Business - The Korea Times

Apple's arrogance angers Korean card issuers

Apple Pay's user interface / Captured from Apple's official websiteApple Pay unlikely to be available in Korea again this yearBy Park Jae-hyukApple's high-handed attitude toward Korean credit card issuers has been leading to a reduced likelihood of Apple Pay's launch here, as card firms have declined to accept the U.S. tech giant's unreasonable demands, industry sources said Wednesday.According to the sources, some domestic card firms recently stopped negotiating with Apple for the launch of the U.S. firm's mobile payment and digital wallet service.The card issuers have tried to bring Apple Pay to Korea since its launch in 2015.Some of them recently visited Japan to study the usage of the mobile payment service there.They regarded Apple Pay as their new income source for this year, hoping it would allow them to overcome the industry downturn.However, they failed to reach an agreement with Apple because the tech firm wanted them to pay transaction fees and install payment terminals for Apple Pay.Apple receives 0.15 percent commission on every Apple Pay transaction in the United States

Jan 16, 2020By Park Jae-hyuk

Apple's arrogance angers Korean card issuers

NongHyup Financial to launch JV with IFFCO to enter Indian market

NongHyup Financial Group Chairman Kim Gwang-soo, second from right, with Indian Farmers Fertilizer Cooperative (IFFCO) Chairman US Awasthi, second from left, during a share subscription agreement signing ceremony at IFFCO's headquarters in New Delhi, Tuesday.By Anna J. ParkNongHyup Financial Group will launch a joint venture (JV) with the Indian Farmers Fertilizer Cooperative (IFFCO), the world's largest fertilizer cooperative, in a bid to make inroads into India's financial market, the group said Wednesday.The announcement came a day after NongHyup Financial Group Chairman Kim Gwang-soo and IFFCO Chairman US Awasthi signed a share subscription agreement at IFFCO's headquarters in New Delhi.Under the accord, NH Capital, a subsidiary of NongHyup Financial, has acquired about 25 percent of the shares of IFFCO-Kisan Finance ― an affiliated company of IFFCO ― becoming the second-largest shareholder of the agricultural equipment-specialized finance company.This is the first time a Korean financial firm has moved into the Indian market through a JV with a local financial company. With the

Jan 15, 2020By Anna J. Park

NongHyup Financial to launch JV with IFFCO to enter Indian market

Donation for the needy

KB Financial Group Chairman Yoon Jong-kyoo, third from right, and Community Chest of Korea Chairman Ye Jong-suk, fourth from right, pose with other officials after KB donated 10 billion won to the charity, at the latter's office in central Seoul, Wednesday. The group said it has donated 121 billion won over the past 20 years to the organization. Courtesy of KB Financial Group

Jan 15, 2020By Kim Bo-eun

Supporting local parts maker

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, right, listens to OE Solutions CEO Park Yong-kwan, left, and chief financial officer Park Hwan, center, at the optoelectronic transceiver manufacturer's plant in Gwangju, Tuesday. Bang promised to finance local parts makers, so they can acquire core technologies. / Courtesy of Eximbank

Jan 15, 2020By Park Jae-hyuk

Korean Re accelerates global expansion

By Kim Bo-eunKorean Re CEO Won Jong-gyuThe Korean Reinsurance Company (Korean Re) is speeding up its overseas expansion, most recently by setting up a branch in Shanghai.The reinsurer said Wednesday it completed setting up the Shanghai branch, its second outlet in China after opening an office in Beijing in 1997.China's insurance market is the largest in Asia and the second-largest globally, with vast growth potential. Premium income in China grew 3.92 percent to 660 trillion won ($570 billion) in 2018 ― 11.6 percent of global premium income.Korean Re's Shanghai branch is set to serve as its sales base in China. The Beijing office had been in charge of market research."The branch in Shanghai will become an important foothold to consolidate Korean Re's sales base in the Chines market," Korean Re CEO Won Jong-gyu said.Korean Re has 11 overseas outlets in nine countries.An office in Singapore was the first to be opened in 1975. Since Won took office in 2013, Korean Re has accelerated expansion efforts, opening a subsidiary in London in 2015, branches in Labuan, Malaysia in 2017 and Duba

