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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.

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

Banks' overseas operations see 62% spike in 2021 profit

gettyimagesbank Korean banks' overseas operations saw their earnings jump nearly 62 percent in 2021 from a year earlier on higher interest income, data showed Wednesday.The combined net profit of local lenders' 204 overseas subsidiaries and branches stood at $1.17 billion in 2021, up 62.1 percent from a year earlier, according to the data from the Financial Supervisory Service. The spike in net profit came as their interest income surged by $644 million last year from the previous year, the regulator said.Operations in Cambodia posted the largest profit increase of $290 million, followed by those in Hong Kong with $214 million and those in Vietnam with $172 million.The combined assets of those overseas operations came to $183.22 billion as of the end of December, up 11 percent from a year earlier.The number of banks' overseas units was up seven from a year earlier, with those in Asian nations reaching 141, or 69.1 percent of the total.Their bad loan ratio stood at 1

Apr 13, 2022
Banks' overseas operations see 62% spike in 2021 profit

Corporations' ESG activities strengthened: report

gettyimagesbankBy Anna J. ParkLocal corporations' efforts to proactively strengthen environmental, social and corporate governance (ESG) principles in their management have increased during the past year. According to the latest report by the Korea ESG Research Institute, which analyzed more than 4,700 shareholders' meetings of 707 companies this year, the number of attempts to set up a commission for the goal of sustainable management has increased by 69.5 percent year-on-year, while the number of attempts to establish ESG management committees has soared by 88.2 percent from the previous year.Increasing gender diversity of corporate governance has also been one of the key changes at the shareholders' meetings, as discussions regarding the appointment of female executive directors at the 10 largest conglomerates in the country have shown a significant year-on-year increase. Appointments of female executive directors accounted for 12.3 percent of the entire executive director appointment discussions at the observed shareholders' meetings this year, a major increase, given that only 4

Apr 13, 2022By Anna J. Park
Corporations' ESG activities strengthened: report

Asiana to resume Incheon-Paris route in June

Asiana Airlines Airbus 380 / Courtesy of Asiana AirlinesAsiana Airlines, Korea's second-biggest carrier, said Tuesday it will resume flights from Incheon to Paris in June to meet pent-up demand amid eased COVID-19 curbs.Asiana plans to offer two flights a week to Paris from June 22 and gradually increase the number depending on demand, a company spokesman said. The carrier said Monday it will provide two flights a week on the Incheon-Rome route from June 18. The carrier suspended most of its international routes two years and three months ago as countries strengthened entry restrictions to stem the spread of the COVID-19 pandemic. It plans to expand flights on the routes to Europe and the United States from next month if the pandemic slows down further. (Yonhap)

Apr 12, 2022
Asiana to resume Incheon-Paris route in June

More companies adopt electronic voting system in Korea

An office building of the Korea Securities Depository on Yeouido in Seoul / Courtesy of Korea Securities Depository By Lee Min-hyungA growing number of companies here are introducing electronic voting systems, as the COVID-19 pandemic has resulted in new voting systems for shareholders' meetings. According to data from the Korea Securities Depository (KSD), a total of 974 firms here used the KSD's electronic voting system ― called K-VOTE ― in their shareholders' meetings in the first three months of this year, up by 15.5 percent from the same period last year.“This was driven by the spread of non-face-to-face voting after the start of the pandemic in 2020,” an official from the state-run securities depository said.Demand for electronic voting has also been on the rise for the past few years due to the rise of environmental, social and corporate governance (ESG) criteria. The growing importance of implementing ESG values also encouraged more companies to follow the t

Apr 12, 2022By Lee Min-hyung
More companies adopt electronic voting system in Korea

Green financing, offline operations critical for banks to become Seoul's next 'safekeeper'

Overview of former and current Seoul City Hall offices / Korea Times fileBy Yi Whan-wooKB Kookmin, Shinhan and Woori banks are competing in a bid to manage the Seoul Metropolitan Government's coffers for the next four years, with their commitments to carbon neutrality as well as offline operations newly added to the list of qualification criteria.The city government came up with the new criteria amid toughened climate goals and the resulting rise in global financing, such as bonds, loans and equity funds targeting sustainable development projects. The city government is geared toward reducing greenhouse gas emissions, as well. In January, it announced plans to cut emissions by 2026 to 3,461 tons, down 30 percent from 2005 levels.It will also evaluate offline bank operations, as it wants to ensure that citizens have easy access to tax payment and financial services through retail banking branches and ATMs.Such access is seen as crucial, considering many senior citizens struggle to cope with digital banking services that grew fast in response to the increase in social distancing rules

Apr 12, 2022By Yi Whan-woo
Green financing, offline operations critical for banks to become Seoul's next 'safekeeper'

Samsung's financial affiliates to launch integrated platform, brand

Employees walk past a Samsung office in Seoul, April 11. Yonhap Financial affiliates of Samsung Group, Korea's top conglomerate, said Tuesday they will launch a new integrated brand and unified platform to secure a larger pool of customers from the MZ generation.Named Monimo, the single platform, which will house five financial affiliates, including Samsung Life Insurance and Samsung Securities, will provide various services.The platform will go into operation Thursday.Additionally, the affiliates said they will launch a new and unified brand, named the Samsung Financial NetworkThe move is largely aimed at making their services more accessible to MZ customers, born between the early 1980s and the early 2000s.Samsung affiliates said the new brand will also help increase synergy and professionalism among the affiliates in the fast-changing financial landscape. (Yonhap)

Apr 12, 2022
Samsung's financial affiliates to launch integrated platform, brand
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