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Lee Kyung-min

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Economy

Kyobo Life CEO receives prestigious honor

By Lee Kyung-min Kyobo Life founder Shin Yong-hoKyobo Life Insurance CEO Shin Chang-jae will receive the Order of Cultural Merit in recognition of his extraordinary contribution to raising the profile of Korean literature on the global stage and promoting reading here, the company said Wednesday.The doctor-turned-CEO became the second recipient in his family of the highly prestigious award, after his late father, group founder Shin Yong-ho. The Order of Cultural Merit is awarded by the president, and has five levels. It is bestowed upon those who have conducted “outstanding meritorious services in the fields of culture and art in the interest of promoting the national culture and development.”His father won the merit at the Geumgwan (Gold Crown) level, the highest grade, in 1996, and the junior Eungwan (Silver Crown), the second-highest honor. Given the award is usually given to prominent art and cultural figures, a business leader winning the honor is drawing commendation, attesting to his extensive contribution to fostering cultural enrichment through the continued prom

Oct 17, 2018By Lee Kyung-min
Kyobo Life CEO receives prestigious honor
Economy

Technology changes financial landscape

Chinese firms seek to reinvent themselves as 'TechFins'By Lee Kyung-min The financial industry is undergoing a major disruption due to technological progress. Fintech, short for financial technology, has been leading the disruption allowing many players to introduce new, innovative ways of providing financial services.But major fintech firms are trying to turn into “techfin” powerhouses challenging the traditional banking system by using technology.China's four fintech giants ― Baidu, Alibaba, Tencent and JD.COM ― are speeding up efforts to redefine themselves as techfin companies, in a clever move to avoid fast-tightening government regulation. Kwak Sun-ho, a researcher at Korea Institute of Finance (KIF), said the four are increasingly shifting focus from expanding financial services to developing technology to better assist the financial sector. The ultimate goal is “inclusive finance.” Thus far, they have, with government permission, provided financial services including banking, insurance, payment, loans, fund and asset management and crowdfunding. Such a

Oct 16, 2018By Lee Kyung-min
Technology changes financial landscape
Others

Nice to meet you!

A coach from premier league Tottenham Hotspur Football Club shakes hands with a child with a developmental disorder at a youth football lesson organized by AIA Group, the largest public listed pan-Asian life insurance group, in the Vitality Arena at the Dongdaemun store of Home plus in Seoul, Oct. 12. Many talented young football players and children from the Seoul Rehabilitation Center for Cerebral Palsy attended the event. Cerebral palsy is a neurological disorder that affects a person's movement, motor skills and muscle tone. Courtesy of AIA Group

Oct 15, 2018By Lee Kyung-min
Nice to meet you!
Economy

Seoul stocks likely to remain bearish

  By Lee Kyung-min The stock market is expected to continue to falter for a while due to lingering uncertainties created by multiple challenges both at home and abroad, analysts said Monday. They cited a possible key rate hike by the Bank of Korea (BOK), deepening trade tension between the United States and China, and jitters over emerging market economies as major downside risks.The analysts noted that the U.S. Federal Open Market Committee (FOMC) meeting minute disclosure, the U.S. Treasury Department semi-annual Exchange Rate Report release and the BOK's rate-setting meeting slated for Thursday are key events that will determine the future course of Korean stocks.“The ongoing trade dispute between the U.S. and China could take a turn for the worse if the Treasury report names China as a currency manipulator,” said You Sung-min, chief strategist at Samsung Securities. “Global stock markets are already feeling the pinch due to the tension between the world's two largest economies. The scope of the dispute could expand to the exchange rate, in which case w

Oct 15, 2018By Lee Kyung-min
Seoul stocks likely to remain bearish
Economy

Current account surplus hits $8.44 bil.

By Lee Kyung-min Korea's monthly current account surplus reached $8.44 billion (9.5 trillion won) in August on the back of solid exports of semiconductors, the Bank of Korea said, Thursday.This marks the 78th consecutive month of surpluses, the longest streak since March 2012. The August figure was slightly down from the annual high of $8.76 billion last month.The central bank said the performance was thanks to strong sales of semiconductor goods abroad amid a strong recovery in global trade.The goods account surplus jumped to $11.24 billion in August from the previous month's $9.18 billion.Export logged $53.2 billion, an 11.7 percent increase from a year earlier, on the back of continued global demand for semiconductors, and a higher profit margin on petrochemical products amid an oil price hike. Imports, on the other hand, recorded 42 billion won, up 9.2 percent from a year earlier. Despite the brisk external shipments, experts expressed caution against a heavy reliance on key export items. “Korea has an export-driven economy, most of which relies on semiconductor and pe

