Suhyup Bank enhancing digitization

Suhyup Bank CEO Lee Dong-bin

By Park Jae-hyuk

Suhyup Bank decided to set up a division in exclusive charge of digital strategy, as part of its attempts to seek a new opportunity in digital finance, according to the specialized bank founded by the National Federation of Fisheries Cooperatives (NFFC), Tuesday.

On Nov. 12, Suhyup announced it revised its internal rules on corporate governance structure, so as to hire the head of digital finance division as one of five executives in charge of specific tasks.

The bank has had four executives in charge of specific duties so far ― compliance officer, chief risk officer, chief privacy officer and head of trust business division.

As the head of digital finance division will be among the executives in charge of specific tasks following the recent revision of the bylaw, the number of executives under the direct control of the CEO will go up to five.

According to Suhyup, the tenure of the digital finance division head will be two years, and the term can be extended for one more year.

The bank plans to deploy employees tasked with digital strategy to the division, as soon as the appointment of their boss.

According to sources, Suhyup is also considering offering the new position to an expert outside.

“Our recent decision is aimed at enhancing our digital finance through integration,” a Suhyup Bank official said.

Since his inauguration in October 2017, Suhyup Bank CEO Lee Dong-bin has pursued digital transformation, regarding digital finance as the “foothold for Suhyup to make the second leap.”

He also promised to enhance Suhyup's digital capability in December 2018, during the second anniversary ceremony of the bank's spin-off from the NFFC.

Since then, Suhyup has gone all out to improve its digital capability.

The bank came up with Hey Bank mobile banking app in December 2018, and introduced digitalized counters in August, so that customers who visit Suhyup branches can subscribe to financial products with tablet PCs only, not using paper documents.

It also launched a mobile-based overseas remittance service in June.

The series of innovative measures are regarded as the incumbent CEO Lee's efforts to serve another term.

Suhyup is supposed to choose the next CEO in October 2020 as Lee's term will end then.

Given that the bank's internal rule does not ban its CEOs from serving another term, he can continue to lead the financial firm, depending on his performance.