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Lee Kyung-min

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Economy

Redenomination: boon or bane?

Some consider renewed debate as 'vote-seeking' attempt By Lee Kyung-min Currency reform, more specifically “won redenomination,” has again become a political hot potato in Korea. Ever since the country joined the OECD, redenomination, which aims to change the face value of won banknotes and coins from 1,000 to 1, has become a major issue whenever a new administration takes officeThe par value of Korean currency has remained unchanged despite the rapid growth of its economy for the past 57 years. As a result, the won has the lowest face value with a four-digit exchange rate against the U.S. dollar among 35 OECD member nations.Bank of Korea (BOK) Governor Lee Ju-yeol has rekindled this age-old debate recently. At a National Assembly committee meeting in late March, he said the time was ripe to discuss the redenomination of the won. The debate is gaining further momentum after former BOK Governor Park Seung, an economic adviser to President Moon Jae-in, said in a media interview that he would suggest redenomination to the President.Experts are split over the reduction of the

Apr 15, 2019By Lee Kyung-min
Redenomination: boon or bane?
Economy

Card firm workers delay strike

Union workers from card firms hold a protest rally against the strengthened regulation to cut card transaction fee in Yeouido, Seoul in March. Korea Time fileBy Lee Kyung-min A coalition of union workers at card firms decided to delay a strike, Friday, on condition the government revises the recently strengthened regulations to cut card transaction fees. The collective move reflects their prevalent fear about sudden layoffs or pay cuts, an inevitable course of action following a reduction in revenue triggered by the lowered fee. Representatives of union workers at the country's six card issuers said a walk-out of greater scale will be in order in late May unless the Financial Services Commission (FSC) accepts their demand. “The FSC has run a special task force set up to deliberate on 15 specific revision requests we made over the past four months. However, three key demands have all been rejected by the financial authorities,” the workers said at a press conference in Seoul.They have called for putting a limit on how much the fee can be lowered for “large” par

Apr 12, 2019By Lee Kyung-min
Card firm workers delay strike
Economy

Jeonju fails to win financial hub status

National Pension Service headquarters / Korea Times fileBy Lee Kyung-min Jeonju, North Jeolla Province, has failed to meet key criteria to become the country's third financial center after Seoul and Busan, the government said Friday.The initiative pushed by the provincial government, also a key election pledge of President Moon Jae-in, was premised on the much-hyped synergy effect with the National Pension Service with 65 billion won ($57 million), the third-largest public pension fund in the world. The NPS relocated from Seoul to Jeonju in 2015 to help balance growth between the capital and other cities. A 21-member committee under the Financial Services Commission (FSC) said the now-suspended deliberation may be resumed upon submission of specific plans provided by the provincial government on how to become a city specializing in pension fund management and agricultural science. However, the announcement has essentially scrapped the plan given another major requirement includes improvement in the overall infrastructure development and further urbanization, a process that cannot be

Apr 12, 2019By Lee Kyung-min
Jeonju fails to win financial hub status
Others

Boosting AI-based financial biz

KB Kookmin Bank CEO Hur Yin, fourth from left, and Naver Search & Clova CEO Shin Jung-ho, fourth from right, raise their fists with officials from the bank and the IT subsidiary of Korea's largest portal, at the bank's headquarters on Yeouido, Seoul, April 11. The two firms agreed to foster cooperation to enhance artificial intelligence-based financial services. Courtesy of KB Kookmin Bank

Apr 12, 2019By Lee Kyung-min
Boosting AI-based financial biz
Economy

Bank chiefs rush to embrace SMEs, startups

Woori Bank CEO Sohn Tae-seungBy Lee Kyung-minCEOs of Korea's major banks are stepping up efforts to curry favor with promising startups and small and medium-sized enterprises (SMEs) by expanding investment and arranging more on-site meetings to listen to their voices.The move comes as these lenders are being pressured to find new growth sources amid the sagging retail loan market following the government's tightening of household lending to curb real estate speculation.Woori Bank CEO Sohn Tae-seung has led the lender's initiative to invest about 18 billion won ($1.5 million) in 19 new firms whose business models are based on “innovation-led” technology.Firms receiving up to 1 billion won each in financing are mostly in the business of the Internet of Things (IoT), artificial intelligence, bio, and health technologies.Starting this month, Sohn plans to begin a relay meeting with startups seeking investors that will buy the firms' shares. Shinhan Bank CEO Jin Ok-dong, who took the helm in late March, is continuing with his visits to key cities in provincial areas, as part o