Oct 11, 2018By Lee Kyung-min
Economy

Kookmin Bank chief seeks innovation

Hur YinBy Lee Kyung-min KB Kookmin Bank CEO Hur Yin is ramping up his efforts to instill an innovative culture in the nation's largest lender by assets through digitization ahead of the one year anniversary of his inauguration that will fall Nov. 21.In September, the bank began limiting the length of employee-submitted reports to two pages, in a move to reduce redundancy in the corporate chain of communications and help produce succinct and to-the-point message delivery. Instead of printing out hard copies for their superiors, workers are required to submit reports via the company's online intranet using keywords, effectively summarizing their points. The submitted files are permanently stored and shared online for future reference for efficiency. The move to centralize the digitally managed information promotes cooperation among workers regardless of their rank, department or work experience, the bank added. “By facilitating digitization and removing redundancies ― a key initiative of our chief ― workers feel increasingly satisfied, which will help achieve the ultimate goal of

Oct 11, 2018By Lee Kyung-min
Kookmin Bank chief seeks innovation
Economy

Korea's financial leaders to gather in Bali

By Lee Kyung-min Korea's financial bigwigs will gather in Bali, Indonesia, from Oct. 12 to 14 for the 2018 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG).The primary purpose of their visit is to attend IMF meetings but some are expected to meet their counterparts from Indonesia and other Southeast Asian countries to discuss business opportunities there.The attendees include Shinhan Financial Group Chairman Cho Yong-byoung, KB Financial Group Chairman Yoon Jong-kyoo, NongHyup Financial Group Chairman Kim Gwang-soo and Hana Financial Group CEO Kim Jung-tai.Woori Bank CEO Sohn Tae-seung and Industrial Bank of Korea CEO Kim Do-jin alongside many leaders of the state-run financial firms will also attend the event. The rare high participation rate indicates a collective fervor toward expanding business opportunities in Southeast Asia amid saturation of the local financial market. Shinhan Financial Group Chairman Cho Yong-byoung

Oct 9, 2018By Lee Kyung-min
Korea's financial leaders to gather in Bali
Economy

NPS appoints An as new CIO

By Lee Kyung-min An Hyo-joonNational Pension Service (NPS) appointed BNK Financial Group President An Hyo-joon as the new chief investment officer (CIO) of its Investment Management department, it said Monday. His two-year term with a possible one-time extension will begin today. The appointment fills the 15-month vacancy of the powerful position that handles 643 trillion won ($567 billion) in NPS funds, the third-largest pension fund in the world managing retirement funds for Korea's 21.2 million subscribers. An served as fund manager of BEA Union Investment in 2007 before serving as overseas securities chief and stock management manager at the NPS in 2011. He was the CEO of Kyobo Axa Investment Managers in 2013 before becoming CEO of BNK Securities in February 2016. He has extensive experience in overseas asset management. An was among 13 people shortlisted for interviews out of 30 applicants that sought the CIO position in July, a procedure that began after the NPS concluded the previously selected three finalists all failed to meet the requirements in February. Among those who d

Oct 8, 2018By Lee Kyung-min
NPS appoints An as new CIO
Economy

'I'm satisfied living alone'

More singles enjoy free, independent livesBy Lee Kyung-min An office worker surnamed Kim, 34, let out a sigh of relief after listening to her friend who ― yet again ― had sought out a divorce lawyer following a heated family dispute during the Chuseok holiday. “I think I made the right decision to live alone every time I hear about my friends getting on the verge of divorce or complaining about how they wish they had never married,” said Kim, who lives in a studio apartment in Chungeongno, Seodaemun, Seoul.“For many of my friends, national holidays are among the many unavoidable, dreaded periods when they have to exhaust themselves to prove how they are living up to the expectations from their in-laws ― who, to me, sound like perpetually demanding enemies.” Kim is one of many Koreans who are willingly opting not to tie the knot for a freer, happier life, and feels satisfied.According to a study released by a KB Financial Group institute in late September, seven out of 10 people living alone said they were satisfied with their current lives. In a survey of 2,10

Oct 7, 2018By Lee Kyung-min
'I'm satisfied living alone'
Economy

Card firms rushing to adopt QR code payment

A merchant scans a Quick Response (QR) code to approve a transaction. On Oct. 1, BC Card first introduced the QR code-based payment service. Courtesy of BC CardBy Lee Kyung-minCredit card companies are rushing to adopt payment using Quick Response (QR) codes, a move accelerated by the government-led initiative to facilitate such a system to cut transaction fees for small-to medium-sized businesses (SMEs). The fee, which SMEs claim is equal to around 30 percent of their operating profit, has long remained a substantial burden for them. On Oct. 1, BC Card was the first to introduce the QR code-based payment service with 14,000 merchants equipped with a system able to read the code.Under the system, a customer shows a QR code generated in a mobile phone to a merchant, who will use a scanner, or code reader, to approve the transaction. This is different from the existing system whereby a consumer uses a mobile camera to scan the merchant-generated code.It can be also used overseas with EMV _ short for Europay, Mastercard and Visa _ a global standard for cards equipped with computer chips

Oct 5, 2018By Lee Kyung-min
Card firms rushing to adopt QR code payment
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