Business - The Korea Times

Hana fosters 15 AI startups in collaboration with SKT

Hana Financial Group Chairman Ham Young-joo, second row third from right, and SK Telecom CEO Ryu Young-sang, second row fourth from right, pose with startup CEOs selected for the group's startup accelerator program, Seoul, Tuesday. Courtesy of Hana Financial GroupBy Lee Yeon-wooHana Financial Group announced on Wednesday that it has launched the AI Lab for Startups in partnership with SK Telecom. This initiative will support promising startups specializing in artificial intelligence.This launch follows the strategic partnership agreement signed between the two companies last July. The agreement aims to cultivate youth-led startups through cooperation between finance and information and communication technology (ICT).For the first round of the AI Lab startup accelerator program, 15 of the 162 startups that applied were selected. They will be provided with a spacious workspace and infrastructure located in an office in southern Seoul's Gangnam District. These startups specialize in various sectors of artificial intelligence, including generative AI, robotics, autonomous driving and nat

Jul 12, 2023By Lee Yeon-woo

Hana fosters 15 AI startups in collaboration with SKT

10 startups picked for KB Starters program

The logo of KB Innovation HUB / Courtesy of KB Financial GroupBy Lee Min-hyungKB Financial Group has picked 10 promising startups as winners for KB Starters ― a program aimed at providing support for small, innovative firms here to make inroads into the global market, the company said Wednesday. Under the program, the selected companies will be able to visit KB's fintech lab in Singapore and receive consulting services for their global expansion.KB named a list of 10 Korean firms in the areas of artificial intelligence (AI), health care and environmental, social and corporate governance (ESG). They include H2O Hospitality, a hotel management solution provider, and SentBe, a money transfer service operator.Considering local startups' growing desire for overseas expansion, KB widened the number of Starters winners this year. Last year, KB selected four startups for the program.KB Financial Group headquarters in Seoul / Korea Times fileKB conducted document screening and face-to-face interviews with candidates between June 1 and 20. After taking into consideration various factors ― such

Jul 12, 2023By Lee Min-hyung

10 startups picked for KB Starters program

GS faces stock, rating fall amid construction scandal

An apartment complex constructed by GS Engineering & Construction suffers flood damage in Seoul, Tuesday. Screenshot from online communityBy Lee Min-hyungGS Engineering & Construction (GS E&C) is forecast to suffer an additional fall in its stock price and credit ratings, hit hard by its involvement in a series of construction fraud scandals. According to data from the Korea Exchange, GS E&C shares extended a sharp decline of around 26 percent this month alone. Its stock price closed at 14,220 won per share, Wednesday, down 1.66 percent from a day earlier. This marks a 10 year low.Coupled with the bleak stock outlook, the company may also undergo a possible ratings drop in the face of worsening investor sentiment. Multiple ratings agencies here leave open the scenario, as GS is widely expected to have a tough time repaying real estate project financing loans following the upcoming administrative discipline that will be meted out by the government.To make matters worse, investors express growing fears over the firm's construction abilities. Pedestrian paths and a commu

Jul 12, 2023By Lee Min-hyung

GS faces stock, rating fall amid construction scandal

KakaoTalk app introduces stock trading function

An image of KakaoTalk logo / YonhapBy Anna J. Park Customers of Kakao Pay Securities are now able to purchase Korean and U.S. stocks through KakaoTalk, Korea's most frequently used mobile messenger app. The brokerage subsidiary of Kakao conglomerate announced Tuesday that the stock trading service became available on KakaoTalk earlier that day. The stock brokerage service allows customers to place orders on the Korean stock markets, as well as pre-markets, regular trading sessions and after-markets of the U.S. stock markets.Users can simply click the personal asset button in their KakaoTalk messenger to enter the main page of the Kakao Pay interface. They can check real-time prices and place or cancel stock purchase orders through the app. They can also receive KakaoTalk messages notifying them of order completion. A promotional image for Kakao Pay Securities' stock trading function in the KakaoTalk app / Courtesy of Kakao Pay SecuritiesHowever, in order to use the service through the mobile messenger, users should first open a stock account with Kakao Pay Securities. The Kakao Pay a

Jul 12, 2023By Anna J. Park

KakaoTalk app introduces stock trading function

Court upholds FTC penalty on Mirae Asset

The headquarters of Mirae Asset Financial Group in central Seoul / Courtesy of Mirae Asset Financial GroupBy Lee Yeon-wooThe Fair Trade Commission (FTC) has won a lawsuit filed by Mirae Asset Financial Group, which sought to overturn corrective measures and fines imposed on the company.The country's anti-trust agency announced on Tuesday that the Seoul High Court ruled in favor of the FTC against Mirae Asset Financial Group on July 5, rejecting a claim made by Chairman Park Hyeon-joo and eight of its affiliate companies.In September 2020, the FTC imposed fines totaling 4.4 billion won ($3.4 million) and issued corrective orders to Mirae Asset Financial Group. The commission found that the group's affiliates tried to channel business profits to Mirae Asset Consulting, the investment arm of the group.The FTC believes that Mirae Asset Financial Group forced its affiliates to do business with Four Seasons Hotel and Blue Mountain Country Club, both of which are operated by Mirae Asset Consulting, for customer invitations and gift purchases. The FTC estimates that the amount of such intern

