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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.

Toss gets preliminary approval for internet-only bank

A woman uses the Toss mobile financial services app in this file photo. / Courtesy of Viva RepublicaBy Park Jae-hyukThe Toss Bank consortium led by the mobile money transfer app operator Viva Republica received a preliminary approval for a license to operate the nation's third internet-only bank, the Financial Services Commission (FSC) said Monday.According to the financial regulator, the new digital bank is expected to make its debut in July 2021, as it needs about a year and a half to prepare for the business.Viva Republica was rejected during a previous round of bidding in May, due to its poor financial stability.As the fintech firm attracted KEB Hana Bank, Standard Chartered Bank Korea, the Korea Federation of SMEs and other affluent institutional investors in its second attempt, the FSC decided to grant preliminary approval to the consortium in the latest bid.“The consortium's largest shareholder has a strong determination to contribute to financial innovation and its business plan is well-prepared in terms of innovativeness, inclusiveness and stability,” said Yoon C

Dec 16, 2019By Park Jae-hyuk
Toss gets preliminary approval for internet-only bank

Supporting athletes

NH NongHyup Financial Group Chairman Kim Gwang-soo, front row third from left, raises his fist with tennis, soft tennis and golf players at a year-end gathering at a conference room on Yeouido in Seoul, Dec. 13. Kim said the spirit of fair play exhibited by the players goes to the heart of the group's management philosophy. / Courtesy of NongHyup Financial Group

Dec 15, 2019By Lee Kyung-min
Supporting athletes

Consumer-centered insurer

Kyobo Life Insurance CEO Yun Your-hyun, left, poses with an employee after receiving an award from the Fair Trade Commission during the 2019 consumer-centered management (CCM) certification ceremony at the Grand Ambassador Seoul, Thursday. The insurer has continued to obtain the certification since 2007 and has been inducted into the CCM Hall of Fame. / Courtesy of Kyobo Life Insurance

Dec 13, 2019By Park Jae-hyuk

Cho to lead Shinhan for 3 more years

Shinhan Financial Group Chairman Cho Yong-byoung receives questions from reporters at the group's headquarters in Seoul, Friday, after the chairman recommendation committee decided to put him forward as the sole candidate for the position to lead the group for next three years. / Yonhap By Park Jae-hyukShinhan Financial Group Chairman Cho Yong-byoung was essentially reappointed to another three-year term, Friday, as the banking group's chairman recommendation committee decided to put him forward as a sole candidate.The reappointment of the incumbent chairman will be subject to a general meeting of shareholders in March 2020.Before selecting him as the sole candidate, the committee interviewed Cho and four others on its shortlist ― Shinhan Bank CEO Jin Ok-dong, Shinhan Card CEO Lim Young-jin, former Shinhan BNP Paribas Asset Management CEO Min Jeong-ki and former Shinhan Bank CEO Wi Sung-ho.The committee said Cho responded well to questions regarding Shinhan's future

Dec 13, 2019By Park Jae-hyuk
Cho to lead Shinhan for 3 more years

'Challenge yourself without identifying yourself as female'

Jeong Mee-yeon, chief operating officer at Barings in Seoul / Courtesy of BaringsBy Jun Ji-hyeJeong Mee-yeon has been building her career at global investment management firm Barings in Seoul for more than 20 years and has advanced into one of the key leadership roles as a chief operating officer.Jeong, who joined Barings in 1997, attributed her long career in the financial industry ― a sector known for its high barriers to women's advancement into leadership positions ― to her firm's flat organizational structure that promotes employees' increased involvement in the decision-making process.“We have always had a flat organizational structure that enables employees to voice their opinions and share their ideas freely,” she said in an interview with The Korea Times. “In addition, it has been an exciting experience working for the firm as I have had great opportunities to learn and grow by expanding my role into new areas.”Jeong's representation in leadership positions of the financial company is notable at a time when the glass ceiling in the industry has contin

Dec 12, 2019
'Challenge yourself without identifying yourself as female'

Autonomy drives Kakao Bank's innovation

Horizontal culture facilitates communication, sparks ideasThis is the third and final article in a series about firms leading innovative corporate culture in the finance sector, which has long been considered one of the most conservative industries.By Kim Bo-eunKakao Bank, one of Korea's two internet-only banks, drew attention when it managed to attract 10 million users within two years of its launch in July 2017.This was attributed to its elimination of the existing verification process for online banking, as well as its conveniently designed mobile banking application, and innovative financial products, including a six-month deposit.Many foreign entities including companies and financial authorities have visited the bank to learn about it.Kakao attributes its innovation to the way the company works.Absence of hierarchyPerhaps the most noticeable aspect of Kakao Bank is the absence of hierarchy.This can be observed by the way employees address each other. Instead of addressing someone by their job title, they call each other by an English name.While such a system is increasingly bei

