Latest news with #KoreaDevelopmentBank
Korea Herald
26-05-2025
- Business
- Korea Herald
Seoul becomes OpenAI's latest hub amid rising ChatGPT use
OpenAI, the creator of ChatGPT, said Monday that it has established a Korean subsidiary, marking the official beginning of its entry into the Korean market. It has also unveiled plans to open its first office in Seoul within the coming months, although the exact location of the office has yet to be determined. The company said it will soon begin hiring employees tasked with building partnerships across key sectors, including government and enterprise. Currently, OpenAI operates two regional offices in Asia alone -- Tokyo and Singapore. Over the past year, it has expanded its global footprint to 11 cities, including London, Dublin, Brussels and Paris. Even before its official market entry to Asia's fourth-largest economy, OpenAI had engaged with Korean institutions -- partnering with the Korea Development Bank to co-host a finance forum focused on domestic data center development and startup support. It has also formed partnerships with major local players such as Kakao, Krafton and SK Telecom to introduce advanced AI technologies. With its Korean launch, OpenAI aims to deepen cooperation with local policymakers, businesses, developers and researchers to help shape a distinctly Korean approach to AI. The company emphasized its commitment to ensuring the benefits of AI are shared widely and responsibly across the region. However, OpenAI has not disclosed specific plans regarding the construction of a local data center. According to OpenAI, the number of weekly active ChatGPT users in Korea has surged more than 4.5 times over the past year. Korea now ranks second globally, behind only the US, in terms of paid subscribers. In user volume, Korea is among the top 10 countries globally for ChatGPT usage. The country also ranks in the global top 10 for the number of developers utilizing the OpenAI API and is among the top 5 for paid business users. 'Korea offers a full-stack AI ecosystem -- from semiconductors to software -- and its people, across all generations, are actively using AI in their daily lives,' said Jason Kwon, chief strategy officer at OpenAI. 'We are committed to delivering meaningful and tangible AI benefits to everyone in Korea," he added.
Korea Herald
19-05-2025
- Business
- Korea Herald
Wadiz sets out to export ‘K-funding' as Asia's answer to Kickstarter
From K-beauty to smart appliances, CEO sees growing demand for Asian innovation—and aims to be the platform that delivers When Shin Hye-sung left the state-run Korea Development Bank in 2012 to start a crowdfunding platform, he wasn't chasing unicorns. He was looking out for overlooked potential: early-stage entrepreneurs with good ideas but few backers. That vision became Wadiz, now South Korea's largest crowdfunding platform, with 6.8 million users and more than 83,000 campaigns raising a combined 1.3 trillion won ($928 million). After more than a decade helping domestic startups raise capital from fans and early adopters, Shin says it's time to take the model global — not by opening foreign offices, but by riding the wave of artificial intelligence. 'We're not becoming a global company by planting flags,' he said. 'We've always been a cross-border platform. The real shift is just opening up what we already do to the world.' To Shin, Wadiz was never just a fundraising site. After five years of funding Korea's industrial backbone at KDB, he came away with a sobering conclusion: The country couldn't rely on a handful of conglomerates to power its future. 'When I started Wadiz 13 years ago, I did so thinking Korea had no future if things didn't change,' he said. That outlook has since gained urgency. Growth has stalled across Korea's key sectors, with the economy projected to expand by less than 1 percent this year. In response, Shin built a system he hoped could serve as an alternative. What began as a modest platform to test and discover creative product ideas has grown into a full-stack ecosystem for startup growth — with a permanent storefront, Wadiz X, and a venture arm, Wadiz Partners. AI clears way to world Wadiz's international ambitions had long been constrained by a key hurdle: screening campaigns across languages and legal systems — a critical task for a platform that, as a financial service, must vet every project to manage risk and protect backers. The AI boom was the game changer, Shin says. Generative AI now drives much of the platform's internal operations, from document review to multilingual localization and real-time policy updates. 'The technology lets us do things at scale that would have required human teams in every market,' he said. 'AI didn't just solve the language barrier. It destroyed every barrier.' On May 21, Wadiz will officially go global, opening its platform to users in more than 200 countries. Creators will be able to select their target markets, with initial focus on North America. English will be the first supported language, with others to follow. Even before the launch, interest from abroad was evident, with users around the world browsing campaigns, even if they couldn't contribute, said Shin. 'The world is hungry for new ideas coming out of Korea — especially in content, beauty and food. That's exactly where we're focusing with this launch.' Global, but Korea-based While the launch marks a major step, Shin says the overseas push has always been part of the plan. Wadiz's slow-delivery model — where products are manufactured only after campaigns are funded — differs from traditional e-commerce and sidesteps the need for warehousing or logistics infrastructure. 