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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.

Seoul International Finance Conference

Seoul Mayor Park Won-soon, fourth from left, and Financial Supervisory Service Governor Yoon Suk-heun, fifth from left, pose with other dignitaries at the Seoul International Finance Conference held at the Conrad Seoul Hotel, Wednesday. / Yonhap

Oct 30, 2019By Kim Bo-eun
Seoul International Finance Conference

Eximbank helps multiracial families, NK defectors

Export-Import Bank of Korea (Eximbank) Deputy President Kang Seung-joong, front row third from right, poses with Community Chest of Korea Secretary General Kim Yeon-soon, front row fourth from right, after donating eight vehicles worth 160 million won ($136,856) to eight charities for multiracial families in this Sept. 9 file photo. / Courtesy of EximbankThe Export-Import Bank of Korea (Eximbank) has made efforts to support multiracial families and North Korean defectors here to fulfill its corporate social responsibility (CSR), according to the state-run financial institution, Wednesday.Since naming its social contribution the “Hope Seed Program” in 2012, the bank has carried out various CSR activities, including leading global contribution projects.In particular, it has focused on supporting multiracial families and North Korean defectors here, who have been mentioned as the “new types of vulnerable social groups” in a globalized Korean society.To give continuous support, Eximbank has set up sisterhood relationships with relevant charities, and its executive

Oct 30, 2019
Eximbank helps multiracial families, NK defectors

4 banking groups earn W3.2 tril. in Q3

By Park Jae-hyukThe nation's top four financial groups collectively posted 3.2 trillion won ($2.7 billion) in net profit in the third quarter, up 8.5 percent from a year earlier, according to the banking groups, Wednesday.Shinhan Financial Group retained its leading status with net earnings of 981.6 billion won while KB Financial Group followed with 940.3 billion won.Hana and Woori financial groups earned 836 billion won and 486 billion won, respectively.Hana showed the highest growth rate of 41.8 percent, thanks to earnings from the sale of its headquarters building in Myeong-dong, downtown Seoul.The banking group, which regained its status as the third-largest player in the second quarter, surpassing Woori, which took third place in first-quarter earnings, has widened the gap with its rival.Woori's net income declined 18.7 percent from a year earlier, showing the worst performance since it launched a holding company earlier this year.Compared with the second quarter, the collective net income of the four groups dropped 0.4 percent after non-interest income fell 14.7 percent to 2.51

Oct 30, 2019By Park Jae-hyuk
4 banking groups earn W3.2 tril. in Q3

Town hall meeting

KB Financial Group Chairman Yoon Jong-kyu speaks during a town hall meeting with employees at KB Kookmin Bank's main branch on Yeouido in Seoul, Tuesday. He urged the group employees to enhance their capability regarding technologies. / Courtesy of KB Financial Group

Oct 30, 2019By Park Jae-hyuk
Town hall meeting

Life insurers face worst earnings momentum

gettyimagesbankBy Lee Kyung-min Most life insurers are expected to suffer continued weak earnings stretching into the third quarter, due to fast-declining sales of key products and poor asset management amid low interest rates, data showed Wednesday. Apart from Samsung Life and Tongyang Life, both of which managed to avoid an earnings shock thanks to income following the sales of subsidiaries, most of them will report a double-digit drop in the July-September period. According to data from FnGuide, a financial information provider, Samsung is expected to record 307.8 billion won ($263 million) in net profit in the third quarter, up over 3 percent from the year before. But about a third, or 100 billion won came from the sale of a real estate investment trust to Kyobo Life. Tongyang's expected 80.5 billion won in net income in the same period would have been worse had it not been 80 billion won in income earned after selling off an asset management subsidiary to Woori Financial Group. Hanwha reported the worst performance with its third quarter net profit dropping to 62 billion won, sl

