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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Banking & Finance

More Koreans default on card payment

 By Lee Kyung-min An increasing number of people are defaulting on credit card payments as they struggle with stagnant income growth amid a tight job market, and soaring living costs, according to plastic card issuers, Friday.Those who took out loans from card units of three financial groups ― Woori, KEB Hana and KB Kookmin― have seen their default rate on the rise over the past year. The shared concern is fueled by weak consumer sentiment, compounded by the government's policy including a rapid hike of hourly minimum wage and a shorter workweek, a toxic mixture of negatives that further bogs down the economy. KEB Hana Card saw the default rate increase to 1.96 percent in the first quarter of 2019, up 0.24 percentage points from 1.72 percent a year ago.The rate of Woori Card jumped to 1.52 percent, up 0.1 percentage point from 1.42 percent during the same period.KB Kookmin Card saw the rate increase to 1.32, up 0.07 percentage points from 1.25 percent a year earlier. The top market player Shinhan Card, a subsidiary of Shinhan Financial Group, saw the rate decrease to 1.37 perce

Apr 26, 2019By Lee Kyung-min
More Koreans default on card payment
Economy

4 major financial groups post lower profit in card business

By Lee Kyung-min Credit card units of Korea's four largest financial groups posted a combined 242.2 billion won ($209 million) net profit in the first quarter of 2019, a 12.1 percent drop from a year earlier, data showed Friday.They are card subsidiaries of Korea's four financial groups ― Shinhan, Woori, KEB Hana and KB Kookmin. Their net profit may well drop further over the coming months given the ongoing conflict over a hike in card transaction fees, a thorny issue involving card firms and their more “lucrative” partners including large retailers and telecom firms. Such a bleak outlook is fueled as their could-have-been-worse performance in the three-month period was offset partly by January's figures when the firms had yet to lower transaction fees, following the government's revision to cut the fees to unburden small- and medium-sized enterprises (SMEs). Of the four, the top market player Shinhan posted a net income of 122 billion won in the first three months of 2019, a 12.2 percent drop from the previous year.Woori's figure dropped to 24 billion won in the same per

Apr 26, 2019By Lee Kyung-min
Economy

Blockchain pushes banks to evolve

gettyimagesbankBy Lee Kyung-min A growing number of banks are seeking to apply blockchain-based technology to their products in a bid to provide more convenient and faster services for consumers.The most notable move is a joint effort to establish a “self sovereign identity” being driven by a consortium joined by KEB Hana Bank and Woori Bank as well as other telecom, IT solution and fintech firms, such as SK Telecom, LG UPlus, SK Planet, KOSCOM and Coinplus. “Self sovereign identity,” is a new form of identification which, through a layer of technologies, enables individuals and organizations to assert their own identity.This is different from existing identity certification processes which require the help of intermediaries including government-certified or public entities that manage personal data. However, if the new system is implemented, a consortium-developed electronic wallet will be used for an individual to store key personal information including resident registration numbers, bank account numbers and use them whenever a need arises. In the process,

Apr 24, 2019By Lee Kyung-min
Blockchain pushes banks to evolve
Economy

Korea vows to enhance 'capacity building' at WCO

Kang ready to share experience, knowhow with member nationsBy Lee Kyung-minKorea has vowed to take a leading role in fostering talented customs officials worldwide by capitalizing on its unique experience and knowhow in “capacity building” in administration.Organized by the Korea Customs Service (KCS), capacity building is an initiative to help develop effective and efficient customs administration in developing countries.Most developing nations are struggling to tackle many of the issues Korea used to have decades ago. In this regard, they can take a cue from Korea in their customs administration efficiency as the KCS did from other developed peers.Korea is the only country that has transformed itself from a recipient country of official development assistance (ODA) to a significant donor.A major contribution to this was made by the KCS which organizes up to around 50 projects annually to help advance customs administration in developing peers.As a leading member of World Customs Organization (WCO) comprised of 183 countries representing over 98 percent of international

Apr 24, 2019By Lee Kyung-min
Korea vows to enhance 'capacity building' at WCO
  • Korea aims to become leader in global customs services
Economy

Tax administration in digital transformation

Lee Eun-hangBy Lee Eun-hang On March 27 in Santiago, Chile, National Tax Service (NTS) Commissioner Han Sung-hee delivered a presentation on the subject of “Future Tax Administration Using AI Technology and Big Data” while 53 other commissioners from across the world and representatives of international bodies the International Monetary Fund (IMF) and World Bank were present.These leaders showed keen interest in Han's speech and acknowledged that Korea was unquestionably a leading country in the field of the digital transformation of tax administration. Over the past decades, the NTS has successfully incorporated IT technologies within its administration. Hometax, e-tax invoice, cash receipt and other similar programs have empowered our capacity to reduce tax compliance costs and improve efficiency in administration. Since first introduced in 2002, Hometax has become a common tax platform in Korea with 15 billion visitors every year. Starting from services like e-filing, e-payment, and e-issuance of tax-related documents, it now supports taxpayers dealing with most tax af

