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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Central banks rush to cut key rates

By Lee Kyung-min Many central banks have joined a global wave of key rate cuts as the world economy is losing growth momentum amid the escalating U.S.-China trade dispute.These moves are putting the Bank of Korea (BOK) in a tight spot over whether it should follow suit in its next rate-setting meeting in July. BOK Governor Lee Ju-yeol Wednesday hinted at a possible rate reduction.The BOK's shift to a dovish stance came after Federal Reserve Chairman Jerome Powell hinted at a rate cut on June 4, saying the U.S. central bank was “prepared to act” to help the country's 10-year economic expansion if the ongoing trade war continues with China, Mexico and other nations. "We are closely monitoring the implications of these developments for the U.S. economic outlook and, as always, we will act as appropriate to sustain the expansion, with a strong labor market and inflation near our symmetric 2 percent objective,” Powell said.On June 3, the Reserve Bank of Australia (RBA) cut the key interest rate to a new record low

Jun 13, 2019By Lee Kyung-min
Central banks rush to cut key rates
Banking & Finance

Hana Financial to nurture data specialists

Hana Financial Group Chairman Kim Jung-tai, fifth from right in the second row, and KEB Hana Bank CEO Ji Sung-kyoo, fourth from right in the first row, pose with young workers selected to take a data specialist nurturing program at a hotel in Seoul, June 10. Courtesy of Hana Financial GroupBy Lee Kyung-min Hana Financial Group has joined hands with Seoul National University (SNU) to foster data specialists as part of a broader move to achieve digitization, the group said Tuesday. In cooperation with SNU's team led by a group of noted professors at the computer science department, the group has launched a training program that will help integrate their daily work with statistics, industrial science and convergence science technology.Thirty promising employees from the group's affiliates will take the four-month training to help improve their professional capabilities. One-on-one, in-depth mentoring programs will help the workers deal with challenges and come up with proper digital solutions.Fast problem-solving skills will be prioritized to improve work efficiency to help the group ou

Jun 11, 2019By Lee Kyung-min
Hana Financial to nurture data specialists
Banking & Finance

KSD to hold 24th ACG in Busan in 2020

By Lee Kyung-min Korea Securities Depository (KSD) will hold the 24th annual meeting of the Asia-Pacific Central Securities Depository Group (ACG) in Busan in 2020, it said Monday. This is the third KSD-organized annual meeting held in Korea following ones in 2000 and 2011 both held in Seoul. Over 150 officials representing 35 ACG members from 24 countries are scheduled to attend. “Next year's meeting will not only raise our global profile but also that of Busan, a financial hub city,” a KSD official said. KSD CEO Lee Byung-rhae“We will continue to take a leading role in boosting personnel and work-related exchanges among international central securities depositories (CSDs).” The ACG was established in 1997 to facilitate the exchange of information and promote mutual assistance among depositories and in the Asia-Pacific region. Launched in Hong Kong in 1997, the ACG engages in active cooperation with other regional associations and various international bodies.The organization was launched following the Asian financial crisis in 1997, amid a shared sense on th

Jun 10, 2019By Lee Kyung-min
KSD to hold 24th ACG in Busan in 2020
Economy

Fostering startups

Financial Services Commission Chairman Choi Jong-ku, fifth from right, cuts a ribbon with Korea Federation of Banks Chairman Kim Tae-young, third from left, and Korea Credit Guarantee Fund (KODIT) Chairman Yoon Dae-hee, fourth from left, and other guests at a ceremony to build the Mapo Innovation Town in western Seoul, June 19. The financial regulator is creating the facility to provide a platform to support promising startups with innovation-led business models. It is located inside the old KODIT building. Courtesy of KODIT

Jun 10, 2019By Lee Kyung-min
Fostering startups
Banking & Finance

Securities firms face punishment for lax overseas trading management

By Lee Kyung-min NH Investment & Securities Jeong Young-chaeThe Financial Supervisory Service (FSS) will reprimand Samsung, Mirae Asset, NH and seven other securities companies for their inadequate management to prevent possible human-induced trading errors, financial industry officials Friday.The Korea Securities Depository (KSD) will also be subject to the punishment, they said.Subject to possible disciplinary measures are major investment banks (IB) including Korea Investment & Securities, Mirae Asset Daewoo, NH Investment & Securities and Samsung Securities. KB Securities, whose IB license was approved recently by the Securities and Futures Commission (SFC) under the Financial Services Commission (FSC), will manage to avoid punishment. Brokerages are expected to be fined, while at least a verbal warning is in store for the KSD. KSD CEO Lee Byung-rhaeThis follows a May 30 deliberation from a disciplinary commission under the FSS.The degree and extent of final disciplinary action will be determined following a review of both the SFC and FSC as early as later this month.

