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Regulator meets bankers

Financial Services Commission (FSC) Chairman Eun Sung-soo, fifth from right, speaks with Korea Chamber of Commerce and Industry (KCCI) Chairman Park Yong-maan, fourth from right, Korea Federation of Banks Chairman Kim Tae-young, sixth from right, and CEOs of commercial and state-run banks during a breakfast meeting at the KCCI building in Seoul, Friday. During his first official meeting with bankers in his capacity as the top financial regulator, Eun did not mention the derivative-linked fund fiasco. He plans to meet the bankers again in December to discuss the issue. / Yonhap

Nov 29, 2019By Park Jae-hyuk
Regulator meets bankers

Shinhan chairman likely to serve another term

Shinhan Financial Group Chairman Cho Yong-byoungBy Park Jae-hyukShinhan Financial Group Chairman Cho Yong-byoung is highly likely to serve another three-year term, considering the nation's largest banking group is in a hurry to finish selecting candidates for the next leader, according to industry officials, Sunday.The group said its board of directors convened the chairman recommendation committee last Tuesday.The committee members include Korea University professor Lee Man-woo, Jeju Girl's School Foundation CEO Kim Hwa-nam, former Bank of Korea Deputy Governor Park Chul, VIG Partners senior adviser Byeon Yang-ho, Sungkyunkwan University Law School professor Sung Jae-ho, BNP Paribas Securities Japan CEO Philippe Avril and Primer Korea CEO Yuki Hirakawa.During the meeting, they reportedly listed potential candidates, after discussing schedules and procedures for selecting the next chairman.Given that Cho has yet to turn 70, he is supposed to be on the list, along with CEOs of the group's six major subsidiaries ― Shinhan Bank, Shinhan Card, Shinhan Investment, Shinhan Life and Shinhan

Nov 29, 2019By Park Jae-hyuk
Shinhan chairman likely to serve another term

Eximbank chief visits branches to understand employees, clients

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, center, tries to grant loans to customers using a computerized processing system at the state-run lender's Busan branch, Monday. / Courtesy of EximbankThe chief of Export-Import Bank of Korea (Eximbank) has embarked on a mission to check local industries and branches.The state-run bank said Thursday CEO Bang Moon-kyu, who took office, Nov. 1, visited the lender's Busan branch Monday to experience client services for himself and listen to employees speak about their difficulties.He took on the work of offering consultations to clients and approving loans.After completing the tasks, Bang said he would review the introduction of digital banking at Eximbank."We will review utilizing digital banking, which is developing rapidly both in retail and corporate finance, to enhance convenience for corporate clients," he said.After visiting the branch, Bang visited Autonics, an industrial automation systems provider based in Busan.After meeting with the company's CEO Park Yong-jin, Bang said Eximbank will seek to boost loans for firms in

Nov 28, 2019
Eximbank chief visits branches to understand employees, clients

Orange Life spearheads innovation with 'agile' culture

A member of a “squad” at Orange Life Insurance updates other members on the progress of tasks she has assumed in a daily “standup meeting,” at the insurer's headquarters in central Seoul, Nov. 14. / Courtesy of Orange Life InsuranceThis is the first in a series of articles about firms leading innovative corporate culture in the finance sector, which has been considered one of the most conservative industries. ― ED.Insurer aims to tackle era of low interest rates with proactive work ethicBy Kim Bo-eunOrange Life Insurance's office resembles a beehive. This is not only due to the structure of desks, but because of the buzz of its employees who are constantly on the move to get their work done.At 9 a.m., members of various “squads” gather around their respective boards for their daily 10-minute standup meeting. Each member takes turns updating the team about developments of tasks they have assumed. It is unapparent who the manager is, as the manager also takes part as a member of the squad.Such dynamism is seen not only among working-level staff, but

