Business - The Korea Times

Woori Financial opens fintech R&D center in Vietnam

Woori Financial Group Chairman Sohn Tae-seungBy Jhoo Dong-chanWoori Financial Group has opened the Digital Innovation Lab Vietnam in Hanoi, the firm said Friday. The Digital Innovation Lab Vietnam is the financial group's fintech center there supporting domestic startups' entry to the Southeast Asian country. The group said it also held an opening ceremony for the fintech center Thursday, which was attended by Woori officials such as Woori Bank CIO Lee Dong-yeon and Korean government officials including Financial Services Commission (FSC) banking and insurance bureau director general Choi Hoon.“Woori Financial Group opened the Digital Innovation Lab Vietnam to strengthen ties between Korean and Vietnamese startups,” a Woori Financial Group official said.“There are a number of startups with differentiated technologies and service knowhow. The fintech center will play a stepping stone role to support these firms' entry to Vietnam.”The Fintech Center Korea and its counterpart in Vietnam jointly held the Fintech Demo Day event at the center after its opening cerem

Oct 26, 2019By Jhoo Dong-chan

Woori Financial opens fintech R&D center in Vietnam

For Binh Duong New City project

Woori Investment Bank CEO Cho Woon-haeng, first from left, poses with Vietnam's BECAMEX Chairman BECAMEX Van Hung Nguyen, second from left, and Hanwha E&C Vice President Kim Hyo-jin, third from left, during a signing ceremony for the Binh Duong New City project in Vietnam, at Woori Financial Group headquarters in Seoul, Thursday. Under the deal, Woori Investment Bank will finance the project while providing a financial consulting service for builders. / Courtesy of Woori Investment Bank

Oct 26, 2019By Jhoo Dong-chan

Bank Salad attracts 5 mil. customers for easy money management service

Rainist CEO Kim Tae-hoonBy Jhoo Dong-chanA 37-year-old Gyeonggi Province resident surnamed Song starts his day by checking his financial information via the Bank Salad mobile app.“I used to have four or five different banking and credit card apps to check my financial status. It was not only inconvenient but also time-consuming. But things have completely changed since I downloaded Bank Salad,” Song said.“It pools my entire financial information from different financial companies. It also calculates my monthly spending budget by analyzing my card transactions. This is really convenient.”Fintech firm Rainist said Friday its mobile money management app Bank Salad has attracted over 5 million customers.The app offers an open banking platform for customers by pooling a user's financial information from different banks and financial companies. Customers can monitor not only their bank balance and transactions but also credit card bills and outstanding loans via the app.Bank Salad also recommends suitable financial products such as credit cards, deposits, savings, l

Oct 25, 2019By Jhoo Dong-chan

Bank Salad attracts 5 mil. customers for easy money management service

Key rate cut provides no relief to borrowers

By Lee Kyung-min Many loan-seekers have faced disappointment after mistakenly assuming the borrowing rate at commercial banks would be cheaper after the Bank of Korea (BOK) cut its key interest rate by 25 basis points to a record-low 1.25 percent on Oct. 16. Some banks pre-emptively reduced or removed benefits for loan seekers in September, reflecting market expectations that the central bank would lower the key base rate amid sagging exports and weakening consumption due to mounting uncertainties both at home and abroad.“Am I dumb to think that taking out a cheaper loan would be possible after the BOK rate cut? If banks are steps ahead of consumers and allowed to protect their interest income, what good is it for the central bank to lower key rate? It's just senseless,” a 30-year-old man surnamed Park said. KEB Hana Bank and NongHyup Bank, two of Korea's leading commercial banks, have increased their adjustable home-backed loan rates to between 3.073 and 4.373 percent and between 2.89 and 4.10 percent, respectively, as of Oct. 25. This means NongHyup upped the rate as mu

Oct 25, 2019By Lee Kyung-min

Key rate cut provides no relief to borrowers

Shinhan outperforms KB in 3Q net profit

By Lee Kyung-min Shinhan Financial Group reported 981.6 billion won ($836 million) in net profit in the July-September period, narrowly beating its rival KB Financial which reported 940 billion won in the same period, data showed Friday.Shinhan said while the third quarter figure is a 1.5 percent drop from three months earlier, its performance in the first nine months resulted in over 2.8 trillion won in 2019, a 9.6 percent increase from the previous year when it saw over 2.6 trillion won in the January-September period. The industry leader said the better-than-expected performance came due to its successful diversification of revenue sources including global, non-banking and non-interest income businesses. The group's global business recorded a net profit of 292.1 billion won in the third quarter, up 47.1 billion won from the previous year, mostly due to the successful management of Shinhan Bank Vietnam. The group's card, life-insurance and capital subsidiaries also saw a combined 15 percent increase in net

