination of the long-standing trust between Hana Financial Chairman Ham Young-joo and Dunamu Vice Chairman Kim Hyung-nyeon.On May 15, Hana Financial announced that the Hana Bank board approved the acquisition of 2,284,000 shares of Dunamu from Kakao Investment for about 1.03 trillion won. With this purchase, Hana Bank now holds a 6.55% stake in Dunamu, securing its status as the fourth-largest shareholder.This investment marks the largest ever by a domestic commercial bank in a virtual asset company. Following this transaction, Hana Financial has quickly ascended to become the fourth-largest shareholder in Dunamu. As of last year, the largest shareholder in Dunamu was Chairman Song Chi-hyung (25.51%), followed by Vice Chairman Kim Hyung-nyeon (13.10%) and Woori Technology Investment (7.20%). Kakao Investment, previously among the top three shareholders, has seen its stake reduced and has lost its major shareholder status.The two companies have previously collaborated on projects, including proof of concept for overseas remittance services utilizing blockchain technology. This stake acquisition is expected to enhance synergies not only between Hana Financial and Dunamu but also with Naver Financial, which is set to exchange shares with Dunamu.Chairman Ham stated, "This equity investment is a strategic decision to accelerate financial innovation based on digital assets. We will focus all our capabilities to lead the creation of the K-blockchain ecosystem with Dunamu and help the domestic digital asset industry reach a global leadership level."* This article has been translated by AI. 2026-05-15 09:19:58
  • iM Financial Chairman Hwang Byeong-woo to Visit UK, Assures Investors of Performance and Dividends
    iM Financial Chairman Hwang Byeong-woo to Visit UK, Assures Investors of Performance and Dividends Hwang Byeong-woo, Chairman of iM Financial Holdings, is set to visit the United Kingdom for the first time since taking office. The trip aims to enhance shareholder value by promoting iM Financial's growth story as it transitions to a commercial bank.According to financial industry sources on May 15, Hwang will be in the UK from May 18 to 22.During his visit, he plans to meet with local investors, including asset management firms in London, Stockholm, and Edinburgh. This marks Hwang's inaugural trip to the UK.iM Financial's foreign ownership rate stands at 42.89%. However, the company remains relatively unknown among UK investors. Hwang intends to directly communicate the company's financial performance, long-term growth strategies, and shareholder return policies, including dividends.Hwang's trip is part of the strategy to realize the vision of a 'hybrid financial group.' Since transitioning to a commercial bank in 2024, iM Financial has increased corporate loans in the metropolitan area by utilizing dedicated corporate sales teams. The amount of corporate loans in Korean won rose from 34.6 trillion won at the end of last year to 35.9 trillion won in the first quarter of this year.The number of digital customers has also grown, increasing from 3.87 million in 2024 to 4.47 million in the first quarter of this year, with non-face-to-face savings and deposits accounting for 84% of the total. The proportion of non-banking revenue surged from 15.5% in the first quarter of 2024 to 34% in the first quarter of this year, reflecting increased fees across subsidiaries, including banking, securities, and capital. Hwang's decision to step down as bank president and focus entirely on synergies among subsidiaries has significantly contributed to this growth. In his New Year's address, he emphasized the need for seamless integration of all financial services under the 'Seamless iM' initiative, advocating for broader collaboration and synergy among subsidiaries. This growth trajectory has led to a doubling of iM Financial's stock price, which has risen from the 8,000 won range prior to the bank's transition to approximately 19,000 won now.Hwang is also pursuing an aggressive value-up policy based on his confidence in the company's performance, continuing with share buybacks. Following the separation of dividend taxation last year, iM Financial plans to implement reduced dividends (tax-exempt dividends) this year. Hwang has expressed his commitment to supporting the stock price by purchasing an additional 2,900 shares in March, following the acquisition of 7,136 shares in January.This year, the company is expected to seek growth drivers in new business areas. Hwang has stated, "In a rapidly evolving management environment driven by artificial intelligence (AI), we must identify tasks optimized for the group's capabilities and build success stories." iM Bank is collaborating with Deloitte Group in Korea to explore new digital asset ventures and is developing AI-based facial recognition for remote identity verification and digital asset ATMs.* This article has been translated by AI. 2026-05-15 08:56:23
  • Bitcoin Falls Below $80,000 Amid U.S. Inflation Shock
    Bitcoin Falls Below $80,000 Amid U.S. Inflation Shock Bitcoin has dropped below $80,000 due to a shock in U.S. inflation data and a surge in international oil prices.As of 8 a.m. on May 14, Bitcoin was trading at $79,395, down 1.53% from the previous day, according to the global cryptocurrency market site CoinMarketCap.The decline in price is attributed to concerns over inflation. The U.S. Bureau of Labor Statistics reported on May 12 that the Consumer Price Index (CPI) for April rose 3.8% compared to the same month last year, with a month-over-month increase of 0.6% on a seasonally adjusted basis.While the monthly increase matched market expectations, the annual rate was 0.1 percentage points higher than Dow Jones forecasts. This annual CPI increase is the highest recorded since May 2023. The higher-than-expected inflation figures have diminished expectations for interest rate cuts by the Federal Reserve, which likely contributed to Bitcoin's slight decline.Other major altcoins also showed declines. Ethereum, the second-largest cryptocurrency by market capitalization, fell 0.94% to $2,259, while XRP, ranked third, dropped 1.21% to $1.42. Solana saw a decrease of 3.77%, trading at $91.Meanwhile, at the same time on the domestic exchange Bithumb, Bitcoin was trading at 118.01 million won (approximately $79,206), down 0.34% from the previous day. The so-called 'Kimchi Premium,' which indicates the difference between domestic and international prices, was recorded at -0.16%.* This article has been translated by AI. 2026-05-14 08:25:19
