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Naver Pay to expand as comprehensive financial platform

Naver Pay's new logo unveiled on Thursday / Courtesy of Naver PayBy Anna J. ParkNaver Pay has declared its new roadmap to expand into a comprehensive financial platform by widening the horizons of finance through technology. The fintech company has so far primarily focused on providing the country's leading online simplified payment services. Park Sang-jin, CEO of Naver Pay, unveiled the roadmap in his presentation titled “Naver Pay's evolution into a tech-based financial platform” during the Dan 23 Conference held at the Grand Intercontinental Seoul Parnas on Thursday afternoon. The Dan 23 Conference is an event held to share Team Naver's AI-focused technological vision and business plans with users, partners, and investors. Naver Pay Park Sang-jin speaks during the Dan 23 Conference at the Grand Intercontinental Seoul Parnas in Seoul, Thursday. Courtesy of Naver Pay“We have been exploring opportunities for innovative finance through the vast database comprised of 33 million Naver Pay members' order and payment records, 10 million members' 'My Asset' registered inf

Aug 24, 2023By Anna J. Park
Naver Pay to expand as comprehensive financial platform

KCGI urges Hyundai Elevator to transform board

The headquarters of Hyundai Elevator in Chungju, North Chungcheong Province / Courtesy of Hyundai ElevatorBy Anna J. ParkKCGI Asset Management (KCGI AM) has urged Hyundai Elevator to remove Hyun Jeong-eun, the incumbent chair of Hyundai Elevator's board of directors, from the board to bring more transparency and independence to the firm's corporate governance by separating the ownership and management. KCGI holds about a 2 percent stake in common shares of Hyundai Elevator. The asset manager cited conflicts of interest as the core reasons for demanding her resignation from the board chair. Hyun, who's also Hyundai Group Chair, is serving as an inside board member at multiple affiliated companies of the group. She holds concurrent positions as an inside director at other subsidiaries of the group as well, including Hyundai Asan, Hyundai Movex and Able Hyundai Hotel & Resort. “KCGI AM believes governance at Hyundai Elevator must be brought in line with global standards. The Board of Directors (BOD) in particular needs stronger independence and transparency as there is concern

Aug 24, 2023By Anna J. Park
KCGI urges Hyundai Elevator to transform board

Hana Card's travel app draws more than 2 million subscribers

In this photo distributed by Hana Card, Hana Financial Group Chairman Ham Young-joo, center in front row, poses with Hana Card CEO Lee Ho-seoung, first from right in front row, and other employees in charge of Travellog to celebrate 2 million subscribers to the service. Courtesy of Hana CardBy Yi Whan-wooHana Card said, Wednesday, that it drew more than 2 million subscribers for Travellog, its custom mobile app aimed at offering benefits for customers when traveling abroad.The credit card company said the popularity of Travellog helped it claim the top position in terms of Korea's most frequently used debit card abroad in the first half of the year.Hana Card accounted for 29.33 percent of the debit cards issued by Korean credit card issuers, up from 19.08 percent a year earlier.The rate went as high as 33.39 percent during the peak summer travel season of July.With Travellong, subscribers can exchange a total of 18 foreign currencies without being charged an exchange commission. They also will not be charged with fees for withdrawing cash using Hana Card via automated teller machines

Aug 23, 2023By Yi Whan-woo
Hana Card's travel app draws more than 2 million subscribers

FSS raids KB headquarters over alleged insider trading

A pedestrian walks past KB Kookmin Bank's headquarters on Yeouido in Seoul in this undated file photo. YonhapBy Lee Min-hyungThe Financial Supervisory Service (FSS) raided KB Kookmin Bank's headquarters in Seoul, Wednesday, to look into whether some employees there had engaged in suspicious stock trading by using undisclosed internal information.Employees are suspected of having reaped unfair gains worth billions of won directly through insider trading and helping others make similar trading profits. Their combined gains came in at 12.7 billion won ($9.48 million) between January 2021 and April 2023, according to the watchdog.They allegedly purchased shares of 61 listed firms here while handling works on their capital increase, and sold them shortly after their stock price rose following the filings by the companies. They engaged in unfair trading activities by using their own stock accounts and those of family members.According to the FSS, the suspects allegedly made 6.6 billion won in illicit profits. They also shared the information not just with their families but also with acqua

Aug 23, 2023By Lee Min-hyung
FSS raids KB headquarters over alleged insider trading

SGI passes preliminary requirements for IPO

The headquarters of Seoul Guarantee Insurance (SGI) in central Seoul / Courtesy of SGIBy Anna J. ParkAs Seoul Guarantee Insurance (SGI) has passed the preliminary evaluation for being listed on the KOSPI stock market, Korea's main benchmark index, their IPO is expected to be completed within the second half of this year. The Korea Exchange (KRX), announced Wednesday morning that SGI has been confirmed to meet the listing requirements and has qualified to proceed with the IPO steps. It is estimated that the firm could make its stock market debut by the end of October. Mirae Asset Securities and Samsung Securities will manage the process as lead underwriters for the IPO.SGI is Korea's only guarantee insurance company, maintaining a monopoly in the country. From a global perspective, it is a rare phenomenon for a guarantee insurance company to maintain a monopoly. The firm's value is estimated at between 3 trillion won ($2.24 billion) and 5 trillion won. The company's equity capital stood at 5.25 trillion won as of the end of 2022, with an annual operating profit of 727.6 billion won, a

