Shinhan Bank's Vietnam unit under scrutiny over internal control issues

The Korea Times - Sep 30, 2026

Shinhan Bank's Vietnam operations are facing scrutiny over internal controls after the Southeast Asian country's central bank issued nine corrective recommendations, including shortcomings in loan screening, according to industry officials on Wednesday. The State Bank of Vietnam's regional inspection authority issued its findings on Sept. 21 after conducting a comprehensive inspection of Shinhan Bank Vietnam's Da Nang branch. The inspection covered lending operations, asset classification and loan-loss provisions, risk management, foreign exchange transactions and overseas remittances. The authorities found shortcomings in loan screening and post-loan monitoring, as some loan applications lacked sufficient documents proving borrowers' income and repayment ability. The branch also failed to collect enough information on borrowers' financial condition and the purpose of loans in some cases. "There were some shortcomings in the loan screening and approval process," the inspection authorities said in the report. The branch was also found to have failed to follow its own schedule for monitorin

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Citi supports Hana Bank's first $100 mil. digital bond issuance

Sep 30, 2026

Citi supports Hana Bank's first $100 mil. digital bond issuance

Citi has supported Hana Bank’s first $100 million digital bond issuance on Euroclear’s Digital Financial Market Infrastructure (D-FMI) platform, serving as issuing and paying agent, the global lender said Wednesday. The transaction marked the first time a Korean bank issued a foreign-currency bond on the platform and settled it on the same day, known as T+0 settlement, according to Citi. The bond also became the first digital bond listed on the Singapore Exchange. Citi coordinated issuance, settlement and delivery of the digitally native notes (DNN) to the dealer for distribution to investors through Euroclear’s settlement bank. The deal adds to Citi’s digital debt business. The lender said it has acted as issuing and paying agent for most transactions completed to date on Euroclear’s D-FMI platform. “Citi’s role in Hana Bank’s landmark issuance reflects the commercial scale we are building in digital debt markets, having supported similar transactions across diverse issuers and markets globally,” said Dirk Jones, head of Issuer Services at Citi Services. “This is a f

Hana Financial, SEMAS launch project to support young business owners

Sep 30, 2026

Hana Financial, SEMAS launch project to support young business owners

Hana Financial Group and the Small Enterprise & Market Service (SEMAS) have launched a joint project to support young owners of small businesses, the financial group said Wednesday. The project, dubbed "Hana On, Youth On," involves 15 teams of young small business owners from across the country. The teams will develop and carry out joint projects aimed at attracting customers and promoting local commercial districts. Hana Financial and SEMAS held a launch event Tuesday in Daejeon, attended by Hana Financial Chairman Ham Young-joo, SEMAS President In Tae-yeon and about 100 self-employed individuals taking part in the project. The initiative follows a memorandum of understanding signed by the two organizations in June to support young entrepreneurs and regional commercial districts. The participating teams will organize joint events and promotional campaigns, improve their business areas and develop other projects based on the needs of their respective local communities. Hana Financial and SEMAS will provide funding, expert consulting and tailored financial support. The project focuses on su

HS Hyosung Advanced Materials to invest $100 mil. in Vietnam carpet plant

Sep 30, 2026

HS Hyosung Advanced Materials to invest $100 mil. in Vietnam carpet plant

HS Hyosung Advanced Materials will invest $100 million to build a new carpet manufacturing plant in Vietnam, seeking to expand its presence in the global carpet and yarn markets. The company held a groundbreaking ceremony Tuesday at the Tam Thang Industrial Park in Da Nang, Vietnam, for the new facility. The company plans to add 110,000 square meters of land to its existing Quang Nam site, bringing the total area to 500,000 square meters. The site currently houses tire cord and airbag production facilities. The new plant is scheduled to be completed by 2029 and will produce bulk continuous filament (BCF) yarn and carpets for automobiles and commercial buildings. The expansion will significantly increase HS Hyosung Advanced Materials' production capacity in Vietnam and strengthen its competitiveness in the global mobility materials market, the company said. The new facility will establish an integrated yarn-to-carpet production system, covering the entire process from raw material imports and BCF yarn production to processing, tufting, backing and laminating. The company said the integrated

