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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, Hyundai join hands to develop premium financial products

Jang Ho-joon, left, vice president at SC Bank Korea's retail banking group, poses with Hyundai Card CEO Kim Deok-hwan after signing a strategic partnership agreement in Seoul, Tuesday. Courtesy of SC Bank KoreaBy Lee Min-hyungStandard Chartered (SC) Bank Korea has teamed up with Hyundai Card to jointly develop premium financial products.Under the strategic partnership, both companies will launch a credit card sometime in the latter half of 2022, which they said allows customers to enjoy special promotional benefits from SC and Hyundai Card.The two companies also said they would keep launching a diverse set of financial products in wider areas, such as loans and investments.Given that the two financial firms have strong premium brand identities, they reached a consensus in developing more high-end financial products. SC has expertise in wealth management, with the bank having a global network in around 60 countries. Hyundai Card, a leading player in Korea's VIP card market, has also pushed for premium strategies by launching a series of special credit cards featuring symbolic colors.T

Apr 6, 2022By Lee Min-hyung
SC, Hyundai join hands to develop premium financial products

Mirae Asset partners with AI-based fintech Qraft Technologies

Mirae Asset Securities Digital Division Head Ahn In-sung, left, and Qraft Technologies CEO Kim Hyung-sik stand next to each other at a signing ceremony for their strategic partnership held at the headquarters of Mirae Asset Financial Group in Seoul, Monday. Courtesy of Mirae Asset SecuritiesBy Anna J. ParkMirae Asset Securities formed a strategic partnership with fintech firm Qraft Technologies earlier this week, planning joint research on AI-based financial models and cooperation in bringing about personalized asset management services. Specifically, the two companies will join hands in the areas of AI-based financial investment algorithm research and AI-powered online asset allocation services for the next generation. “While customer demand and interest in online asset management services have been increasing gradually, Qraft Technologies has strengths in asset management using AI technology,” an official from Mirae Asset Securities said.“By signing the MOU, the two companies confirmed the synergy effect from the mutual cooperation to better respond to platform co

Apr 5, 2022By Anna J. Park
Mirae Asset partners with AI-based fintech Qraft Technologies

Hyundai Card CEO loses to siblings in lawsuit over funeral guest book

Hyundai Card Vice Chairman and CEO Chung Tae-young / Courtesy of Hyundai CardBy Yoon Ja-youngHyundai Card Vice Chairman and CEO Chung Tae-young lost in a lawsuit filed by his siblings, which was triggered over his refusal to fully disclose the names of guests at the funerals of their parents. Chung Kyung-jin, their father who founded the country's oldest cram school, Jongro Academy, in 1965, passed away in November 2020. Their mother passed away in February 2019. According to media reports, Seoul Western District Court ruled on April 1 in favor of Chung's two siblings, in a lawsuit in which the two demanded that Chung hand over the guest books from their deceased parents' funerals. After the funeral, Chung's two siblings demanded he show them the funeral guest books, saying that they should thank the guests who came to pay their respects. However, Chung only handed over a list of guests he determined were relevant to his siblings. The siblings asked him twice ― in December 2020 and January 2021 ― to see copies of the funeral guest books, but Chung refused. The siblings then filed a l

Apr 5, 2022By Yoon Ja-young
Hyundai Card CEO loses to siblings in lawsuit over funeral guest book

Stock trading to be available in KakaoTalk app within this year

Kakao Pay Securities co-CEOs Kim Dae-hong, left, and Lee Seung-hyo speak during an online press conference on Tuesday. Courtesy of Kakao Pay SecuritiesBy Anna J. ParkKakao Pay Securities, a brokerage subsidiary of Kakao, aims to introduce a stock trading function in the KakaoTalk messenger app by the end of this year. Customers of the internet-only securities firm will also be able to send actual stocks as gifts to their KakaoTalk friends sometime within the second quarter of this year. These stock trading and gifting features are two of the innovative stock trading services that Kakao Pay Securities plans to offer its customers this year, revealed at the firm's online press conference on Tuesday, marking its second anniversary. Co-CEOs Kim Dae-hong and Lee Seung-hyo stressed that the company hopes to nurture a new, convenient investment culture by creating synergy with the KakaoTalk platform, the top mobile messenger app in Korea.“The accessibility to stock investments will be so much more enhanced, as customers will be able to check stock prices and place simple stock orders

Apr 5, 2022By Anna J. Park
Stock trading to be available in KakaoTalk app within this year

IBK chief heads to Silicon Valley to strengthen support for startups

Industrial Bank of Korea (IBK) CEO Yoon Jong-won delivers a speech commemorating the bank's 60th anniversary at its headquarters in Seoul on July 30, 2021. Courtesy of IBKState-run bank aims to boost role as accelerator in supporting startupsBy Anna J. Park Industrial Bank of Korea (IBK) CEO Yoon Jong-won has kicked off a six-day business trip to Silicon Valley in the U.S. starting on Sunday, aiming to strengthen the bank's capacity to supply venture capital to burgeoning industries there. The IBK chief plans to research and study the bank's roles in facilitating policy financing for startup businesses to survive the so-called “valley of death,” referring to the difficulty of overcoming cash shortages in the early stages of a startup.During the trip, Yoon is scheduled to meet with top global accelerators and venture capital firms based in the U.S., including Y Combinator, 500 Startups and Plug and Play, on how to best support innovative startup companies. The state-owned lender also plans to strengthen its relationship with Silicon Valley Bank (SVB), which has built up ex