Dec 12, 2019By Kim Bo-eun
Autonomy drives Kakao Bank's innovation

Kyobo chairman globally recognized for 'humane entrepreneurship'

Kyobo Life Insurance Chairman Shin Chang-jae speaks at a forum hosted by the International Council for Small Businesses at the U.N. headquarters in New York, May 2018. / Courtesy of Kyobo Life InsuranceBy Kim Bo-eunKyobo Life Insurance Chairman Shin Chang-jae has received global recognition for management seeking the betterment of all stakeholders, the insurer said Thursday.Shin received the International Council for Small Business' (ICSB) Humane Entrepreneurship Award at a ceremony held on the sidelines of the SME World Forum 2019 in Macao, Thursday.The humane entrepreneurship award seeks to empower small- and medium-sized enterprises that show excellence in business and employee empowerment, while making positive impacts on their communities.The award was created to support and promote the 2030 United Nations Sustainable Development Goals (SDGs) adopted by the United Nations General Assembly in 2015.“Managing a company is a practice of providing value to stakeholders and creating an ecosystem, and profit is not the ultimate goal of corporate management but a means to keep man

Dec 12, 2019By Kim Bo-eun
Kyobo chairman globally recognized for 'humane entrepreneurship'

Chubb Life Korea names Albert Kim new CEO

Chubb Life Insurance Korea's new chief Albert Kim speaks at his inauguration ceremony at the company's headquarters in southern Seoul, Wednesday. / Courtesy of Chubb LifeBy Kim Bo-eunChubb Life Insurance Korea named Albert Kim as its new chief Wednesday.He was previously Chief Distribution Officer and Head of Corporate Planning at AIG Korea.Kim has built a 25-year career in insurance in Korea and the U.S.He has held leadership positions at global life and non-life insurers including AIG, Allianz and AXA."Albert will lead and further develop our Korea operations in reinforcing distribution channels and providing customer-centric solutions to meet the changing demands of our customers," Chubb Life Far East Regional President Brad Bennett said.Chubb Life Insurance Korea provides a range of life protection, savings and investment-linked insurance products.

Dec 12, 2019By Kim Bo-eun
Chubb Life Korea names Albert Kim new CEO

M&A in insurance industry heating up

The head office of the-K NON-Life Insurance in Seoul / Korea Times fileBy Lee Kyung-min Mergers and acquisitions (M&A) in the insurance market are heating up as several life insurance firms operating here have been put up for sale.Some financial groups are keen to buy insurers to bolster non-banking sectors, while major private equity funds, such as MBK Partners and Hahn & Co., are looking for potential targets after raising trillions of won over the past few months.Hana Financial Group is in talks with the Korea Teachers Credit Union (KTCU) about a takeover of The-K Non-Life Insurance, following due diligence conducted by Samjong Accounting Corp. KTCU is the owner of the non-life insurer.Hana plans to acquire the non-life insurer specializing in auto insurance if they are able to iron out differences over the takeover price, which many expect will be set at somewhere between 100 billion won ($84 million) and 150 billion won.The-K Non-Life Insurance posted a net loss of 11.1 billion won in the first nine months of 2019 following a net loss of 10.5 billion won in 2018. If the

Dec 11, 2019By Lee Kyung-min
M&A in insurance industry heating up

Korea, Indonesia to boost ties on NPL management

Officials of the Korea Asset Management Corporation (KAMCO) and its Indonesian counterpart PT Perusahaan Pengelola Aset pose after signing an agreement to share knowhow on managing bad assets and boosting exchanges at the KAMCO headquarters in southern Seoul, Wednesday. Third from left is KAMCO's corporate support group's executive director Cheon Kyeong-mi and fourth from left her Indonesian counterpart Edy Putra Irawady. / Courtesy of KAMCOBy Kim Bo-eunThe Korea Asset Management Corp. (KAMCO) will seek to boost cooperation with its Indonesian counterpart through sharing knowhow on managing non-performing loans (NPL), the state-run organization said WednesdayKAMCO and Indonesia's PT Perusahaan Pengelola Aset signed an agreement on the plan at the former's headquarters in southern Seoul the same day.This is a follow-up of the Korea-ASEAN Commemorative Summit held in Busan in November, where President Moon Jae-in and leaders from 10 ASEAN member states agreed to set up a Korea-ASEAN Financial Cooperation Center in Jakarta in 2020.Under the accord, the two entities will seek to exchange

Dec 11, 2019By Kim Bo-eun
Korea, Indonesia to boost ties on NPL management
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