Oct 25, 2019By Lee Kyung-min

Shinhan-Hyundai alliance

Shinhan Bank Vice President Joo Cheol-soo, right, holds a plaque with Hyundai Motor Vice President Lee Kwang-kook during an MOU signing ceremony at the Hyundai Motor Autoway Tower in Seoul, Wednesday. Under the deal, selected Shinhan Bank customers will be offered the chance to test drive Genesis cars for a week for free. / Courtesy of Shinhan Bank

Oct 24, 2019By Jhoo Dong-chan

Kookmin Bank CEO likely to serve another term

KB Kookmin Bank CEO Hur YinBy Jhoo Dong-chanKB Kookmin Bank CEO Hur Yin is likely to serve another term after KB Financial Group nominated him as a candidate to stay on as head of its banking unit, Thursday.The group said the nomination was made during the group's CEO recommendation committee meeting for subsidiaries.Hur's current two-year term is scheduled to expire at the end of November. He will have an in-depth interview process with the committee as a CEO candidate next month. If the committee recommends him after the process, KB Kookmin Bank shareholders will finalize the appointment during the general shareholders' meeting. If appointed, Hur will serve another year as CEO from next month.“Before heading KB Kookmin Bank, Hur served various posts, including the bank's CFO,” a KB Financial Group official said.“He has proven his quality in various fields, including sales, finance, strategy and lending with KB Kookmin Bank. He understands customers' needs as well as Korea's financial market more than anyone. Despite the nation's saturated financial market, Hur man

Oct 24, 2019By Jhoo Dong-chan

Kookmin Bank CEO likely to serve another term

DinnoLab in Vietnam

Financial Services Commission (FSC) standing commissioner Choi Hoon, fourth from right, cuts a ribbon during the opening ceremony of Woori Financial Group's DinnoLab fintech lab in Hanoi, Thursday. DinnoLab Vietnam is Woori's first fintech lab overseas. From fifth from right are Woori FIS CEO Lee Dong-yeun, Choi, Fintech Center Korea Chairman Jung Yoo-shin and Woori Bank Vietnam CEO Kim Seung-rok. / Courtesy of FSC

Oct 24, 2019By Park Jae-hyuk

Shinhan recognized for sustainable biz practice

Shinhan Financial Group Chairman Cho Yong-byoung, left, and Korea Productivity Center Chairman Noh Kyoo-sung pose for a photo at an award ceremony at Hotel Shilla in Seoul, Oct. 22.By Lee Kyung-min Shinhan Financial Group has been included in the Dow Jones Sustainability Indices (DJSI) for the seventh consecutive year, the group said Wednesday.This is a notable feat highlighted further by winning an award from the Korea Corporate Governance Service (KCGS) for sustainable business practices for the fifth year in a row. Created jointly by S&P Dow Jones Indices and RobecoSAM, the DJSI selects the most sustainable companies from across 61 industries every year.For this year's review, the 2,296 largest companies in terms of market cap were reviewed.According to the DJSI website, the indices serve as a benchmark for investors as they show how well a company integrates sustainability considerations into their portfolios. They also provide an effective engagement platform for investors who wish to encourage companies to improve their corporate sustainability practices. “We are happ

Oct 23, 2019By Lee Kyung-min

Shinhan recognized for sustainable biz practice

'Microscopic' oversight needed for PEF market

Investors of financial derivative options referred to as derivative-linked funds (DLFs) who saw major losses and members of civic groups condemn the chief of a major bank that mainly sold the options, in front of the Seoul Southern District Prosecutors' Office in southwestern Seoul, Oct. 10. / Korea Times fileBy Kim Bo-eunFinancial regulators should take a "microscopic" approach to regulating the private equity fund (PEF) market by not overhauling the rules for the entire market and instead focusing on a few players engaged in wrongdoing, experts said Wednesday.The advice came amid the unfolding of incidents involving PEFs that prompted authorities to review the current system to better protect individual investors.“Tightening regulations defeats the purpose of having relaxed them,” Yun Chang-hyun, a professor at the University of Seoul, said, referring to the government easing regulations in 2015 to enable the PEF market to grow.The remarks come after investors in certain financial derivative options sold at some banks saw huge losses. Investors in derivative-linked fund

Oct 23, 2019By Kim Bo-eun

Banking & Finance