Apr 24, 2019By Lee Kyung-min
Tax administration in digital transformation
Others

Fostering overseas investment

Woori Financial Group Chairman Sohn Tae-seung, left, and Kazakh Invest Deputy CEO Rustam Issatayev sign a memorandum of understanding at a business forum attended by business leaders of both countries in Kazakhstan, April 22. The two agreed to provide financial and administrative support for companies investing in their respective countries. Courtesy of Woori Financial Group

Apr 23, 2019By Lee Kyung-min
Fostering overseas investment
Economy

Public firms urged to break glass ceiling

gettyimagesbankBy Lee Kyung-min A total of 129 public institutions will be required to set up plans to increase the number of ranking female officials, the government said Tuesday. The move comes after a number of private firms are progressing towards gender equality, a much-prioritized value among leading global firms, especially in the financial industry.The Ministry of Economy and Finance announced Tuesday its plan to revise ordinances on the operation of public institutions, under which a public firm must notify the government of how many female executives it will appoint over the next five years every year.The revision will take effect in July after collecting public opinions for the next two months, and then public institutions will have to issue the first reports in April 2020. Under the initiative, the ministry will require 129 institutions to submit a report with details, including the current male-to-female ratio, their performance result and a five-year female executive appointment plan.The revision aims to increase the ratio of ranking female officials at these firms to 2

Apr 23, 2019By Lee Kyung-min
Public firms urged to break glass ceiling
Economy

Korean firm probed over alleged customs law violation

gettyimagesbankBy Lee Kyung-min Korea Customs Service (KCS) said Monday that it is investigating a Korean shipping company suspected of having forged customs papers in an apparent attempt to help move petrochemical products from its ship onto a North Korean vessel. This could constitute an illegal export of the banned material, in violation of United Nations sanctions.This can be subject not only to criminal prosecution but also to KCS punishment. If confirmed, the firm may face a fine of tens of billions of won.The exact amount of the fine will be determined upon customs authorities' confirmation of inspection. The investigation followed suspicion that a Korean company repeatedly falsely declared Singapore as the final destination of its vessel.According to reports by Voice of America, Singaporean authorities said the Korean vessel in question had never come to the country between April 9 2018 and Jan. 12 2019. This contradicts customs papers submitted by the firm which said on 12 occasions that its final destination was Singapore. The KCS said its investigation will continue to det

Apr 23, 2019By Lee Kyung-min
Korean firm probed over alleged customs law violation
Economy

BOK lowers growth outlook to 2.5%

Bank of Korea Governor Lee Ju-yeol bangs a gavel during a monetary policy committee meeting at the central bank in Seoul, April 18. YonhapKey interest rate unchanged at 1.75% By Lee Kyung-min The Bank of Korea (BOK) has cut its 2019 economic growth outlook to 2.5 percent citing worse-than-expected exports and sagging investor sentiment. The figure was down from an earlier forecast of 2.6 percent in January and 2.7 percent in October 2018. “Facility and construction investment in the first quarter has been weaker than forecast previously,” BOK Governor Lee Ju-yeol said at a press briefing.“The revision does not account for the possible impact of the budget because the amount, expenditure and timelines are not finalized.”In a statement released earlier in the day, the central bank said domestic economic growth has moderated somewhat as an increase in consumption has temporarily slowed, facilities and construction investment have continued undergoing adjustments and export growth has continued to slow. Despite the outlook downgrade, Lee remained upbeat about the

Apr 22, 2019By Lee Kyung-min
BOK lowers growth outlook to 2.5%
Economy

High-income YouTubers seek tax avoidance strategy

gettyimagesbankBy Lee Kyung-min A growing number of high-income YouTubers are seeking various ways to avoid taxes, as the nation's tax agency has stepped up efforts to crack down on them amid a rapid rise in their income.Some popular YouTubers have seen their income climb to as high as $2.5 million (2.85 billion won) a month.According to Social Blade, a website that tracks social media statistics and analytics, most notably the YouTube platform, 10 Korea-based YouTubers made an estimated monthly income over $200,000 as of Monday. The highest earner, Boram Tube Vlog, saw its monthly ad income soar to $2.5 million in April from $1.5 million in December. They are seeking professional consultations with accountants whose recommendations include registering as business owners to enjoy a range of tax benefits. The suggestion is especially valid to those with an annual income under 24 million won, as they are eligible for most tax deductions without submitting necessary tax forms.Money spent on making a clip is recognized as a business expenditure, meaning the deductibles are not used as a

Apr 22, 2019By Lee Kyung-min
High-income YouTubers seek tax avoidance strategy
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