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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.

Watchdog blamed for botched probe of Woori embezzlement

Police investigators enter Woori Bank's headquarters for a search and seizure operation in Seoul, Monday. YonhapBy Lee Min-hyungThe Financial Supervisory Service (FSS) has come under fire for a botched inspection of Woori Bank's latest embezzlement scandal.An employee of the lender allegedly embezzled 61.4 billion won ($48.49 million) between 2012 and 2018 while working at its corporate financing division. The official has been arrested and is being investigated.But the watchdog, which carried out 11 inspections on the lender's divisions including the risk management and internal auditing departments in 2016 and 2018, failed to find any suspicious signs.A spokesman for the watchdog was unavailable for comment.The FSS has also launched an investigation into Deloitte Anjin, which was Woori's auditor between 2004 and 2019.FSS Governor Jeong Eun-bo pledged to overhaul the authority's inspection system.“We will also investigate why the FSS failed to uncover the case during the regular inspection,” he said Friday after a meeting with leaders of foreign financial firms here.Woor

May 2, 2022By Lee Min-hyung
Watchdog blamed for botched probe of Woori embezzlement

Toss Bank extends exclusive online services to foreign customers

Toss Bank headquarters in southern Seoul / NewsisForeigners can open accounts at Toss Bank in online-exclusive processBy Anna J. ParkForeign nationals residing in Korea can now open bank accounts at Toss Bank, one of Korea's internet-only banks, without having to visit an offline bank branch. Toss Bank announced Monday that it has extended the online-exclusive procedure of opening bank accounts to foreign customers, as the country's first internet-only bank to remove the inconvenience of foreign customers having to visit an offline bank branch to open a bank account. Foreign nationals who are registered residents of Korea can now open Toss Bank accounts in a completely online process, as of Monday. Those who haven't yet opened any Korean bank accounts can also open accounts at Toss Bank. The digital bank explains that foreign customers can use its various services for their accounts, just like Korean customers. The bank offers a 2 percent annual pre-tax interest rate if customers deposit less than 100 million won ($79,000) in a new account. When the balance exceeds 100 million won, t

May 2, 2022By Anna J. Park
Toss Bank extends exclusive online services to foreign customers

Who will lead FSC, KDB?

Korea Development Bank (KDB) Chairman Lee Dong-gull speaks during a press conference at KDB headquarters in Yeouido, Seoul, January. A loyalist of outgoing President Moon Jae-in, he tendered his resignation last week, in the lead-up to the incoming Yoon Suk-yeol administration on May 10. Yonhap By Yi Whan-wooWho will be the next chief of Financial Services Commission (FSC) is drawing keen attention, with the incoming Yoon Suk-yeol administration still undecided on a possible nominee in the lead-up to its inauguration next Tuesday.Korea Development Bank (KDB) is also drawing attention over who will fill its top post, after Chairman Lee Dong-gull tendered his resignation last week. His term was to end in September 2023.A loyalist of outgoing President Moon Jae-in, Lee was believed to be fingered by the presidential transition committee as a figure to be displaced right away over politically motivated disputes concerning the state-run bank, such as its relocation from

May 2, 2022By Yi Whan-woo
Who will lead FSC, KDB?

Supplementary budget, inflation biggest tasks for finance minister nominee

Finance Minister nominee Choo Kyung-ho enters the offices of the presidential transition committee in Seoul, Friday. Joint Press Corps-YonhapBy Lee Min-hyungFinance Minister nominee Choo Kyung-ho pledged to place his economic policy focus on stabilizing prices and executing supplementary budgets in time, according to his written statement submitted to the National Assembly, Sunday.“Prices will see an upward trend for the time being, and the current economic situation is very grave,” he said in the statement ahead of his upcoming confirmation hearing.The remark came amid escalating inflationary woes here and abroad. Korea's consumer prices rose in March by more than 4 percent for the first time in a decade, according to recent data from the Statistics Korea.The general consensus here is that the prices index for April will show a gradual rise on global energy price hikes and a series of multiple economic uncertainties ― such as the rising won-dollar exchange rate and the lifting of social distancing rules.“We need to deal with external risks for the price stabilizati

May 1, 2022By Lee Min-hyung
Supplementary budget, inflation biggest tasks for finance minister nominee

OK Financial faces double-edged sword of official recognition as conglomerate

The signboards of Rush & Cash, a private money lending brand, which belongs to OK Financial Group, and the group's second-tier banking brand, OK Savings Bank, are seen on a building in Seoul in this file photo taken in June 2021. Korea Times file By Yi Whan-wooOK Financial Group has grown into a conglomerate that is large enough to be listed on the Fair Trade Commission's (FTC) corporate watch list, which sources say will help improve the group's negative image ― an image that is heavily associated with the private money lending business.Yet, at the same time, being on the list is expected in some ways to put the brakes on the group's vision to accelerate growth and expand into every possible financial sector.The company's vision is based on the premise that fewer regulatory barriers would prompt the firm to expand.However, now that is on the watch list, it will be subject to tougher filing regulations concerning anti-trust practices, and accordingly, will have to a

Apr 30, 2022By Yi Whan-woo
OK Financial faces double-edged sword of official recognition as conglomerate

