Business - The Korea Times

Samsung Fire rolls out English, Chinese claims support for international clients

Samsung Fire & Marine Insurance introduced an English- and Chinese-language claims service to make insurance procedures more convenient for its growing number of international customers, the company said Monday. The service is available through both the firm's official website and mobile app. To implement the service, the insurer analyzed global customers’ digital service usage, which showed that the most commonly used function was claims submission, accounting for 58.3 percent, followed by premium payment at 14 percent and certificate issuance at 9.5 percent. Among foreign users, 68.6 percent spoke Chinese and 8.4 percent spoke English, indicating strong demand for support in these two languages for the claims process. Based on this analysis, the company rolled out English and Chinese services for the claims section first, allowing foreign customers to navigate the process more easily and accurately. During development, the firm conducted usability tests with English- and Chinese-speaking users to evaluate the layout, instructions and input steps, and incorporated the feedback into the

Nov 25, 2025By Jun Ji-hye

Samsung Fire rolls out English, Chinese claims support for international clients

What 'severe' penalty could be imposed on MBK Partners?

Attention is growing over the level of penalties MBK Partners may face, after the Financial Supervisory Service (FSS) sent the private equity firm, which controls Homeplus, an advance notice of “severe” disciplinary action amid ongoing controversy over the retailer’s application for a court-led corporate rehabilitation program, according to financial industry officials Monday. The financial watchdog had initially planned to wait for the prosecution to conclude its investigation before taking any action, but its stance shifted after new Governor Lee Chan-jin took office in August. Lee, a former public interest lawyer with ties to progressive civic groups, directed FSS officials to reopen the case, emphasizing that “strict measures are necessary” against the firm. It marks the first time a general partner (GP) of an institutional private equity fund has faced severe sanctions from the financial authorities. Under the Capital Markets Act, sanctions against a GP range from lower to higher levels — institutional caution, institutional warning, suspension of duties for up to six m

Nov 24, 2025By Jun Ji-hye

What 'severe' penalty could be imposed on MBK Partners?

Eximbank hosts forum to advance inter-Korean climate cooperation

The Export-Import Bank of Korea (Eximbank) said Sunday that it co-hosted the 2025 Korean Peninsula Climate and Environment Cooperation Forum with the Ministry of Unification and the Ministry of Climate, Energy and Environment at the Korea Press Center in Seoul on Friday. The forum focused on developing concrete policies for mutually beneficial inter-Korean exchange. Participants explored pathways to revive cross-border cooperation through joint responses to climate change. The event builds on the Korean government's five-year governance plan, unveiled in August, which outlines a vision for a peaceful, coexisting and prosperous peninsula. The forum served as an early step toward realizing that vision. During the first session, professor Koo Kab-woo of the University of North Korean Studies moderated a lively discussion on peaceful co-existence on the Korean Peninsula. Speakers included Sogang University professor Chung Young-chul, Institute for National Security Strategy researcher Kim Il-gi, UNESCAP associate economic affairs officer Kim Sung-eun and Um Ju-hyun, secretary-general of Med

Nov 23, 2025By Lee Yeon-woo

Eximbank hosts forum to advance inter-Korean climate cooperation

Insurers pursue overseas expansion, new business amid challenges

Major insurance companies have been stepping up overseas expansion and pursuing mergers and acquisitions (M&As) to diversify into new businesses as a response to the challenges of a low-growth domestic market shaped by demographic shifts and regulatory changes, industry officials said Friday. They noted that generating profits from core insurance operations has become increasingly difficult, while the ongoing possibility of interest rate cuts creates further difficulties in managing assets and liabilities. Data from the Financial Supervisory Service showed that life insurers’ cumulative net profit for the first three quarters of this year stood at 4.8 trillion won ($3.3 billion), down 8.3 percent from the same period last year. During the same period, non-life insurers’ net profit dropped 19.6 percent to 6.5 trillion won. This decline comes as underwriting profits have worsened for both life and non-life insurers, causing issues in their core business operations. In response, insurers have sought to diversify their business portfolios by expanding into overseas markets and exploring

Nov 22, 2025By Jun Ji-hye

Insurers pursue overseas expansion, new business amid challenges

KB Kookmin Bank to halt new home-purchase loans for remainder of year

KB Kookmin Bank, one of Korea's major lenders, has decided to suspend new household loans for home purchases for the rest of 2025 amid government efforts to cool an overheated property market and curb household lending, officials said Friday. New applications for mortgage loans for home purchases will be suspended starting Saturday for online and mobile channels, and from Monday for in-person applications. The bank will also halt refinancing of mortgage, jeonse and unsecured loans from other banks, as well as non-face-to-face unsecured loan products, starting Saturday. "We aim to maintain an appropriate year-end household loan portfolio," a KB official said. "But mortgage loans for stable living purposes and jeonse loans scheduled for execution within the year will still be available." Jeonse is a unique housing rental system in Korea in which tenants make a large lump-sum deposit that is fully returned at the end of their lease agreements. KB Kookmin's move follows a similar decision by Hana Bank, which earlier announced it would restrict new mortgage and jeonse loan applications startin

