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Mon, May 27, 2019 | 04:38

Finance > Non-banks >

Card industry faces tectonic shift

The nation's credit card industry has been bisected by Shinhan and KB Kookmin Card, but is expected to experience a major upheaval soon due to Costco's new partnership with Hyundai Card and an ongoing M&A deal between firms.

Non-banks | 2019-05-26 16:51

Visa fostering innovation spirit

Visa Korea CEO Patrick Yoon, sixth from right, poses with Mobidoo CEO David Lee, seventh from right, and other contestants of Visa's fintech contest "Visa Everywhere Initiative" and members of the judging panel at Dongdaemun Design Plaza, Friday. The winner receives 25 million won in prize money and the opportunity to visit Visa's innovation centers in five countries. The con...

Non-banks | 2019-05-26 16:38

Non-life insurers suffer worsening profits in Q1

Local non-life insurers suffered a major setback in their earnings in the first quarter of 2019 due to mounting competition amid lingering uncertainty caused by market volatility. According to data from the Financial Supervisory Service, non-life insurers' combined net profits stood at 718.9 billion won between January and March, down 18 percent from 880.9 billion won a year ...

Non-banks | 2019-05-26 16:04

Investment banking bolsters brokerages' Q1 earnings

Local securities firms recorded an earnings surprise in the first quarter, largely due to robust performances in investment banking. According to data from the Financial Supervisory Service, investment banking accounted for more than 30 percent of the operating income of major brokerages, including NH Investment and Securities, Mirae Asset Daewoo and Meritz Securities.

Non-banks | 2019-05-26 09:47

Lotte finalizes sale of financial units

Lotte Group signed stock purchase agreements (SPAs) Friday with private equity firm (PEF) JKL Partners and the MBK Partners-Woori Bank consortium, respectively, to sell Lotte Insurance and Lotte Card.

Non-banks | 2019-05-24 19:21

Remodeling Myanmar school

Woori Card CEO Jeong Won-jai, second from right, poses with teachers at an elementary school in Mandalay, Myanmar, Tuesday. Jeong, his employees and Woori Finance Myanmar workers started remodeling and rebuilding the school as part of their social contribution activities. Courtesy of Woori Card

Non-banks | 2019-05-23 17:15

Gov't aims to make Seoul 'fintech test bed'

The government is planning to make Seoul a “fintech test bed,” designating fintech its top priority among finance policies, according to the country's financial regulator, Thursday.

Non-banks | 2019-05-23 17:05

MBK makes another comeback victory

MBK Partners has proven its competitiveness once again by coming from behind in the race to win the bidding for Lotte Card.

Non-banks | 2019-05-23 16:32

Insurers, banks seek opportunities in 'petconomy'

Insurers, banks and card firms are moving to capture opportunities in the pet industry, as forecasts are that the market will continue to grow along with changes in demographics. The size of the companion animal market stood at 1.8 trillion won in 2015 and is forecast to grow to 5.8 trillion in 2020, according to a report from the Korea Institute for Industrial Economics and ...

Non-banks | 2019-05-22 18:52

'Tech experts need to be fostered'

The chief of the Financial Supervisory Service stressed the need for more tech experts, Wednesday. “Due to innovation in technology, new businesses and jobs are emerging, and the landscape of industry and employment is changing as the wall between humans and machines is being torn down,” FSS Governor Yoon Suk-heun said in a talk at Seoul National University.

Non-banks | 2019-05-22 17:07

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