Lotte promotes shared growth with partner firms through practical support

Sep 30, 2026

Lotte promotes shared growth with partner firms through practical support

Lotte Group is carrying out a range of practical measures to promote mutual growth with its partner companies. The group helps ease smaller partners’ financial burden by making payments for supplied goods ahead of major holidays, while supporting their overseas expansion through brand expo events. According to Lotte, the group has been making early payments to partner companies ahead of Korea’s major holidays every year since 2013, as expenses such as employee bonuses and payments for raw materials tend to pile up before the holidays. Before this year’s Chuseok holiday last week, Lotte paid 949.5 billion won ($701 million) to over 12,000 partner companies an average of eight days earlier than scheduled. Twenty-seven Lotte companies participated in the program, including Lotte Department Store, Lotte E&C, Lotte Global Logistics and Lotte Mart. Along with early payments, Lotte has been operating various programs to support partner firms’ sustainable growth. Lotte operates a 1 trillion won Shared Growth Fund to help reduce their interest burden on loans. The group also introduced Sh

ECCK calls for easing EV regulation, predictability in defense trade

Sep 30, 2026

ECCK calls for easing EV regulation, predictability in defense trade

The European Chamber of Commerce in Korea (ECCK) recommended that Korean authorities ease regulations on electric vehicles (EVs) and improve predictability in the defense offset system in its annual white paper unveiled Wednesday. The ECCK regularly discusses regulatory issues with the Korean government through its industry committees, and publishes its white paper annually to convey concerns and recommendations from its member companies. This year’s edition contains 82 recommendations from 15 committees and three forums. During a press conference on the paper, ECCK Passenger Vehicle Committee Chair Kim Hong-joong urged Korea to better align its EV regulations with international standards. “We recommend improvements to electric vehicle certification and assessment procedures, as well as greater harmonization with and mutual recognition of international standards for advanced automotive technologies,” Kim said. “If Korea and Europe enhance regulatory alignment and reduce unnecessary differences in line with the spirit of the free trade agreement and international standards, it wou

Seoul teams up with Mediheal for skin care line inspired by city landmarks

Sep 30, 2026

Seoul teams up with Mediheal for skin care line inspired by city landmarks

Seoul will release a limited-edition skin care line featuring three of the city's iconic landmarks — the Han River, Mount Nam and Bukchon hanok village — in partnership with Korean skin care brand Mediheal, Seoul Metropolitan Government said Wednesday. The "Mediheal Seoul Edition" consists of seven products including toner pads, serums and eye patches drawn from the brand's bestselling items. Each landmark is paired with a product line, which will be released Thursday. The Han River line uses madecassoside, a compound derived from the centella asiatica plant that is used to soothe skin, while the Namsan line features PDRN, an ingredient derived from salmon DNA and marketed for pore care. The Bukchon line includes collagen and tea tree products. Mediheal was the top-selling brand at Olive Young, Korea's largest health and beauty store chain, in 2024 and 2025. The collaboration follows an earlier edition featuring Haechi, a mythical creature that serves as Seoul's official mascot. Buyers will receive pouches or luggage tags printed with images of the landmarks, along with a suggested l

GS E&C succeeds in land-based salmon farming demonstration

Sep 30, 2026

GS E&C succeeds in land-based salmon farming demonstration

GS E&C has successfully demonstrated land-based farming of Atlantic salmon using its water treatment technologies, securing capabilities that can be applied and expanded to future aquaculture projects. Eco Aquafarm, a subsidiary established by GS E&C for land-based salmon farming, held a ceremony Wednesday to mark the successful completion of the demonstration project and showcased Atlantic salmon raised at Busan Smart Aquaculture Cluster ahead of commercial shipments. GS E&C CEO Huh Yoon-hong and officials from the Ministry of Oceans and Fisheries and Busan city government attended the event, and tasted the land-raised salmon and were briefed on the company’s farming technologies. The cluster is a testbed facility capable of producing up to 500 tons of Atlantic salmon annually, with commercial shipments set to begin by the end of this year Eco Aquafarm was established in 2020 to develop a new business leveraging builder GS E&C’s water treatment technologies. Since then, the subsidiary has operated the entire farming process, from incubating Atlantic salmon eggs and raising fish, man

