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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.

SC Bank Korea launches event promoting mobile banking app

Standard Chartered (SC) Bank Korea launches special event promoting third anniversary of its revised mobile banking app. Courtesy of SC Bank KoreaBy Yoon Ja-youngStandard Chartered (SC) Bank Korea started a special event commemorating the third year of the launch of its revised mobile banking app.According to the bank, customers can participate in the special event, which runs until Aug. 19, by subscribing to one of its products currently being promoted for the event ― E-green Save deposit, foreign currency deposit, mobile installment savings, or Disney Newtro debit card.Among the prizes for the lucky customers are iPad Pros for two winners, Shilla Hotel vouchers for five, Dior card holders for five, Apple Watch for 10, 30,000 won Shinsegae gift coupons for 100, and 10,000 won E-mart coupons for 200. To increase the chances of winning, customers may subscribe to diverse products promoted during the event as each subscription results in applications for the event. Any customer who applies for the event also gets three-month vouchers for Disney Plus.“At this time when interest ra

Jul 26, 2022
SC Bank Korea launches event promoting mobile banking app

Samsung Card's net rises 12 pct in H1 on increased consumer spending

Korea Times fileSamsung Card Co., a major South Korean credit card firm, said Monday its net profit increased in the first half of this year, helped by recovery in consumer sentiment amid the pandemic.Samsung Card's consolidated net profit stood at 315.9 billion won (US$241 million) in the January-June period, up 12 percent from a year earlier, according to the firm's regulatory filing.Operating profit increased 12.1 percent to 426.1 billion won, with sales revenue rising 10 percent to 1.94 trillion won.During the six-month period, the firm handled a combined 79.51 trillion won during the cited period, up 17.1 percent on-year. Of the amount, 69.7 trillion won was delivered from credit card payment fees, 9.38 trillion won from card loans, and 439.4 billion won from rentals and lease services.In the April-June quarter, the firm's net profit rose 7.9 percent to 155.2 billion won. Operating profit increased 7.6 percent to 209.7 billion won, and sales jumped 19.4 percent to 1 trillion won.Samsung Card attributed the robust earnings to the improved consumer spending that stemmed from the n

Jul 25, 2022
Samsung Card's net rises 12 pct in H1 on increased consumer spending

Hana Financial Group partners with SK Telecom in finance, ESG

Hana Financial Group Chairman Ham Young-joo, left, shakes hands with SK Telecom CEO Ryu Young-sang, after signing a strategic partnership at the latter's headquarters in Seoul, Friday. Courtesy of Hana Financial GroupBy Lee Min-hyungHana Financial Group has clinched a strategic partnership with SK Telecom to develop new business models in finance that use state-of-the-art technologies. Both companies exchanged shares worth 400 billion won ($305 million), as part of their first step to carry out a broader range of joint projects, they said Sunday, amid the government's push for policies that increasingly allow the financial and non-financial areas to converge.The nation's largest mobile carrier acquired Hana Financial shares worth 330 billion won. This move made SK Telecom secure a 3.1-percent stake in the financial holding firm as of closing on Friday. In response, Hana Card, a 100-percent subsidiary of Hana Financial Group, also purchased SK Telecom shares worth 68.4 billion won.The strategic alliance is expected to speed up their joint drive in the digital transformation of finance

Jul 24, 2022By Lee Min-hyung
Hana Financial Group partners with SK Telecom in finance, ESG

KB, Shinhan, Woori post record net profits in 1st half of year

Hana's net profit drops W0.3 trillion to W1.72 trillionBy Yi Whan-wooThree of the country's major banking groups posted record net profits in the first half of this year on the back of robust interest payments. The country's top banking group, KB Financial Group, still leads Shinhan Financial Group in its earnings for the first half of the year, while it fell into second place behind the latter in its performance for the second quarter.In a report released on Thursday, KB Financial Group said it logged a net profit of 2.75 trillion won ($2.09 billion) in the January-June period, up 11.4 percent from a year earlier.Shinhan Financial Group also surpassed the 2 trillion-won mark in its net profit, announced in a report on Friday. The amount stood at 2.72 trillion won, up 11.3 percent year-on-year.Also on Friday, Woori Financial Group reported a net profit that jumped 24 percent from a year earlier to 1.76 trillion won.The record profits of the three left Hana Financial Group, which is one of the nation's “Big 4”

Jul 22, 2022By Yi Whan-woo
KB, Shinhan, Woori post record net profits in 1st half of year

Seoul High Court sides with Woori Financial chief over FSS reprimand

Woori Financial Group Chairman Son Tae-seung / Courtesy of Woori Financial Group By Anna J. Park As Woori Financial Group Chairman Son Tae-seung won the appeal case in his legal battle against financial authorities' punitive measures on Friday, he has now cleared a major obstacle standing in the way of him possibly assuming another term as chairman. According to the Seoul High Court on Friday, the appellate trial maintained the first court ruling of the administrative case against the Financial Supervisory Service (FSS). The first trial of the battle between Son and the FSS was ruled in favor of Son at the end of last August, canceling the punitive measures the FSS had imposed on him over the mis-selling of high-risk derivative-linked funds (DLFs) by Woori Bank. The FSS decided to appeal the case last September, only to be defeated once more. Chairman Son first filed an administrative lawsuit against the financial watchdog agency, following the FSS' imposition of a

