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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.

Hana Bank joins Korean banks in adopting Equator Principles

A promotional image from Hana Bank announcing its adoption of the Equator Principles / Courtesy of Hana BankBy Anna J. ParkHana Bank announced earlier this week that it recently officially adopted the Equator Principles, which refer to a risk management framework adopted by global financial institutions for assessing and managing environmental and social risks in investment projects according to a minimum standard. Currently, 123 financial institutions in 37 countries have officially adopted the principles, which were first established in 2003. Adopters vow to implement the principles in their environmental and social policies for financing projects and will not provide financing or loans to projects where the client will not ― or is unable to ― comply with the principles.With the adoption, Hana Bank plans to launch its own environmental and social risk screening process, which will be implemented systemically in providing loan products, as well as in financing large projects, in order to eliminate any harmful effects on the environment or human rights in the bank's businesses. &ldqu

Aug 24, 2021By Anna J. Park
Hana Bank joins Korean banks in adopting Equator Principles

Internet-only banks closer to allowing foreign customers

KakaoBank's Pangyo office in Seongnam, Gyeonggi Province / Courtesy of KakaoBankKorea set to enable online banking with residence cardsBy Park Jae-hyukKorea has made slow but tangible progress in its efforts to allow foreign residents to use internet-only banks that do not have offline branches, multiple documents from the National Assembly and the government showed Tuesday.The country's lawmakers and ministries have made continuous efforts to remove barriers blocking foreign nationals from making transactions with internet-only banks. The Financial Services Commission (FSC) revised identification guidelines for non-face-to-face transactions, allowing foreign financial customers to use their residence cards to open bank accounts online, which took effect in January 2020, but banks' systems still have not been updated to accept their IDs. A recent document from the Ministry of Justice showed that the ministry's immigration policy division has pushed ahead with the establishment of a residence card authentication system with a 1.27 billion won ($1 million) budget.According to the docum

Aug 24, 2021By Park Jae-hyuk
Internet-only banks closer to allowing foreign customers

ABL Life launches online cancer insurance plan

Promotional image of ABL Life Insurance's online cancer insurance plan / Courtesy of ABL Life InsuranceBy Anna J. ParkABL Life Insurance, the country's second-oldest life insurer founded in 1954, has launched its new online cancer insurance plan that protects consumers from the five most-frequently diagnosed cancers.The online-exclusive insurance policy offers 10 million won ($8,500) coverage for the five cancers ― stomach cancer, lung cancer, liver cancer, pancreatic cancer and gall bladder cancer ― with significantly low premiums of less than a dollar a month for most customers. A 20-year-old male purchasing the 10-year coverage plan needs to pay only 26 won or about just two cents as a monthly premium in order to be covered by the 10 million won policy. Or a 40-year-old woman, in another example, needs to pay only 637 won as a monthly premium. Customers can also pay all the premiums at once instead of paying the monthly premium; in this case, a 20-year-old male pays only 2,710 won for his entire 10-year coverage, while a 40-year-old woman pays 66,033 won for the 10-year cancer pol

Aug 24, 2021
ABL Life launches online cancer insurance plan

Partnership for innovative financial services

Kakao Pay CEO Ryu Young-joon, fourth from right, and DGB Financial Group Chairman Kim Tae-oh, fourth from left, pose with executives from the two companies at Kakao Pay's headquarters in Pangyo, Gyeonggi Province, Monday, after signing a memorandum of understanding regarding their strategic partnership. Courtesy of Kakao Pay

Aug 24, 2021By Park Jae-hyuk
Partnership for innovative financial services

Citibank Korea again delays decision on exit plan

Citibank Korea headquarters in Jongno, Seoul / YonhapCitibank Korea has again postponed a decision on the exit plan for its retail banking unit amid differences over sale terms, industry sources said Tuesday. Citibank Korea, the South Korean unit of Citigroup, had originally planned to hold a board meeting on Aug. 26 to determine how to sell the retail banking division.But the lender has decided not to put its exit plan on the meeting's agenda, putting off its decision until September, according to the sources.It marks the second postponement in a couple of months. Citibank Korea had planned to make decision in July but delayed it by one month.The delay comes as Citibank Korea and potential buyers are known to have big differences over terms of the sale.Some potential buyers are reportedly seeking to purchase the retail banking division's credit card and wealth management businesses, instead of purchasing the whole division.In April, Citigroup said it will exit consumer banking operations in 13 countries, including South Korea, as part of its global business reorganization.The labor

