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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.

Shinhan forms blockchain partnership with Samsung, SK

Shinhan Bank's digital group chief Jun Pil-hwan, left, poses with executives from SK Telecom and Samsung SDS after signing a partnership to jointly develop a blockchain-powered certificate service offering strengthened user security, at the telecom company's headquarters in Seoul, Tuesday. Courtesy of Shinhan Bank

Oct 13, 2021By Lee Min-hyung
Shinhan forms blockchain partnership with Samsung, SK

Woori, KB support Afghan evacuees in Korea

A placard welcoming Afghan evacuees hangs at the entrance to the Leadership Campus of the National Human Resources Development Institute in Jincheon, North Chungcheong Province, in this August file photo. YonhapBy Park Jae-hyukDomestic commercial banks have begun to provide the 390 Afghan evacuees in Korea with a wide range of support, so that they can adapt to the unfamiliar environment by having better access to banking, education, mobile communication and medical services.Woori Bank said that it will set up a movable branch until Friday at the National Human Resources Development Institute in Jincheon, North Chungcheong Province, which has been used as a temporary shelter for the evacuees.The branch will enable them to open bank accounts, use online banking and designate the banks they will use to exchange foreign currency.The bank will also teach them about Korea's financial system.Among the evacuees, 230 minors will receive textbooks and stationery needed for learning how to read hangeul.“Through this project, we will help the Afghan evacuees adapt to Korean society earlie

Oct 13, 2021By Park Jae-hyuk
Woori, KB support Afghan evacuees in Korea

Convenience store meets bank

Hana Bank opens its first branch inside a local convenience store, located in Songpa District, southern Seoul, Monday. This is the first time that a commercial bank has opened a branch inside a convenience store here. Customers can complete about 50 banking tasks via the bank's smart self-zone, a digital self-banking window, 24 hours a day inside the convenience store, where online consultation with bankers is also available. Courtesy of Hana Bank

Oct 12, 2021By Anna J. Park
Convenience store meets bank

Societe Generale wins lawsuit against NTS

People enter the headquarters building of French bank Societe Generale outside Paris in January 2008. AP-YonhapBy Anna J. ParkThe Supreme Court ruled on Monday in favor of French lender Societe General, which had filed a lawsuit against the National Tax Service (NTS) in 2016 claiming it was slapped with excessive taxes. From 2013 to 2015, the NTS levied a 2 billion won ($1.7 million) education tax on the French bank. But the bank filed a lawsuit demanding the NTS return 145 million won which had been overpaid in the tax calculation. The regional tax office refused to return the money on the grounds that a different tax calculation should be applied from what Societe General claimed, prompting the French lender to take legal action. “The original trial's judgment misconstrued the meanings and calculation methods stated in the Enforcement Decree of the Education Tax Act, which was revised in 2010 and 2011,” the Supreme Court's decision read. Since 2009, financial and insurance companies have been obligated to pay a quarterly education tax, calculated as 0.5 percent of their

Oct 11, 2021By Anna J. Park
Societe Generale wins lawsuit against NTS

Woori Bank holds annual art contest

Woori Bank CEO Kwon Kwang-seok speaks in a video clip introducing the bank's annual art contest. Woori said Monday that it held the final round of the competition online a day earlier. The winner will receive a prize from the minister of culture, sports and tourism on Nov. 6. Courtesy of Woori Bank

Oct 11, 2021By Park Jae-hyuk
Woori Bank holds annual art contest

Consumers feared to fall prey to banking oligopoly amid lending quota rule

Seen above is the sales office of one of the nation's major commercial lenders in Seoul on Aug. 30. YonhapBy Lee Min-hyungKorean consumers will fall prey to financial regulators' so-called “6-percent lending quota rule,” as banks are widely expected collectively to take action to hike their loan rates further in line with rising benchmark rates.Under the regulation, commercial banks operating businesses here cannot raise the quota of their household lending by more than 6 percent this year, compared to the previous year.But of particular concern is that consumers could end up suffering huge damages from the new regulation. Major lenders here already incrementally ceased offering the loan products that consumers are in most dire need of ― such as mortgage loans or non-collateral loans for office workers ― saying that they have almost reached their lending quota limits, even from around the beginning of the fourth quarter.Even if banks can resume their loan services from the start of 2022, consumers will have to borrow money at higher interest rates around that time, as the

Oct 8, 2021By Lee Min-hyung
Consumers feared to fall prey to banking oligopoly amid lending quota rule

Eximbank supports SK's battery business in Poland

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, second from left, cuts a ribbon with Poland's Deputy Minister of Economic Development, Labor and Technology Grzegorz Piechowiak, center, SKIET CEO Rho Jae-sok, fourth from right, and other participants, during a ceremony to celebrate the completion of SKIET's battery separator plant construction in Katowice, Poland, Wednesday. The state-run bank loaned 260 billion won ($218 million) to the battery material maker's Polish subsidiary in 2019. Courtesy of Eximbank

Oct 7, 2021By Park Jae-hyuk
Eximbank supports SK's battery business in Poland

NongHyup Bank seeks to branch out to Australia, China in 2022

NongHyup Financial Group Chairman Son Byung-hwan speaks during the group's global strategic meeting held at the headquarters of the financial group in central Seoul, Tuesday. Courtesy of NongHyup Financial GroupBy Anna J. ParkNongHyup Bank plans to open six more overseas branches in 2022, in line with parent NongHyup Financial Group's strategic plan to bolster global businesses in the coming years.In order to bolster its global investment banking business, NongHyup Bank aims to establish new branches in Sydney, Beijing, Ho Chi Minh City and Noida, India next year. The bank launched two new branches earlier this year in Hong Kong and London. The bank also plans to keep nurturing investment professionals with global expertise to strengthen its worldwide network. In addition, the bank will take necessary measures to acquire licenses required in each country to expand its global investment banking operation. The plan was revealed during the financial group's online global strategic meeting held earlier this week, which brought together the CEOs and key officials of NongHyup Financial Gro

Oct 6, 2021By Anna J. Park
NongHyup Bank seeks to branch out to Australia, China in 2022

Volunteering at a flower farm

Employees from NongHyup Bank's risk management division work at a flower farm in Dongducheon, Gyeonggi Province, Wednesday. NongHyup said the campaign was held to fulfill its corporate social responsibility amid a labor shortage that is affecting many farms here.. Courtesy of NongHyup Bank

Oct 6, 2021By Lee Min-hyung
Volunteering at a flower farm

Toss Bank still inaccessible to foreign customers

Toss Bank CEO Hong Min-taek speaks during an online press conference held to celebrate the bank starting its operation, Tuesday. Courtesy of Toss BankInternet-only bank still unclear on how to embrace foreignersBy Park Jae-hyukToss Bank failed to fulfill its previous promise to embrace Korea's residents of foreign nationality, at least in time for the day it kicked off its operations.“We discovered legal methods for verifying foreign residence cards online, but at this moment, we are unable to open services for foreign customers immediately because we need more preparation time,” Toss Bank CEO Hong Min-taek said in a press conference, Tuesday.He added that the new online bank is in discussions with the government regarding non-face-to-face authentication of the ID cards, so that it could extend its service to foreign residents “in the near future.” But he did not disclose specific details.Some industry insiders expect Toss Bank will start offering its services to foreign customers later this year.When Viva Republica, developer and operator of the Toss mobile m

Oct 5, 2021By Park Jae-hyuk
Toss Bank still inaccessible to foreign customers
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