Nov 21, 2025By Yonhap

KB Kookmin Bank to halt new home-purchase loans for remainder of year

SC Bank Korea debuts private banking center for ultrarich in Seoul

Standard Chartered (SC) Bank Korea said Thursday that it has opened a new private banking center in Apgujeong-dong, an affluent neighborhood in southern Seoul. The facility will provide international wealth management services to high-net-worth individuals with deposits of at least 1 billion won ($680,000). Named the Apgujeong Priority Private Centre, the facility is built on SC's global private banking model, which has seen success in major financial hubs. This marks the bank's 16th such center globally — following locations in Singapore, Hong Kong, Taiwan, the UAE, India and mainland China — and the first of its kind in Korea. The bank said the launch aligns with its long-term commitment to driving sustainable growth in Korea, which it considers one of its key retail markets. SC plans to roll out additional centers in phases across cities with high concentrations of affluent clients, including Busan and the greater Seoul metropolitan area. Korean golf legend Pak Se-ri became the center's inaugural client and attended the opening ceremony. She was joined by SC Bank Korea CEO Lee Kw

Nov 20, 2025By Lee Yeon-woo

SC Bank Korea debuts private banking center for ultrarich in Seoul

Korea's private equity industry strained by political pressure, public criticism

Korea's private equity industry is coming under heightened scrutiny amid growing public and political backlash, with firms increasingly cast as corporate raiders following a series of high-profile incidents, industry officials said Thursday. MBK Partners, one of Asia's largest private equity firms, has come under fire this year for the financial collapse of retail chain Homeplus, which filed for court receivership. Critics say MBK worsened Homeplus' financial troubles by selling off profitable stores and real estate to repay debts and recoup investments. Its decision to sell short-term debts just before filing for court receivership was also criticized for distressing investors. Another notable controversy involves Bang Si-hyuk, the founder of HYBE, who is under police investigation. Ahead of the company's initial public offering in 2020, Bang reportedly signed secret profit-sharing agreements with private equity funds, generating sizable profits. The backlash has been particularly fierce, shaped by years of accumulated distrust rooted in Korea's history with foreign private equity firms

Nov 20, 2025By Lee Yeon-woo

Korea's private equity industry strained by political pressure, public criticism

Hana Bank receives FSC commendation for infomation security

Hana Bank has received the Financial Services Commission (FSC) Chairman’s commendation for contributions to information protection in the finance sector, the lender said Thursday. The recognition came amid escalating cyber threats in the financial industry and subsequent calls for strengthened regulations to bolster digital data protection. The award is one of the most prestigious cybersecurity honors in Korea’s financial industry. Hana received the award during this year's Financial Information Security Conference at the Conrad Hotel in Seoul. The conference shared insights on financial security trends, technologies and policy developments. The company was recognized for strengthening efforts to adapt to the rapidly expanding digital financial environment. Also highly assessed were its effort to cultivate a culture of information protection through enhanced communication and collaboration, as well as building a multilayered security defense system designed to manage cyberthreats proactively. Hana also developed an advanced methodology in which the impact of information security is acc

Nov 20, 2025By Lee Kyung-min

Hana Bank receives FSC commendation for infomation security

More companies boost executive liability coverage under stricter responsibility rules

Demand for liability insurance for directors and officers (D&O insurance) is surging rapidly as companies move more actively to protect executives from legal risks, insurance industry officials said Thursday. The trend follows a recent amendment to the Commercial Act, which aims to strengthen minority shareholder protections by expanding directors’ fiduciary duties to include shareholders, a change that increases the likelihood of shareholder derivative suits and damage claims against executives. The new accountability framework for financial companies is also adding to litigation risks, making D&O insurance more of a necessity than an option. D&O insurance provides coverage for legal costs and compensation when executives cause losses to shareholders or third parties through errors, negligence or breaches of duty. Companies purchase these policies to ensure executives can operate confidently and make proactive decisions without personal financial exposure. According to industry officials, premiums from new D&O insurance policies issued by the five major non-life insurers — Samsung F

Nov 20, 2025By Jun Ji-hye

More companies boost executive liability coverage under stricter responsibility rules

Financial regulator calls on credit card firms to better protect customer data

The chief of the country's financial regulator Thursday urged credit card firms to redouble efforts to protect customer data, citing a recent data breach case. In a meeting with heads of credit card firms and credit finance companies, Lee Eog-weon, chairman of the Financial Services Commission (FSC), said his agency will sternly punish any negligence in consumer protection. His remarks came as Lotte Card, the country's fifth-largest card issuer, in September revealed personal data of some 3 million customers had been leaked in a hacking incident. The FSC earlier warned that it would take stern measures against any rule violations by Lotte Card, vowing to impose the highest-ever penalty on the card issuer should there be any serious violation. Lee said the data breach case shed light on card firms' complacency in consumer protection. "Card firms have been lax in protecting consumers while focusing on cost savings and others," Lee said. The chief regulator also stressed that card firms need to cut commission rates for small merchants and low-rated consumers.

Nov 20, 2025By Yonhap

Banking & Finance