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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

Shinhan uses blockchain in work process

By Lee Kyung-min Shinhan Bank initiated a project to implement blockchain-based work process to expand the use of the new technology to the full extent of its financial services as well as internal protocol management, it said Monday. Shinhan Bank CEO Wi Sung-hoThe effort spearheaded by the bank CEO Wi Sung-ho is part of a digital transformation, an initiative led by many global financial services firms amid a growing need for tighter integration between information technology and traditional financial services for efficient management in a fast-changing business environment. The bank said blockchain was fully adopted with transactions involving Interest Rate Swap (IRS) Nov. 30, the first time a local financial services firm has implement the technology in the sophisticated form of finance. Similarly, the bank adopted “Smart Contract,” a financial method used for derivatives transaction, where tasks formerly managed by workers were undertaken by the computerized program, which leaves no room for error thereby improving accuracy and reliability of work products. “Pri

Dec 10, 2018By Lee Kyung-min
Shinhan uses blockchain in work process
Others

Winter FX festival

An official from KEB Hana Bank holds a sign promoting the Winter Foreign Exchange Festival in this photo provided by the lender, Sunday. Under the event, those who use a currency exchange wallet service at Hana Members' app for the first time will get an exchange rate up to 90 percent favorable. Courtesy of KEB Hana Bank

Dec 10, 2018By Lee Kyung-min
Winter FX festival
Economy

Debate over Samsung BioLogics delisting heats up

By Lee Kyung-min The Korea Exchange (KRX) will soon initiate a delisting review of Samsung BioLogics whose stocks remain suspended from transaction. The Financial Services Commission (FSC) ruled on Nov. 14 that the firm intentionally cooked its books in 2015. “The Listing Maintenance Review (LMR) commission will convene a meeting this week when the schedules of the committee members are fully coordinated,” a KRX official said.“It might take a while since they are all non-standing members. Once the meeting is convened, the outcome of the deliberation may be delivered before the end of the day or they may set a second meeting for further deliberation.” The commission will conduct a 20-day review of the scandal-ridden biopharmaceutical arm of Samsung Group over whether it should be delisted, have its stock trading resumed or be given a grace period until further review. The LMR comprised of one KRX official and six outside experts including lawyers and professors will review whether the firm meets requirements in criteria such as transparency, continuity and prot

Dec 9, 2018By Lee Kyung-min
Debate over Samsung BioLogics delisting heats up
Economy

Will Santa Rally come to Korea?

By Lee Kyung-min Market analysts are split over whether the local bourse will end the year 2018 on a high note with a strong “Santa Claus rally,” an increase in the stock market around Christmas in late December. The possibility is high given the recent 90-day ceasefire of trade conflict between the U.S. and China, according to Eric Lee, chief strategist at Daishin Securities. “The conflict between the world's two largest economies has subdued, albeit temporarily, and the market could take a positive sign out of it,” he said. “Now that the global trade tension ― one of the greatest risk factors in the stock market fluctuation ― has somewhat eased, the tumbled stock market can find momentum for a short-term bullish run until the end of the year.” The benchmark KOSPI plunged 13 percent in October alone, as foreign investors unloaded stocks worth 2 trillion won ($1.8 billion). In the same month, Kosdaq dropped 21 percent.While concerns remain that the upcoming Dec. 20 U.S. Federal Open Market Committee (FOMC) meeting could dampen the investor sentimen

Dec 9, 2018By Lee Kyung-min
Will Santa Rally come to Korea?
Economy

NH launches automated lending program

NongHyup Bank Associate Executive Vice President Ju Jae-seung, second from left, monitors the operation of Robotics Process Automation (RFA) in the control room at the bank's headquarters in Seoul, Dec. 4. Courtesy of NongHyup Bank.By Lee Kyung-min NongHyup Bank has initiated around-the-clock operation of Robotics Process Automation (RPA), an automated program that manages household lending, corporate lending and credit card transactions, it said Thursday. The launch of the program is part of the bank's long-term efforts to relieve workers from menial yet necessary tasks, thereby sparing them time and effort to better focus on more high-value creative work.The bank said the new system is in full operation at the bank's headquarters in Seoul where a digital taskforce had been set up with 40 robots carrying out the repeated work, the largest amount of daily work in the financial industry completed by robots. The program manages seven such tasks including automated extension of maturing debt, prior review for credit or debit cards issuances, online inquiry on business operation status.

