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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.

Hana Bank to host US real estate investment seminar

A promotional image for Hana Bank's seminar on real estate investment and immigration in the United States / Courtesy of Hana BankBy Yi Whan-wooHana Bank will host a seminar, Friday, on investing in real estate in the United States and opportunities to get a green card through such investment, the company announced on Tuesday. The seminar will take place at Club1, the VIP member club of Hana Bank, in southern Seoul's Samseong-dong. The seminar, according to the lender, comes as investors are increasingly interested in investments in U.S. real estate. Many of them plan to emigrate to the U.S. permanently or study there, and want to capitalize on investment as a way to visualize the plan. “We hope to show participants how they can diversify their portfolios and reduce investment risks at a time when the financial market is facing extreme turbulence,” the bank said in a press release. The company underscores that it has years of experience in foreign currency-related investment and that it will “fully capitalize on its knowhow to offer qualify services for participants

Oct 18, 2022By Yi Whan-woo
Hana Bank to host US real estate investment seminar

Financial companies address IT safety over Kakao fiasco

The interior of Kakao's newly opened Pangyo office in Seongnam, Gyeonggi Province, Monday. YonhapKakao triggers distrust over financial companies' IT systemsBy Yi Whan-wooCommercial banks are underlining their IT security measures aimed at protecting customers' data and ensuring undisrupted services, in the wake of the latest service malfunction suffered by the country's two major tech firms ― Kakao and Naver.The malfunction was caused by a fire on Saturday at an SK C&C data center that Kakao and Naver had been outsourcing.The disaster in the highly connected society has sparked concerns whether it is safe to rely solely on big tech firms that are increasingly responsible for a wide range of services related to daily activities, such as instant messaging, music streaming, taxi-hailing, shopping and mobile payment.In the case of Kakao, it also has advanced into mobile banking. Users of Kakao services suffered greater inconveniences than users of Naver, which has a more robust backup system with resources distributed to multiple data centers.Banks, both online and offline, are now

Oct 18, 2022By Yi Whan-woo
Financial companies address IT safety over Kakao fiasco

Korea seeks more investment from Netherlands in chips, new energy fields

Samsung Electronics Vice Chairman Lee Jae-yong, center, inspects a chipmaking machine at the Dutch chip equipment maker ASML's factory in Veldhoven, the Netherlands, June 14. YonhapKorea asked the Netherlands on Tuesday to make greater investments and enhance bilateral cooperation in semiconductors and such advanced industry fields as hydrogen and nuclear power generation, Seoul's industry ministry said.Deputy Trade Minister Jeong Dae-jin made the request during a meeting with Hanneke Schuiling, the Dutch vice minister for foreign economic relations, in Seoul, according to the Ministry of Trade, Industry and Energy."Chung noted that the Korean government will offer greater incentives for investment in strategic industry fields, such as semiconductors, and asked for Korea to be considered as a No. 1 candidate place for additional investment," the ministry said in a release.Korea has been actively working to support ASML as the Dutch chip equipment maker plans to break ground next month to build a semiconductor cluster in the city of Hwaseong, some 40 kilometers south of Seoul, by earm

Oct 18, 2022
Korea seeks more investment from Netherlands in chips, new energy fields

Financial authority launches probe into Kakao over service outage

A person enters Kakao's office in Seongnam, Gyeonggi Province, Monday. Yonhap By Lee Min-hyungThe Financial Supervisory Service (FSS) is looking into whether Kakao's financial affiliates took timely countermeasures after a fire broke out at a data center on Saturday.According to the financial authority, it demanded KakaoBank, Kakao Pay and Kakaopay Securities submit their real-time response actions for the weekend.The inspection came in reaction to growing public complaints over hours-long service disruptions of the financial services run by the mobile platform operator.Most of the services became available again on Sunday, but the authority decided to launch the inspection to clarify the root causes behind the belated normalization of the services and find out who to hold responsible for the system error.If the financial watchdog finds evidence of any mishandling of emergency response actions by the companies, chances are it will expand the scale of its inspection.

Oct 17, 2022By Lee Min-hyung
Financial authority launches probe into Kakao over service outage
  • SK, Kakao, Naver heads face grilling by lawmakers over unprecedented outage
  • Gov't to set up cybersecurity task force after Kakao disruptions

KB Financial to sponsor world badminton tournament in Indonesia

The logo of KB Financial Group Indonesia Masters 2022 tournament hosted by the Badminton World Federation (BWF), from Tuesday to Sunday / Courtesy of KB Financial GroupBy Yi Whan-wooKB Financial Group will serve as the title sponsor of an international badminton tournament to be held in Malang, Indonesia, from Tuesday to Sunday, the banking group announced on Monday.A title sponsor is a patron of an event with the exclusive right to have its name appear in the event title in return for offering money, goods or services.Accordingly, the aforementioned tournament has been named as KB Financial Group Indonesia Masters 2022 while it was originally called 2022 Indonesia Masters Super 100.The tournament is a part of a year-long tour hosted by the Badminton World Federation (BWF), badminton's international governing body.KB Financial Group's title sponsorship comes as it is expanding support for a variety of sports, including golf, rhythmic gymnastics, swimming, short track speed skating and figure skating, as well as athletes of those sports.The Seoul-based financial services company has b

Oct 17, 2022By Yi Whan-woo
KB Financial to sponsor world badminton tournament in Indonesia

