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Finance

Overseas Koreans to digitise financial power of attorney, process directly at banks without international mail

Inconvenience for overseas Koreans who had to send powers of attorney by international mail to handle banking in South Korea is expected to ease. The Overseas Koreans Agency, the Financial Services Commission and the Korea Financial Telecommunications and Clearings Institute signed an MOU with eight financial companies to launch a digital consular-certified financial power of attorney service. The service will transmit certified documents electronically to banks and use a blockchain-based system to verify authenticity.

Finance

IBK Industrial Bank of Korea to hold \'IBK KOSDAQ Boom Up Day\' to support KOSDAQ revitalisation

IBK Industrial Bank of Korea is launching an investor relations support event to link listed companies and investors to help revitalise the KOSDAQ market and strengthen funding foundations for small and venture firms. The bank said it held the \'IBK KOSDAQ Boom Up Day\' on May 12 to ease information asymmetry. It plans to expand IR opportunities and encourage research reports to lift market trust.

Finance

President Lee slams \'predatory finance\' as banks move to offload Evergreen overdue debt

President Lee Jae-myung criticised the collection of long-overdue debt by private bad-loan processor Sangnoksu as “primitive predatory finance,” prompting financial firms to announce plans to sell the debt. Shareholder financial companies decided to sell long-delinquent receivables they hold to the Korea Asset Management Corp’s Saedo-yak fund. Shinhan Card announced a sale plan, while IBK Industrial Bank of Korea and KB Kookmin Bank also said they would proceed.