Business - The Korea Times

Voice identification service by IBK

A model promotes the Industrial Bank of Korea's voice identification service in this file photo. Starting from June 5, the state-owned lender will introduce the biometric authentication service, featuring higher-security, for the first time here, it said Sunday. When customers speak in a telephone call with a call center staff member, the platform can identify who they are in less than 15 seconds, according to the bank. Courtesy of Industrial Bank of Korea

May 31, 2020By Lee Min-hyung

Sleeping with enemy?

Shinhan Financial Group Chairman Cho Yong-byoung, left, and Hana Financial Group Chairman Kim Jung-tai / Korea Times fileShinhan, Hana chairmen's 32 years of friendship enables allianceBy Park Jae-hyukShinhan and Hana financial groups' sudden announcement Monday that they had formed a partnership to enhance their competitiveness in the global market surprised the nation's financial industry since this was the first time that financial services holding firms here had signed a memorandum of understanding (MOU) with each other.Some people even compared this with the 1991 American film, “Sleeping with the Enemy.”Those who are well aware of the two banking group chairmen's careers, however, could easily understand how and why they teamed up with each other.Behind the alliance was a three-decade friendship between Shinhan Chairman Cho Yong-byoung and Hana Chairman Kim Jung-tai.According to industry sources, Wednesday, the cooperation was initially pursued between the banking units of the two financial groups.After employees questioned the intensifying competitions among Korean

May 29, 2020By Park Jae-hyuk

For eco-friendly shipbuilding

Participants in a signing ceremony for a 480 billion won ($388 million) green syndicated loan hold copies of the agreement at the Korea Development Bank (KDB) headquarters in Seoul, Friday. The state-run bank and three other financial firms agreed to lend the money to Hyundai Heavy Industries (HHI) for eco-friendlier shipbuilding. From left are Industrial and Commercial Bank of China's Seoul branch head Niu Jianjun, HSBC global banking for Korea head Howard Kim, HHI Senior Executive Vice President Cho Young-cheul, KDB Vice President Choi Dae-hyun and KDB Capital Deputy President Kim Keon-yeol. / Courtesy of KDB

May 29, 2020By Park Jae-hyuk

Mirae Asset fined $3.5 mil. for unfair intra-group transactions

Chung Jin-wook, director general of business cooperation bureau at the Fair Trade Commission, announces the penalty for Mirae Asset Financial Group for unfair business practices, Wednesday. / YonhapChairman Park Hyeon-joo avoids criminal chargesBy Baek Byung-yeulMirae Asset Financial Group Chairman Park Hyeon-joo / Courtesy of Mirae Asset Financial GroupThe Fair Trade Commission (FTC) has fined Mirae Asset Financial Group 4.39 billion won ($3.5 million) for unfair intra-group transactions, the antitrust agency announced Wednesday.The FTC said it imposed the penalty and correction order against Mirae Asset affiliates because the financial group's affiliates awarded contracts to the group's holding company Mirae Asset Consulting, helping the group founder and family members pocket profits. Mirae Asset Consulting is an unlisted company of the group, with 91.86 percent of its stake owned by Park Hyeon-joo, the group's founder and chairman, and his family members. The amount involved in the unfair in-house deals was 43 billion won between 2015 and 2017, according to the FTC.However, Park

May 27, 2020By Baek Byung-yeul

Mirae Asset fined $3.5 mil. for unfair intra-group transactions

ABL Life promotes life insurance policy covering illness

A model promotes ABL Life Insurance's life insurance policy that covers cancer and severe dementia. / Courtesy of ABL LifeBy Kim Bo-eunABL Life Insurance is promoting a life insurance policy that covers both cancer and severe dementia.Under the policy, holders pay the same premium through the end of the contact.If they are diagnosed with cancer or severe dementia, 100 percent of the insured amount is paid in advance, and in the event of death, an additional 20 percent of the insured amount is received as a death benefit. Those aged 15 through 68 can sign up for the policy. The insured amount ranges from 30 million won to 200 million won.The policy type that does not refund payments when canceling the policy during the premium payment period allows policy holders to pay lower premiums."We launched a policy that can cover the risks associated with both death and survival, based on the fact that cancer and severe dementia have high survival rates that lead to extended periods of struggle against the illness resulting in large financial and mental distress," said Eun Jae-kyung, the head