Jul 11, 2023By Lee Yeon-woo

Court upholds FTC penalty on Mirae Asset

Woori Bank employee embezzles $70,000 for crypto investment

Woori Bank headquarters in Seoul / YonhapBy Lee Min-hyungAn employee at Woori Bank embezzled corporate capital worth $70,000 (90 million won) for crypto investment. This could further taint Woori's corporate image after another official from the lender engaged in a similar crime embezzling 70 billion won last year through multiple thefts. The recent crime is the largest in scale for a single amount embezzled.The employee who worked at one of Woori's sales offices is known to have embezzled the capital for his personal crypto investment.“We retrieved all of the embezzled money and started a disciplinary procedure against the employee,” a spokesman at the bank said.Last year, the Financial Supervisory Service launched a probe into the bank and took issue with the lender's poor internal control system. In response, Woori pledged to toughen the system, so as to prevent a recurrence of such incidents.Nevertheless, with the increase in the frequency of similar scandals, Woori cannot evade criticism for the ineffective operation of its internal inspection team.Woori Bank CEO Cho

Jul 11, 2023By Lee Min-hyung

Woori Bank employee embezzles $70,000 for crypto investment

Woori eyes possible M&A opportunity amid brokerages' rising delinquency rate

Woori Financial Group Chairman Yim Jong-yong speaks during its donation event in Seoul, June 29. YonhapBy Lee Min-hyungWoori Financial Group is forecast to identify the ongoing financial turmoil ― sparked by brokerages' rising delinquency rates from their real estate project financing ― as a possible opportunity for its long-awaited acquisition of a securities company.Securities firms are moving to pile up more allowance for bad debts amid the rapid deterioration of real estate sentiment. A sense of fear is reaching its peak after MG Community Credit Cooperatives exhibited signs of a possible bank run due to its soaring loan default rate particularly over project financing.As the delinquency rates for brokerages' real estate project financing top the list of the financial industry here, chances are some of them may end up failing to tackle the current crisis and be put up for sale.It remains to be seen whether that scenario becomes a reality, but industry sources said they cannot rule out the possibility, as no rate cuts are expected in the near future.“Most major brokerage hou

Jul 11, 2023By Lee Min-hyung

Woori eyes possible M&A opportunity amid brokerages' rising delinquency rate

KB chief takes part in Zero Disposable Challenge

A YouTube thumbnail of KB Financial Group Chairman Yoon Jong-kyoo participating in the Zero Disposable Challenge, a campaign pledging to reduce the use of disposable products in daily life / Courtesy of KB Financial GroupBy Lee Yeon-wooKB Financial Group Chairman Yoon Jong-kyoo took part in the Zero Disposable Challenge, a campaign started by the Ministry of Environment aiming to reduce the use of disposable products in daily life.The campaign urges companies, organizations and the public to promote the concept of reducing the usage of disposable products via social media and nominate others to participate as well.“I kindly ask for the active participation of all citizens in order to spread everyday actions that consider the environment and contribute to their widespread adoption,” Yoon said in a YouTube video announcing his participation in the campaign, Tuesday.KB Financial Group headquarters in Seoul / Korea Times fileKB Financial Group has been actively promoting sustainability for a considerable period, with a particular emphasis on spearheading eco-friendly initiati

Jul 11, 2023By Lee Yeon-woo

KB chief takes part in Zero Disposable Challenge

Aviation stocks rally ahead of summer vacation season

Passenger jets from Korean Air and Asiana Airlines are parked at Incheon International Airport in this June 7 file photo. YonhapBy Lee Min-hyungAviation stocks are picking up steam ahead of the summer vacation season on the expectation of airlines' earnings recovery driven by oil price cuts and growing travel demand. Shares of Korea Air, the nation's largest air carrier, have been on a steep upward trend since the beginning of June. The firm's stock price fell to this year's low of around 22,000 won ($16.85) per share early last month, but soared by almost 13.6 percent to over 25,000 won as of Monday. This is a surprise rally, compared with the overall stock doldrums in the benchmark KOSPI. The main bourse went on a losing streak for the past month amid a foreign investor selling spree.Other low-cost carriers also achieved a robust rally during the same period. Last month, shares of Jin Air fell to a yearly low of 14,500 won per share, but have recovered to more than 16,000 won. Jeju Air shares also succeeded in attaining a similar level of double-digit growth during the same period

Jul 10, 2023By Lee Min-hyung

Aviation stocks rally ahead of summer vacation season

Toss Pay joins hands with CU to become available at offline shops

Toss application image / Courtesy of TossToss places priority in increasing payment market share By Anna J. ParkToss Pay has formed a partnership with CU, Korea's major convenience store franchise, accelerating its expansion into offline transactions. The mobile payment company has been making aggressive moves recently to step up as a key contender among local payment players. According to the mobile financial application company, Toss Pay became available for payment at some 17,000 CU convenience stores nationwide on Monday. Using a barcode scanning system, customers can use the Toss app to make payments at the convenience stores. The payment will be charged to credit cards or deposit accounts registered on the mobile app. The fintech firm said the partnership will be the beginning of a wider use of Toss Pay at offline stores during the second half of this year. So far, Toss Pay has only been used for various online transactions, ranging from shopping and phone bills to tax payments.“By using Toss Pay, customers can automatically earn CU membership points, while making the pay

Jul 10, 2023By Anna J. Park

Banking & Finance