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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Banking & Finance

BNP Paribas Cardif expands bancassurance channel

Models hold a sign promoting a new fund set up by BNP Paribas Cardif Life Insurance available for sale at branches of NongHyup Bank, Aug. 22. Courtesy of BNP Paribas CardifBy Lee Kyung-min BNP Paribas Cardif Life Insurance has rolled out a new financial product that can help long-term, stable profit via a diversified business portfolio, the life insurer said Thursday. This followed a partnership agreement with NongHyup Bank, a move for the insurer to expand the marketing channels to help land more customers. Starting Aug. 22, the fund, “The Easy Wealth Management ETF Variable Life Insurance III” will be available at branches of NongHyup Bank nationwide. An exchange-traded fund (ETF) is a market-listed fund that tracks the performance of a particular stock index or assets. Customers will be able to choose one of six types of ETF portfolios according to their investment preferences and strategies based on risk appetite. The fund will be managed according to the investment advice from ETF experts. Those aged between 15 and 70 are eligible to buy the fund. At least 10 millio

Aug 22, 2019By Lee Kyung-min
BNP Paribas Cardif expands bancassurance channel
Banking & Finance

For family-friendly businesses

Woori Financial Group Chairman Sohn Tae-seung, first from left, SMEs and Startups Minister Park Young-sun and Korean Women Entrepreneurs Association Chairwoman Jung Yoon-sook hold copies of a signed memorandum of understanding at the Woori Bank headquarters in Seoul, Aug. 20. The bank will provide financial support to 30,000 businesses that uphold gender equality and family values. Courtesy of Woori Bank

Aug 21, 2019By Lee Kyung-min
Banking & Finance

Card firms, insurers expand ties with tech firms

gettyimagesbankBy Lee Kyung-min Card firms and insurers are rushing to expand partnership with platform services providers and technology companies, particularly fintech firms, in a bid to find new growth engines amid fast-declining profitability, industry sources said Monday. This move is in line with their efforts to redefine themselves as platform companies by adopting diverse marketing channels with user-friendly functions, crucial components to mapping out long-term business strategies amid fast-changing customer demands.The often-neglected, low-tier subsidiaries of Korea's major financial groups are particularly pressured to improve business performances in the latter half of 2019, following a worse-than-expected earnings shock in the first half. Shinhan Card has been seeking numerous joint projects with global popular online platform companies including Amazon, Skyscanner, Paypal, Hotels.com and Uber, a move to help become a digital “hub” whereby quality services offered by high-profile global entities are easily found. Among the global business partners of the ind

Aug 21, 2019By Lee Kyung-min
Card firms, insurers expand ties with tech firms
Banking & Finance

SC Korea forges ties with Bank Salad

SC Bank Korea CEO Park Jong-bokBy Lee Kyung-min SC Bank Korea has signed a memorandum of understanding with Bank Salad, a digital platform operated by Rainist, to boost effective data management, it said Tuesday. Under the agreement, the two will boost efforts to maximize “My Data,” a popular customer service which enables easy management of personal financial data offered to banks, card firms or other financial entities. It will also offer tailored asset management advice including financial investments based on personal interests. “Bank Salad, with a vast amount of customer data is the industry leader in personal data management, and we believe the cooperation will be to our mutual benefit,” a SC official said. Through the alliance, SC will soon provide services related to application programming interface (API), an intermediary that enables a software program to interact with other software. “Open API,” an initiative spearheaded by the financial authorities, will help establish a publicly available application programming interface.This will hel

Aug 20, 2019By Lee Kyung-min
SC Korea forges ties with Bank Salad
Banking & Finance

Korean woman joins IFAC education panel for 1st time

Choi DhalBy Lee Kyung-min Choi Dhal, a senior certified public account (CPA), has been appointed as a member of an accountancy education panel with an international accountants' organization, a group representing Korean CPAs said Monday. Choi is the first among over 4,000 female Korean CPAs to become a member of the international body. The Korean Institute of Certified Public Accountants (KICPA) representing some 17,000 CPAs nationwide said Choi will serve as one of at least 10 members of the International Panel on Accountancy Education with the International Federation of Accountants (IFAC).IFAC Board established the panel to contribute to the advancement of accountancy education through providing strategic advice and facilitating access to expertise and resources.Her four-year term will begin Sept. 1. Choi could be eligible for reappointment for a second term based on her performance. Choi, the current head of the education department at Korea's leading assurance, tax, and consulting services firm Samil PricewaterhouseCoopers (PwC), was reportedly recognized for her excellent under

