Business - The Korea Times

Shinhan Card launches blockchain-powered digital warranty service for used goods transactions

Shinhan Card's headquarters in Seoul / YonhapBy Lee Min-hyungShinhan Card has launched a blockchain-powered digital warranty service used to certify the authenticity of products. The card firm teamed up with BGZT, a Seoul-based startup operating a used goods sales platform, enabling customers to access the service at BGZT's offline stores. Shinhan Card said it would expand the service by continuing to sign partnerships with retailers and manufacturers here. When customers purchase goods from BGZT's three stores in Seoul, they can scan a QR code on the purchased product and receive a digital warranty. They can then check detailed information on the products via Shinhan's pLay mobile application.The digital warranty service allows customers to check an item's specific serial number and appraisal information on the product, Shinhan Card said. Even if customers do not purchase items with the firm's credit or debit cards, they can access the service, according to the company. Both firms plan to sell 10,000 products that can be certified with the digital warranty service by the end of this

Sep 13, 2022By Lee Min-hyung

Shinhan Card launches blockchain-powered digital warranty service for used goods transactions

Number of 'marginal firms' jumps nearly 24% in 2 years

This photo shows empty buildings in Myeongdong, central Seoul, amid fears of the coronavirus, March 3. YonhapThe number of Korean firms unable to service their debts with earnings soared nearly 24 percent in 2021 from two years earlier amid the prolonged coronavirus outbreak, a report showed Tuesday.Asia's fourth-largest economy had 2,823 "marginal companies" last year, up 23.7 percent from 2019 before the COVID-19 outbreak in the country, according to the report by the Korea Economic Research Institute (KERI).Marginal companies refer to corporations whose interest coverage ratio hovers below 1.The interest coverage ratio is calculated by dividing a company's operating profit by its interest expenses. A ratio of less than 1 means the company's operating profit does not cover its interest expenses.The report is based on an analysis of 22,388 non-financial companies that are subject to the country's external audit law.The report also showed those marginal companies having a combined workforce of 314,000 in 2021, up 26.7 percent from two years earlier.A total of 449 large and midsized f

Sep 13, 2022

Number of 'marginal firms' jumps nearly 24% in 2 years

Woori Financial chief to visit Europe next month to discuss ESG efforts

Woori Financial Group Chairman and CEO Son Tae-seung / Courtesy of Woori Financial GroupBy Yi Whan-wooWoori Financial Group Chairman and CEO Son Tae-seung will visit Europe next month to discuss the group's efforts in environmental, social and corporate governance (ESG) practices on the global stage, according to the banking group, Monday. It said Son's planned trip comes upon the joint invitation of two U.N. bodies _ the U.N. Framework Convention (UNFCC) and UN Environment Programme Finance Initiative (UNEP FI) _ plus that of the International Union for Conservation of Nature and Natural Resources (IUCN), an observer to the U.N. General Assembly.The chairman is scheduled to meet UNFCC Acting Executive Secretary Ibrahim Thiaw, who also doubles as the executive secretary of the U.N. Convention to Combat Desertification (UNCCD), UNEP FI head Eric Usher and IUCN Deputy Director General Lee Sung-ah.“The chairman's trip means global entities are paying attention to our activities and achievements concerning ESG,” the company said. “We're expected to be invited to join gl

Sep 12, 2022By Yi Whan-woo

Woori Financial chief to visit Europe next month to discuss ESG efforts

INTERVIEW 'Tech, AI, logistics, automation sectors to be key areas of Korea-SEA investment deals'

PwC Singapore Mergers & Acquisitions and Private Equity Leader Ling Tok Hong / Courtesy of PwC PwC's Korea-Singapore deal center facilitates M&A opportunities between Korea, Southeast Asian countriesBy Anna J. ParkIn the wake of COVID-19, the global mergers and acquisitions (M&A) market has grown exponentially to meet a greatly transformed business environment, such as deepened digitalization and efficient logistics. Southeast Asian countries have also witnessed significant growth in M&A transactions in the years following the pandemic outbreak. Businesses' increased tendency to relocate manufacturing operations from China to Southeast Asia as well as further migration of funds to Singapore have helped the rise of M&A and private equity (PE) investments in the region. During a recent one-on-one talk with The Korea Times, PwC Singapore's M&A and PE Leader Ling Tok Hong explained such unique features of the M&A and PE markets in Southeast Asia as well as the opening o

Sep 10, 2022By Anna J. Park

[INTERVIEW] 'Tech, AI, logistics, automation sectors to be key areas of Korea-SEA investment deals'

Mirae Asset, Korea Investment top in errors of HTS, MTS

gettyimagesbankBy Anna J. ParkA total of 1,136 cases of errors in local securities companies' home trading services (HTS) and mobile trading services (MTS) have been reported over the past five years. Mirae Asset and Korea Investment topped the list for resultant financial harm inflicted on consumers.This is according to data submitted by the Financial Services Commission (FSC) to independent lawmaker Yang Jung-suk. The data tracks 29 local securities firms' errors reported since 2017, amounting to aggregated financial damages of 26.8 billion won ($19.3 million). Mirae Asset, the biggest player in the industry, is estimated to have inflicted the highest amount of harm ― 7.6 billion won ―, due to the error cases of their HTS and MTS services during the five-year period, followed by Korea Investment's four billion won, Samsung Securities' 1.5 billion won, Kiwoom Securities' 1.1 billion and NH Investment's 100 million won. Out of all the cases reported, only 81 percent of them were found to have compensated impacted investors. “It is a shocking truth to know that hundreds of error

