Samsung Securities Co. Ltd., the brokerage arm of Korea's Samsung Group, has formed a partnership with AnswerThink Consulting Group Inc. on the development of a global online financial services network, AnswerThink announced this week.
The Miami-based company said in a statement it is working with Samsung Securities on projects including feasibility and user-interface development for the new network, the first phase of which will be launched in February.
In April 1999, Samsung Securities became the first Korean brokerage to offer online trading of stocks on the Seoul market in English at its Web site at http://english.cyberstock.co.kr/. Through the site, investors can get local stock quotes, read market commentary and check market indices in addition to trading.
Use of the Internet for stock trading is booming in Korea. The most recent report from the Korea Securities Dealers Association found the total value of stocks traded online in November 1999 was 105.1 trillion won (US$91.4 billion), up 85.6 percent on the month, with the number of online trading accounts jumping 27.0 percent to 1.8 million.
Samsung Securities, in Seoul, can be found online at http://english.cyberstock.co.kr/. AnswerThink Consulting, in Miami, is online at http://www.answerthink.com/.