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South Korea eCommerce platform Coupang revenue surge ahead of IPO

15Feb By reutersNo Comments

Market

South Korea eCommerce platform Coupang revenue surge ahead of IPO

South Korean e-commerce giant Coupang Inc revealed rapid revenue growth and narrowing losses in its filing for a US stock market debut, as the SoftBank Group Corp-backed company looks to cash in on strong demand for high-growth tech stocks. Founded in 2010 by Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its 'Rocket Delivery' service that promised delivery within 24 hours, in a sharp blow to the country's family-owned retail conglomerates such as Shinsegae and Lotte. Coupang on Friday disclosed total revenue jumped 91% to $11.97 billion in 2020 from a year earlier, while net loss narrowed to $474.9 million from $698.8 million. The company, viewed as a local rival to e-commerce giant Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 bil...

Samsung Geared Up To Fend Off Chinese Competitors

25May By Sheldan RungasamyNo Comments

Tech

Samsung Geared Up To Fend Off Chinese Competitors

Samsung, the South Korean Electronics manufacturer market leader in India’s phone segment, recently affirmed that Samsung’s Indian business did not suffer much damage nor significant market loss after the arrival of Chinese smartphone brands in India. A top Samsung executive stated that the company was well geared to compete with rising competition. India being the second largest smartphone market and the fastest growing globally, we have extremely aggressive plans for the country, said Mohandeep Singh, Senior Vice-President, Mobile Business, Samsung India. In FY17-18, the South Korean phone maker registered 55.2% of market share in the Rs 40,000 and above price segment, according to a GFK report. In March, Samsung registered a staggering 58% market share in that segment. However,...

South Korea joins China in banning initial coin offerings

29Sep By reutersNo Comments

BUSINESS

South Korea joins China in banning initial coin offerings

South Korea’s financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings. The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored. It added Friday’s announcement doesn’t mean the government is accepting trading of virtual currencies as part of its financial system, and will continue to monitor markets to see additional regulations are needed. Like this press release? Submit yours here.

Alibaba Invests in $200 Million in South Korea’s Messaging Giant Kakao Pay

21Feb By NitishNo Comments

FUNDING

Alibaba Invests in $200 Million in South Korea’s Messaging Giant Kakao Pay

Alibaba's payment affiliate Ant Financial will invest USD 200 million in a unit of South Korean messaging giant Kakao, the companies said today, the Chinese firm's latest step to expand its global reach. The investment in Kakao Pay comes less than a month after Ant bought US-based payments operator MoneyGram for around USD 880 million and struck a partnership deal with Thailand's Ascend Money in November. Ant is behind Alipay, which accounts for 80 [ercent of electronic payments in China where it is used for e-commerce at Alibaba online venues and a large number of mobile applications. Ant is also involved in investment services and online banking. "South Korea is an important market for Ant Financial in its global expansion," said Douglas Feagin, president of Ant Financial Intern...