Aug 24, 2021
Citibank Korea again delays decision on exit plan

'Metaverse' becomes new growth engine of financial industry

Brokerages, banks adopting 'virtual shared space' to extend business reach By Anna J. ParkThe fever of 'metaverse' ― a convergence of physical, augmented and virtual shared space ― is sweeping the country's financial industry, as this trending concept is expected to create and expand business scopes. Metaverse is having its moment internationally now, as the pandemic has accelerated digital-based economies in response to disruptions to face-to-face business patterns. Heads of major financial companies ― including brokerages, banks, credit card issuers and insurers ― have been pinpointing metaverse was a key initiative project for their businesses. They are holding townhall meetings on metaverse platforms to better communicate with staff members of the young MZ generation, referring to a combination of Millennials and Generation Z, while they try to blend metaverse with their financial services in an attempt not to get left behind. Major brokerage companies and banks are fast adopting metaverse initiatives into their business models. NH Investment & Securities is currently prepari

Aug 24, 2021By Anna J. Park
'Metaverse' becomes new growth engine of financial industry

Leveraged investors cry foul over toughened lending rules

A branch bank in Seoul / Korea Times fileBy Lee Kyung-min More people have been finding it hard to borrow money from banks, asking for financial authorities to ease up on their tightening of lending rules. NongHyup Bank decided to deny new mortgage loans until November. Some others announced they will reduce the amount of mortgage loans starting September. Other banks are likely to join the move.This is raising anxiety among people who are planning to take out loans soon. Their debt from buying real estate and stocks will rise, as will interest. It will especially affect low-income earners suffering because of the prolonged COVID-19 pandemic who cannot extend their debts. Household loans saw a net increase of 78.8 trillion won ($66 billion) in July, up from January. This was 71.6 percent more than a 45.9 trillion won increase in the same period a year earlier. The net increase figure for the same period in 2019 before the pandemic was 23.7 trillion won. Financial authorities expect household loans will continue to grow due to demand high for housing as well as stock investments.

Aug 23, 2021By Lee Kyung-min
Leveraged investors cry foul over toughened lending rules

Shinhan Asset Management strengthens global research capabilities

Shinhan Asset Management research center head Na Jung-hyuk / Courtesy of Shinhan Asset ManagementBy Anna J. ParkAs Shinhan Asset Management opens up its strategic research center to boost its research capability, the asset manager has appointed Na Jung-hyuk, a senior economist in the financial industry, to lead the research sector as the first chief of the center.Shinhan Asset's move to appoint Na aims to particularly strengthen the asset manager's research capabilities in global stock analysis, the firm's official said. The newly launched investment strategic center is directly supervised by the firm's Vice President Park Tae-hyung, while it provides professional market analysis for both retail and institutional investors. “With the appointment of Na as the new head, the company recently expanded and promoted its investment strategy department into an investment strategy center, aiming to strengthen the firm's global research capabilities. The firm believes Na's leadership will help the firm come up with a more systematic and concrete analysis of the market as well as specifie

Aug 23, 2021By Anna J. Park
Shinhan Asset Management strengthens global research capabilities

For small businesses

NongHyup Bank CEO Kwon Jun-hak, right, and Cho Tae-kwon, CEO of Hwayo, maker of traditional liquor soju, hold an appreciation plaque given by the bank in recognition for the firm's contribution to the progress of small businesses in the country, at the bank headquarters in Seoul, Aug. 20. Hwayo was one of 60 firms that made it to the list compiled by the bank on the occasion of its 60th anniversary. Courtesy of NongHyup Bank

Aug 22, 2021By Lee Kyung-min
For small businesses

Union slams Standard Chartered over hefty dividends

Standard Chartered Bank Korea headquarters in Seoul / YonhapBy Park Jae-hyukStandard Chartered (SC) Bank Korea's union condemned the bank's management for having sent a total 3.6 trillion won ($3 billion) to its U.K. headquarters since SC's acquisition of Korea First Bank in 2005. Describing the outflow of cash as “exploitative colonization,” the union also called on Financial Supervisory Service (FSS) Governor Jeong Eun-bo to inspect the bank's management during their meeting earlier this week.SC Bank Korea has paid 2.6 trillion won in dividends and an additional 1 trillion won in royalties since 2005, according to data from the bank workers' union. The combined amount exceeds the 3.4 trillion won that SC paid to acquire Korea First Bank.In particular, the bank's board of directors decided this month to pay an 80 billion won interim dividend to its headquarters, as the nation's financial authorities lifted the dividend cap that had been imposed in January to bolster the financial soundness of banks amid the COVID-19 pandemic. The bank gave its headquarters 49 billion won

Aug 20, 2021By Park Jae-hyuk
Union slams Standard Chartered over hefty dividends
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