my timesThe Korea Times
Business

Banking & Finance

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

FSS suspects Kakao Pay of receiving kickbacks

Financial Supervisory Service (FSS) headquarters in Yeouido, Seoul / NewsisBy Anna J. ParkKakao Pay has allegedly received kickbacks from NICE Information & Telecommunication, a Korea-headquartered company providing integrated payment services through credit card value-added network (VAN) services. According to the financial industry on Tuesday, the Financial Supervisory Service (FSS) referred the case to the police in early June, requesting further investigation after the state-run financial watchdog conducted an on-site inspection of Kakao Pay in May. The police began their search-and-seizure and investigation into the headquarters of the payment company earlier this week. In 2021 and 2022, NICE Information paid the fees that Kakao Pay should have been paying to agencies recruiting affiliated merchants for the mobile payment company. The aggregated amount of fees that NICE Information paid to affiliated merchants is estimated at hundreds of millions of won (hundreds of thousands of dollars). The FSS suspects that the VAN provider provided kickbacks to Kakao Pay in hopes of main

Jul 4, 2023By Anna J. Park
FSS suspects Kakao Pay of receiving kickbacks

KB to announce shortlist for chairman next month

From left, KB Financial Group Vice Chairman Hur Yin, Vice Chairman Yang Jong-hee, Vice Chairman Lee Dong-cheol and Park Jeong-rim, head of capital markets, corporate and investment banking and asset management / Courtesy of KB Financial GroupBy Lee Yeon-wooKB Financial Group is accelerating its succession process as the current chairman's term is set to expire this November. The planned timeline involves convening an executive recommendation committee next month, narrowing down a shortlist and selecting the final candidates in September.As per the group's internal regulation, when a transition of leadership becomes necessary, such as when a chairman's term ends, the process should be initiated at least two months in advance. The term of the current chairman, Yoon Jong-kyoo, is scheduled to end on Nov. 20.Traditionally, the recommendation committee selects a shortlist from a longlist of about 10 individuals, a list which is updated every six months. The internal candidate pool is made up of key executives within the group, while the external candidate pool comprises nominees recommend

Jul 4, 2023By Lee Yeon-woo
KB to announce shortlist for chairman next month

Cho Byung-kyu assumes leadership at Woori Bank

New CEO of Woori Bank Cho Byung-kyu speaks during his inauguration ceremony at the bank's headquarters in downtown Seoul, Monday. Courtesy of Woori BankBy Lee Yeon-wooCho Byung-kyu, a former CEO of Woori Financial Capital, officially assumed the helm of Woori Bank on Monday. He will serve in the position until December 2024.As a new head of the bank, Cho vowed to transform it into a “great” institution that “contributes to the country” and is “loved by customers.”“I will focus on advancing the founding philosophy of Woori Bank, which is to support corporate finance and to be a source of strength for the common people,” Cho said to reporters during his first day.“Corporate financing is what I have been deeply involved in during my time in the banking sector,” he added. “Considering the national economy's innovation in new growth businesses, we will prepare ourselves to play a role as a commercial bank and become a financial institution that can accompany national development.”During the inauguration ceremony, Cho

Jul 3, 2023By Lee Yeon-woo
Cho Byung-kyu assumes leadership at Woori Bank

Shinhan chairman vows to enhance internal regulatory control

Shinhan Financial Group Chairman Jin Ok-dong speaks during a meeting with employees of Shinhan Life Insurance at the insurer's headquarters in Seoul, Monday. Courtesy of Shinhan Financial GroupBy Lee Min-hyungShinhan Financial Group Chairman Jin Ok-dong pledged to enhance its internal control system by adopting a management responsibilities map at the earliest possible date.“All the work processes should be justified by thorough an internal check system for sustainable growth of the group,” Jin said during a meeting with employees of Shinhan Life Insurance, Monday.The documented guidelines are used to improve the internal control systems of major financial companies in developed countries, such as the United Kingdom and Singapore. C-level executives should abide by them to improve transparency of management activities.“We should move forward to become a more trustworthy financial group by building another level of internal control systems that are safer than demanded by society amid a series of scandals surrounding sales of botched investment products,” Jin sa

Jul 3, 2023By Lee Min-hyung
Shinhan chairman vows to enhance internal regulatory control

Securities firms accelerate closures of sales offices

A panoramic view of Korea's largest financial district of Yeouido in Seoul / gettyimagesbankBy Lee Min-hyungBrokerage houses are accelerating the closures of sales offices, as part of efforts to cut fixed costs and focus business on the wealthy, data showed Monday.According to data from the Financial Supervisory Service (FSS), the number of sales offices operated by securities firms here has been rapidly declining for the past few years. The figure came in at 1,070 in 2016, but fell to 799 as of the end of 2022. But the number is forecast to decline further amid the rise of mobile stock transactions.KB Securities plans to shut down six sales offices in Seoul this month alone, to realign its sales channels to focus on wealthy customers by operating a few large offices. Other brokerages are taking similar steps in line with shifts in sales strategy.A large portion of retail investors utilize securities firms' mobile trading platforms. So firms are adjusting their focus to offer customized wealth management services through sales offices that primarily target the wealthy.Other data from

Jul 3, 2023By Lee Min-hyung
Securities firms accelerate closures of sales offices

