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Lee Kyung-min

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Economy

Korea's tax burden soars to record-high in 2018

Gov't collects more corporate income and capital gains taxes By Lee Kyung-minThe government's tax revenues soared to an all-time high in 2018 on rising corporate income, fueled by stronger semiconductor sales and heavier home transactions, data showed Sunday.The tax-to-GDP ratio rose to 21.2 percent last year from 20 percent in 2017. Korea's GDP reached 1,782 trillion won in 2018.The pace of the increase was the steepest since 2000 when it jumped 1.6 percentage points from the year before. The ratio is on a steady rise from 17.9 percent 2013, 18.5 percent in 2015 and 20 percent in 2017. Korea's tax revenue stood at 378 trillion won ($332 billion) in 2018, a 9.3 percent increase from a year earlier. Of the total, 293.6 trillion won, or 77 percent, was levied by the central government while the remaining 84.3 trillion won by municipal governments. The central government collected 28.2 trillion won more than in 2017, while local administrations earned 3.9 trillion won more.The government collected 70.9 trillion won in corporate income taxes in 2018, up from 59.2 trillion won a year earl

Apr 21, 2019By Lee Kyung-min
Korea's tax burden soars to record-high in 2018
Others

Helping patients in Uzbekistan

Shinhan Financial Group Chairman Cho Yong-byoung shakes hands with a patient of Tashkent State Dental Institute in Uzbekistan, April, 19. Cho went there on a nine-day trip as part of a medical volunteer program with Seoul National University. Courtesy of Shinhan Financial Group

Apr 21, 2019By Lee Kyung-min
Economy

KEB Hana to foster blockchain-based tech

gettyimagesbankBy Lee Kyung-min KEB Hana Bank is seeking to boost cooperation with Korea University to foster blockchain-based technology, the bank said Sunday. The two signed a memorandum of understanding (MOU) April 19 at the university in Seoul to boost cooperation in personnel exchanges and content sharing.The joint project between the financial services entity and academia will maximize synergy in a range of sectors, the bank said.The areas of key cooperation include joint R&D projects, nurturing blockchain technology experts.Also included are blockchain-based data sharing and development of blockchain-oriented financial services and products.The bank will apply the technology in issuing new student identification cards.“Students will have their new ids issued much earlier than expected, because no in-person submission of related papers are required,” a KEB Hana official said in a statement.“Review of necessary documents will be conducted through student information sharing among the relevant departments.”Similar data sharing will be put into place be

Apr 21, 2019By Lee Kyung-min
KEB Hana to foster blockchain-based tech
Economy

Provincial banks suffer rising bad loans

By Lee Kyung-min Six major regional banks are reeling from rising bad loans as customer default rates have continued on an upward spiral amid the economic downturn. This has been further exacerbated by large manufacturers in provincial areas undergoing radical restructuring.According to data from the Financial Supervisory Service (FSS), the outstanding balance of loans in arrears at the six banks soared to a combined 165 billion won ($145 million) in 2018, more than double the 74.5 billion won in 2015. As a result, their average default rate rose to 0.34 percent from 0.21 percent over the same period. The six lenders are Busan, BNK Kyongnam, Daegu, Kwangju, Jeonbuk and Jeju Bank.This is in stark contrast to the four major national banks ― Shihan, Kookmin, Woori and KEB Hana ― based in Seoul. They mostly saw the rate under control, with their average default rate decreasing to 0.25 percent in 2018 from 0.3 percent in 2015. “The increase in both the amount of loans and the default rate is something that requires constant monitoring given the sluggish economy,” said Sun

Apr 17, 2019By Lee Kyung-min
Provincial banks suffer rising bad loans
Economy

Woori, SK forge ties for Vietnam biz

gettyimagesbankBy Lee Kyung-min Woori Bank has signed an agreement with SK Telink to boost cooperation in expanding their global businesses in Vietnam, the bank said Wednesday. Services provided by Woori Bank Vietnam and Vietnam's SK Telink include financing for those who buy a cellphone in a monthly installment plan. Only those who buy them on a non-face-to-face platform will be eligible. The two firms will use big data including payment and purchase history to better target customers that might be in need of new phones or better financing plans. “We plan to strengthen cooperation with IT firms with an overseas presence to expand digital marketing. Our extensive overseas network in 26 countries will help us with the joint business.”This is the latest of the bank's efforts to strengthen its overseas business. Woori received a green light from the financial authorities in Europe, and the European Central Bank, to set up a corporate body in October 2018.