Oct 30, 2019By Lee Kyung-min
Life insurers face worst earnings momentum

Kyobo implements 'AI-based' underwriting system

Kyobo Life Chief Operating Officer Yun Your-hyun, left, holds the Technology Initiative of the Year award at the 23rd Asia Insurance Industry Awards 2019 in Singapore Tuesday (local time). Courtesy of Kyobo LifeBy Lee Kyung-min Kyobo Life Insurance said Wednesday that its artificial intelligence-based underwriting system Best Analysis and Rapid Outcome (BARO) is in full operation, providing real-time services to sales consultants and customers. Combined with the firm's underwriting manual, BAROfacilitates the online underwriting process via instant communication with sales consultants and underwriters whose role has now become more focused on assessment of higher-risk, higher-stakes insurance contracts. “BARO is designed not only to have the same rational thought process like human beings but also process word-specific inquiries,” a Kyobo official said. “This helps sales consultants save time in reviewing insurance subscription requests.” The system can deny or approve subscription requests following an eligibility review based on screening criteria such as pr

Oct 30, 2019By Lee Kyung-min
Kyobo implements 'AI-based' underwriting system

Mirae Asset Global leads overseas alternative investment markets

Mirae Asset Global Investments office in Shanghai / Courtesy of Mirae Asset Global InvestmentsMirae Asset Global Investments, Mirae Asset Financial Group's asset management unit, is boasting its presence in overseas markets.Mirae Asset Global said it is selling more than 1,700 financial products in 36 countries across the world. A total of 160 trillion won ($136.9 billion) is currently being handled through the firm's financial products as of the end of September. Of the 160 trillion won, Mirae Asset Global is operating 73 trillion won, or 45 percent, in overseas markets. Believing an increasing number of investors will eye less risky assets amid the low interest rate trend, Mirae Asset introduced a real estate fund jointly with a domestic private equity fund for the first time in Korea in 2004. It has since rolled out various alternative investment financial products at home and abroad. It also introduced the nation's first equity fund investing foreign social overhead capital projects in 2009.Mirae Asset Global is also demonstrating its strong presence in overseas commercial real e

Oct 30, 2019
Mirae Asset Global leads overseas alternative investment markets

Coupang to enhance fintech business

Chung Bo-ram, head of Coupang's fintech businessBy Park Jae-hyukCoupang has stepped up its efforts to bolster its fintech business as a new growth engine by hiring outside financial experts, as the company is reeling from ballooning losses from its e-commerce business.Analysts see it as a meaningful attempt but expect the firm to face a bumpy road ahead, as it could have problems complying with regulations targeting financial services companies.Since it appointed representative director Chung Bo-ram as the head of its fintech business in April, the e-commerce firm has repeatedly hired financial experts here and overseas, in order to boost its financial business with the CouPay simplified payment system.On Friday, the company said it appointed lawyer Lee Jun-hee, who had been serving as a Hyundai Card executive, as its new vice president.At Hyundai Card, Lee gave legal advice to the card issuer when it was developing fintech services, including the establishment of a big data analysis platform, an artificial intelligence-based chatbot service and the development of robotic process aut

Oct 30, 2019By Park Jae-hyuk
Coupang to enhance fintech business

Human-centered digital services

NH Financial Group Chairman Kim Gwang-soo, sixth from left, and NongHyup Bank CEO Lee Dae-hoon, fourth from left, applaud with the heads of group subsidiaries and other officials during a ceremony to declare its corporate vision of valuing human-centered digital services at the group's headquarters in Seoul, Oct. 28. Courtesy of NH Financial Group  

Oct 29, 2019By Lee Kyung-min
Human-centered digital services

Hyundai Card to enter Vietnamese market

Hyundai Card Vice Chairman and CEO Chung Tae-youngBy Park Jae-hyukHyundai Card will make inroads into the Vietnamese market, joining Korean card issuers that have sought new income sources in Southeast Asia, the company said Tuesday.This is the first time that Hyundai Card has made a direct entry into a foreign market.On Monday, the credit card unit of Hyundai Motor Group signed a contract with Finance Company Limited for Community (FCCOM) to buy a 50 percent stake in the Vietnamese consumer finance firm for 49 billion won ($41.9 million).FCCOM, a subsidiary of Vietnam Maritime Commercial Joint Stock Bank (MSB), mainly deals with personal loans.After Hyundai Card's acquisition of the stake in FCCOM, the card firm and MSB will operate FCCOM as a joint venture.Hyundai Card will focus on sharing its know-how of financial products, marketing, risk management and digital finance, while MSB, which is familiar with the local market, will be in charge of sales and practical business practices.According to Hyundai Card, the new joint venture will begin its operation starting from the second h

Oct 29, 2019By Park Jae-hyuk
Hyundai Card to enter Vietnamese market
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