Business - The Korea Times

Shinhan goes all out for big data business

Shinhan Bank Deputy President Lee Myong-goo, center, LG U+ Vice President Lee Sang-min, left, and CJ OliveNetworks managing director Nam Byung-soo hold a memorandum of understanding at LG Sciencepark in Seoul, Thursday. / Courtesy of Shinhan BankBank joins hands with LG, CJBy Park Jae-hyukShinhan Financial Group subsidiaries are rapidly expanding their presences in the big data business, in line with the nation's efforts to boost the data economy as part of the Korean New Deal project that was initiated to seek future growth engines.On Sunday, Shinhan Bank said it signed a memorandum of understanding with LG U+ and CJ OliveNetworks to jointly push ahead with the big data business.The three companies agreed to collect more valuable data and take preemptive measures against the new market through the convergence of their data. They plan to cooperate with each other to share and converge their data, carry out joint marketing campaigns and seek new business opportunities using data.Their first collaboration will focus on data on spending habits of residents in districts of Seoul. This is

Jun 21, 2020By Park Jae-hyuk

Shinhan goes all out for big data business

Is K bank on track for normalization?

By Kim Bo-eunK bank CEO Lee Mun-hwanAttention is growing attention on whether the country's first internet-only bank will be able to normalize operations, as it is set to boost its capital base by around 400 billion won next month. K bank said its board on Friday approved the issuing of new stocks worth 157.4 billion won. The stocks will be allocated to shareholders according to the percentage of shares they own. Payments for the stocks will be made on July 28.The bank, however, decided to halve the capital increase plan made in April to 239.2 billion won, which will be allocated to its top three shareholders BC Card, Woori Bank and NH Investment & Securities following the board meeting in July. This will bring K bank to around 400 billion won in additional capital. Its total amount of capital will come to 900 billion won next month.With the boost in capital, the internet bank is seeking to normalize operations. K bank suspended issuing loans in April last year, after undergoing difficulties in securing capital. The telecommunications giant KT that set up the internet bank in 201

Jun 21, 2020By Kim Bo-eun

Woori privatization likely to back in limbo

By Kim Bo-eunWoori Financial Group's headquarters in central Seoul / Korea Times fileThe government is facing a bumpy road ahead in its attempt to fully privatize Woori Financial Holdings due to its lackluster stock price amid the growing market volatility triggered by the COVID-19 pandemic.The financial authorities unveiled specifics of the plan to privatize Woori last year. The Korea Deposit Insurance Corp. (KDIC) currently holds ownership of the banking group, as government funds were spent in 1997 to save Woori Bank during the Asian Financial Crisis.The Financial Services Commission (FSC) stated last year it would push for the KDIC to sell its 17.25 percent stake in the financial holding company over a period of three years beginning in 2020. Other shareholders include the National Pension Service (8.37 percent), the employee stock ownership association (6.39 percent) and IMM Private Equity (5.98 percent).The plan had been to proceed with the sell-off beginning in the first half of this year. However, the authorities have been unable to push forward with the plan, as Woori's stoc

Jun 19, 2020By Kim Bo-eun

Woori privatization likely to back in limbo

'Insurance agents will survive digital disruption'

Rich Planet CEO Nam Sang-woo / Courtesy of Rich PlanetInsurtech platform CEO seeks to connect online, offline experienceBy Kim Bo-eunBoundaries in the insurance industry are increasingly blurring between insurers, fintech players and general agencies that sell insurers' policies.At a time of increasing competition and uncertainty in the era of digital disruption, general agency Rich & Co launched insurtech platform Rich Planet in 2018.Rich & Co ranked 7th in earnings in 2019 in Korea's market of general agencies. There are about 4,000 general agencies here.The firm's impressive performance comes while competition is heating up as the general agencies take up an increasing portion of premiums from new contracts. At 40.56 trillion won, they accounted for 52.8 percent in 2018, and the figure is expected to grow further. Rich Planet CEO Nam Sang-woo said sales agents will continue to play their role, as people only sign up for insurance policies when they are pushed to do so. In addition, long-term, high-cost policies are complicated and require in-person explanation.“Of th

Jun 18, 2020By Kim Bo-eun

'Insurance agents will survive digital disruption'

Flower basket challenge

KB Securities co-CEOs Kim Seong-hyeon, second from left, and Park Jeong-rim, third from left, pose after taking part in a flower basket challenge to support floriculturists afflicted by COVID-19, at the brokerage's headquarters on Yeouido, Seoul, Tuesday. The purchased flowers will be delivered to hospitals designated to treat COVID-19 patients. / Courtesy of KB Securities

Jun 18, 2020By Kim Bo-eun

Will Hana push for interim dividend payment?