Nov 28, 2019By Kim Bo-eun
Orange Life spearheads innovation with 'agile' culture

SC Bank Korea runs special interest promotion

Models hold a sign promoting Standard Chartered (SC) Bank Korea's special deposit interest rate event. Courtesy of SC Bank KoreaBy Lee Min-hyungStandard Chartered (SC) Bank Korea is running a special promotion, offering an annual interest rate of up to 1.4 percent for new customers who put more than 100 million won ($85,000) in a savings account, the bank said Tuesday.According to the bank, those who fulfill the qualification can receive the special interest rate for 60 days after they make the first transaction. The promotion will last until Nov. 29, it said.The bank decided to launch the special promotion at a time when most commercial banks are driving down their deposit interest rates.“Banking products that guarantee a high interest rate even in a short savings period are gaining popularity, with deposit interest rates from commercial banks declining,” an SC official said.“The promotional event will be a great opportunity for customers who seek to benefit from the high interest rate by investing a large sum of money for only a short period of time."The event wil

Nov 26, 2019

Korean banks seeking expansion in Myanmar

Industrial Bank of Korea (IBK) CEO Kim Do-jin, right, poses with Myanmar's Ministry of Industry Deputy Minister Min Ye Paing Hein after signing a memorandum of understanding to boost cooperation in supporting SMEs at Lotte Hotel Busan, Nov. 25. Courtesy of IBKIBK signs MOU with Myanmar's SME authoritiesBy Lee Kyung-min Korean lenders are seeking business expansion in Myanmar, a member state of ASEAN emerging as a key growth area under the Moon Jae-in administration's New Southern Policy, Tuesday. The Association of Southeast Asian Nations (ASEAN) is a regional intergovernmental organization of 10 countries in Southeast Asia. The Industrial Bank of Korea (IBK) said Tuesday that it formed a business alliance Monday with the Myanmar Small and Medium Enterprises (MSMEs) Development Working Committee. Under the agreement, the two sides will boost personnel and policy exchanges to foster SMEs. The accord will help Korean and Myanmar firms find business opportunities in each other's countries. The state-run lender will share experiences and knowhow to help talented individuals in Myanmar de

Nov 26, 2019By Lee Kyung-min
Korean banks seeking expansion in Myanmar

BC Card to process payments for Discover's partners

BC Card CEO Lee Mun-whan, right, and Discover Financial Services Senior Vice President Joe Hurley pose after signing an agreement for business partnership at the latter's headquarters in Riverwoods, Illinois, Monday. / Courtesy of BC CardBy Kim Bo-eunBC Card said Tuesday it has signed a partnership agreement with Discover Financial Services to exclusively process purchases made here with cards that are part of the latter's global payment network. Discover Global Network is the American financial services company's integrated global network, with partners such as Discover Network, Diners Club International and Pulse based in more than 15 countries including Korea, China, Japan, India, Brazil and Turkey.It offers services at more than 4,400 merchant stores and more than 2 million ATMs worldwide.BC Card CEO Lee Mun-whan and Discovery Senior Vice President Joe Hurley signed an agreement for the partnership at the latter's headquarters in Riverwoods, Illinois, Monday, local time.Based on the partnership, BC Card, a Korean payment services provider, will offer services here for the custome

Nov 26, 2019By Kim Bo-eun

Fintech app users drop after open banking services

Viva Republica headquarters in Seoul / YonhapBy Park Jae-hyukViva Republica, the operator of mobile money transfer app Toss, has suffered a blow with the advent of open banking services, which enable financial consumers to manage all of their bank accounts using just one app, data showed Monday.According to a recent survey by NICE Data & Research (D&R), the IT service and research arm of NICE Group, the number of Toss users dropped to 6 million a week after the launch of open banking from 6.7 million a week before the service's launch.Although the number slightly rebounded two weeks after the launch of open banking, Toss still has fewer users than before the beginning of the service.In contrast, the number of users of Korea's major commercial banks' mobile apps increased after the launch of open banking.The same survey, which kept the banks' names anonymous, showed the number of top four banking app users went up to 2.66 million, 2.18 million, 2.14 million and 1.23 million on the first day of open banking, respectively, from 2.13 million, 1.88 million, 1.71 million and 880,00

Nov 26, 2019By Park Jae-hyuk
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