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Shinhan Financial chief to visit Europe in May

Shinhan Financial Group Chairman Cho Yong-byoung speaks during a regular shareholders' meeting at its headquarters in Seoul, March 24. Courtesy of Shinhan Financial Group By Lee Min-hyungShinhan Financial Group Chairman Cho Yong-byoung will visit Europe sometime in May to attract more capital from overseas investors and raise awareness of its group-wide efforts in environmental, social and corporate governance (ESG) management.Cho is one of the top-ranking financial officials most actively participating in overseas investor relation activities. The last time Cho visited Europe was in November 2021 when traveled to the United States, the United Kingdom and France to explain the lender's future growth plans and latest ESG achievements.The Shinhan chairman traveled abroad despite restrictions and lockdowns triggered by the coronavirus pandemic, reflecting his strong willingness to attract more foreign capital and help rev up the firm's stock price. Cho is also widely e

Apr 18, 2022By Lee Min-hyung
Shinhan Financial chief to visit Europe in May

Financial firms ready for phased normalization of operations

Seen above is a commercial bank's sales office in Seoul on Nov. 23, 2021. YonhapBy Lee Min-hyungWith the government lifting its years-long social distancing rules on Monday, financial firms are expected to take phased steps to normalize their work-from-home systems.Banks and most financial companies in areas such as securities and insurance have been relying on remote work systems ever since the start of the COVID-19 pandemic early in 2020.But after the country decided to ease almost all social distancing restrictions ― except for mask mandates ― most financial companies are holding internal talks on how and when to normalize their own rules.According to the industry, banks here are discussing details on the agenda with relevant organizations ― such as the Korean Financial Industry Union and the Korea Federation of Banks.Most commercial banks are widely expected to put a gradual end to their pandemic-era remote work systems in line with the government's latest decision ― but details are subject to change, as mask mandates remain in place, according to industry officials.“Worker

Apr 18, 2022By Lee Min-hyung
Financial firms ready for phased normalization of operations

KB joins global taskforce for nature-related disclosures

Logos of Nature-Related Financial Disclosures and KB Financial Group / Courtesy of KB Financial Group By Lee Min-hyung KB Financial Group Chairman Yoon Jong-kyoo KB Financial Group has joined a global taskforce on nature, as part of efforts to fulfill its environmental, social and corporate governance (ESG) objectives.The nation's largest financial holding firm by market capitalization said Sunday it became a member of the Taskforce on Nature-related Financial Disclosures, so as for the company to expand its global footing in environmental management.A group of 350 globally renowned financial companies such as Citi, BNP Paribas and BlackRock have taken part in the taskforce after its launch in June 2021.KB said it plans to participate in a project to develop a nature-related financial disclosure standard. It also pledged to hold a series of social ca

Apr 18, 2022By Lee Min-hyung
KB joins global taskforce for nature-related disclosures

Shinhan Card users fall victim to identity theft

The headquarters of Shinhan Card located in central Seoul / Yonhap By Anna J. ParkAbout 20 Shinhan Card customers are confirmed to have incurred 30 million won ($24,400) in combined losses from recent card fraud incidents resulting from identity theft.According to Shinhan Card, Friday, dozens of cardholders became aware of fraudulent transactions of millions of won made with their cards upon receiving payment notification messages on their smartphones. Although the company has said that there are about 20 confirmed cases at this stage, there could be several more.“The company is currently investigating the recent fraud cases. Upon completion of the investigation, the victims will be compensated,” an official from Shinhan Card told The Korea Times. Identity theft has been a particularly common problem for Shinhan Card holders during the past decade. From 2010 to 2014, similar card fraud incidents led to the theft of a total of 104 million won from the company's cust

Apr 15, 2022By Anna J. Park
Shinhan Card users fall victim to identity theft

FSS probe to assess K bank's financial soundness

The headquarters of K bank located in central Seoul / Courtesy of K bankBy Anna J. ParkThe Financial Supervisory Service (FSS) is planning to inspect K bank next month to check its financial soundness as part of the financial authority's regular monitoring on financial institutions in the country, according to financial industry officials Friday.The FSS is in its final stage of arranging specific details and dates of the two-week-long inspection. However, FSS officials declined to confirm the plan, saying it is not within its policy publicly to announce inspection details. This inspection will be the FSS' first comprehensive assessment on the internet-only bank since the bank's founding in 2017. Banks are exempt from the financial regulator's comprehensive inspection during the first three years following their opening. The bank, commemorating its fifth anniversary this year, received two partial assessments by the FSS in April and October last year, respectively, on the bank's money laundering prevention system and liquidity risks.The bank's main competitor, KakaoBank, had undergone

Apr 15, 2022By Anna J. Park
FSS probe to assess K bank's financial soundness

Shinhan chosen for 2nd time as Seoul's 'safekeeper'

