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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.

Retirement savings management training

NongHyup Bank employees attend an online seminar on how to better manage retirement savings at the bank's branch in Seoul, Wednesday. Courtesy of NongHyup Bank

May 12, 2021By Lee Kyung-min
Retirement savings management training

Citibank attempts to prevent customer exodus

The headquarters of Citibank Korea in central Seoul / YonhapBy Anna J. ParkAfter Citigroup announced last month it will cease consumer banking operations in more than a dozen countries around the world including Korea, Citibank Korea has been focusing on attracting new customers as well as retaining existing ones, hoping to prevent them from jumping ship due to uncertainties created by the possible sale of the bank in the near future.In a move to keep its maximum valuation ahead of the sale of its retail banking division, Citibank Korea is currently holding various promotions, such as providing special annual interest of up to 2 percent for savings accounts opened by new customers who deposit more than 10 million won ($8,925). The bank is also giving out lottery presents ranging from hotel stays, luxury home appliances to coffee coupons to over 3,000 customers.The bank also reduced interest rates of its non-collateralized loans as well as mortgages by 0.01 percentage point.Industry insiders say such moves aim to assuage jitters among customers due to the bank's exit announcement and

May 9, 2021By Anna J. Park
Citibank attempts to prevent customer exodus

Banks rushing to tap into new business of safekeeping digital assets

gettyimagesbankBy Lee Min-hyungKorean banks are moving to make rapid inroads into the “digital custody” business or the safekeeping of cryptocurrency by enhancing partnerships with blockchain-powered security players.Given the unprecedented global craze for cryptocurrency transactions, the market for the service is widely expected to grow at an alarming pace.Banks are seeking to take advantage of the new source of revenue by enhancing ties with tech-savvy startups that specialize in developing blockchain security software.NongHyup Bank formed a three-way consortium last year with Hexlant, a Seoul-based blockchain software developer, and Taepyeongyang law firm.Other major lenders, such as KB and Shinhan, are also tapping into the field by either buying stakes in related companies or setting up a joint venture to provide digital custody services.“Most first-tier banks here continue to eye digital expansion, and the digital custody service is one of the promising profit areas amid growing demand for cryptocurrency investments,” a bank industry source said.“

May 7, 2021By Lee Min-hyung
Banks rushing to tap into new business of safekeeping digital assets

Shinhan Asset Management aims to become ESG powerhouse

The cover image of Shinhan Asset Management's latest report titled “ESG Investment Blueprint” / Courtesy of Shinhan Asset ManagementFirst asset manager in the country to apply ESG elements in all work proceduresBy Anna J. ParkShinhan Asset Management vowed to place the utmost priority in keeping to its set of environmental, social and corporate governance (ESG) criteria, striving to be the country's top asset manager in terms of ESG-principled investments.In its latest report titled “ESG Investment Blueprint,” Shinhan Asset Management clarified the firm's past and present endeavors and strategies as well as future strategies to be a leading powerhouse in implementing ESG strategies. It is the first attempt by a Korea-headquartered asset manager to publish such a comprehensive strategic report solely focusing on the firm's detailed ESG principles and the procedures of the systemic application of ESG rules in its investment strategies. The company is also the first in Korea's asset management industry to send shareholders letters regularly, stating how ESG crite

May 6, 2021By Anna J. Park
Shinhan Asset Management aims to become ESG powerhouse

US rate hike worries boosting Korean bank stocks

Bank of Korea Governor Lee Ju-yeol attends a monetary policy board meeting at its headquarters in Seoul, April 15. YonhapBy Lee Min-hyungKorean bank stocks went on an unusual bullish run Thursday on expectations their profit bottom lines will see a boost following recent warnings by the U.S. treasury secretary over possible rate hikes.Bank stocks have made few headlines here as their profit structures are simple, dull and focused on the local market, compared to other stocks particularly in the areas of IT and biotechnology. Only a few ― mostly older ― people invest in financial stocks simply to make a short-term profit. Most investors prefer bank stocks' stable performance and regular dividend offerings.But major shares of the nation's top-tier financial holding firms received rare positive attention from investors after their prices soared by a surprising margin from the previous trading day. Recent remarks from U.S. Treasury Secretary Janet Yellen have sparked a sense of hope that Korean banks can also benefit from the possible interest rise in the U.S.KB Financial Group, the nati

May 6, 2021By Lee Min-hyung
US rate hike worries boosting Korean bank stocks

Korea's foreign reserves hit record high in April on weaker dollar

An employee of Hana Bank's central branch in Seoul's Jung District checks foreign bills. YonhapSouth Korea's foreign reserves rose to a fresh record high in April as the U.S. dollar's weakness boosted the value of non-dollar assets, central bank data showed Thursday.The nation's foreign reserves came to $452.3 billion as of end-April, up $6.18 billion from the previous month, according to the Bank of Korea (BOK).Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.The FX reserves rose last month as a weaker U.S. dollar bolstered the dollar-conversion value of non-dollar assets.Foreign securities came to $412 billion as of end-April, up $6.12 billion from the previous month and accounting for 91.1 percent of the FX reserves.But deposits fell $50 million on-month to $27.2 billion, and gold holdings remained unchanged at $4.79 billion.As of the end of March, South Korea was the world's ninth-largest holder of FX reserves, down one notch from the previous month. (Yonh