Aug 23, 2023By Anna J. Park
SGI passes preliminary requirements for IPO

Internet-only banks criticized for restricting mortgage loans to customers with foreign spouses

gettyimagesbankBy Lee Yeon-wooUnlike commercial banks, internet-only banks in Korea do not currently offer mortgage loans to Koreans with foreign national spouses. On Tuesday, both KakaoBank and K Bank, the two internet-only banks that offer mortgage loans, confirmed to The Korea Times that Koreans cannot apply for such loans if their foreign spouses are listed alongside them in resident registration documents.During the regular administrative procedure to acquire a home mortgage loan from these internet-only banks, applicants are required to “consent to provide spouse information.” Due to verification issues, however, the banks stated that foreign nationals cannot open bank accounts, nor can they provide the necessary consent to share their spousal details.This stands in contrast to commercial banks, which not only allow foreign nationals to open bank accounts after verifying them face-to-face with their residence cards but also offer mortgage loans to their Korean spouses.Another internet-only bank, Toss Bank, permits foreign nationals to open bank accounts using its ap

Aug 22, 2023By Lee Yeon-woo
Internet-only banks criticized for restricting mortgage loans to customers with foreign spouses

ABL Life enhancing ESG values through social contribution

ABL Life Insurance CEO Xie Zheqiang, center, makes kimchi with employees for children at a shelter in Seoul in this Dec. 8, 2022 file photo. Courtesy of ABL LifeBy Yoon Ja-youngFounded in 1954, ABL Life is the second oldest life insurance company in Korea, scheduled to celebrate its 70th anniversary next year. In line with its long history, ABL Life has been actively engaged in various social contribution activities for the underprivileged, aiming to realize environmental, social and corporate governance (ESG) values. It has especially focused on the future generation, operating diverse social contribution programs for children. Since 2013, the insurer has partnered with prominent social welfare organizations including Good Neighbors, Children's Foundation and Save the Children, running diverse in-house donation programs where employees choose to contribute a certain amount of their salaries. It is run as a matching grant as the company donates the same amount. The donation, which amounts to 3.6 billion won ($2.7 million) so far, was spent on child welfare. Since 1992, ABL Life has o

Aug 22, 2023
ABL Life enhancing ESG values through social contribution

Financial firms battle for subway naming rights in Seoul

Yeouido Station signboard on Seoul Metro's Lines 5 and 9, featuring Shinhan Securities in brackets / Courtesy of Shinhan SecuritiesBy Lee Yeon-wooStarting in September, Yeouido Station on Seoul Metro's Line 9 will bear an additional name ― Shinhan Securities. This follows Shinhan Securities' successful bid to acquire naming rights for the station. As a result, Shinhan Securities will now be associated with both Yeouido Stations on Lines 5 and 9, which are at the heart of Korea's financial business district.The association of a firm's name with Yeouido Station is symbolic, given that the area houses more than 14 securities firms and numerous other financial institutions. The station also sees over 3 million users monthly.This so-called "second name" can be acquired for metro stations through Seoul Metro's auction system. When a company or institution wins the bid, its name will appear alongside the original station name, enclosed in brackets. This name is also announced on trains and displayed on various road and station signs.This three-year naming agreement has gained significant tr

Aug 22, 2023By Lee Yeon-woo
Financial firms battle for subway naming rights in Seoul

Toss, Kakao report contrasting earnings in securities business

Toss Securities' mobile trading service as viewed on a smartphone / Courtesy of TossBy Lee Min-hyungToss Securities and Kakaopay Securities displayed contrasting earnings reports in the first half due to Toss' robust growth in overseas stock trading commission revenues. The Toss affiliate proved resilience with surprising sales growth of 91.4 percent between January and June from a year earlier. The firm's sales reached 96.46 billion won ($71.78 million), while that of Kakaopay Securities increased 24 percent to 37.86 billion won during the same period.Even if both firms have still reported an operating loss, Toss Securities came closer to making a much-awaited turnaround. The firm's operating loss reduced to 3.98 billion won from 16.86 billion won a year earlier. But Kakaopay Securities reported a greater operating loss of 25.47 billion won in the first half, up 8.8 percent from the previous year.This raised hopes for Toss Securities to achieve a major turnaround in 2023 if the company continues to generate decent earnings from the overseas trading commission. The company attained 3

Aug 21, 2023By Lee Min-hyung
Toss, Kakao report contrasting earnings in securities business

BNK in damage control mode following multiple cases of employee malpractice

A man walks by a branch of BNK Kyongnam Bank in downtown Seoul, Aug. 2. YonhapBy Lee Yeon-wooBNK Financial Group is eager to restore public trust following multiple cases of illicit activities by a number of its employees. The group has recently been rolling out a series of measures to bolster internal controls at its banking subsidiary.The group said Sunday that it established a team dedicated to analyzing the internal control activities of BNK Kyongnam Bank. The aim is to overhaul the existing system to prevent similar cases from happening in the future. The team operates directly under the supervision of the bank's CEO.The team's mission is to review the bank's overall management system, strengthen oversight measures, and enhance the effectiveness of the whistleblower program. The group also plans to rotate employees who have worked for more than 3 years in branches and those who have served over 5 years in headquarters, aiming to mitigate further cases.The group subsequently made personnel changes, moving 70 out of 100 employees who had overseen the same business operations for y

Aug 20, 2023By Lee Yeon-woo
BNK in damage control mode following multiple cases of employee malpractice
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