Major financial groups enjoy strong Q3 earnings, but face mounting regulatory pressure

A composite image shows the headquarters of Korea’s four largest financial holding companies: Shinhan, Woori, KB and Hana. Courtesy of each company Korea’s four largest financial groups — KB, Shinhan, Hana and Woori — have shown strong earnings for the third quarter of this year, posting a combined 5.76 trillion won ($4.31 billion) in net…

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Gov’t to pursue criminal punishment, 3-year exam ban for CSAT cheaters using AI glasses

Artificial intelligence-powered smart glasses are displayed for sale at an electronics store in Seoul, Oct. 14. Yonhap The education ministry said Thursday it will seek criminal prosecution of anyone caught cheating on the annual college entrance exam using artificial intelligence (AI) glasses, while disqualifying cheaters from the exam for three years, up from the current…

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JB Financial expands partnerships with AI, fintech companies

Participants attend JB Financial Group’s annual JB Forum, which brought together partners from the fintech and artificial intelligence industries, at the group’s campus in Jeongeup, North Jeolla Province, last Friday. Courtesy of JB Financial Group JB Financial Group brought together strategic partners at its annual forum to expand cooperation in artificial intelligence (AI) and fintech,…

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Watchdog to fine Celltrion $469,000 over unfair subcontracting practices

The logo of Celltrion/ Courtesy of Celltrion South Korea’s antitrust watchdog said Thursday it will impose a 630 million-won ($469,000) fine on Celltrion Inc., a biotechnology firm, for unfairly canceling orders and failing to provide a subcontractor with required documents on time. The Fair Trade Commission (FTC) said it will also issue a corrective order…

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