Hana Financial Group headquarters in Seoul / Courtesy of Hana Financial GroupBy Anna J. ParkAmid a deepening dilemma over an interim dividend payment, Hana Financial Group announced earlier this week that its book closure date ― the day when a company determines the list of shareholders to receive dividends ― will be June 30. The notification of the closure date is tantamount to a dividend announcement, as only new investors buying the stock for the two trading days prior to the book closure date are entitled to receive the dividends, or the book will be closed to them.Since 2005, the financial group has paid out interim dividends every year, except 2009 when the global financial crisis hit the economy hard. However, a company official said the announcement itself doesn't necessarily indicate the group has made a final decision to pay out the interim dividends. “Nothing has been decided about the dividends yet. If you look closely at the announcement, it doesn't say that the group will pay out the dividends ― it simply said it is to be decided by the firm's board of directors,&

Jun 18, 2020By Anna J. Park

Will Hana push for interim dividend payment?

Samil PwC CEO to lead KICPA

Samil PwC CEO Kim Young-sik waves a flag at the Korean Institute of Certified Public Accounts (KICPA) headquarters in Seoul, Wednesday, after he was elected as the institute's new president. / Courtesy of KICPABy Park Jae-hyukSamil PwC CEO Kim Young-sik has been elected as the next president of the Korean Institute of Certified Public Accounts (KICPA), to represent 22,000 certified public accounts over the next two years.The KICPA said Wednesday he won the election as he gained 4,638 of the 11,624 votes.This was the institute's first electronic vote, so some expected former lawmaker Chae Yi-bai would benefit from a high voter turnout.However, Kim defeated Chae, who got 3,800 votes, and three other candidates ― Deloitte Anjin Vice Chairman Chung Min-keun, Shinhan Accounting Corporation managing partner Choi Jong-man and Chung-Ang University professor Hwang In-tae ― despite the record-high voter turnout.Born in 1957, Kim joined Samil PwC in 1978 after graduating from Korea University.He became the CEO of the nation's leading accounting firm in 2016. He is supposed to step down in late

Jun 17, 2020By Park Jae-hyuk

For visually impaired people

Shinhan Financial Group Chairman Cho Yong-byoung, left, and Shinhan Bank CEO Jin Ok-dong make braille learning boards at the financial group's head office in Seoul, Wednesday, to take part in the 2020 Global One Shinhan Volunteer Activity Festival. Shinhan said CEOs of its subsidiaries also participated in the volunteer activity at their offices to help visually impaired people study at home. / Courtesy of Shinhan Financial Group

Jun 17, 2020By Park Jae-hyuk

Partnership for Starbucks card

Hyundai Card Vice Chairman Chung Tae-young, right, and Starbucks Coffee Korea CEO Song Ho-seob brew coffee at the U.S. coffeehouse chain's The Jongno R branch in downtown Seoul, Monday. The card firm said Tuesday the two companies agreed to launch a Starbucks-branded private label credit card during the second half of this year. / Courtesy of Hyundai Card

Jun 16, 2020By Park Jae-hyuk

Korea Investment to launch world's first AI-based news analysis service

By Kim Bo-eunKorea Investment & Securities' headquarters on Yeouido, Seoul / Korea Times fileKorea Investment & Securities will launch the world's first artificial intelligence (AI)-based news analysis service next month, the brokerage said Monday.This technology, for which the securities firm earned a patent, analyzes the effects of key news events from an investment point of view."The technology analyzes the effects of events in the news on stock prices of firms," a company official said.Equipped with machine learning, the new service will rate whether the news has a positive, negative or neutral effect on stock prices.Korea Investment's customers will be able to read the content in the securities firm's online reports beginning July 1.Customers will also be able to access AI-based information on listed companies for which reports are not issued.Korea Investment's new technology-based service is set to be unveiled amid the brokerage's focus on digital transformation.In December, the securities firm set up a digital transformation division. The digital transformation divisio

Jun 16, 2020By Kim Bo-eun

Banking & Finance