Business - The Korea Times

Samsung Pay app integrates student ID cards for verification services in 114 countries

By Lee Yeon-wooSamsung Pay users can now use their International Student ID Card (ISIC) within the Samsung Pay application, the top mobile payment player announced on Thursday.A promotional image shows an International Student ID Card displayed within the Samsung Pay application. Courtesy of Samsung PayStarting from Thursday, ISIC holders can enroll their cards in the application and use the services offered by ISIC. With this collaboration, users can now verify their identity and enjoy benefits such as discounts without needing to carry physical cards.Just like the original ISIC, Samsung Pay's ISIC allows students to prove their official student status in 114 countries in the Americas, Europe and Oceania. Student discounts at partnered institutions, such as museums, accommodations, restaurants or trains, are applied in the same manner.If users want to enroll their ISIC in the application, they must update the app to the latest version and put information into the “mobile identification card” sector. Identification numbers from ISIC are needed for enrollment.“Samsun

Jun 29, 2023By Lee Yeon-woo

Samsung Pay app integrates student ID cards for verification services in 114 countries

Woori, Kyobo vie for acquisition of MG Non-Life Insurance

The corporate logo of MG Non-Life Insurance is displayed at its headquarters in Seoul. YonhapBy Lee Min-hyungWoori Financial Group and Kyobo Life Insurance are expected to jump into the race to acquire MG Non-Life Insurance, in their bid to build tighter business portfolios amid toughening market competition. The sales process of the mid-tier insurer will begin sometime as early as July after the ruling of its first trial. JC Partners, a private equity firm which is the largest shareholder of MG, filed a suit against the Financial Services Commission after the government agency designated the cash-strapped insurer as an insolvent financial institution.Following the ruling slated for July 6, Woori and Kyobo are widely forecast to join the race for the acquisition of the insurer.Woori has for years expressed its strong willingness to acquire securities and insurance firms, as unlike its rivals, it does not have any affiliates operating the two major non-banking businesses. All eyes are thus on Woori Financial Group Chairman Yim Jong-yong's next move. Given Yim's repeated remarks on the

Jun 29, 2023By Lee Min-hyung

Woori, Kyobo vie for acquisition of MG Non-Life Insurance

Shinhan, Woori heads mark 100 days since inauguration

By Yi Whan-woThe chairmen of two banking groups ― Jin Ok-dong of Shinhan and Yim Jong-yong of Woori ― are each set to celebrate their first 100 days on the job since taking office in March, pushing ahead to visualize their respective goals.Jin will complete the first 100 days of his three-year term, Friday, after bolstering efforts for Shinhan Financial Group to reclaim its position as Korea's top financial firm.Shinhan Financial Group Chairman Jin Ok-dong, left, and Woori Financial Group Chairman Yim Jong-yong / Courtesy of each companyFor the first time in three years, Shinhan was ranked top the in the industry by market capitalization in 2022 by reaping a record 4.64 trillion won in yearly earnings and outpacing its rival KB Financial Group which earned 4.41 trillion won.But Shinhan allowed the lead to KB again in the first quarter of this year, with its net profit amounting to 1.38 trillion won against its rival's 1.49 trillion won.Under the circumstances, Jin has been eyeing the global market, including Japan in the wake of thawing diplomatic relations with Korea.Japan was Shinh

Jun 29, 2023By Yi Whan-woo

Shinhan, Woori heads mark 100 days since inauguration

Chinese subscribers cause health insurance deficit

A woman waits for treatment at Inje University Seoul Paik Hospital in downtown Seoul, June 12. Korea Times photo by Lee Han-hoBy Lee Yeon-wooForeign subscribers paid more into the health insurance system than the benefits they received last year, but when it comes to Chinese subscribers, the benefits surpassed their payments. According to data the National Health Insurance Service (NHIS) submitted to Rep. Nam In-soon of the main opposition Democratic Party of Korea on Wednesday, health insurance reached a deficit of 22.9 billion won ($17.5 million) for subscribers of Chinese nationality. This contrasts with the overall surplus of 556 billion won for foreign subscribers. Foreign nationals, including overseas Koreans, paid 1.79 trillion won in insurance premiums and received benefits totaling 1.23 trillion won.However, the deficit's scale is on a downward trend. The deficit in health insurance involving Chinese nationals peaked in 2018 at 150.9 billion won, but it has been declining steadily to 98.7 billion won in 2019, 23.9 billion won in 2020 and 10.9 billion won in 2021. The rebound

Jun 28, 2023By Lee Yeon-woo

Chinese subscribers cause health insurance deficit

Internet-only banks tap into fandom culture to engage young customers

Kim Young-rim, the service owner of KakaoBank's “My Favorite Savings,” speaks during a press meeting in Seoul, April 18. Courtesy of KakaoBankBy Lee Yeon-wooThe country's internet-only banks are rolling out new services targeting K-pop fans, weaving fandom culture into their savings products. This initiative is seen as a strategic move to attract and secure younger customers who show significant interest in K-pop idols.Last Friday, Toss Bank, in collaboration with K-pop powerhouse HYBE, launched a savings product where users can support their favorite members of the survival audition program, “R U Next?”When a user chooses a specific contestant on the banking platform, a savings account is created with the member's photo on the cover. A user can support up to 22 contestants. Users can also write supportive messages to the performers each time they deposit a certain amount into the account. Even though the TV program isn't set to air until Friday, the total amount saved by the bank's users already exceeds 223 million won ($171,248) as of Monday.The internet-onl