BC Card to expand footing in Vietnam

BC Card CEO Choi Won-seok, left, poses with NAPAS Deputy CEO Nguyen Dang Hung, after signing a partnership at the former's headquarters in Seoul, Monday. Courtesy of BC CardBy Lee Min-hyungBC Card has signed a business partnership with the National Payment Corporation of Vietnam (NAPAS) to jointly promote non-cash payments, the Korean card processing company said Monday.The tie-up will enable BC Card to tap deeper into the lucrative emerging market. NAPAS offers a payment service for customers to make payments through their NAPAS-branded cards issued mostly by Vietnam's commercial banks.Those who plan to visit the country can use BC Card's QR code-based payment system at most stores there. As the Vietnamese firm holds more than 2.2 million affiliated stores in the country, most Korean tourists have no problem paying with their BC Card-branded credit or debit cards there, the company said.BC Card also forged ties with NAPAS-branded card issuers on the same day. A group of officials from 12 Vietnamese banks also visited headquarters of the Korean firm in Seoul, and tried out BC Card's

Oct 17, 2022By Lee Min-hyung
BC Card to expand footing in Vietnam

Hana Bank wins Best Sub-Custodian Bank award

By Lee Min-hyung Seon Soon-chul, head of Hana Bank's Amsterdam Branch, poses after winning the Best Sub-Custodian Bank in Korea award from the Global Finance Transaction Banking Awards 2022, at the InterContinental Amstel Amsterdam hotel, Netherlands, Oct. 11. Courtesy of Hana Bank Hana Bank was named the Best Sub-Custodian Bank by Global Finance magazine in recognition of its commission competitiveness and diversified customer satisfaction capabilities, the lender said Sunday. The bank has received the award every year since 2008, except for 2010. This year is the first time that a Korean commercial lender has won its 14th award from the Global Finance Transaction Banking Awards.The magazine spoke highly of Hana's high level of customer services, its competitive edge in commissions, solid sales roadmap and capabilities in meeting the market's diversified needs.“Hana Bank was recognized again for its three decades of expertise in custodian services by the global marke

Oct 16, 2022By Lee Min-hyung
Hana Bank wins Best Sub-Custodian Bank award

Service disruptions likely to hit Kakao's stock price

Firefighters respond to a fire at SK C&C's Pangyo facility in Seongnam, Gyeonggi Province, Saturday. Yonhap By Lee Min-hyungKakao, the operator of Korea's dominant mobile messenger app KakaoTalk, is expected to face a Black Monday-esque scenario after its services were shut down for more than 10 hours, the longest-ever service outage in its history. The company is considered one of the major growth stocks, enjoying a super-rally in 2021 due to excess liquidity at the time. But its upward momentum hit a snag at the beginning of 2022 as a consequence of the rapid pace of the rate hikes implemented by the U.S. Federal Reserve and the Bank of Korea.According to the Korea Exchange, Kakao's share price peaked at 170,000 won in June last year, but has since lost steam. Its value tumbled below 50,000 won last week. Kakao shares closed at a new low of 47,300 won on Thursday for the first time since June 2020, though they soon bounced back to 51,400 won the following day on a

Oct 16, 2022By Lee Min-hyung
Service disruptions likely to hit Kakao's stock price
  • Skepticism rises over Korea's heavy reliance on Kakao

KDB Life put up in M&A market for fifth time

KDB Life Insurance headquarters in Seoul / Courtesy of KDB Life InsuranceBy Anna J. ParkKorea Development Bank (KDB) has officially kicked off the process to sell KDB Life Insurance, appointing Samil PwC to be the lead adviser for the sale. According to the investment banking industry Friday, KDB and Consus Asset Management ―the two major shareholders of the life insurance firm ― are set to send a prospectus on the sale to potential buyers as early as the end of the this month. KDB is also planning to officially announce the sale of KDB Life, after gaining the board's approval scheduled later this month. Late last month, KDB Chairman Kang Seog-hoon said the state lender aims to sell off KDB Life as soon as possible. KDB acquired the life insurance company in 2010, following an insolvency issue of Kumho Group, the previous parent company of the insurance firm. KDB jointly formed a private equity fund with Consus Asset to acquire the insurer, and has injected about 850 billion won ($593 million) so far. The joint private equity fund owns a 92.73 percent stake in KDB Life, and that majo

Oct 14, 2022By Anna J. Park
KDB Life put up in M&A market for fifth time

Lionheart Studio, Golfzon Commerce withdraw IPO plans

gettyimagesbank By Anna J. Park Lionheart Studio, which had been regarded as one of most anticipated IPOs for the tech-heavy Kosdaq market slated for this year, ended up canceling its listing plan, amid the market's negative sentiments towards its estimated corporate valuation as well as the public's fatigue over Kakao affiliates' series of IPOs. Originally, the subsidiary of Kakao Games was supposed to conduct a stock allotment process for retail investors early next month. But the game company officially announced the withdrawal of its IPO plan on Thursday, just two weeks after the firm submitted its IPO registration statements to the financial authority. The company stated that it decided to withdraw its listing plan after thoroughly considering both local and global market factors that make it hard to acknowledge its proper valuation. The game company had hoped its market cap would be valued at a minimum of 3 trillion won ($2.1 billion) with its initial subscrip

Oct 14, 2022By Anna J. Park
Lionheart Studio, Golfzon Commerce withdraw IPO plans
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