Front view of the former Seoul City Hall / Korea Times fileBy Yi Whan-wooShinhan Bank has won a bid to manage the Seoul Metropolitan Government's coffers worth nearly 48 trillion won ($38.9 billion) from 2023 to 2026, the lender announced Friday. The successful bid sees the country's second-largest commercial bank continuing to serve as the “safekeeper” of the nation's capital since 2019.Shinhan Bank's headquarters in central Seoul / Korea Times file“We have been notified about the result by the city government,” a public relations representative told The Korea Times, adding no further details will be disclosed.The bank will manage both primary and subsidiary coffers of the city government. The former deals with the annual budget of 44.2 trillion won and the latter handles the 3.5 trillion won fund raised by the metropolitan government. The combined figure of 47.7 trillion won is the highest among all city and provincial governments in the country.Shinhan is currently managing the primary coffer for the 2019-2022 period, after winning the bid for the first tim

Apr 15, 2022By Yi Whan-woo
Shinhan chosen for 2nd time as Seoul's 'safekeeper'

MG Non-Life Insurance's insolvency to hamper JC Partners' KDB Life acquisition deal

The headquarters of MG Non-life Insurance in southern Seoul / Yonhap Woori Financial Group shows interest in taking over MG Non-Life InsuranceBy Anna J. ParkAs MG Non-Life Insurance was declared insolvent this week, its ripple effects could now adversely influence the pre-arranged sale of KDB Life to JC Partners, a major shareholder of MG Non-Life.During its regular meeting on Wednesday, the Financial Services Commission (FSC) decided to designate MG Non-Life as an insolvent financial institution, given that its debt exceeded its capital by 113.9 billion won ($92.9 million). This severe level of the debt-to-capital ratio meets the criteria for designation as an insolvent financial institution, as stated in the Act on the Structural Improvement of the Financial Industry. It is the first time in eight years that the financial authority has labeled a financial company as insolvent. The last such case was the 2014 insolvency of Golden Bridge Savings Bank. With this des

Apr 15, 2022By Anna J. Park
MG Non-Life Insurance's insolvency to hamper JC Partners' KDB Life acquisition deal

Will Samsung's financial network make breakthrough?

gettyimagesbank By Lee Min-hyungWith Samsung Group launching a new financial brand called Samsung Financial Network, all eyes are on whether the five financial arms of Samsung will be able to generate enough synergy despite an increasing aversion to big tech and fintech firms.Samsung launched a converged financial app called “Monimo,” Thursday, seeking to offer a customized financial service app for its customers. Given Samsung's massive market influence, the converged platform will pose a threat to existing financial firms.The number of customers using Samsung's financial services from among the five companies including Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Card is estimated to surpass 25 million.By far, Toss is the largest financial app with more than 20 million subscribers. Kakao Bank, the nation's leading internet-only lender, came in second with over 18 million users. KB Financial Group, the largest financial ho

Apr 14, 2022By Lee Min-hyung
Will Samsung's financial network make breakthrough?

Kakao Pay gets green light to advance into non-life insurance market

Promotional image of Kakao FriendsBy Anna J. ParkKakao Pay received the green light from the country's financial authorities Wednesday to advance into the non-life insurance market.According to the Financial Services Commission (FSC) and Kakao Pay Wednesday, the fintech company's subsidiary, which was established last year to prepare for the digital insurance business, succeeded in gaining the necessary approval from the financial regulator to enter the local non-life insurance industry. This is the first time that a fintech-led digital insurer has been authorized to sell insurance products in Korea.The FSC said in a statement that the insurance subsidiary of Kakao Pay met all of the legal requirements of a new insurance business operator, including capital amount, sound business plan and other required management traits. The firm's capital amounts to 100 billion won ($81.4 million), 60 percent of which was funded by Kakao Pay, while the remaining 40 percent came from Kakao. The fintech insurance company is expected to open for business as early as the third quarter of this year. Aft

Apr 13, 2022By Anna J. Park
Kakao Pay gets green light to advance into non-life insurance market

Kyobo Life expected to benefit from revision on corporate retirement pension

Kyobo Life headquarters in central Seoul / Courtesy of Kyobo LifeBy Anna J. ParkAs companies are now obligated to set up an employees' retirement benefits committee, Kyobo Life is expected to have a more competitive edge in the field thanks to its expertise in pension management. With the revision of the Act on the Guarantee of Employees' Retirement Benefits, which takes effect today, companies with more than 300 employees that have opted for a defined benefit retirement pension system are required to set up a committee to control the operation of the retirement benefits for their employees. As a pension fund-operating company could join the committee as a member, it has become more important than ever to choose the right retirement fund operator. In this regard, Kyobo Life expects that its continual excellence will provide further growth momentum in the pension-operating business. The life insurer maintained the top position for three consecutive quarters last year in terms of rate of returns among 13 other competitors that manage pension funds.Kyobo Life also provides one-on-one in

Apr 13, 2022By Anna J. Park
Kyobo Life expected to benefit from revision on corporate retirement pension
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