Jan 15, 2020By Kim Bo-eun

Investment collaboration

NH-Amundi Asset Management CEO Bae Young-hoon shakes hands with Hanoi-based SSI Asset Management CEO Le Thi Le Hang, after signing an MOU in Hanoi, Vietnam, Monday. The two asset managers will collaborate in developing fund products based on Vietnam's VN30 and VN50 indices. / Courtesy of NH-Amundi Asset Management

Jan 15, 2020By Anna J. Park

Lee's exit may change Kakao Bank's leadership structure

Former Kakao Bank co-CEO Lee Yong-woo, left, sits with the other co-CEO Yun Ho-young, at a press conference held July 26, 2018, marking the one year anniversary of the bank's launch at the Plaza Hotel in Seoul. / Korea Times fileBy Kim Bo-eunThe decision by Kakao Bank's co-CEO Lee Yong-woo to leave the internet lender and run in the general election has brought about a change in the bank's leadership.Lee served as co-chief along with Yun Ho-young since 2015 when Kakao was preparing to launch the bank. He joined the ruling Democratic Party of Korea, Sunday, ahead of the elections slated for April.Yun is set to serve as the sole CEO for the time being, while Kakao Bank decides on whether it will fill Lee's position."We will have to draw up a committee if we decide to keep the co-leadership system and matters will be decided from then onward," a Kakao Bank official said Tuesday.A decision will likely be made by the general shareholders' meeting to be held in March. Attention is growing over the bank's leadership, as 2020 will likely be an important year for the bank, which has plans to

Jan 14, 2020By Kim Bo-eun

Lee's exit may change Kakao Bank's leadership structure

Goldman Sachs, SK to invest W50 bil. in cold chain logistics center

Goldman Sachs / Yonhap-EPABy Anna J. ParkGoldman Sachs and SK Holdings will jointly invest 50 billion won ($43 million) in Belstar Superfreeze (Belstar), a developer and operator of cold chain logistics centers, the U.S. investment bank said Monday.In a press release, Goldman Sachs said that Belstar will use the funding for the construction of its largest cold chain logistics center at Songdo New Port in Incheon and to support the operation of its cold chain logistics center in the Oseong Industrial Complex in Pyeongtaek, Gyeonggi Province. Established in 2014 by EMP Belstar, a U.S. based investment platform, Belstar is a leading developer and operator of cold chain logistics centers utilizing “LNG cold energy.” The company operates the world's first energy-independent cold chain logistics center within the Oseong Industrial Complex, combining LNG cold energy with various new and renewable energy technologies. “Drawing on Goldman Sachs' global network, experience in growing companies and cold chain logistics expertise, we endeavor to make Korea's ambitions to becom

Jan 13, 2020By Anna J. Park

Goldman Sachs, SK to invest W50 bil. in cold chain logistics center

Promoting Korean language in Myanmar

Choi Chang-su, second from right, managing director at KB Kookmin Bank's global business, poses with Myanmar's Human Resources Minister Daw Moe Moe Su Kyi, third from right, and participants to the groundbreaking ceremony of the Korean language test facility in Yangon, Myanmar, Jan. 10. KB will establish the four-story building to raise awareness of the Korean language in the country. Courtesy of KB Kookmin Bank

Jan 13, 2020By Lee Min-hyung

Visa Korea to expand consulting services on big data analysis

Visa Korea Country Manager Patrick Yoon speaks during a press conference marking the New Year, at the Plaza Hotel in central Seoul, Monday. / Courtesy of Visa KoreaBy Kim Bo-eunVisa Korea said Monday it will strengthen consulting services based on its capabilities in analyzing and processing information built on its global network.Visa's global consulting and analytics team is composed of 500 data analysis experts and consultants. The team offers consulting services in 11 countries in the Asia Pacific region including Korea.Visa Korea plans to offer consulting services on analyzing and utilizing big data to local card issuers, fintech firms, and online banks and merchants this year."We plan to expand consulting services for partners so that they can boost their data analysis capabilities," Visa Korea's Country Manager Patrick Yoon said at a press conference held at the Plaza Hotel in central Seoul."We will strengthen existing capabilities such as credit scoring and debt management of partner companies and assist them with big data-based hyper personalization marketing," he said.Hyper

Jan 13, 2020By Kim Bo-eun

Banking & Finance