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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.

Supporting bilingual students

Hana Nanum Foundation Chairman Ham Young-joo, front row fourth from right, and Korean Institute for Healthy Family CEO Kim Hye-yeong, front row fifth from right, pose with bilingual children of multiracial families at the Seoul Regional Public Procurement Service building, Tuesday. The foundation donated 50 million won ($43,000) to the institute to grant scholarships to 30 talented bilingual students of multiracial families. / Courtesy of Hana Financial Group

Dec 24, 2019By Park Jae-hyuk
Supporting bilingual students

Open banking reveals poor security of fintech firms

gettyimagesbankBy Park Jae-hyukThe official launch of the open banking service this month has revealed security risks prevail in the nation's fintech industry, as most startups have failed to win approval to operate the service due to their inability to protect users from data theft.Open banking refers to a new banking system under which a user can check all their accounts from different banks using a single mobile application.According to industry sources, Tuesday, 133 fintech firms have applied for licenses to operate open banking services, but only seven large fintech firms ― including Viva Republica, Finnq and KakaoPay ― and 24 open platform providers received approval.It was initially expected that the full-fledged operation of open banking will heat up competition between major lenders and fintech startups.Most small- and medium-sized enterprises (SMEs) that applied for open banking licenses, however, could not pass the security check-ups.According to the Korea Financial Telecommunications and Clearings Institute (KFTC), applicants for the open banking service must pass through

Dec 24, 2019By Park Jae-hyuk
Open banking reveals poor security of fintech firms

Donating bicycles

Shinhan Aitas CEO Cho Byeong-hwa poses with an official of Yeongdeungpo-gu Office and the company's employees on Yeouido in Seoul, Saturday, after donating funds and 40 bicycles assembled by employees. / Courtesy of Shinhan Aitas

Dec 23, 2019By Kim Bo-eun
Donating bicycles

Pledge to protect consumers

Korea Federation of Banks (KFB) Chairman Kim Tae-young, front row center, and executives of 18 banks display a resolution on restoring consumer trust at KFB headquarters in Seoul, Monday. Their pledge was made as banks have come under criticism for the mis-selling of financial products that caused major losses to investors. / Courtesy of KFB

Dec 23, 2019By Park Jae-hyuk
Pledge to protect consumers

For warmer winter

A Jeonbuk Bank clerk gives thermal innerwear to a foreign worker at JB Suwon Foreigner Financial Center in Gyeonggi Province, Saturday. JB Financial Group said it donated thermal innerwear to 300 foreign workers. / Courtesy of JB Financial Group

Dec 23, 2019By Park Jae-hyuk
For warmer winter

Shinhan to invest W2.1 tril. in startups by 2023

By Kim Bo-eunShinhan Financial Group Chairman Cho Yong-byoungShinhan Financial Group Chairman Cho Yong-byoung has pledged to pour in 2.1 trillion won into strengthening assistance for startups, after he succeeded in securing another term on Dec. 13.The group said Sunday it will find 2,000 competitive startups and provide them financial support by 2023. The group also plans to cultivate 10 unicorns ― startups that are worth more than $1 billion.This is the first long-term project Cho has unveiled as he begins a second term. In March, Cho launched a 2,000-member committee on innovative finance. The new project aims to scale up and widen the range of support for startups."This project aims to create an environment in which any startup with ideas and skills can receive systematic support from Shinhan," Cho said.As a first step, Shinhan signed an investment agreement Dec. 20 with the Daejeon government on a project to create a startup park there. The group will invest 100 billion won into establishing infrastructure.This is part of Shinhan's plans to establish platforms to cultivate finte

Dec 22, 2019By Kim Bo-eun
Shinhan to invest W2.1 tril. in startups by 2023

Kakao Bank, K bank to be available for expats

A person uses Kakao Bank's services with a smartphone in this July 2017 file photo. / YonhapBy Park Jae-hyukForeign residents here will be able to use the internet-only Kakao Bank and K bank starting next year, as the nation's financial authorities will allow customers to use their alien registration cards when opening accounts online.The Financial Services Commission (FSC) said Sunday the revised identification guidelines for non-face-to-face transactions will take effect Jan. 1, 2020.Since the nation's first internet-only bank started its business in 2017, foreign financial customers have complained of the nation's outdated identification systems that prevent them from their using alien registration cards to open accounts online.Although foreigners have been able to use internet and mobile banking services by opening accounts at offline bank branches with the necessary documents, they have been blocked from the internet-only banks that do not have offline branches.Foreigners have regarded the regulations as discriminatory, given that the internet-only banks offer better interest ra

Dec 22, 2019By Park Jae-hyuk
Kakao Bank, K bank to be available for expats

New KAMCO CEO

Moon Sung-yu, the new CEO of Korea Asset Management Corp. (KAMCO), speaks at his inauguration ceremony at the state-run agency's headquarters at the Busan International Finance Center, Friday. Moon pledged to strengthen “inclusive finance” by expanding support for small- and medium-sized enterprises and those in the lower-income bracket. / Courtesy of KAMCO

Dec 22, 2019By Kim Bo-eun
New KAMCO CEO

Saving Cambodian children

KB Kookmin Bank CEO Hur Yin, second row fifth from right, poses with Cambodian children and their families at Phnom Penh Hotel, Wednesday (local time). The children received free heart surgery at KB Kookmin Bank's Hebron Heart Surgery Center in the Southeast Asian country. The bank invited them to a banquet at the hotel and gave them gifts. / Courtesy of KB Kookmin Bank

Dec 21, 2019By Park Jae-hyuk
Saving Cambodian children

KB's eco-friendly campaign

KB Kookmin Bank CEO Hur Yin, fourth from left, and company executives pose while participating in the firm's eco-friendly campaign at its headquarters on Yeouido in Seoul, Thursday. As part of the drive, the KB affiliate will partner with SuperBin, a social venture firm based in Seoul which developed a recycling machine called Nephron. Courtesy of KB Kookmin Bank

Dec 20, 2019By Lee Min-hyung
KB's eco-friendly campaign
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