Jun 28, 2023By Lee Yeon-woo

Internet-only banks tap into fandom culture to engage young customers

Hana, Woori expected to focus on M&As in 2nd half

The logo of Hana Financial Group is seen at the entrance of the group's headquarters in central Seoul in this photo taken on May 26. NewsisBig 4 banking groups seek strategic overhaul in 2nd half By Yi Whan-wooHana Financial Group and Woori Financial Group are anticipated to accelerate their respective bids to acquire non-banking businesses in the second half of the year as they both look to diversify their portfolios, according to industry sources, Tuesday.Hana said it is working to finalize its schedule by next month for its strategic meeting for the latter half of the year. Woori plans to hold its meeting on July 14.The two have been eyeing M&As in order to enhance their competitiveness in the finance industry against two bigger rivals ― KB and Shinhan ― and fintech companies, which have been emerging rapidly in the industry amid the digital transformation.Regarding Hana, Chairman Ham Young-joo has been repeatedly addressing the need for M&As in five areas: life insurance, non-life insurance, credit card, wealth management and car financing, since taking office in March 20

Jun 27, 2023By Yi Whan-woo

Hana, Woori expected to focus on M&As in 2nd half

JB Financial Group vows to be 'small yet strong' on 10th anniversary

JB Financial Group Chairman Kim Ki-hong speaks at a ceremony celebrating its 10th anniversary, in Muju County, North Jeolla Province, Saturday. Courtesy of JB Financial GroupBy Lee Yeon-wooJB Financial Group aims to evolve into a small yet highly profitable financial group, according to a long-term plan announced last Saturday at a ceremony marking its 10th anniversary in Muju County, North Jeolla Province.The ceremony aimed to look back on the group's 10-year history and strengthen unity among its employees. Participating in the ceremony were the financial group's 3,500 employees along with JB Financial Group Chairman Kim Ki-hong, Jeonbuk Bank CEO Baek Jong-il, Kwangju Bank CEO Ko Byung-il, JB Woori Capital CEO Park Chun-won, JB Asset Management CEO Choi Won-cheol and JB Investment CEO Lee Gu-wook.Launched in 2013, JB Financial Group has grown into a comprehensive financial group that oversees 10 affiliates, including the holding company. It is the first financial group headquartered in Korea's southwestern region. The group also operates subsidiaries in Cambodia, Myanmar and Vietna

Jun 27, 2023By Lee Yeon-woo

JB Financial Group vows to be 'small yet strong' on 10th anniversary

Hana donates school stationery for cyclone-hit Myanmarese children

Hana Financial Group Vice Chairman Lee Eun-hyung, second from right, poses with other participants from Korea and Myanmar during a donation of school supplies for children in regions of Myanmar hit by Cyclone Mocha, in this photo released on Tuesday. The donation took place at Hana Microfinance, the group's corporate entity in the Myanmarese city of Yangon. Courtesy of Hana Financial GroupBy Yi Whan-wooHana Financial Group donated school stationery for children in Myanmar which was hit recently by the powerful storm Cyclone Mocha, the company announced on Tuesday. The Korean banking group said officials from Hana Microfinance, its corporate entity in Myanmar's largest city of Yangon, visited two cyclone-hit regions in Rakhain and Magway.They delivered 500 sets of school supplies, pencils, pens, notebooks and water bottles to support the children there.“We will continue to be a responsible member of the international community along with our support for Myanmarese that fell victim to Cyclone Mocha,” Hana Financial Group Vice Chairman Lee Eun-hyung said as he joined the don

Jun 27, 2023By Yi Whan-woo

Hana donates school stationery for cyclone-hit Myanmarese children

KB Kookmin Bank to serve Citibank Korea retail customers

Citibank Korea CEO Yoo Myung-soon, left, poses with KB Kookmin Bank CEO Lee Jae-keun after signing an MOU to enhance customer convenience of Citibank retail banking, at KB Kookmin Bank headquarters in Seoul, Tuesday. While Citibank Korea is scheduled to shut down its retail banking services in phases, its customers will be provided the same level of benefits as before at KB Kookmin Bank. Courtesy of KB Kookmin Bank

Jun 27, 2023

KB Kookmin Bank to serve Citibank Korea retail customers

AmorePacific Group signs MOU with retail giant A.S. Watson Group to expand global business

Amore Pacific Group CEO Lee Sang-mok, right, and Malina Ngai, CEO of A.S. Watson Group Asia and Europe, pose for a photo at the Amore Pacific Group headquarters in Seoul in this June 27 photo provided by the company. YonhapKorean cosmetics giant Amore Pacific Group said Tuesday it has signed an initial pact with international health and beauty retailer A.S. Watson Group to expand its global business.With the memorandum of understanding (MOU), the two companies agreed to cooperate to seek the growth of Amore Pacific's brands that have already entered A.S. Watson's platforms, including Innisfree, Etude and Mise-en-Scene.The companies also agreed to cooperate to help more Amore Pacific brands, such as Illiyoon and Aesotura, break into the global market.Amore Pacific said it will be able to present its "innovative" products to more global consumers through A.S. Watson's broad distribution network. A.S. Watson, established in 1841, is one of the world's largest health and beauty retailers, with more than 16,000 stores in 28 markets across the world. It has maintained a strategic partnersh