Sep 7, 2022By Anna J. Park

Mirae Asset, Korea Investment top in errors of HTS, MTS

Hyundai Card in talks with Apple to introduce Apple Pay in Korea

The headquarters of Hyundai Card on Yeouido, Seoul / NewsisBy Anna J. ParkHyundai Card is currently known to be in talks with Apple to introduce Apply Pay exclusively to Korea as early as by the end of this year. According to local credit market sources, Hyundai Card's talks with Apple are in its final phase to seal the deal of exclusively introducing the mobile payment services to Korean consumers. Hyundai Card is expected to sign a one-year exclusive contract to provide the U.S. tech-giant's mobile payment service, while some say the contract could be extended for up to three years. Since early August, there have been numerous local media reports speculating about Hyundai Card's exclusive deal with Apple Pay. Yet, the credit card company has kept its lips sealed on the matter. “There's nothing the company can confirm on the matter. That's all we can say,” an official from Hyundai Card told The Korea Times, WednesdayHowever, the local credit card industry now regards the deal as a fait accompli, as the sources of the news came from the local payment network business indu

Sep 7, 2022By Anna J. Park

Hyundai Card in talks with Apple to introduce Apple Pay in Korea

MBK Partners chairman donates $10 million to the Met

By Yoon Ja-youngMBK Partners' co-founder and partner Kim Byung-ju is donating $10 million to the Metropolitan Museum of Art in New York, the museum announced Tuesday. The museum will name a gallery after Kim and his wife, which will be the first gallery in the museum named after a person of Korean descent.MBK Partners Chairman Kim Byung-ju / Korea Times fileAccording to the museum, Kim, who founded and heads North Asia's leading private equity firm, has pledged $10 million to support the renovation of the Oscar L. Tang and H.M. Agnes Hsu-Tang Wing for modern and contemporary art at the museum. It plans to name a gallery in the new wing, the Michael B. Kim and Kyung Ah Park Gallery, after Kim and his wife.The renovation follows the museum's plan announced last year, which will create 80,000 square feet of galleries and public space by fully reimagining the current modern and contemporary galleries, led by architect Frida Escobedo. “We are enormously grateful to Michael Kim for his exceptional generosity, which will contribute to a landmark next chapter for The Met's presentation

Sep 7, 2022By Yoon Ja-young

MBK Partners chairman donates $10 million to the Met

Kyobo Life mulls over listing on US stock market

The headquarters of Kyobo Life in central Seoul / Courtesy of Kyobo LifeLife insurer seeks alternative following rejection by KRXBy Anna J. ParkKyobo Life is examining the option of pursuing an overseas listing on the U.S. stock market, as its attempt to go public on the Korean stock market was denied two months ago. According to financial industry sources on Tuesday, the life insurer has begun internal discussions on the topic of going public on the U.S. stock market with a preference for the New York Stock Exchange (NYSE).It's not the first time that the life insurer has examined the option of an overseas listing. Kyobo Life had also studied and considered going public on other major stock markets, including those of the U.S., Hong Kong, Shanghai and London. Back then, the option was more considered long-term strategic planning for the company's various possible listing scenarios, given that major local financial groups like KB and Shinhan are successfully dual-listed on the Korean and U.S. stock markets. However, market watchers say Kyobo Life's discussions on the overseas listing

Sep 6, 2022By Anna J. Park

Kyobo Life mulls over listing on US stock market

KB donates W1 billion for typhoon relief

Courtesy of KB Financial GroupBy Lee Min-hyungKB Financial Group will donate 1 billion won ($728,000) to support victims of Typhoon Hinnamnor, as part of efforts to fulfill its corporate social responsibility, the company said Tuesday.The donated money will be used to purchase daily necessities for the victims, restore relief facilities and ensure residential safety of those left vulnerable, according to KB.KB Kookmin Bank will also join the group-wide relief campaign by providing emergency relief kits and food trucks to those seriously affected by the typhoon.KB customers can also take part in the donation campaign via mobile apps operated by the group's seven financial affiliates from Sept. 7 to 23.The group's major subsidiaries ― such as KB Kookmin Bank, KB Insurance and KB Kookmin Card ― will also run an emergency financial support program to offer special loans or other financial benefits, including interest rate cuts, to the typhoon victims, KB said.Victims can apply for KB Kookmin Bank's emergency loan product with a credit line of 20 million won for each person. Small busines

Sep 6, 2022By Lee Min-hyung

KB donates W1 billion for typhoon relief

Hana launches financial aid project worth $19 billion

Hana Financial Group Chairman Ham Young-joo / Courtesy of Hana Financial GroupBy Lee Min-hyungHana Financial Group will launch a financial support project worth 26 trillion won ($19 billion) to help those in need amid economic uncertainty, the company said Sunday.The financial holding firm will team up with its key affiliates to help around 700,000 financially vulnerable people here by offering a series of programs, including interest rate cuts for its loan products.The project will be carried out in four areas targeting the self-employed, vulnerable borrowers, those in need of household loans and society. The group will join hands with its key financial subsidiaries ― Hana Bank, Hana Card and Hana Savings Bank ― for more systemic progress on the project, the company said.“Financial firms should stand at the forefront of creating a road for co-prosperity with the socially vulnerable in this period of economic uncertainty here and abroad,” Hana Financial Group Chairman Ham Young-joo said. “We will make group-wide efforts for our customers to actually receive financia

Sep 4, 2022By Lee Min-hyung

Banking & Finance