  • KB Livemobile Donates 100 Million Won to Promote Inclusive Finance
    KB Livemobile Donates 100 Million Won to Promote Inclusive Finance KB Livemobile, the budget mobile brand of KB Kookmin Bank, announced on May 13 that it has donated 100 million won to the Co-Prosperity Commission. The initiative aims to address the challenges faced by young small business owners in the rapidly changing telecommunications and digital landscape, enhancing their management capabilities. The donation will be used for the 'Kiosk Support Project for Young Small Business Owners in Busan,' which is jointly conducted by the Co-Prosperity Commission and the Busan city government. Applications for the program can be submitted through the Busan Small Business Comprehensive Support Center's website until May 27. KB Livemobile plans to strengthen management competitiveness and customer accessibility for young small business owners in areas experiencing population decline by providing services such as smart store construction consulting and barrier-free kiosks for vulnerable groups, including the elderly and people with disabilities. The company aims to create a model for revitalizing the economy in depopulated areas by offering a one-stop service that includes kiosk supply, installation, initial setup, user training, and maintenance. A representative from KB Kookmin Bank stated, "Telecommunications and digital technology are essential infrastructures for small business management stability and competitiveness. We will continue to actively support the digital transformation and management capacity enhancement of small businesses based on public-private partnerships, leading the way in practicing inclusive finance." Additionally, KB Kookmin Bank is engaged in various inclusive finance activities, including reducing interest burdens for individual business owners and supporting youth education.* This article has been translated by AI. 2026-05-13 18:25:21
  • NH Nonghyup Bank Accelerates Digitalization with NH Pay
    NH Nonghyup Bank Accelerates Digitalization with NH Pay NH Nonghyup Bank is advancing the digitalization of everyday life through its NH Pay service. NH Pay has launched a convenient payment service linked to both Nonghyup Bank accounts and agricultural cooperative accounts. When linked, payment amounts are settled directly from the bank account. The bank has revamped its existing app infrastructure to allow NH Pay to be used seamlessly across various apps from its affiliated companies. A notable example is the integration of the Nonghyup Card and NH Pay into a single mobile application. This integration is based on cloud technology, and a new integrated spending analysis service will be created by linking NH MyData. This aims to enhance the versatility of NH Pay, according to NH Nonghyup Bank. The bank is particularly focused on intuitively changing the app's user environment based on user behavior patterns. This approach is designed to reduce the time consumers spend navigating the app and to improve overall usability. NH Nonghyup Bank has a strong presence in rural areas across the country, particularly in agricultural regions, and has established a significant market share that other financial institutions do not possess. As NH Pay expands across all affiliates, it is expected to attract a more diverse customer base. Additionally, NH Pay is expanding its business by offering overseas payment services. Customers who register their UnionPay cards with NH Pay can easily make payments at local UnionPay merchants abroad.* This article has been translated by AI. 2026-05-13 17:15:00
  • K-Bank Launches Lottery Ticket Sales with Easy Recharge Service
    K-Bank Launches Lottery Ticket Sales with Easy Recharge Service K-Bank is entering the lottery ticket sales market by utilizing its easy recharge service, making it the only bank to offer such a service. K-Bank has partnered with Donghaeng Lottery to introduce a convenient recharge service that allows customers to quickly and easily top up their deposits for online lottery purchases. The easy recharge service enables customers to fund their K-Bank accounts with the desired deposit amount and recharge their accounts with just one click when purchasing lottery tickets, such as Lotto and Pension Lottery, on the Donghaeng Lottery website. Previously, customers had to create a virtual account after mobile authentication and deposit funds into that account to recharge their deposits. Now, customers can simply keep the amount they wish to recharge in their K-Bank account and recharge it instantly with a single click, without any additional procedures. Since February of this year, customers can also purchase Donghaeng Lottery tickets through mobile platforms, expanding access beyond online sales. The scale of online lottery sales is capped at 5% of the previous year's sales. This year, the online purchase limit for Lotto is approximately 380 billion won, which is expected to benefit K-Bank significantly. K-Bank is also expanding its payment services through collaborations with payment companies. Customers can register their K-Bank debit cards with Naver Pay and earn rewards when making purchases above a certain amount at Naver Pay merchants. Additionally, K-Bank has launched K-Bank Pay and a dedicated loan service called Shopping Money Loan. K-Bank Pay is a payment service based on account transfers using QR codes and barcodes. It can be used at all offline Zero Pay merchants and, unlike Zero Pay, is also available for online merchants.* This article has been translated by AI. 2026-05-13 17:12:25