Business - The Korea Times

SK, Samsung vie for $238 mil. IT service deal to KDB

SK C&C CEO Park Sung-ha, left, and Samsung SDS CEO Hong Won-pyo / Korea Times fileKDB Chairman Lee Dong-gullBOK advised banks to prepare plans to reduce risks from IT outsourcing By Park Jae-hyukSK C&C and Samsung SDS took submitted tenders Monday for a contract to provide IT services to the Korea Development Bank (KDB) which is pursuing speedy digitization amid the rising popularity of contactless transactions, according to company officials and industry sources.The nation's two leading IT service operators are competing to win the 287 billion won ($238 million) deal, after the sector's smallest provider, LG CNS, dropped out of the megaproject.SK C&C spokesman said SK Group's IT service affiliate decided to submit the tender as part of moves to continue providing the state-run lender with IT services until January 2026. SK C&C has been partnered with the state-run lender since 2014. Although its contract was initially supposed to end in 2019, the company was allowed to extend it until Jan. 31, 2021.Samsung SDS declined to confirm whether or not it was taking part, bu

Jun 29, 2020By Park Jae-hyuk

SK, Samsung vie for $238 mil. IT service deal to KDB

Banks, telecom firms enhance ties in advent of 'data economy'

By Lee Min-hyungKB Kookmin Bank CEO Hur YinCommercial banks here are enhancing their partnerships with telecom companies as the era of “data economy” comes closer and competition from emerging financial players gets tougher. With the so-called “three data bills” taking legal effect as of Aug. 5, companies from different industrial sectors are moving to join hands for potential synergies to develop more customer-oriented services by exchanging their big datasets.The three bills are revisions to three existing laws on private information protection, information communication networks and credit information protection. The three data bills are aimed at allowing financial firms ― such as banks, card firms and insurers ― to form data-sharing partnerships with those from other industries, with a view to creating more value-added financial services.Woori Bank CEO Kwon Kwang-seokBanks are particularly speeding up their drive to enhance ties with local telecom players to jointly launch more accurate data-powered services.The latest in a series of data partnerships betw

Jun 28, 2020By Lee Min-hyung

Banks, telecom firms enhance ties in advent of 'data economy'

Volunteering to help curb COVID-19

Kyobo Life Insurance employees make soap at the insurer's headquarters in central Seoul as part of volunteer activities to prevent the spread of COVID-19. Kyobo said Friday it delivered the bars of soap made by 1,000 of its employees, as well as masks and other supplies, to 800 underprivileged households. / Courtesy of Kyobo Life Insurance

Jun 26, 2020By Kim Bo-eun

Recognized for personal data protection

Woori Bank CEO Kwon Kwang-seok and Norwegian Ambassador to Korea Frode Solberg hold an ISO 27701 certificate at the bank's main branch in Seoul, Monday. Woori said Wednesday it became the nation's first financial firm to win the certificate which a Norway-headquartered international accredited registrar DNV GL gives to companies that fulfill the requirements for information privacy management. / Courtesy of Woori Bank

Jun 24, 2020By Park Jae-hyuk

Eximbank-Hana Bank join hands for global expansion of Korean firms

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, left, poses with Hana Bank CEO Ji Sung-kyoo after signing a memorandum of understanding to offer financial support to Korean firms expanding overseas, at the former's headquarters on Yeouido in Seoul, Tuesday. / Courtesy of EximbankBy Lee Min-hyungThe Export-Import Bank of Korea (Eximbank) is teaming up with Hana Bank to financially support Korean companies' global expansion, they said Wednesday. The partnership is part of their efforts to help local firms make smooth inroads into countries in East Asia. Details of the memorandum of understanding include loan offers to firms planning to expand into emerging Asian countries with growth potential.“The two lenders have provided trade finance worth 13 trillion won to local firms since 2013,” Eximbank CEO Bang Moon-kyu said. They have also offered project financing worth $4.8 billion during the same period, according to the two lenders.“We are going to actively back up local firm's expansion into overseas territories by tightening our alliance,” he said.Unde

