Business - The Korea Times

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

Kookmin Bank launches budget phone Liiv M

KB Financial Group Chairman Yoon Jong-kyoo, third from right, applauds with KB Kookmin Bank CEO Hur Yin, second from left, and other officials at the bank's event marking its launch of Liiv M, a budget phone service at the Banyan Tree Club & Spa, Monday. First from left is LG Uplus CEO Ha Hyun-hwoi and third from left Financial Services Commission Vice Chairman Sohn Byung-doo. Courtesy of KB Kookmin BankBy Kim Bo-eunKB Kookmin Bank Monday launched its budget phone service Liiv M, which will provide users with low-cost plans and convenient mobile banking services.The service, which was operated in cooperation with mobile carrier LG Uplus, is intended to attract more mobile banking customers, especially younger ones.The new service will enable users to skip existing verification processes when accessing the bank's mobile services, through a USIM chip.The Liiv M service, seen as a hybrid of banking and telecommunication services, provides various discounts.Customers can get discounts if they sign up for services such as automated apartment maintenance fee transfers, or have a record

Oct 28, 2019By Kim Bo-eun

Kookmin Bank launches budget phone Liiv M

Savings banks turn to Southeast Asia

Officials pose after holding a ceremony marking OK Financial Group's merger of Bank Oke Indonesia and Bank Dinar, in Jakarta, Oct. 19. From fourth from left is the group's vice chairman Kim In-hwan, Bank Oke Indonesia CEO Lim Cheol-jin and the group's chairman Choi Yoon. / Courtesy of OK Savings BankBy Kim Bo-eunLocal financial groups with savings bank units are following in the footsteps of commercial banks, making inroads into in Southeast Asia as they face limited growth circumstances here.OK Financial Group, which runs OK Savings Bank, completed a process on Oct. 19 to merge its Bank Oke Indonesia with the country's Bank Dinar. The move came after the group acquired Bank Dinar and made it a unit of its group in October last year.The integrated entity will operate under the name Bank Oke Indonesia. The bank currently has about 20 branches in Indonesia, and plans for further expansion.OK Financial Group is the fourth Korean lender to enter Indonesia after KEB Hana Bank, Woori Bank and Shinhan Bank.It opened Bank Oke Indonesia in 2016 after it acquired the country's Bank Andara.A gr

Oct 28, 2019By Kim Bo-eun

Brokerages post poor performance in Q3

By Kim Bo-eunMajor brokerages saw their net profits drop significantly in the third quarter, due to poor earnings from trading and sales of derivative options, as well as the falling value of equity-related assets in a bearish stock market, according to analysts, Monday.Four of the six major brokerages ― NH Investment & Securities, KB Securities, Hana Financial Investment and Shinhan Investment ― suffered earnings setbacks between July and September on a quarter-on-quarter basis. Mirae Asset Daewoo and Samsung Securities have yet to post their earnings.NH, the second-largest brokerage in terms of equity capital, saw its net profit for the third quarter fall by 25 percent to 80.7 billion won from the previous quarter. This is also a 23 percent drop from the same period a year earlier.HI Investment & Securities analyst Kang Seung-geon noted NH's performance fell below the market consensus of 95 billion won.“This was due to a fall in trading as well as the loss in value of equity-related assets amid a sluggish stock market,” Kang stated in his report.KB Securities al

Oct 28, 2019By Kim Bo-eun

Toss struggles with weakening customer trust

Viva Republica CEO Lee Seung-gun speaks during a press conference at the company headquarters in Seoul in this March 28 file photo. / YonhapBy Park Jae-hyukViva Republica is facing a bumpy road ahead in its attempt to obtain an internet-only bank license, as the operator of the Toss money transfer app has been embroiled in a controversy over an alleged remittance error, according to industry officials, Thursday.Given that cybersecurity is a prerequisite for banking services, the fintech firm has gone all out to restore customer trust, pledging to take a legal action against the user who made the allegation.The trouble started on Oct. 15, when the user wrote on an internet forum, “I transferred 2 million won ($1,710) via Toss, but the money was sent to a wrong person, due to a server error.”She said Viva was trying to conceal its server error by blaming her for the mistake.In response, the company wrote on its official website that the user's mistake in typing in account numbers caused the transfer error.It also said the user got her money back following a standard procedu

