Business - The Korea Times

Toss chief meets PayPal CEO on Yoon's state visit to US

Viva Republica founder and CEO Lee Seung-gun, left, poses with PayPal CEO Dan Schulman at the latter's headquarters in San Jose, California, Tuesday (local time). Courtesy of Viva RepublicaBy Lee Min-hyungLee Seung-gun, founder and CEO of Viva Republica, met with PayPal CEO Dan Schulman on Tuesday while accompanying President Yoon Suk Yeol on his state visit to the United States.Viva Republica is one of Korea's fastest-growing fintech startups, operating money transfer app Toss. In 2017, a consortium of investors, including PayPal Ventures, invested $48 million (64.3 billion won) in Toss. This was the first time for the U.S. online payment system operator to invest in a Korean company.Both sides discussed up-to-date trends in the global fintech industry and shared insights on the future of the financial industry. This also marked the first time that Lee met with the PayPal chief. Lee visited PayPal headquarters in San Jose for the meeting.“We have been able to reconfirm the unwavering trust between both sides through the latest meeting,” Lee said. “Dan Schulman has

Apr 27, 2023By Lee Min-hyung

Toss chief meets PayPal CEO on Yoon's state visit to US

Samsung Life slapped with warning for poor internal controls

Samsung's office buildings where Samsung Life Insurance headquarters are located / YonhapBy Lee Min-hyungSamsung Life Insurance was issued an administrative warning from the Financial Supervisory Service (FSS) over its poor internal control and risk management system. The watchdog recently sent the message of warning to the insurer, urging it to autonomously improve its risk management capabilities.This came after the Samsung affiliate was designated as a group of a financial conglomerate last year. Any companies classified into the group should build tighter internal control systems on their own against possible financial accidents, such as insider trading.But the FSS supervision showed that Samsung Life has not set up any specific division dedicated to fulfilling the role and has conducted internal control with only a few officials.In November 2021, the company created the division, but its specific role and responsibility have not been reflected in Samsung Life's bylaws until the FSS inspection.“Given Samsung Life's corporate size and diverse business areas, the company shou

Apr 26, 2023By Lee Min-hyung

Samsung Life slapped with warning for poor internal controls

Hana Financial Group to offer wedding venue for free

This promotional image shows Hana Grand Hall, a wedding venue offered by Hana Financial Group. Courtesy of Hana Financial GroupBy Yoon Ja-youngHana Financial Group will renovate parts of its buildings around the country as wedding venues, as part of its initiative to help lift the country's falling birthrate. The venues will be offered for free.Hana announced on Wednesday that it started the Hana Grand Hall project, under which six of the group's buildings around the country are to be renovated to include a wedding venue. It is part of the group's 2023 HANA Lifecycle Support scheme, which aims at tackling the low birthrate problem and expanding the culture of mutual growth in the finance industry. For a start, Hana Grand Hall Myeongdong, located on the fourth floor of the group's building in Myeong-dong, downtown Seoul, will be offered as a wedding venue for free. Applications will open on May 15 through the bank's mobile app Hana 1Q. Located in downtown Seoul, the site boasts good connections to public transportation as well as a spacious parking lot. Unlike other ordinary commercia

Apr 26, 2023

Hana Financial Group to offer wedding venue for free

Woori Financial Group's net profit up 8.6% on-year in Q1 on increased interest income

Woori Financial Group headquarters in Seoul / YonhapMajor Korean financial holding firm Woori Financial Group said Monday its net profit rose 8.6 percent in the first quarter from a year earlier thanks largely to higher interest income and cost-cutting efforts.Net profit for the three months ended in March rose to 911.3 billion won ($682.6 million) from 839.2 billion won during the same period of last year, the financial group said in a statement.Woori Financial Group attributed the increased net profit to cost-cutting efforts and a rise in interest income amid Korea's monetary tightening to curb inflation.The Bank of Korea raised the country's key interest rate seven straight times from 1.25 percent to 3.5 percent until it froze the rate in February.Woori Financial Group said its net interest margin, or the difference between interest paid and interest received, stood at 1.94 percent in the first quarter, up from 1.73 percent a year earlier. Woori Financial said its non-interest income shrank 13.4 percent on-year to 331.7 billion won in the first quarter due to the won's weakness ag

Apr 24, 2023

Woori Financial Group's net profit up 8.6% on-year in Q1 on increased interest income

Banks step up efforts to improve digital literacy of elderly customers

A row of automated teller machines in Seoul / Korea Times file photoBy Yi Whan-wooMajor commercial banks are bolstering efforts to offer customized services for senior citizens who find adapting to digital banking service platforms difficult amid a sharp decline in the number of offline bank branches.KB Kookmin Bank has been running a special van that moves around community centers in Seoul to help elderly clients better understand how to use digital services that banks now provide as standard.Each Shinhan Bank, Hana Bank and Woori Bank has a special branch where services using smart kiosks and other digital banking devices are simplified compared to other branches.“We believe offline services for elderly people remain crucial despite the transition to digital banking, considering the country's population is aging,” a public relations staff member at a bank said, asking not to be named. Known as the KB Senior Lounge, the van, which is operated by KB Kookmin Bank visits community centers in five districts in Seoul: Jungnang, Guro, Eunpyeong, Nowon and Gangseo every Monday