Jul 22, 2022By Anna J. Park
Seoul High Court sides with Woori Financial chief over FSS reprimand

KB Financial publishes ESG management practices report

A promotional image of the report / Courtesy of KB Financial GroupBy Anna J. ParkKB Financial Group has published its annual report on its ESG management practices, covering the topics of: inclusiveness, responses to climate change and sustainable finance. The report in particular states the financial group's detailed principles for ESG-based management with a vision for coexistence. According to the report, KB Financial Group has set out its long-term strategy, “KB Diversity 2027,” under which the group plans to expand the diversity of its employees.The long-term goal also involves the implementation of various sub-goals to foster a more inclusive corporate culture.The annual report also serves as a required disclosure for the Task Force on Climate-related Financial Disclosures (TCFD), which KB Financial joined back in 2018. The report detailed the financial group's efforts to bring about decarbonization in the four major areas of corporate governance, strategies, risk management and indices. It analyzes deeply and in detail the financial impacts of various carbon-neutra

Jul 21, 2022By Anna J. Park
KB Financial publishes ESG management practices report

Banks bemoan gov't pressure to support vulnerable

Financial Services Commission Chairman Kim Joo-hyun, center, looks at his watch during a meeting with the nation's five financial holding firms, at the Government Complex Seoul, Thursday. From left are KB Financial Group Chairman Yoon Jong-kyoo, Kim and Shinhan Financial Group Chairman Cho Yong-byoung. YonhapBy Lee Min-hyungCommercial banks are crying foul over the government's demand that they reduce their interest rates for loans and offer debt relief for financially vulnerable customers, as the brunt of these policies will be borne by the lenders, financial industry sources said, Thursday. With the latest decision by the Financial Services Commission (FSC), the government will set up what it calls a “new beginning fund” worth 30 trillion won ($22.9 billion) and use the money to help reduce loan principals for borrowers with low credit ratings.The authority plans to urge banks to participate in the drive, calling on them to take similar steps on behalf of those who cannot benefit from the fund directly.The banks remained perplexed over the decision by the government, se

Jul 21, 2022By Lee Min-hyung
Banks bemoan gov't pressure to support vulnerable

Hyundai Oilbank drops IPO plans amid stock market doldrums

Hyundai Oilbank's corporate logo / YonhapBy Lee Min-hyungHyundai Oilbank has dropped its plan to go public in the latter half of this year, as the company is unlikely to receive a proper valuation from the market amid the ongoing stock market slump here. “We decided to withdraw our planned initial public offering (IPO) at a time when we are facing tough market circumstances, which means we cannot be properly valued despite our solid earnings performance,” an official from the company said.This is the third time that the refiner dropped its planned IPO. The company gave up its listing plans previously in 2012 and 2018, citing worsening external market conditions at the time. Hyundai Oilbank's value was estimated around 10 trillion won ($7.6 billion) after the IPO.The company is one of the most-anticipated firms to hit the local IPO market this year. It chalked up a record operating profit of 1.14 trillion won in 2021 and attained annual sales of 20.6 trillion won. The Hyundai affiliate went on a winning streak in the first quarter of 2022 with a solid operating profit of 7

Jul 21, 2022By Lee Min-hyung
Hyundai Oilbank drops IPO plans amid stock market doldrums

Toss acquires mobile phone network operator

Lee Seung-gun, founder and CEO of Viva Republica, the operator of Toss app, speaks during a press conference held in March 2019. NewsisBy Anna J. ParkToss acquired Merchant Korea, a mobile virtual network operator (MVNO) that provides wireless communication services to consumers at reduced retail prices.The fintech app operator announced on Thursday that it signed a share purchase agreement with Merchant Korea to acquire a 100 percent stake in the firm. Founded in 1998, Merchant Korea has been offering MVNO services, leasing wireless capacity from the country's three major telecommunication network operators at wholesale prices and reselling it to consumers at a marked-down price under its own “MyWorld” brand.Following the acquisition, Toss aims to introduce a new search and subscription function into its fintech app to offer customers the best MVNO service plans. The firm says the new function should innovate and streamline the MVNO subscription process for consumers, while enabling them to cut down their telecommunications fees.Around 70 MVNO businesses have been regist

Jul 21, 2022By Anna J. Park
Toss acquires mobile phone network operator

Local car insurance companies strengthen 'Insurtech'

gettyimagesbankBy Anna J. ParkSeeking to maintain profitability during the pandemic era, auto insurers are now paying more attention to the concept of “Insurtech,” which can yield precise analyses of insurance holders' driving patterns. Insurtech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry.Behavior-based insurance (BBI) is the latest such innovation, which analyzes numerous variables and factors that determine appropriate premiums for each insurance holder. BBI is an improved version of usage-based insurance (UBI), which is focused more on gathering rather traditional information, such as mileage and the age of a driver. BBI allows for a more complex set of information surrounding driving behavior patterns, creating more predictable scenarios. The tech-based model that monitors driver behavior with objective driving patterns and records is being hailed in advanced global insurance markets, as both insurance companies and insurance holders could jointly benefit from the innovation. Relying on a ra

Jul 21, 2022By Anna J. Park
Local car insurance companies strengthen 'Insurtech'
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