Jun 7, 2019By Lee Kyung-min
Securities firms face punishment for lax overseas trading management
Economy

Banks required to inform borrowers of rights to loan rate cut

gettyimagesbankBy Lee Kyung-min Commercial banks and savings banks are seeking ways to better inform customers about when they can apply for a borrowing rate cut, Friday, ahead of a revised bill, which will take effect June 12, bank officials said Friday.The revision, which will fine 10 million won ($8,400) to lenders that fail to do so, came after brewing criticism that many lenders deliberately withhold the crucial yet often neglected information to secure greater interest income. Under the revision, employees at lending institutions that fail to inform customers about eligibility criteria will face the fine.They have to inform borrowers about a possible rate cut if the latter's salary and asset value increased, or if they get promoted.Corporate customers can do so if their financials or credit rating improves. The revision came in response to data that showed many customers paid lower interest after requesting a rate cut. According to data submitted to Rep. Jeon Hae-cheol of the ruling Democratic Party of Korea (DPK) from the Financial Supervisory Service (FSS), and large commerci

Jun 7, 2019By Lee Kyung-min
Banks required to inform borrowers of rights to loan rate cut
Banking & Finance

Dovish Fed stance ties BOK's hands

Bank of Korea Governor Lee Ju-yeolBy Lee Kyung-min The Bank of Korea (BOK) is coming under growing pressure to lower its key interest rate, following the unexpected dovish stance from the U.S. Federal Reserve, according to financial market analysts Thursday.On Tuesday (local time), Federal Reserve Chairman Jerome Powell said the U.S. central bank was “prepared to act” to help the country's 10-year economic expansion if President Trump's ongoing trade war continues with China, Mexico and other nations. “We do not know how or when these issues will be resolved,” Powell said. “We are closely monitoring the implications of these developments for the U.S. economic outlook and, as always, we will act as appropriate to sustain the expansion, with a strong labor market and inflation near our symmetric 2 percent objective.”His dovish remarks have cornered the BOK, with Korean financial market watchers increasingly expecting the central bank's rate-setting monetary policy board will lower the rate to 1.5 percent from 1.75 percent in the third quarter. The as

Jun 6, 2019By Lee Kyung-min
Dovish Fed stance ties BOK's hands
Banking & Finance

KEB Hana teams up with Ant Financial for digitalization

KEB Hana Bank CEO Ji Sung-kyooBy Lee Kyung-min KEB Hana Bank's Chinese corporate entity has introduced a mobile platform for loan services in China as part of its continued efforts for digitization, the bank said Thursday. The development follows a joint project between KEB Hana and Ant Financial, a fintech affiliate of Alibaba, China's e-commerce giant. The new platform will enable KEB Hana to offer financial services to 1 billion users of Alipay, Alibaba's payment platform, including taking out small, short-term loans. The bank plans to use consumption pattern analysis data of Alipay users in assessing credit risks and develop more financial products that best meet customers' needs. This will help the two entities establish a stable source of profit. Up to 300,000 yuan (51 million won) will be transferred to a loan seeker's account upon approval from the credit review department. A loan request can be submitted via mobile app, after clicking a few buttons and entering the amount and maturity date of the loan. The minimum borrowing rate is set at 5.48 percent, although differin

Jun 6, 2019By Lee Kyung-min
KEB Hana teams up with Ant Financial for digitalization
Banking & Finance

Strategic partnership

Shinhan Card Multi Finance division head Ahn Joong-sun, left, Incheon Airport Operation Service (IAOS) head Jeong Tae-chul, center, and Shinhan Bank Executive Vice President Kim Sung-woo hold copies of a signed memorandum of understanding at the IAOS, May 30. Under the agreement, Shinhan Financial Group's two subsidiaries will secure IAOS workers as customers in exchange for bonus reward points that can be used at shopping malls and gas stations. Courtesy of Shinhan Card

Jun 6, 2019By Lee Kyung-min
Banking & Finance

Singapore Digital Day in Seoul

Over 100 senior ranking strategy and accounting executives from Korean companies attend a forum organized by Citibank at Google Campus Seoul in Gangnam, June 5. The forum was designed to help Korean firms seeking digital business opportunities in Singapore better understand the regulatory environment there. Courtesy of Citibank Korea. 

Jun 5, 2019By Lee Kyung-min
Singapore Digital Day in Seoul
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