Apr 10, 2019By Lee Kyung-min
Bank chiefs rush to embrace SMEs, startups
Others

Boosting cooperation among depositories

Korea Securities Depository (KSD) CEO Lee Byung-rhae speaks at the World Forum Conference of central securities depositories in Marrakesh, Morocco, April 9 (local time). At the four-day event, which ends today, Lee, also chairman of the conference, stressed the need to strengthen inter-member communications to bolster common interests and share worldwide concerns. Courtesy of KSD

Apr 10, 2019By Lee Kyung-min
Boosting cooperation among depositories
Economy

'Banks should take greater risks'

By Lee Kyung-min Korean banks should work harder to improve their financial health by reducing their heavy reliance on interest income, industry analysts said Sunday. Balance sheet increases must be managed by identifying diversified sources of profit or high value-oriented sustainable future growth will become more elusive, they said. “The heavy reliance of Korean banks on interest income has long been criticized because it is the easiest way for them to make money,” said an analyst who declined to be named. “Collecting the difference between the lending rate and deposit rate is a guaranteed way to generate income, especially since the central bank raised the key base rate late last year.” The criticism followed data from the Financial Supervisory Service (FSS) that showed the interest income of banks nationwide in the October-December period was 10.5 trillion won ($9.2 billion), the highest quarterly figure since 2008 when financial authorities began compiling the data. The banks' average lending rate rose 0.36 percentage points in 2018 from 2016, while thei

Apr 7, 2019By Lee Kyung-min
'Banks should take greater risks'
Economy

Listening to stakeholders becomes new norm

gettyimagesbankBank CEOs enhance communication with customers, employeesBy Lee Kyung-min Building a close rapport with key stakeholders is emerging as the new norm among CEOs at banks and other financial companies.With the advent of the digital era calling for a new corporate culture, they are trying to reinvent their relations with customers and employees as well as shareholders through direct communication.Shinhan Bank CEO Jin Ok-dong invited 300 valued customers in Seoul and the surrounding Gyeonggi Province to a hotel in Seoul for a breakfast meeting April 2.The invitation extended in appreciation of their years of loyalty was the first official move taken by Jin who was inaugurated March 26. Listening to the voices of customers is one of the key values Jin is placing top priority on to survive and continue to win customers' hearts and minds. Thoughts exchanged at the meeting will be shared with customers nationwide this month during which he will visit major cities to deliver his thanks in person and listen to their concerns. KEB Hana Bank CEO Ji Sung-kyoo, center, proposes a to

Apr 7, 2019By Lee Kyung-min
Listening to stakeholders becomes new norm
Economy

Bank CEOs going into digital battle

Shinhan Bank CEO Jin Ok-dongBy Lee Kyung-min The CEOs of Korea's top five commercial banks are increasing efforts to achieve digital transformation, a forward-looking initiative among many global financial services firms. Shinhan Bank CEO Jin Ok-dong, who took the helm in late March, said he will hire digitally creative employees and consider removing IT departments. He thinks the new workers employed to have direct contact with customers will be required to maintain a level of acuity to promptly identify customers' needs and follow up with the necessary service using digital tools. Working in a “nomadic” manner will be highly appreciated, he said, as people with such qualities will be able to adapt to new surroundings and circumstances that ultimately will help the bank maintain new and fresh perspectives. KEB Hana Bank CEO Ji Sung-kyooSimilarly, digital transformation is one of the top two priorities for KEB Hana Bank CEO Ji Sung-kyoo, alongside globalization. He said at his inauguration ceremony in March that the bank will change its identity from a commercial bank to

Apr 5, 2019By Lee Kyung-min
Bank CEOs going into digital battle
Economy

Goods account surplus hits 55-month low

By Lee Kyung-min The nation's goods account surplus fell to a nearly five-year low of $5.48 billion in February due to a major setback in exports, the Bank of Korea (BOK) reported Thursday.The figure was down from the previous month's $5.57 billion and the worst since July 2014 when it stood at $5.42 billion.The key culprit behind the dwindling surplus was sluggish exports caused by slowing demand for semiconductors and petrochemical goods amid falling crude oil prices.The country's key growth engine decreased 10.8 percent to $40.13 billion in February from a year ago, the biggest monthly drop since it sank 18.5 percent in April, 2016. “Semiconductor prices turned downward, while exports of oil goods stayed in the doldrums,” a BOK official said.“It was also affected by slowing exports to China due to a manufacturing slowdown there.”The goods account surplus is not likely to see a major turnaround in the coming months, given exports, which have been contracting since December, also fell 8.2 percent in March due to falling chip sales.Beset by the falling goods a

Apr 4, 2019By Lee Kyung-min
Goods account surplus hits 55-month low
  • South Korean economy suffers slowdown: KDI
  • Industrial output hits six-year low
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