'We're not here to be another Kickstarter,' Shin said, referring to the US-based crowdfunding giant. 'We're here to show that global doesn't have to mean American —and that a Korea-based platform can do it better.' That's why Shin, who could have built a VC fund or accelerator, chose instead to build a platform that connects creators and supporters directly. In Korea's saturated, demanding market, he argues, only constant refinement ensures survival. 'The scale might not be significant yet, but I assure you, the service quality is already world-class,' he said. K-funding as export item Alongside its global rollout, Wadiz is working to bring in more international creators. Foreign campaigns currently make up just 10 percent of listings — mostly from Japan and China — but Shin expects that share to grow fast. 'Visitor data shows strong demand for products from across Asia—not just Korea,' he said. 'We plan to scale sourcing from China and Japan and open more offerings to worldwide.' China, in particular, is gaining traction for a surge in high-end tech and smart appliances. In 2021, Shanghai-listed Roborock hit 2,000 percent of its funding goal on Wadiz within an hour — and reached 6,300 percent by day 15. Looking ahead, Wadiz is preparing to export what Shin calls 'K-funding' — a turnkey version of its platform, complete with training programs, operational policies and technical infrastructure tailored for emerging markets. Governments in Southeast Asia, including Thailand, have expressed interest in importing the model to foster local entrepreneurship. What resonates most, Shin says, is how Wadiz connects grassroots crowdfunding with institutional capital —bridging a gap many economies still face, particularly in under-scaled consumer sectors. In Korea, Wadiz has shaped that pipeline somewhat. Startups that perform well on the platform can secure follow-on investment from Wadiz Partners, either directly or through joint funds backed by corporations and government programs. The subsidiary currently manages about 20 billion won in assets. 'While tech startups often attract VC funding, brand-focused businesses are frequently overlooked,' Shin said. 'It's meaningful that we focus on stably backing early-stage companies in lifestyle and consumer goods.' Ultimately, Shin sees Wadiz not just as a tool for startup growth, but as a model to fortify economic resilience 'Societies can't thrive by supporting only the giants,' he said. 'They need ecosystems where new businesses can emerge, stumble, and try again.' That, he argues, is where Korea lags behind more advanced economies like the US where a strong entrepreneurial middle class allows new challengers to scale naturally. 'Korea is in crisis today because we haven't built that middle layer of businesses,' he said. 'Strengthening this rung of the corporate ladder is essential to keeping the economy moving.' As Korea enters an era of low growth, Shin sees Wadiz as part of the answer — not by clinging to a 'Made in Korea' label, but by building digital trade routes that connect innovation across borders. 'It's no longer just about selling Korean goods or linking buyers and sellers,' he said. 'Our expansion is about creating an 'online Silk Road' — a cross-border infrastructure to help startups grow globally — anchored in Korea.' The Top 100 Global Innovators series spotlights the trailblazers shaping Korea's futur e across a range of industries — from bold entrepreneurs and tech pioneers to research leaders — whose innovations are making a global impact beyond Korea. More than a celebration of success, the series offers a deeper exploration of the ideas, breakthroughs and strategies driving their achievements. — Ed. jwc@
Korea Herald
08-05-2025
- Business
- Korea Herald
KDB advances Hanoi branch plan as Vietnam central bank confirms application
The state-owned Korea Development Bank is moving forward with its plan to open a branch in Hanoi after receiving confirmation of its application from Vietnam's central bank — six years after first filing the request. South Korea's Financial Services Commission announced Thursday that the State Bank of Vietnam issued a confirmation letter for KDB's branch application the previous day, marking the official start of the review process. 'The confirmation letter for the Hanoi branch is the result of six years of concerted efforts by KDB and the broader Korean government,' an official from KDB said. 'We will do our best to swiftly complete the remaining procedures for final approval." The confirmation letter is the first formal document in Vietnam's licensing procedure, indicating that all necessary materials for regulatory approval have been submitted. KDB initially filed for a license in July 2019. According to the FSC, Vietnam's central bank had postponed approving new bank branches because of concerns about an oversaturated banking sector in relation to the country's economic scale. Vietnam is currently home to 45 banks headquartered locally, nine of which are foreign-owned. It is the second-largest overseas market for Korean financial institutions after the US, with 55 offices supporting more than 10,000 Korean businesses and serving a community of approximately 200,000 South Koreans residing in the country. Nine Korean bank branches operate in Vietnam, including local subsidiaries of Shinhan Bank and Woori Bank. Another state-run lender, Industrial Bank of Korea, is also awaiting approval to establish a local subsidiary in Vietnam, having submitted its application in 2017.
