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National Tax Service (NTS) Commissioner Han Sung-hee speaks during a meeting at the OECD Forum on Tax Administration in Santiago, Chile, March 27 (local time). Tax Commissioners from 53 countries gathered for the three-day event from March 26 to 28 to discuss ways to boost efficient tax administration. Courtesy of NTS
Citibank Korea CEO Park Jin-hei, sixth from left, smiles with bank officials and students from KyungHee University, after a volunteer work at a park in Mapo, Seoul, Jan. 18. Courtesy of Citibank KoreaBy Lee Kyung-min Citibank Korea is continuing efforts to put more priority on social responsibility as part of its plan to become a financial entity that values “giving back to the community” as much as profit generation. Under the objectives of “employee participation, long-term commitment and leading activity,” the bank has organized various programs that engage corporate entities and those in need of their help based on projects that require constant interaction among parties involved. Bank workers are encouraged to participate in the program in the form of “talent donation,” a mentoring program whereby participants can have honest discussions not only on job seeking efforts but also on a broad range of personal issues. This is an expansion of a talent nurturing program of its employees who undergo continued training and education programs which hel
gettyimagesbankBy Lee Kyung-min Hanwha Investment & Securities and Bespin Global have joined a consortium led by Toss to bid for a license to operate the country's third internet-only bank. The alliance comes as the financial regulator finished accepting preliminary applications March 27. The results of the applications will be announced in MayAccording to companies and industry sources, the securities unit of Hanwa, and Bespin Global, a cloud focused managed services provider, will hold 9.9 percent and 4 percent stakes in the consortium, respectively.Toss, a mobile money transfer app owned by Viva Republica, will be the largest shareholder with a 60.8 percent stake.Silicon Valley-based venture capital company Altos Ventures and U.K. asset management firm Goodwater Capital will each have 9 percent stakes.The Korea Electronic Certification Authority will hold 4 percent and Brazilian investor Ribbit Capital 1.3 percent. The last-minute decision followed approval at a board meeting convened by the insurance subsidiary of Hanwha Group early Tuesday.The firm decided to purchase 4.95 m
KB Financial Group Chairman Yoon Jong-kyooShinhan head eyes Asia's leading financial groupBy Lee Kyung-min KB Financial Group Chairman Yoon Jong-kyoo said Wednesday that the group will push for mergers and acquisition (M&A) in a move to secure new sources of future growth. “Despite the overall adverse business circumstances, the group will seek to enhance close integration among affiliates and boost their competitiveness,” he said at a shareholder meeting at the group headquarters on Yeouido, Seoul.Heightened macroeconomic uncertainties compounded by strengthened government regulations on lending rules, are among the factors posing “headwinds” to business, he added. He also said that an aggressive overseas expansion will be pursued in countries including Myanmar and India. The initiative is in line with the “New Southern Policy,” a major diplomatic initiative spearheaded by President Moon Jae-in seeking to diversify trading partners mostly by reducing the heavy reliance on China, and the U.S.Yoon recognized that the group's life insurance arm i
KB Foundation Secretary General Lee Ok-won, front row 14th from right, raises his fist with high school seniors seeking jobs at a KB Kookmin Bank training center in Cheonan, South Chungcheong Province, March 26. To his left is Incruit CEO Seo Mi-young. The lender hosted a two-day job training camp for 120 students at the center. Courtesy of KB Kookmin Bank
By Lee Kyung-min Kakao Bank has launched a service to help its customers open a securities service account, the firm said Tuesday. The new service will be offered in cooperation with Korea Investment and Securities, a subsidiary of Korea Investment Holdings. Under the collaboration, a Kakao Bank customer will be allowed to open an account with Korea Investment and Securities with a simple click of a button.The simplified procedure will provide a more user-friendly service, as similar procedures offered by other brokerages included submission of statements specifying personal information including name, home addresses and phone numbers. Various promotional events are taking place including offering an immediate balance of 20,000 won ($17). Half will be wired to the bank account and the other half to the securities account. Those who trade Korean stocks after opening a brokerage account through Kakao Bank will be given an additional 5,000 won per month for up to one year. The amount will be given regardless of the minimum transaction requirements. Brokerage commission fees will be exem
Korea Customs Service International Investigation Division Director Lee Min-gun speaks to a group of customs officials at Hotel Samjung, Seoul, March 25. Customs authorities from some Asia Pacific countries attended the meeting to discuss measures for boosting cooperation to crack down on illegal dumping of garbage. Courtesy of Korea Customs ServiceBy Lee Kyung-min A coalition of customs authorities from 14 countries in the Asia Pacific region will initiate an eight-week crackdown on the illegal trade of waste, the Korean Customs Service (KCS) said Monday.The nation's customs agency said the joint effort seeks to raise awareness of what essentially is the “dumping” of garbage traded under the guise of legitimate import or export of recyclables. The agency said exporters of such waste will no longer be able to avoid accountability in their home countries as detailed data logs will be handed over to respective government authorities. “Only importers have been punished thus far, mostly following a customs clearance procedure of shipments,” a KCS official said. &l
Bank of Korea Governor Lee Ju-yeol, right, shakes hand with Rep. Park Byeong-seug of the ruling Democratic Party of Korea before attending a parliamentary Economy and Finance committee at the National Assembly in Yeouido, Seoul, March 25. Lee said drawing up a supplementary budget of about 10 trillion won ($881 million), about 0.5 percent of the country's GDP, will help boost the country's growth rate, adding that from a macroeconomic standpoint, the economy is at a critical moment that expansionary fiscal policy is needed. Yonhap
Shinhan Card Multi Finance division head Ahn Joong-sun, center, shows a signed memorandum with a Ministry of Employment and Labor official, left, and KEB Hana Card senior managing director Son Chang-suk at the Seoul branch of the ministry, March 22. Under the agreement, jobless people aged 18 and 34 will be able to use cards issued by the two firms with a 500,000 won ($440) balance per month for up to six months for jobseeking activities. Courtesy of Shinhan Card
Cho Yong-byoungBy Lee Kyung-min Shinhan Financial Group will launch a large-scale in-house committee to better help small- and medium-sized firms (SMEs) including venture startups, it said Sunday.With a clear mission of enhancing efficient corporate financing and SMEs investment as well as establishing a group-wide platform, the committee will seek to boost close coordination among the group's 2,000 workers with 110 departments of 14 subsidiaries. Led by group chairman Cho Yong-byoung, group subsidiaries' CEOs will serve as committee members. Shinhan Bank will lead the corporate financing and the group plans to give 24 trillion won ($21 billion) in loans over the next three years. The amount will be increased to 46 trillion won by 2023. Measures to revise corporate financing include recognizing intellectual property as leverage when seeking loans.This will help budding startups and ventures that have yet to make profit despite their growth potential. More departments will be added to strengthen loan screening process involving firms with new technology-based business models. The prog