May 6, 2021
Korea's foreign reserves hit record high in April on weaker dollar

Banks stepping up blockchain investments amid crypto boom

gettyimagesbankBy Lee Min-hyungKorea's commercial banks are expanding their use of blockchain technologies that underpin cryptocurrencies amid surging demand for digital asset transactions.Major lenders here remain wary of jumping directly into the cryptocurrency market, as they may lose more than they gain if caught in even a minor security issue surrounding virtual asset transactions.But they are moving to keep a closer watch on the market by signing partnerships with blockchain tech companies and enhancing research and development capabilities in the area of blockchain and digital transaction securities.Starting from 2020, KB Kookmin Bank, the nation's largest bank, has teamed up with crypto asset investment firm Hashed and established a joint venture, the Korea Digital Asset (KODA). The company launched a digital asset custody service on Monday.The service allows cryptocurrency investors to securely keep their assets from external hacking threats, and it also enables corporate clients to buy and sell digital assets in a safer manner, according to the lender.Shinhan Bank, another

May 4, 2021By Lee Min-hyung
Banks stepping up blockchain investments amid crypto boom

Warren Buffett says Greg Abel would become Berkshire CEO after he's gone

Berkshire Hathaway's vice chairman Gregory Abel speaks at Berkshire's annual meeting, held virtually for a second year, in Los Angeles, Calif., May 1, in this screengrab taken from a livestream video. Reuters-YonhapWarren Buffett ended years of speculation about who would succeed him at Berkshire Hathaway by saying Vice Chairman Greg Abel would take over as chief executive officer if he were to step down."The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning," Buffett said, according to a CNBC report on Monday. Buffett, 90, has never provided a timetable for his departure.Abel, 58, has overseen Berkshire's non-insurance businesses since 2018, after building its Berkshire Hathaway Energy unit into a major U.S. power provider.Many analysts and investors had viewed the Edmonton, Alberta, native as Buffett's most likely successor, and committed to preserving Berkshire's corporate culture."Simple, understated, very knowledgeable, but humble at the same time, and also serious," said Steve Haberstroh, a partner at Ca

May 4, 2021
Warren Buffett says Greg Abel would become Berkshire CEO after he's gone

KakaoPay's plan to set up digital insurer facing setback

KakaoPay CEO Ryu Young-joon, left, and Financial Services Commission (FSC) Chairman Eun Sung-soo applaud at the ceremony for the launch of the open banking service in this December 2019 file photo. Courtesy of FSCBy Park Jae-hyukKakaoPay is facing difficulties achieving its grand goal of launching an internet-only insurance company in the second half of the year, raising concerns that this could possibly have a negative impact on its planned initial public offering (IPO).The mobile payment unit of Kakao has yet to receive preliminary approval for the establishment of its digital non-life insurer, after applying Dec. 29.Following KakaoPay's initial application, the Financial Supervisory Service (FSS) found several deficiencies in the documents it submitted, forcing the company to correct the flaws and resubmit the revised documentation March 19. The FSS then sent the results of its screening to the Financial Services Commission (FSC) in mid-April.Because the FSC made a public announcement about KakaoPay's application regarding preliminary approval April 23, the financial regulator had

May 3, 2021By Park Jae-hyuk
KakaoPay's plan to set up digital insurer facing setback

Cryptocurrency trading is like 'blind investment': Hyundai Card chief Chung

Hyundai Card Vice Chairman Chung Tae-young / Courtesy of Hyundai CardBy Anna J. ParkHyundai Card Vice Chairman Chung Tae-young recently revealed his take on cryptocurrency trading, saying it is more like a “blind investment” due to its fragile relevance to any real references.In a Facebook posting uploaded Thursday, Chung said he's been asked frequently about his view on the matter and would like to share his opinion. First off, Chung said he cannot agree with the general view that cryptocurrencies are unstable because they're not issued by central government authorities. He argued that just as ore, oil and crops could be an object of investment even though they're not centrally issued or centrally controlled, cryptocurrencies can still have relevance as an object of investment.“The issue here is not utility as a payment system, but suitability as an object of investment,” his posting read.He also disagreed with the view that cryptocurrencies are unstable because they're not real entities. He explained that there are many “concept-based” investment

Apr 30, 2021By Anna J. Park
Cryptocurrency trading is like 'blind investment': Hyundai Card chief Chung
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