CNA
28-04-2025
- Business
- CNA
Korea Development Bank to sell shares in Hanwha Ocean, paper reports
SEOUL :South Korea's state-run Korea Development Bank plans to sell its shares in Hanwha Ocean, Maeil Business Newspaper reported on Monday. KDB plans to split its 19.5 per cent shares in the shipbuilder into multiple block sales, after a bookbuilding from Monday, the newspaper reported, without citing clear sources. KDB was unavailable for comment after business hours. KDB is the second-largest shareholder in Hanwha Ocean, after Hanwha Aerospace, which owns a 30.4 per cent stake, according to LSEG data. The shipbuilder, previously Daewoo Shipbuilding & Engineering whose largest shareholder was KDB, was acquired by Hanwha Group in a takeover deal in 2022. Hanwha Ocean shares have risen 139 per cent so far this year to their highest levels since July 2015 amid growing hopes for cooperation with the United States. U.S. President Donald Trump, since his election victory last November, has sought cooperation with South Korean shipbuilders, such as Hanwha Ocean, which acquired a shipyard in Philadelphia last year.
Iraqi News
06-04-2025
- Business
- Iraqi News
S. Korea plans $2 bn emergency aid for auto sector hit by U.S. tariffs
INA-sources ASouth Korea plans to offer emergency policy financing worth 3 trillion (about $2 billion) to support its automobile industry, which has been dealt a major blow by the United States' recent imposition of a 25% tariff on imported vehicles. According to financial industry sources, the S. Korean government is preparing policy financing measures in anticipation of the difficulties facing the domestic auto sector due to the U.S. tariffs on Korean car exports. A senior financial official said the government is coordinating with related ministries to draw up support measures, noting, 'We are taking this situation very seriously, given its impact on our GDP. We will need to mobilize all available resources.' Authorities are expected to expand existing programs offered through policy lenders such as the Korea Development Bank (KDB). This year, policy institutions including KDB, the Industrial Bank of Korea, Korea Credit Guarantee Fund, and the Korea Technology Finance Corporation (Kibo) have committed to supplying a total of about $170 billion, to help companies cope with worsening global conditions and restructure legacy industries. Up to 60% of this funding will be disbursed in the first half of the year, with an additional $6.8 billion already front-loaded compared to previous years. Separately, the government has confirmed plans to establish a new fund of up to $34.2 billion over five years to support future mobility industries such as electric vehicles, in response to heightened external uncertainties under the second Trump administration. The Korea Development Bank is set to oversee the fund, which the government aims to start disbursing later this year, pending parliamentary approval of an amendment to the KDB Act and related guarantees. Lawmakers from both the ruling and opposition parties are backing a joint proposal to expedite the process. The Financial Services Commission also plans to convene a financial status meeting on Apr. 7, calling together the heads of the country's five major financial holding companies. Financial Services Commission Chairperson Kim Byoung-hwan and Financial Supervisory Service Governor Lee Bok-hyun will meet with executives from the five financial groups, as well as representatives from the Korea Federation of Banks, Korea Financial Investment Association, Korea Development Bank, IBK, Korea Credit Guarantee Fund, Korea Deposit Insurance Corporation, Korea Exchange, and Korea Securities Finance Corporation. Kim is expected to review the liquidity status of companies most affected by the tariffs and urge financial institutions to maintain steady credit flows. The financial authorities currently estimate total financial sector exposure to the auto industry—including loans and market-based borrowing—at around $34.2 billion. On Mar. 26, U.S. President Donald Trump signed an executive order to impose a 25% tariff on all vehicles not manufactured in the United States. The move poses a significant threat to S. Korea's automobile exports, its top export category to the U.S. In 2024, S. Korea shipped $34.74 billion worth of vehicles to the U.S., which accounted for 49.1% of its total auto exports of $70.79 billion. In a recent report, the IBK Economic Research Institute projected that if the 25% tariff is implemented, S. Korea's auto exports to the U.S. could fall by as much as 18.6% this year compared to 2024. source: The CHOSUN Daily