Apr 17, 2019By Lee Kyung-min
Woori, SK forge ties for Vietnam biz
Economy

Shinhan Financial to boost pension service return

Shinhan Financial Group Chairman Cho Yong-byoungBy Lee Kyung-min Shinhan Financial Group will overhaul its pension service to boost profit by integrating its key subsidiaries and removing redundancies, the holding company said Wednesday. The measure is part of a group-wide strategy to secure stable profit through continued streamlining.Under the initiative, the group will set up a new “matrix” system whereby similar services operated by investment and life insurance subsidiaries will be merged. The launch of the newly integrated system, scheduled for June, will enable efficient resources management including manpower and capital. Business portfolio diversification will be strengthened by expanding the high-yield business model. Management of previous lucrative businesses will be used as a reference for closer cooperation, including global investment banking, asset management and real estate investment trust (REIT) businesses. A comprehensive platform will be set up for customers to easily compare benefits provided by the group's various pension programs. It will allow cus

Apr 17, 2019By Lee Kyung-min
Shinhan Financial to boost pension service return
Economy

Is Korea inching toward cashless society?

gettyimagesbankBy Lee Kyung-min Korean households have 33 percent less paper cash compared to three years earlier, amid a growing number of cashless financial transactions, central bank data showed Tuesday.  According to a 2018 survey by the Bank of Korea (BOK) of 1,100 households taken between Oct. 22 and Dec. 5 of that year, 98.2 percent had cash on hand at the time of the response, with each having an average of 78,000 won ($68). The amount is a 33 percent decrease from 116,000 won in 2015. Only about a quarter, or 23.3 percent, said they had cash in their homes or offices for emergencies, with each having an average of 543,000 won. The amount decreased 22 percent from 693,000 won three years earlier. A decreasing number of people have assets preserved in the form of cash, the survey added.Each household had an average of 203,000 won in cash, down from 301,000 won three years ago. As for the reason for not holding cash, over a third, or 38.7 percent, said they felt a decreasing need after the development of convenient cash transfer services. About a quarter, or 24.3

Apr 16, 2019By Lee Kyung-min
Is Korea inching toward cashless society?
Others

Fostering innovative biz

Shinhan Bank CEO Jin Ok-dong, left, INNOBIZ President Cho Hong-rae, center, and Korea Trade Insurance Corp. Chairman Lee In-ho put their hands together at the bank's headquarters in Seoul, April 15, after signing a memorandum of understanding (MOU) to set up a joint platform to help innovative companies. Courtesy of Shinhan Bank

Apr 15, 2019By Lee Kyung-min
Fostering innovative biz
Economy

Ex-innovation chief slams finance minister

Lee Jae-woongBy Lee Kyung-min Lee Jae-woong, the founder of Korea's first portal Daum, has blasted Finance Minister Hong Nam-ki over what he claims was a “misplaced blame” for the failure of now-disbanded innovation taskforce set up under the finance ministry. Lee, currently CEO of Socar, a car-sharing company, resigned as the head of the Innovation Growth Center in December 2018 amid continued discord with the ministry over policy stance differences. “I do admit that I lacked the willpower,” he wrote in his sarcasm-ridden post on Facebook. “But isn't the innovation-led growth lagging behind because the minister lacks willpower, which I saw President Moon Jae-in had…,” he added.The post is an apparent rebuttal against the minister who said Lee could have better managed the taskforce if he had played the role expected of him. At a meeting with a group of reporters in Washington D.C April 12 (local time), he said “Lee could have done a better job had he had the determination.” Finance Minister Hong Nam-kiThe comment was made in res

Apr 15, 2019By Lee Kyung-min
Ex-innovation chief slams finance minister
Economy

'Open banking' service to be introduced in Dec.

FSC Chairman Choi Jong-ku delivers congratulatory remarks on the scheduled launch of Open Banking at the Korea Federation of Banks, April 15. YonhapBy Lee Kyung-min An “open banking” service, a comprehensive joint payment system enabling closer integration among banks and fintechs, will make its debut in December, the government said Monday.The Financial Supervisory Service (FSC) said under the new system named Open Banking, customers will be able to transfer cash using any app operated by any banks or fintech firms with a fee of up to 50 won ($0.04). The amount is about a 10th of the current 500 won customers have to pay for each transfer made between different banks. The decision followed a two-month deliberation among 18 banks, the FSC and Korea Institute of Finance (KIF), Financial Security Institute, Korea Federation of Banks and Korea Financial Telecommunications & Clearings Institute. “No outstanding car can show its performance without basic infrastructure such as highways,” FSC Chairman Choi Jong-ku said in his congratulatory remarks. “Now t

Apr 15, 2019By Lee Kyung-min
'Open banking' service to be introduced in Dec.
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