Korea's national AI model project adrift as government questions own blueprint

Sep 30, 2026

Korea's national AI model project adrift as government questions own blueprint

Korea’s national artificial intelligence (AI) foundation model project is showing signs of running aground, as the government, which launched the program and pushed it toward a final evaluation despite controversies, has begun questioning its own blueprint. Deputy Prime Minister and Minister of Science and ICT Bae Kyung-hoon wrote on Facebook on Tuesday night that the project will continue despite “various projections and speculation,” adding, “I believe Korea must also pursue frontier AI at the same time.” “The gap between countries that have frontier AI and those that do not could become far wider than it is today,” Bae wrote. “But pursuing frontier AI should not mean stopping the national foundation model project. Not all AI needed in industries has to be a massive frontier model. What is needed is AI optimized for each field after considering cost, speed, security and specialization.” Bae’s post came after reports that the ICT ministry is conducting a comprehensive review of the project’s direction, including whether to proceed with its final-round evaluation.

GM debuts Buick brand in Korea as show of commitment

Sep 30, 2026

GM debuts Buick brand in Korea as show of commitment

General Motors (GM) Korea launched its premium auto brand Buick at an event in Seoul on Wednesday, signaling a stronger commitment to the Korean market amid persistent speculation over the carmaker's possible withdrawal from the country. The launch brings to four the number of brands GM Korea operates in Korea — Chevrolet, Cadillac, GMC and Buick — as the automaker seeks to broaden its customer base. Buick’s first model for the Korean market is the Electra E7 plug-in hybrid SUV, which combines a gasoline engine with an electric motor. “Now we are going to have four brands,” GM Korea CEO Hector Villarreal said during a media showcase. “That means we will be able to appeal to all customer segments, and with that, we are expecting better results.” “Having said that, what is important is the comfort, convenience and choices that we bring to the Korean market. This is what we are aiming for, and with the four brands, we are confident we are on the right path here,” he added. However, Villarreal declined to directly answer questions about whether GM Korea plans to allocate mo

Dunamu seeks to connect S. Korea with global on-chain infrastructure: CEO

Sep 30, 2026

Dunamu seeks to connect S. Korea with global on-chain infrastructure: CEO

The head of Dunamu, Korea's largest virtual asset exchange, said Wednesday his company hopes to connect the country's finances with the global on-chain system, mentioning the comprehensive equity exchange with portal operator Naver Corp. as part of the company's global expansion strategy. Oh Kyoung-suk, chief executive officer (CEO) of Dunamu Inc., made the remarks at the Korea Blockchain Week 2026, an international industry event that kicked off its two-day run in Seoul, adding that connecting Korea with the global market is the company's "next task." "We plan to build a common infrastructure where various financial players can participate," he said. "If the country secures accessibility, connectivity and export possibility (in the digital asset space) it could leap into an important financial hub." To attain such a goal, Oh said his company will start with connecting the Web 3 financial infrastructure with the Web 2 consumer payment platform, possibly referring to Naver Financial Corp., which operates the payment service Naver Pay. Dunamu and Naver Financial decided to merge last year

Samsung’s One UI 9 rollout begins on Galaxy S26 series (updated)

Sep 30, 2026

Samsung’s One UI 9 rollout begins on Galaxy S26 series (updated)

The Galaxy S26 series will receive the update first, bringing new Galaxy AI tools alongside other quality-of-life improvements.

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