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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Economy

KB Capital to enter car financing market in Indonesia

KB Capital CEO Hwang Soo-nam―KB Financial Group seeks overseas biz expansion―By Lee Kyung-min KB Capital, a car lease and rental services affiliate of KB Financial Group, has signed a deal to acquire an 85 percent stake in Sunindo Parama Finance, a car lease financing unit under Sun Motor Group, a leading automotive dealer in Indonesia, the company said Friday. The acquisition is part of a continued push by KB Financial to expand its presence in the Southeast Asian country.Following the deal, KB Capital will provide lease and financing services for cars sold by Sun Motor Group there. Upon acquisition, the firm will seek to expand lease and long-term financing programs to include not only new cars but also used cars, rental cars and other high-price commodities. In order for the firm to better settle there, KB Financial will seek cooperation from its established business channels there including Bank Bukopin and a corporate entity of KB Insurance. KB acquired a 22 percent stake Bank Bukopin and became its second-largest shareholder in July 2018. The entrance into the Southeast Asian c

Feb 22, 2019By Lee Kyung-min
KB Capital to enter car financing market in Indonesia
Others

Best bond issuer in Asia

Hanwha Life IR Head Choi Sang-wook, center, poses with other winners of Triple A Regional Awards after receiving “the best insurance bond deal award in Asia” from Hong Kong-based financial magazine The Asset at the Four Seasons Hotel in Hong Kong, Wednesday. The magazine holds the annual award ceremony to recognize the industry's excellent players in banking, finance, treasury and the capital markets. Courtesy of Hanwha Life

Feb 22, 2019By Lee Kyung-min
Best bond issuer in Asia
Economy

Byun to head Mirae Asset Life

Byun Jae-sangBy Lee Kyung-min Former Mirae Asset Daewoo CEO Byun Jae-sang will take the helm of Mirae Asset Life the firm said Thursday, after a recommendation committee selected him, Feb 8.The stock specialist will take office in March upon final approval at a regular shareholders' meeting the same month. The life insurance affiliate of Mirae Asset Financial Group will have two separate control towers with Byun in charge of the firm's overall management and another CEO of the firm, Ha Man-deog in charge of sales. “We believe Byun, a seasoned brokerage expert, has a lot to offer as our new head. He will contribute to the effective management of the firm and help improve our corporate culture that prioritizes professionalism,” a Mirae Asset Life official said. Byun graduated from Daejeon High School and Seoul National University as a law major. Starting his career at Samsung Securities in the 1990s, Byun joined Mirae Asset Securities in 2000 at the recommendation of Mirae Asset Chairman and founder Park Hyeon-joo.Byun became a bond manager in 2005 and has broad experience

Feb 21, 2019By Lee Kyung-min
Byun to head Mirae Asset Life
Others

KB in Hanoi

KB Kookmin Bank CEO Hur Yin, third from right, cuts the tape with the bank's executives at an event celebrating the opening of the bank's branch in Hanoi, Vietnam, Feb. 20. Courtesy of KB Kookmin Bank

Feb 21, 2019By Lee Kyung-min
KB in Hanoi
Economy

Fintechs to get broader access to financial system

FSC Chairman Choi Jong-kuBy Lee Kyung-min ―Scope to be expanded to include securities, insurers― The government will grant fintech firms a broader access to the financial data management and operation system long used exclusively by traditional financial entities, the Financial Supervisory Commission (FSC) said Thursday. This is to foster competition through innovation by allowing newcomers to access the data and computer network system, previously used only by the state-run entities and financial services firms. The move lowering the entry barrier to one of the most conservative industries is likely to help increase the number of fintech firms, subsequently boosting new technology developments that will improve customer satisfaction. The FSC said it will push for “open API,” short for application programming interface, an intermediary that enables a software program to interact with other software. An open API, which refers to a publicly available application programming interface, allows a customer of a certain bank to use banking services including cash trans

Feb 21, 2019By Lee Kyung-min
Fintechs to get broader access to financial system
Economy