Apr 4, 2022By Anna J. Park
IBK chief heads to Silicon Valley to strengthen support for startups

Mirae Asset Securities wins awards from Hong Kong exchange

Seen above is a congratulatory message for awards given to Mirae Asset Securities' Hong Kong branch. Courtesy of Mirae Asset SecuritiesBy Lee Min-hyungMirae Asset Securities has won multiple awards from Hong Kong Exchanges and Clearing (HKEX) for its outstanding transaction volume growth there, the company said Monday. According to the leading brokerage house here, Mirae Asset's Hong Kong branch won two awards from the HKEX: Top Breakthrough Broker-ETF Turnover and Top Participating Dealer-ETF Creation & Redemption.The ETF transaction volume of the firm's Hong Kong branch achieved threefold growth last year from the previous year.“The awards show that our ETF investment has generated excellent outcomes, and we will be able to raise our profile further from market participants of the HKEX,” an official from the company said. “We are going to do our utmost to raise our reputation as a global investment company, and expand our capability into all possible ETF business areas.”Mirae Asset Securities is going all out for its global expansion, actively engaging i

Apr 4, 2022By Lee Min-hyung
Mirae Asset Securities wins awards from Hong Kong exchange

Incoming gov't urged to be cautious in setting up regional banks

The headquarters of BNK Busan Bank, one of the country's regional banks, is seen in this photo taken in 2019. Korea Times fileBy Yi Whan-wooWhile the incoming government of Yoon Suk-yeol is pushing to decentralize banking headquarters densely concentrated in Seoul in the name of balanced regional development, industry analysts are recommending a cautious approach, as regional banks are susceptible to economic risks in the regions where they operate.They say that Seoul-headquartered banks, if they are relocated outside the nation's capital, may struggle with the downsides of the regional economies that are beginning to take a toll on provincial banks, rather than contributing to balanced economic growth nationwide.The risks include the slump of backbone industries ― namely automobiles, shipbuilding and maritime shipping ― in the cases of Busan, Ulsan and South Gyeongsang Province in the country's southeast, which are home to many manufacturing businesses.For Gwangju and North Jeolla Province in the southwest, plus Jeju Island, the declining population and departure of young people in

Apr 4, 2022By Yi Whan-woo
Incoming gov't urged to be cautious in setting up regional banks

Mirae Asset Capital logs record-high annual revenue under Lee's leadership

Mirae Asset Capital CEO Lee Man-hee / Courtesy of Mirae Asset CapitalBy Anna J. Park Mirae Asset Capital announced Monday that the firm logged an all-time high annual record revenue of 151.4 billion won ($124 million) last year. Based on this, shareholders confirmed the consecutive reappointment of CEO Lee Man-hee for another year, at a meeting at the end of last month.Known for his expertise in retail finance, Lee has been leading the firm since December 2018 when he was promoted to joint CEO. After starting his career as a private banker at Hana Bank, Lee joined Mirae Asset Securities in 2000 and played a key role there, and then the firm's capital subsidiary, during the past two decades. Mirae Asset Capital explained that the record-high revenue was attributed to differentiated investment partnership strategies with local conglomerates in fast-growing industries. Under Lee's leadership, the company has nurtured various types of investments, such as mezzanine investing, as well as strengthening its venture capital divisions, which boosted its growth in profits. The firm's joint par

Apr 4, 2022By Anna J. Park
Mirae Asset Capital logs record-high annual revenue under Lee's leadership

Kyobo pledges to block 'hostile' takeover attempt by Affinity

Kyobo Life Insurance headquarters in Seoul / Courtesy of Kyobo Life InsuranceBy Lee Min-hyungKyobo Life Insurance has pledged to block what it called a “hostile” attempt led by its financial investor, Affinity Equity Partners, to take over management control of the life insurer.Kyobo said it held a regular shareholders' meeting last week where legal representatives from the Affinity consortium insisted that the insurer's top management, including Chairman Shin Chang-jae, meddled unfairly in a dispute over the firm's management rights.The argument had nothing to do with the meeting's agenda, but the legal representatives kept raising the dispute which hindered the smooth progress of the meeting, Kyobo claimed.The Affinity consortium is Kyobo's second-largest shareholder. Both sides have engaged in a years-long legal dispute on the pre-initial public offering (IPO) stock valuation of Kyobo. Affinity argued it could withdraw its capital invested in Kyobo unless the insurer went public by the end of 2015. But after Kyobo delayed the plan, the two sides have escalated the

Apr 3, 2022By Lee Min-hyung
Kyobo pledges to block 'hostile' takeover attempt by Affinity

Banks rush to establish ESG committees

gettyimagesbankBy Lee Min-hyungBanks are rushing to establish in-house committees dedicated to environmental, social and corporate governance (ESG) management, as part of their efforts to tighten internal structures for transparent ESG management at a time when global institutional and retail investors place more value on companies with clear roadmap for sustainable growth.Late last month, Shinhan Bank decided to build its own ESG committee under its board of directors. The move was aimed at speeding up ESG drives in seven key areas such as eco-friendly finance, customer protection and social contribution expansion, according to the lender.Members of the committee consist of the lender's non-executive directors. They will help the bank set up a clear vision to fulfill its core ESG strategies and make them into reality.Kakao Bank, the nation's leading internet-only lender, also joined the bandwagon by establishing its ESG committee during a recent regular shareholders' meeting. Kakao Bank CEO Yoon Ho-young and board members will work on the committee to ensure sustainable growth.This

Apr 3, 2022By Lee Min-hyung
Banks rush to establish ESG committees
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