May 27, 2020By Kim Bo-eun

ABL Life promotes life insurance policy covering illness

BC Card's Paybooc app offers convenient payment options

BC Card's Paybooc app provides QR code payment through mobile devices. / Courtesy of BC CardAs COVID-19 forces in a new lifestyle that minimizes direct human contact, card companies are coming up with more innovative and convenient automatic payment methods using mobile apps. BC Card's Paybooc enables customers to make payments with a few simple taps on their mobile devices.Using QR codes, customers can pay at stores without having to pick up their credit cards. For instance, they can enter into a pilot GS25 convenience store in the Euljiro District, central Seoul, which is operated with unmanned checkout counters, using the app's QR code. Once inside the store, customers can pick products and simply walk out of the store; the payment is automatic through a pre-registered BC Card connected with the app. Baskin-Robbins' “Happy Station,” which has an unattended cash register, also supports the automatic QR code payment of the app. At branches of the ice cream brand where Happy Station is set up, customers can order and pay without having to interact with workers. The QR cod

May 26, 2020

BC Card's Paybooc app offers convenient payment options

Overseas card spending dips by most in over decade in Q1 amid pandemic

GettyimagesbankOverseas card spending by South Koreans dropped at the fastest rate in over a decade in the first three months of this year on a sharp decline in the number of outbound travelers caused by the COVID-19 pandemic, central bank data showed Tuesday.The overall amount of money spent overseas by South Koreans using cards came to about US$3.6 billion in the January-March period, down 23 percent from $4.68 billion in the same period last year, according to the data from the Bank of Korea (BOK).It marks the sharpest on-year decline since the second quarter of 2009, when the amount plunged 31.5 percent on-year in the aftermath of the global financial crisis the year before.From three months earlier, the amount saw a 25.3 percent drop, marking the sharpest on-quarter decline since the 32.6 percent drop posted in the fourth quarter of 2008, according to the BOK.The drop is "largely attributed to a sharp decline in the number of local residents going abroad due to the spread of the new coronavirus," the BOK said.In the three months that ended March 31, the number of outbound South

May 26, 2020

Overseas card spending dips by most in over decade in Q1 amid pandemic

Samsung Life tarnished by misconduct

By Kim Bo-eunSamsung Life CEO Jeon Young-mukThe country's No. 1 life insurer's reputation has been marred by a series of “misconducts,” including refusal to comply with orders by the financial authorities to make payments to claimants. Samsung Life Insurance has also been found to have continued to entrust its investments to its affiliate Samsung Asset Management despite the latter's poor achievements.In 2018, the Financial Supervisory Service (FSS) directed Samsung Life to provide payments to holders of its cancer policy. The dispute arose after the life insurer stated it could not provide payments for nursing home fees for cancer patients holding its policy, because it did not consider the fees expenses for cancer treatment.The terms of the policy, however, stated that the insurer would cover expenses for being admitted into an institution for cancer treatment. Because hospitals do not allow cancer patients to be hospitalized after their surgery, the patients need to be admitted to nursing homes for treatment. Samsung is currently involved in a lawsuit filed by policy h

May 26, 2020By Kim Bo-eun

Supporting after-school teachers

NongHyup Financial Group Chairman Kim Gwang-soo, third from right, and Education Minister Yoo Eun-hae, fourth from right, pose for a photo after signing an MOU at the headquarters of NongHyup Financial Group in central Seoul, Monday. Through the MOU, after-school teachers can get low-interest loans using the NongHyup Bank mobile app. / Courtesy of NongHyup Financial Group

May 25, 2020By Anna J. Park

Shinhan, Hana team up for globalization

Shinhan Financial Group Chairman Cho Yong-byoung, second from left, and Hana Financial Group Chairman Kim Jung-tai, second from right, hold a memorandum of understanding regarding their partnership in the global market at Lotte Hotel in downtown Seoul, Monday. From left are Hana Bank CEO Ji Sung-kyoo, Cho, Kim and Shinhan Bank CEO Jin Ok-dong. / Courtesy of Shinhan, Hana financial groupsBy Park Jae-hyukShinhan and Hana financial groups formed an unprecedented partnership to enhance their competitiveness in the global market, the two banking groups said Monday.According to the financial services holding firms, Shinhan Chairman Cho Yong-byoung and Hana Chairman Kim Jung-tai signed a memorandum of understanding (MOU) regarding their cooperation at Lotte Hotel in downtown Seoul.“This agreement will show the new paradigm of the financial industry, not just allow us to overcome our rivalry and establish a cooperative relationship,” Cho said. “We hope this becomes a great opportunity for both groups to enhance their competitiveness and break through the uncertainties in th

May 25, 2020By Park Jae-hyuk

Banking & Finance