Oct 27, 2019By Park Jae-hyuk

Toss struggles with weakening customer trust

INTERVIEW Korea's dynamism drives continued innovation

Citibank Korea Consumer Banking Group head Valentin Valderrabano speaks during an interview with The Korea Times at Young City south building in Yeongdeungpo, Seoul, Oct. 22 / Courtesy of Citibank KoreaCitibank Korea MD says reinforcing positive feedback loop secret to wealth managementBy Lee Kyung-min Things change quickly in Korea. Different coffee shops, for example, open in certain busy commercial areas with hundreds of people lined up just to taste a certain new brew at a place mentioned as one of the most “hot and hip” venues by social media users. But then, customers like it or don't like it, and after 30 to 60 days they are gone. Few would draw any insight from this. But to a senior banker who constantly thinks about making customers happy, it is precisely how he integrates observation into his business philosophy. “It is exciting because it keeps us very focused,” Citibank Korea Consumer Banking Group head Valentin Valderrabano, 48, said in an interview with The Korea Times at Young City south building in Yeongdeungpo, Seoul, Oct. 22. To many, the nee

Oct 27, 2019By Lee Kyung-min

[INTERVIEW] Korea's dynamism drives continued innovation

FSS considers heavy sanctions on Woori, Hana chiefs

The Financial Supervisory Service Governor Yoon Suk-heun looks at documents during a government audit of the agency held at the National Assembly, Oct. 8. / Korea Times fileBy Kim Bo-eunThe Financial Supervisory Service (FSS) is reviewing punitive measures for chiefs of Woori and KEB Hana banks over the mis-selling of financial derivative options that caused huge losses to investors, according to sources and media reports, Sunday.The agency's consideration of sanctions for the bank chiefs comes as its inspection of the banks and other financial firms involved in the drawing up and selling of derivative-linked securities options is coming to an end.An FSS official confirmed Sunday the inspection would be completed this week, but said punitive measures have yet to be decided."It usually takes about three months for sanctions to be finalized, as the process involves the examination of legal aspects and other procedures.”Although the official said the FSS isn't at a stage to determine the details of the punitive measures, it is likely that the bank chiefs will face sanctions.This i

Oct 27, 2019By Kim Bo-eun

FSS considers heavy sanctions on Woori, Hana chiefs

Revamping school in Myanmar

Members of KB Kookmin Card's management and labor pose after taking part in a week-long volunteer program held in Shwepyithar, in the outskirts of Yangon in Myanmar, Oct. 26. They refurbished school facilities and provided education materials to the schools. / Courtesy of KB Kookmin Card

Oct 27, 2019By Kim Bo-eun

Futuristic bank

KB Kookmin Bank CEO Hur Yin, left, listens to an explanation about facial recognition technology during the opening ceremony of the KB InsighT branch in Seoul, Friday. The bank said Sunday KB InsighT is the nation's first bank branch operated only by IT experts. / Courtesy of KB Kookmin Bank

Oct 27, 2019By Park Jae-hyuk

Mirae Asset Daewoo awarded for sustainable biz practice

Mirae Asset Daewoo managing director Jeon Kyung-nam, left, receives a plaque from Dow Jones Sustainability Indices Asia-Pacific head Robin Lo at the Shilla Seoul, Tuesday. / Courtesy of Mirae Asset DaewooBy Park Jae-hyukMirae Asset Daewoo received an award at the Shilla Seoul, Tuesday, as it has been included in the Dow Jones Sustainability Indices (DJSI) World Index for eighth straight year, the securities firm said Sunday.Created in 1999 jointly by S&P Dow Jones and RobecoSAM, the DJSI selects the most sustainable companies from across 61 industries every year.Among the world's 2,500 largest companies in terms of market capitalization, only the top 10 percent of them satisfying economic, environmental and social criteria can be included in the DJSI World Index.The indices serve as benchmarks for investors who integrate sustainability considerations into their portfolios, and provide an effective engagement platform for investors who wish to encourage companies to improve their corporate sustainability practices.For this year's review, 2,526 listed companies from around the worl

Oct 27, 2019

Banking & Finance

Banking & Finance

Hyundai Card to enter Vietnamese market

Kookmin Bank launches budget phone Liiv M

Savings banks turn to Southeast Asia

Brokerages post poor performance in Q3

Toss struggles with weakening customer trust

INTERVIEW Korea's dynamism drives continued innovation

FSS considers heavy sanctions on Woori, Hana chiefs

Revamping school in Myanmar

Futuristic bank

Mirae Asset Daewoo awarded for sustainable biz practice

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