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KT Corp. is set to launch the AI Transformation Delivery Center (AX Delivery Center) in partnership with Microsoft, bringing together over 300 experts to develop AI solutions for businesses. Announced at MWC 2025, this initiative follows a significant investment agreement aimed at enhancing AI and cloud capabilities. The collaboration will also establish a strategic fund to support AI adoption in startups and SMBs, integrating KT's Mi:dm large language model with Microsoft's AI technologies.
South Korea's electric vehicle market is becoming increasingly competitive, with local automakers like Kia and Volvo challenging Tesla's dominance. In 2024, Tesla sold 29,750 units of its Model Y, making it the third-largest imported auto brand in the country. Meanwhile, Kia has launched its EV4 compact sedan, and Volvo introduced the EX30 SUV, as other brands like Audi and Volkswagen prepare to enter the market.
Delivery of BYD Korea’s Atto 3 electric SUV has been postponed due to non-compliance with new subsidy requirements from the Ministry of Environment. Over 1,000 preordered units are currently at a port in Pyeongtaek, awaiting approval after the ministry mandated a battery state of charge function. BYD Korea plans to update the Atto 3’s software to meet this requirement within a year, but approval for the adjustment is still pending.
Citigroup mistakenly transferred $81 trillion to customers instead of $280, a blunder that was corrected within 90 minutes. The incident, which occurred in April last year, raised concerns about operational issues within the bank, as neither the remittance nor verification staff caught the error. This follows a previous mistake in 2020, where Citigroup erroneously sent $900 million to Revlon creditors, resulting in significant financial and reputational repercussions.
Quantum computing is gaining momentum, with startups like Quantum Machines securing significant funding, including $170 million in a recent Series C round. Meanwhile, notable deals include Blinkit raising $172 million and various acquisitions in the fintech sector across Asia. The region's digital economy is projected to reach $1 trillion by 2030, highlighting the growing investment potential in emerging sectors.
Alan Kelly, a 30-year-old from County Clare, was sentenced to 18 months in prison for money laundering after pleading guilty to charges involving nearly €40,000 obtained through fraudulent transactions. Judge Colin Daly described him as a "low-level money mule" who allowed his bank accounts to be used for international crime, influenced by his addiction issues. Despite his past convictions, Kelly expressed remorse and has since become drug-free, with a job opportunity awaiting him post-incarceration.
HSBC is restructuring its leadership in Asia to streamline operations by assigning additional responsibilities to country heads in smaller markets. Effective March 1, Peter Kim and Tim Evans will take on dual roles in Korea and Vietnam, respectively, while other leaders in Malaysia, Taiwan, and Thailand will also assume additional duties. The changes aim to enhance service delivery and support strategic objectives, as CEO Georges Elhedery continues to implement cost-reduction measures and simplify the organizational structure.
Hybrid vehicle registrations in South Korea surpassed 2 million for the first time, reaching 2,024,481 units by the end of 2024. The growth included an addition of 482,349 units in the year, contributing to a total of 2.75 million eco-friendly vehicles, which now represent 10.4% of all registered cars.
Coupang reported a transaction volume of 55 trillion won (US$38.4 billion) in 2024, marking a 23.6% increase from 44.5 trillion won (US$31 billion) in 2023. The company's growth trajectory has been consistent, with revenues rising 32% year-over-year to 10.6 trillion won (US$7.4 billion) in Q3 2024. Coupang Eats has notably doubled its volume, contributing to a combined total exceeding 60 trillion won (US$42 billion) for the year.
HSBC Holdings Plc has appointed country heads in smaller Asian markets to take on additional responsibilities as part of a management revamp. Peter Kim will serve as head of banking alongside his CEO role in Korea, while Tim Evans will assume the same dual position in Vietnam, effective March 1. A bank spokesman confirmed these changes.
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KT and Microsoft launch AI center to drive enterprise transformation
06:10 05.03.2025
South Korea's electric vehicle market heats up with new competition
07:30 04.03.2025
byd korea delays atto 3 delivery over subsidy compliance issues
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citigroup mistakenly transfers 81 trillion dollars in operational blunder
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quantum computing startups secure significant funding amid growing investment interest
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09:57 26.02.2025
south korea surpasses two million hybrid vehicle registrations in 2024
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coupang reports 38 billion dollars in transaction volume for 2024
06:50 26.02.2025
hsbc appoints new banking heads in asia amid management restructuring
06:18 26.02.2025
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