Jun 24, 2020By Lee Min-hyung

Eximbank-Hana Bank join hands for global expansion of Korean firms

Korea Investment to strengthen overseas drive

Korea Investment & Securities / Courtesy of Korea Investment & SecuritiesBy Anna J. ParkKorea Investment & Securities is seeking to strengthen its foothold abroad by reorganizing its departments to place more emphasis on its overseas business starting this month.A company official said the brokerage house aims to create a new division that will be exclusively in charge of overseas investment projects and the management of global offices in major cities, including London, New York, Beijing, Hong Kong and Singapore. The Hong Kong branch, in particular, is the largest overseas office of the securities firm. A legal affairs office will also be newly set up under the overseas division. The legal team will provide legal counseling and reviews on various investment deals led by investment banking departments, as well as businesses at the offices in other countries. The new overseas drive reflects the determinations of Korea Investment Holdings Chairman and CEO Kim Nam-goo who said the financial group will focus on finding M&A opportunities overseas during a shareholder's mee

Jun 24, 2020By Anna J. Park

Korea Investment to strengthen overseas drive

Banksalad overhauls organization amid heated competition

Banksalad's office on Yeouido, Seoul / Courtesy of BanksaladBy Kim Bo-eunThe personal finance managing app Banksalad said Tuesday it has overhauled its organization to prepare for a new data business and to become more competitive as competition heats up among fintech players.Banksalad said the reorganization is based on the “lean startup," which is a globally applied approach to creating and managing startups and cutting down the time for a product to reach customers.The startup said its organization is now comprised of three sets of groups named “squads,” “foundations” and “divisions,” according to function.For example, the squads, a small unit consisting of eight or fewer members, is in charge of projects. They will run the entire process of planning to launch of new products or services. The foundations will focus on stabilizing the organization, while the divisions will take charge of producing an operating system.Most employees of Banksalad will become part of squads, with the exception of staff members of the back office.The startup sa

Jun 23, 2020By Kim Bo-eun

Banksalad overhauls organization amid heated competition

Encouraging financial consultants

ABL Life Insurance CEO Xie Zheqiang, second from left, poses after meeting with financial consultants and other employees at the insurer's regional office in the southwestern city of Daegu, Tuesday. The company invited the head of Keimyung University's Daegu Dongsan Hospital to hear about how the institution, designated to treat COVID-19 patients, coped with the situation. / Courtesy of ABL Life Insurance

Jun 23, 2020By Kim Bo-eun

INTERVIEW 'Integrating ESG' ensures IFM's success in investment

IFM Investors focuses on infrastructure-focused strategy amid COVID-19 By Anna J. Park IFM Investors Executive Director Zachary May / Courtesy of IFM InvestorsIFM Investors is one of the world's top three infrastructure fund managers with $114.8 billion under management as of the end of last year. The firm was founded in 1994 by dozens of not-for-profit Australian retirement funds ― 27 employer-backed industry superannuation funds ― under the goal of protecting and growing the retirement savings of millions of working people. Currently, the Australia-headquartered global asset management company invests on behalf of its founding investors and like-minded institutional investors from around the world, including in Europe, North America, Asia and Australia. In an email interview with The Korea Times, IFM Investors Executive Director Zachary May said IFM's special ownership structure and history help keep the firm true to its mission of securing retirement savings of people. “IFM's founding Chair Garry Weaven likes to say that IFM and the industry superannuation funds should help

Jun 23, 2020By Anna J. Park

[INTERVIEW] 'Integrating ESG' ensures IFM's success in investment

ESG investing gaining traction in Korea

Shinhan chairman heads digital committee

By Kim Bo-eunShinhan Financial Group Chairman Cho Yong-byoungShinhan Financial Group said Monday it will set up a new digital committee that will discuss business opportunities as part of the government's "digital new deal" policy.The Moon Jae-in administration is pushing forward with the project to create jobs and boost Korea's competitiveness as a digital-based economy by expanding related infrastructure such as 5G networks and others incorporating new technologies including artificial intelligence (AI).Shinhan Financial Group Chairman Cho Yong-byoung will head the new committee, and the CEOs of seven of Shinhan's units will be members ― these include the bank, card firm, brokerage and life insurance affiliates.Shinhan said the digital committee will seek to accelerate the group's data business and expand investment for programs fostering startups. In addition, 10 of Shinhan's affiliates will take part in a system under which CEOs will play a leading role in incorporating AI, big data, cloud and blockchain into their digital transformation processes. For example, Shinhan Bank CEO J

Jun 22, 2020By Kim Bo-eun

Banking & Finance