Apr 24, 2023By Yi Whan-woo

Banks step up efforts to improve digital literacy of elderly customers

Hana, Woori's Russian operations enjoy high profits despite war

A Hana Bank employee arranges bundles of rubles at the bank headquarters in downtown Seoul, in this June 2022 photo. YonhapBy Lee Yeon-wooDomestic commercial banks that have entered the Russian market are seeing their profits soar while manufacturing companies are considering pulling out due to the ongoing war in Ukraine showing no signs of a ceasefire in sight.Hana Bank's Russia operation reported total assets worth 1.28 trillion won ($959 million) for last year, up from 725.6 billion won in 2021. Its operating profit saw a significant surge as well, reaching 16.3 billion won last year ― a whopping 158 percent increase year-on-year. The bank launched its Russian operation in 2014 to expand its international portfolio and support Korean corporations entering the market there.Hana Bank was not the only bank to make significant profits in Russia last year.According to Woori Bank, its Russia operation reported total assets worth 786 billion won last year, up from 522 billion won the year before. The bank's operating profit in Russia also surged by 176 percent compared to the previous ye

Apr 24, 2023By Lee Yeon-woo

Hana, Woori's Russian operations enjoy high profits despite war

Lotte Insurance launches Korea travel insurance for foreign tourists

A promotional image of Lotte Insurance's “let:discover” Korea travel insurance / Courtesy of Lotte InsuranceBy Lee Min-hyungLotte Insurance has launched an insurance product for foreign tourists visiting Korea in partnership with Creatrip, a Seoul-based travel information platform.One key feature of the product is its simple and easy subscription service. Any foreign tourists can subscribe to the insurance by typing in their minimum information ― such as travel period, passport number, name and gender ― in the Creatrip application.Lotte Insurance said it will provide specialized services to foreign customers by increasing the convenience of insurance subscriptions and claims. In the event of an insurance accident, the insured can easily make a claim by mobile device or email before leaving Korea, according to the non-life insurer.Major documents ― including insurance terms and conditions ― will be provided in six languages ― English, Japanese, Cantonese, Taiwanese, Thai and Vietnamese. The insurer also plans to expand the number of languages supported.gettyimagesbankLotte

Apr 24, 2023By Lee Min-hyung

Lotte Insurance launches Korea travel insurance for foreign tourists

KakaoBank to sell mutual funds online in 2nd half

KakaoBank / Courtesy of KakaoBankBy Anna J. ParkKakaoBank has earned preliminary approval from financial authorities to extend its business into financial investment and brokerage operations. If it receives the regulator's final authorization, the mobile-based lender will be the first internet-only bank in Korea qualified to sell mutual funds online via its mobile platform. According to the Financial Services Commission (FSC) on Sunday, the top financial regulator's Securities and Futures Commission granted preliminary permission to KakaoBank's to extend its business operation to include collective investment securities, trading and brokerage, during the commission's regular meeting in late February. During the meeting, the financial regulator raised concerns about the mis-selling of fund products to consumers, as KakaoBank does not operate in-person consultations. The internet-only bank's consumer protection measures were also scrutinized during the meeting, as to check whether KakaoBank effectively deals with consumer complaints on its online platform. KakaoBank will be required to

Apr 23, 2023By Anna J. Park

KakaoBank to sell mutual funds online in 2nd half

Hana opens nursing room at bank branch to help tackle low birth rate

Hana Financial Group Vice Chairman Lee Eun-hyung, second from right, poses with the firm's pregnant employees during a ceremony to mark the opening of a nursing room at a Hana Bank branch in Seongnam, Gyeonggi Province, in this photo released on Sunday. Courtesy of Hana Financial GroupBy Yi Whan-wooHana Financial Group has opened a nursing room for pregnant women and new moms as a part of its broader strategy to tackle the nation's low birth rate and rapid population decline, the banking group announced on Sunday.The company said that the Hana Mom Center opened at a branch of Hana Bank in Seongnam, Gyeonggi Province.The branch is near Yatap Station on the Suin-Bundang subway line, which is located in a business district and has many working mothers as customers, according to Hana Financial Group.The nursing room is open from 9 a.m. to 4 p.m. Monday to Friday. It is equipped with stroller storage, a rest area for pregnant women, a breastfeeding space and tables to change diapers. It also has a mini kitchen with a baby bottle sterilizer, a microwave, a water purifier and other items to

Apr 23, 2023By Yi Whan-woo

Hana opens nursing room at bank branch to help tackle low birth rate

INTERVIEW M&A in materials, ESG, healthcare forecast to pick up

Samil PwC Deal Leader Park Dae-joon speaks during an interview with The Korea Times at Samil PwC headquarters in Seoul. Courtesy of Samil PwCPE firms, middle market companies to lead further M&A market growth By Anna J. ParkDespite the slowdown of global M&A transactions last year amid global interest rate hikes, Korea's M&A market is expected to continue to grow, particularly in the areas of materials, ESG-themed energy and equipment and healthcare sectors.“Korea's M&A market has been steadily growing during the past decade, peaking in 2021. The market performed relatively poor in 2022, due mainly to global interest rate hikes and consequential increases in the financing costs for deals,” Samil PwC's Deal Leader Park Dae-joon said during a recent one-on-one interview with The Korea Times. “Yet, it is forecast to maintain continual growth in the future,” he stressed. The M&A and corporate valuation expert, with over 30 years of extensive experience in both local and cross-border transactions, explained that Korea's M&A market has been s

Apr 22, 2023By Anna J. Park

Banking & Finance