Commercial banks oppose loan interest rate-comparing platform for users

The Financial Services Commission, according to financial sources, is currently reviewing the possibility of launching a mobile platform that helps users to pick loan products by comparing the lending rates offered by both online and offline banks. Korea Times file By Yi Whan-wooThe major commercial banks appear to oppose the Financial Services Commission's (FSC) initiative to launch a mobile platform that helps users choose loan products by comparing the lending rates offered by all banks nationwide ― both online and offline. The FSC is reviewing the envisioned platform again, according to sources in the financial industry, Friday. Last year the FSC dropped its plan over banks' complaints that such a platform would further accelerate internet-only banks' advance into the banking business.Internet-only lenders are known for offering lower lending rates compared to the five main commercial banks: KB Kookmin, Shinhan, Hana, Woori and NongHyup.For instance, the nation'

Apr 29, 2022By Yi Whan-woo
Commercial banks oppose loan interest rate-comparing platform for users

Korea Development Bank chief offers to resign

Korea Development Bank Chairman Lee Dong-gull speaks during a press conference at its headquarters on Jan. 27. YonhapBy Lee Min-hyungKorea Development Bank (KDB) Chairman Lee Dong-gull has offered to resign amid escalating tensions due to the incoming administration's plan to relocate the headquarters of the KDB to the nation's southern port city of Busan.According to industry sources, Lee recently expressed his intent to step down to the Financial Services Commission (FSC). This comes only a few days before the inauguration of the new government which will be headed by President-elect Yoon Suk-yeol.The decision was widely expected, as Lee was considered a high ranking official who strongly supported President Moon Jae-in and the ruling party. Earlier, he was criticized for his controversial remark of wishing for the ruling side (the Democratic Party of Korea) to hold on to power for two decades in Korea.With Yoon, from the opposition party, announcing his pledge to relocate the KDB, Lee stepped up criticism of the president-elect.“The KDB relocation is a regression, not a prog

Apr 28, 2022By Lee Min-hyung
Korea Development Bank chief offers to resign

Dunamu's classification as conglomerate feared to weaken industry growth

The logo of Upbit is seen in front of the headquarters of its operator, Dunamu. YonhapBy Lee Min-hyungKorea's cryptocurrency industry is feared to come under tighter regulatory scrutiny after a recent decision by the antitrust watchdog to designate Dunamu, the operator of the nation's dominant cryptocurrency trading platform Upbit, as a conglomerate, industry officials said, Thursday.Any domestic companies with assets worth more than 5 trillion won have to be under regulatory control by the Fair Trade Commission (FTC). The watchdog decided to place Dunamu on the list of conglomerates, citing its total assets worth 10.82 trillion won. This has put Dunamu under tougher regulations when making investments.However, the standard in calculating Dunamu's asset volume remains controversial, as more than half of the figure comes from customer deposits. Dunamu said it would take more responsibility following its inclusion on the list of large business groups, declining to comment further.Industry sources argued that the FTC's latest decision leaves much to be desired at a time when financial a

Apr 28, 2022By Lee Min-hyung
Dunamu's classification as conglomerate feared to weaken industry growth

NongHyup Life, Meritz Fire top list of insurance firms in consumer complaints

The headquarters of the Financial Supervisory Service (FSS) located on Yeouido, Seoul / YonhapBy Anna J. ParkAmong local insurers, NongHyup Life Insurance and Meritz Fire & Marine Insurance turned out to have received the largest number of consumer complaints last year. According to the Financial Supervisory Service (FSS) Wednesday, NongHyup Life received an average of 33.3 complaints per 100,000 insurance contracts last year. The figure marks a 24.3 percent increase from the previous year's average of 26.8 complaints, the highest increase among local life insurers in Korea. A total of four life insurers ― NongHyup Life, KDB Life, KB Life and ABL Life ― posted year-on-year increases in the average annual number of consumer complaints, while the remaining life insurers all logged year-on-year decreases. KDB Life saw a year-on-year increase of 15.7 percent in its average annual consumer complaints last year, followed by KB Life's 7.6 percent and ABL Life's 0.6 percent increase.By contrast, Shinhan Life logged the highest year-on-year decrease of 32.6 percent in the number of averag

Apr 28, 2022By Anna J. Park
NongHyup Life, Meritz Fire top list of insurance firms in consumer complaints

Woori narrowing earnings gap with Hana

From left are the headquarters of Woori Financial Group and Hana Financial Group. YonhapBy Lee Min-hyungWoori Financial Group is on track to narrow its earnings gap with Hana Financial Group, as the solid growth in its interest margin has made up for its lack of a securities affiliate.Hana Financial Group is the nation's third-largest financial holding company by net profit and market capitalization. Woori came in fourth by a narrow margin during the first quarter.This was not the case last year when Hana widened its lead over Woori on a booming stock market. Hana operates a stock brokerage arm, while Woori does not have one. Hana Financial Investment generated a net profit of 506.6 billion won in 2021, up 23.3 percent from a year earlier, helping drive its record annual profit that year.However, its lead is forecast to shrink this year, as stock markets here and abroad appear to have lost steam for additional growth due to the U.S. Federal Reserve's rate hikes.This bodes well for Woori in its race to become the nation's third-largest financial holding firm.Hana generated a net profi

Apr 27, 2022By Lee Min-hyung
Woori narrowing earnings gap with Hana
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