Hana joins hands with Indonesian university to nurture global finance experts

From right, Hana Financial Group Vice Chairman Lee Eun-hyung, Indonesian Ambassador to Korea Gandi Sulistiyanto and BINUS University Vice President George Wijaya pose during an MOU signing ceremony at Hana Financial Group headquarters in downtown Seoul, Friday. Courtesy of Hana Financial GroupBy Lee Yeon-wooHana Financial Group signed a memorandum of understanding (MOU) with BINUS University, one of the top private universities in Indonesia, to nurture global experts for the financial industry, according to the group, Monday.Under this agreement signed at the group's headquarters in Seoul, Friday, Hana Financial Group will offer internship opportunities to Indonesian students starting in the second half of this year.These discussions began after Financial Supervisory Services Governor Lee Bok-hyun and Hana Financial Group Chairman Ham Young-joo launched an IT academy in Indonesia in May. The academy, led by Hana, provides scholarships and internships for local students who major in IT.Since then the group has been cooperating closely with Indonesian Ambassador to Korea Gandi Sulistiy

Jul 3, 2023By Lee Yeon-woo
Hana joins hands with Indonesian university to nurture global finance experts

Mirae Asset receives highest ESG rating among brokerage houses

Mirae Asset Securities headquarters in central Seoul / Courtesy of Mirae Asset SecuritiesBy Yi Whan-wooMirae Asset Securities received the highest rating among all brokerage houses in Korea in environmental, social and corporate governance (ESG) efforts assessed by an ESG rating agency.The Seoul-headquartered Mirae Asset Securities said, Sunday, it was the country's only brokerage house to get an A grade on ESG performance rated by Sustinvest.“Our efforts to implement ESG principles in a systemic manner seems to have been highly valued in Sustinvest's ESG rating,” Mirae Asset Securities said in a statement, noting it has worked on ESG management since 2006.“We've set mid- to long-term goals for our businesses in relation to ESG values and have been carrying out phased steps accordingly,” the company added.Mirae Asset Securities aims to be carbon neutral by 2040, with a smaller goal of achieving RE100 by 2025. RE100 is a global business initiative to replace all fossil-fuel energy sources with renewable ones. Correspondingly, the company became the first broker

Jul 2, 2023By Yi Whan-woo
Mirae Asset receives highest ESG rating among brokerage houses

Shinhan Bank, BC Card partner to upgrade Vietnam's card payment system

Shinhan Bank Vietnam General Director Kang Gew-won, second from left, poses with BC Card Korea CEO Choi Won-seok, third from left, during an MOU signing ceremony at the headquarters of Shinhan Bank Vietnam in Ho Chi Minh City, Thursday. Courtesy of Shinhan Bank Vietnam By Lee Yeon-wooShinhan Bank announced on Friday that its subsidiary in Vietnam has signed a memorandum of understanding with BC Card to enhance the credit card payment system in Vietnam.The bank expects that such efforts could stimulate the Vietnamese credit card payment market, thus supporting the Vietnam government's goal of creating a cashless society by 2025.Based on this agreement, BC Card's subsidiaries in Vietnam and Indonesia, along with Shinhan Bank Vietnam, will collaborate to establish a card-acquiring system in Vietnam. They will also work together to expand networks between card affiliates and develop card devices and card payment terminals (POS) in Vietnam.The agreement is the first coll

Jun 30, 2023By Lee Yeon-woo
Shinhan Bank, BC Card partner to upgrade Vietnam's card payment system

Eximbank, JBIC agree to cooperate on third-country infrastructure projects

Export-Import Bank of Korea (Eximbank) Chairman Yoon Hee-sung, second from left, shakes hands with Japan Bank for International Cooperation Governor Nobumitsu Hayashi during an MOU signing ceremony at the Japanese Ministry of Finance, Thursday. Korean Finance Minister Choo Kyung-ho, left, attends the ceremony with his Japanese counterpart Suzuki Shunichi. Courtesy of Eximbank By Lee Yeon-woo Logo of the Export-Import Bank of Korea (Eximbank) / Courtesy of Eximbank The Export-Import Bank of Korea (Eximbank) has teamed up with the Japan Bank for International Cooperation (JBIC) to strengthen financial cooperation in infrastructure projects in third countries.According to the state-owned lender, Friday, Eximbank Chairman Yoon Hee-sung and JBIC Governor Nobumitsu Hayashi signed a memorandum of understanding (MOU) at the Japanese Ministry of Finance the d

Jun 30, 2023By Lee Yeon-woo
Eximbank, JBIC agree to cooperate on third-country infrastructure projects

Tax agency launches all-out probe into private tutoring institutions

A pedestrian walks past Megastudy headquarters in Seoul, Wednesday afternoon. The cram school operator faces a probe from the nation's tax authority. YonhapBy Lee Min-hyungThe tax authority has launched sudden probes into major private tutoring institutions, in an apparent exercise of political pressure after popular private educators complained about the government's education policy.Megastudy is in the center of the spotlight after the National Tax Service (NTS) launched a special tax investigation into the nation's largest cram school chain.This came a day after Megastudy Chairman Son Joo-eun stepped up criticism of President Yoon Suk Yeol's negative stance toward private tutoring. Yoon ordered education authorities to exclude so-called “killer questions” in the College Scholastic Ability Test (CSAT).“The education authorities created the killer questions and the private education system has responded to it,” Son said during a televised program, Tuesday.Following the remark, the NTS decided to investigate not just Megastudy, but other major private institut

Jun 29, 2023By Lee Min-hyung
Tax agency launches all-out probe into private tutoring institutions
previous page
204205206207208
next page

Most Read in Business