Dec 6, 2018By Lee Kyung-min
NH launches automated lending program
Economy

KB Kookmin Bank to open branch in Hanoi

By Lee Kyung-min KB Kookmin Bank's headquarters in Seoul / Korea Times fileKB Kookmin Bank will open a branch in Hanoi, Vietnam, after receiving approval from the financial authorities there, the bank said Thursday.The branch will start operations in February 2019 after the office and logistics details are finalized. KB will become the sixth Korean bank with a Hanoi branch following Shinhan, Woori, the Industrial Bank of Korea (IBK), NongHyup and KEB Hana.Similar efforts are underway by BNK Busan Bank and DGB Daegu Bank. The approval came almost three years after it filed for to begin operations in early 2016. The delay in approval was due to the authorities' stricter rules on the nationwide restructuring of local banks there, with foreign banks requests put on the back burner of the priority list. The long-stalled approval picked up speed after Deputy Prime Minister Kim Dong-yeon and Financial Services Commission Chairman Choi Jong-ku discussed ways to facilitate the opening during a state visit by President Moon Jae-in to the Southeast Asian country in March. The opening of the Han

Dec 6, 2018By Lee Kyung-min
KB Kookmin Bank to open branch in Hanoi
Economy

IB experts take helm of securities firms

By Lee Kyung-min NH Investment & Securities Jeong Young-chaeA growing number of local securities companies have appointed investment banking (IB) experts as CEOs in a bid to revamp their business models and diversify revenue sources.Amid falling fee income, the brokerage houses feel a sense of urgency in strengthening their IB capabilities and developing it as the next growth engine for long-term profit. They are: Mirae Asset Daewoo President Kim Sang-tae, NH Investment & Securities CEO Jeong Young-chae and Korea Investment & Securities CEO Jung Il-mun. Jung has yet to take office as his appointment is awaiting approval of the company board. Jung will succeed Yoo Sang-ho who stepped down in November concluding his 12 successful years as Korea's longest-serving securities firm CEO. Korea Investment & Securities said the appointment of Jung comes at an opportune moment for the firm to brace for the change after it posted record operating profit of 539.7 billion won ($476 million) in the first three quarters of 2018.“The new CEO will help the company become stronge

Dec 5, 2018By Lee Kyung-min
IB experts take helm of securities firms
Others

Trust and Pension Product of the Year

KB Kookmin Bank Trust Group Senior Managing Director Kim Chang-won, left, holds an award with Boon Ping Foo, the managing director of Asian Banker, a Singapore-based financial services research consultancy firm, at the bank's headquarters on Yeouido in Seoul, Dec. 4. Courtesy of KB Kookmin Bank.

Dec 5, 2018By Lee Kyung-min
Trust and Pension Product of the Year
Economy

Korean economy losing vitality

GDP grows 0.6% in third quarterBy Lee Kyung-min The economy grew 0.6 percent in the third quarter of 2018 from the previous quarter amid sluggish corporate investment and consumer spending, the Bank of Korea (BOK) reported Tuesday. This sluggish third-quarter growth figure has raised fears that Asia's fourth-largest economy is losing vitality as it has remained below the 1 percent level for two consecutive quarters.Slow GDP growth is expected to further weigh on the county's economy following the central bank's key 25 basis points interest hike ― to 1.75 percent ― Nov. 30. The prolonged slowdown has raised doubts about whether the BOK's revised growth outlook of 2.7 percent for 2018 is achievable. The central bank revised down its growth projection to 2.7 percent for 2018 and 2019, Oct. 18, citing the sluggish consumption, and rising unemployment. In order to meet the BOK estimate, the country's GDP growth for the fourth quarter should be between 0.84 percent and 1.21 percent, figures the bank deems achievable given the country's brisk chip-reliant export sales.The BOK remains optimi

Dec 4, 2018By Lee Kyung-min
Korean economy losing vitality
Economy

KIC adopts stewardship principles

KIC CEO Choi Hee-namBy Lee Kyung-min Korea Investment Corp. (KIC) has adopted a stewardship code in a bid to play a more active role in corporate management as a major shareholder and ensure “responsible investment,” the country's sovereign wealth fund said Monday. KIC will consider exercising its shareholder rights through active engagement in key decisions of the companies it invests in, thereby helping them with sound and transparent corporate management. The code, which outlines seven principles expected to be followed by institutional investors, applies to entities that manage assets on behalf of institutional shareholders such as pension funds, investment trusts and other collective investment vehicles. KIC said the seven principles were set up in accordance with global standards upheld by noted relevant international consultative bodies and was modeled after various exemplary fund management in advanced countries. Under the principle, KIC will review issues that could influence the mid- to long-term investment value including return on investment, risk management a

Dec 3, 2018By Lee Kyung-min
KIC adopts stewardship principles
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