NTS targets multinational firms

National Tax Service's office in Seoul / YonhapBy Lee Kyung-min The National Tax Service (NTS) will closely monitormultinational firms operating in Korea to confirm whether their earnings here are taxed in a fair and transparent manner, the tax agency said Tuesday.To that end, the agency will add seven more professionals to its team exclusively in charge of looking into overseas financial dataand information regarding multinationalcompanies, including global tech giants Google and Facebook.TheNTS explained that it is seeking to make suremultinational firms pay alevel of taxes corresponding to thesuccess of their business here.In particular, it is seeking to “close” a legal loophole long exploited by foreign firms that managed to pay taxes on only a fraction of their profits here, mostly by routing them to lower-tax jurisdictions where their headquarters are based. Four of the new workers will be required to have expertise in quantitative analysis and use of data on overseas financial assets, and the other three on the analysis of annual reports which multinational firms a

Feb 20, 2019By Lee Kyung-min
NTS targets multinational firms
Others

For clean tax administration

National Tax Service (NTS) Commissioner Han Sung-hee, right, and Korean Institute of Certified Public Accountants President Choi Joong-kyung show a signed agreement at the NTS Seoul Regional Office, Feb 19, after forming a business alliance to eradicate tax-related corruption and ensure clean tax administration. / Courtesy of National Tax Service

Feb 20, 2019By Lee Kyung-min
For clean tax administration
Economy

KSD to strengthen electronic voting system

KSD CEO Lee Byung-rhaeBy Lee Kyung-min The Korea Securities Depository (KSD) said Wednesday it will strengthen its electronic voting system, an effective way for the country's major firms to proceed with decision-making processes without neglecting minor shareholders' voting rights. “Samsung Electronics and Hanjin KAL have made requests with us regarding specifics about implementing the system,” KSD CEO Lee Byung-rhae said during a meeting with a group of reporters on Yeouido in southern Seoul. “The requests came as it is highly likely that SK Hynix will adopt the system in this year's shareholders' meeting.” The KSD-developed system, also known as K-eVote, helps the firms reach a quorum in a regular shareholders meeting.It is used by nearly 60 percent of publicly traded companies with the number on a steady rise.The number of companies using the system increased to 1,204 in 2018 from 417 in 2015. The shared interest from Samsung Electronics and the holding company of Hanjin Group illustrates growing demand from large conglomerates in need of meeting legal req

Feb 20, 2019By Lee Kyung-min
Economy

Competition for 3rd internet-only bank heats up

gettyimagesbankHana, SKT and Kiwoom form consortiumBy Lee Kyung-min Competition for a third internet-only bank is becoming fiercer among Korea's financial groups after a consortium led by Hana Financial Group declared a bid Tuesday to seek preliminary approval from financial authorities. The shared interest among the financial groups reflects a growing need to achieve innovation as part of a broader strategy towards digital transformation.For the bidding, Hana, the nation's fourth-largest financial group by total assets, formed a consortium with SK Telecom, the country's largest mobile carrier, and Kiwoom Securities, an online brokerage services provider. “We have begun our efforts to file for a preliminary approval with the financial authorities on a shared vision that setting up an ICT-based entity will help us take the initiative in becoming a leading digital company and accelerate digital transformation,” the group said in a statement. The group added the consortium will seek to build partnerships in the coming months with promising business entities including IT firm

Feb 19, 2019By Lee Kyung-min
Competition for 3rd internet-only bank heats up
Economy

Regulator's card fee policies backfire

GettyimagesbankBy Lee Kyung-min The financial regulator's card fee policy in favor of small business owners has backfired as credit card firms are moving to charge higher transactions fees on big firms to offset losses.They have also laid off their workers to cut costs and minimize lost revenue.According to industry sources and the firms, eight card companies notified corporate customers with over 50 billion won in annual sales, late January, of an increase of up to 0.3 percentage points in card transaction fees starting March. This means about 23,000 such customers including major retailers, mobile carriers, hotels and franchisers will now have to bear the amount previously paid by their SME counterparts. “This is unacceptable,” an official from a major mobile carrier said. In late 2018, the Financial Services Commission (FSC) ordered card issuers cut transaction fees for small business owners, who claimed the fee was the major factor straining their already-deteriorating businesses. “The logic from the government and card firms is that larger businesses have to be

Feb 18, 2019By Lee Kyung-min
Regulator's card fee policies backfire
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