Aug 19, 2019By Lee Kyung-min
Economy

INTERVIEW US-China feud may continue after 2020

Troy StangaroneKorea urged to foster entrepreneurship to maximize software powerThis is the sixth in a series of interviews with global economists to see how the ongoing trade disputes will unfold and to analyze their implications for the Korean economy ― ED.By Lee Kyung-min Korea should map out a long-term strategy to cope with potential impacts from the trade dispute between the U.S. and China as the feud is expected to last well beyond 2020, a U.S. economics expert said Sunday.He said the Chinese government's decision to allow its currency to breach the symbolically significant 7 yuan per dollar was more of a show of determination than an economically motivated policy choice. “It was a political decision designed to send a message to the U.S. in the ongoing trade war,” Troy Stangarone, senior director of Congressional Affairs and Trade at the Korea Economic Institute, told The Korea Times in an email interview. “I wouldn't expect a currency war, but we shouldn't expect the trade war to end until after the 2020 elections in the U.S.” He said a currency war w

Aug 18, 2019By Lee Kyung-min
[INTERVIEW] US-China feud may continue after 2020
Banking & Finance

Concerns growing over non-life insurers' rising marketing fees

By Lee Kyung-min Major non-life insurers are found to have increased marketing fees to boost market capitalization, raising concerns that consumers will end up shouldering the costs in the form of increased premiums. The collective move comes ahead of implementation of revised insurance policies set to take effect 2021, after which the firms will no longer be able to spend as much on per-contract incentives for sales agents, better known as general agency officials. According to General Insurance Association of Korea, the nation's 31 non-life insurers spent over a combined 7.2 trillion won ($5.9 billion) in marketing fees in the first five months of 2019, a 6.4 percent increase from a year earlier. Of them, the top 10 industry players spent over 6.5 trillion won, up 7.6 percent from the year before. They saw a subsequent increase in marketing fee rate ― the rate of marketing fees spent from the companies' premium income. The 31 non-life insurers' average marketing fee rate jumped to 21.5 percent, up 0.6 percentage points from a year earlier.The top 10 players' rate increased to 22.1

Aug 16, 2019By Lee Kyung-min
Concerns growing over non-life insurers' rising marketing fees
Banking & Finance

Shinhan opens 4 more branches in Vietnam

Shinhan Bank CEO Jin Ok-dong, sixth from right, Shinhan Bank Vietnam's General Director Shin Dong-min, first from left, alongside officials from the Southeast Asian country cut a tape at an opening ceremony of the bank's four new branches there, Aug. 15. Courtesy of Shinhan BankBy Lee Kyung-min Shinhan Bank Vietnam has opened four new branches in Vietnam Aug.15 (local time), cementing itself as the largest foreign bank with a network of 36 branches in the Southeast Asian nation, it said Friday. The new branches ― set up in Da Nang, Hanoi, Hai Phong and Binh Duong ― were among six that have opened this year. A total of 20 branches near Ho Chi Minh City are in operation in the southern part of the nation, and 15 near Hanoi in the northern part. Shinhan was the first foreign bank to have opened the branch in Da Nang, the central part of the country. “The new branches will help us maintain a more closely integrated business network in Vietnam. We will continue to expand our business channels there to compete not as a foreign bank but as an equal player with local banks,” a Sh

Aug 16, 2019By Lee Kyung-min
Shinhan opens 4 more branches in Vietnam
Banking & Finance

Shinhan-KAIST partnership

Shinhan Financial Group Chairman Cho Yong-byoung, left, and Korea Advanced Institute of Science and Technology (KAIST) President Shin Sung-chul shake hands while holding a signed memorandum at the bank's headquarters in Seoul, Aug. 16. The two agreed to boost cooperation in joint research concerning artificial intelligence-related financial algorithms. Courtesy of Shinhan Financial Group

Aug 16, 2019By Lee Kyung-min
Banking & Finance

Savings banks to launch unified banking system

The logo of the Korea Federation of Savings BanksBy Lee Kyung-min A coalition of savings banks in Korea will launch a unified online banking platform in September to improve customer service, an industry official said Wednesday. The move is part of efforts to facilitate a long-term image makeover and boost customer loyalty amid fast-declining profitability compounded by the protracted economic slowdown. According to the Korea Federation of Savings Banks (KFSB) representing 79 banks, the platform will provide frequently sought-after banking services, including seeking and canceling loans and requests on loan-rate cuts. Payment and cash wiring services also will be included. The upgrade of the previous platform reflects criticism that its limited services hindered the banks from becoming digitally savvy financial services entities. More money has been allocated to strengthen the digital service, including software development, with a final review underway to remove technical glitches. “The earlier platform launched in 2016 had many shortcomings, which we acknowledge required a ma

Aug 15, 2019By Lee Kyung-min
Savings banks to launch unified banking system
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