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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.

KEB Hana Bank wins innovation award for global payment system

A poster shows KEB Hana Bank as a winner of the Offering Innovation Award at the seventh Efma-Accenture Customer Insight and Growth Banking Innovation Awards. / Courtesy of KEB Hana BankBy Baek Byung-yeulKEB Hana Bank has won a globally recognized innovation award for its Global Loyalty Network (GLN) payment service, the bank said Friday.The award was given jointly by the European Financial Management Association (Efma) and consulting service giant Accenture.The bank said it won the Offering Innovation Award as one of eight winners in the seventh Efma-Accenture Customer Insight and Growth Banking Innovation Awards, which recognize innovative services in retail banking and marketing.Efma is Europe's largest non-profit organization that has financial institutions and insurance companies around the world as members. Along with the consulting firm, the two organizations have held the awards since 2013.For this year's awards, 235 financial institutions from 70 countries showcased their services. The award ceremony was held in Paris, Wednesday (local time). The organizer said KEB Hana Bank

Oct 18, 2019By Baek Byung-yeul
KEB Hana Bank wins innovation award for global payment system

Kyobo Life chairman awarded for sustainability efforts

Kyobo Life Insurance Chairman Shin Chang-jae, left, poses with Korean Standards Association CEO Lee Sang-jin after receiving the “Best CEO of the Year” award at the Korean Sustainability Conference 2019, held at the Lotte Hotel in central Seoul, Friday. / Courtesy of Kyobo Life InsuranceBy Kim Bo-eunKyobo Life Insurance Chairman Shin Chang-jae was recognized Friday for the efforts he has made toward achieving sustainable management.Shin received the “Best CEO of the Year” award at the 2019 Korean Sustainability Conference held at the Lotte Hotel in central Seoul.The insurance firm has topped the Korea Sustainability Index (KSI) in its division for 10 consecutive years.The KSI is based on ISO 26000, an international standard for how businesses and organizations operate in a socially responsible way. The KSI evaluates how well companies are carrying out social responsibility and conducting sustainability efforts.Kyobo was acknowledged for Shin's efforts to represent the interests of customers, employees and investors in managing the company.The insurer is also k

Oct 18, 2019By Kim Bo-eun
Kyobo Life chairman awarded for sustainability efforts

Hyundai Card CEO 'in love' with startups

Hyundai Card Vice Chairman and CEO Chung Tae-young delivers a welcome speech during the 2019 MIT Startup Showcase in Seoul at Studio Black, Monday. / Courtesy of Hyundai CardBy Park Jae-hyukHyundai Card Vice Chairman and CEO Chung Tae-young, who regards his company as “Korea's biggest startup,” has gone all out to promote the firm's digital transformation and survival through partnerships with prospective startups, according to industry officials, Tuesday.On Monday, Hyundai Card and Massachusetts Institute of Technology (MIT) Corporate Relations jointly hosted the 2019 MIT Startup Showcase in Seoul at Studio Black, a shared office space that the card firm opened to support fintech startups here.The event, which focused on fintech, digital transformation and artificial intelligence, was the second MIT Startup Showcase held in Korea.Since 2008, MIT Corporate Relations has held the event and several other conferences around the world about 20 times a year.MIT Corporate Relations said it hosted the recent event with Hyundai Card, one of the most innovative financial companies

Oct 18, 2019By Park Jae-hyuk
Hyundai Card CEO 'in love' with startups

Digital transformation cooperation

Woori Financial Group Chairman Sohn Tae-seung, left, holds a memorandum of understanding (MOU) with SAP CEO Jennifer Morgan at the SAP Executive Briefing Center in New York, Thursday (local time). The two companies signed the MOU to cooperate in the digital transformation of corporate financing. / Courtesy of Woori Financial Group

Oct 18, 2019By Park Jae-hyuk
Digital transformation cooperation

IMF warns of risks with Korea's banking system

Finance Minister Hong Nam-ki, second from right, speaks to International Monetary Fund (IMF) managing director Kristalina Georgieva, second from left, at the IMF headquarters in Washington, D. C., Thursday (local time). / Courtesy of Ministry of EconomyBy Park Jae-hyukThe International Monetary Fund (IMF) has warned that Korea's banking system has become more vulnerable because its lenders are increasingly exposed to bad assets that have a high risk of turning sour.It also voiced concerns that the worldwide low interest rate trend is ballooning corporate debt around the globe, which could lead to another global financial crisis.In its Global Financial Stability Report published Wednesday (local time), the international organization mentioned Korea as one of the emerging countries having banking systems exposed to vulnerabilities.“Chinese banks have the largest weighted exposure by this measure, given their sizable lending to domestic firms, households and other financial companies,” the IMF said in the report. “The banking systems in Brazil, India, Korea and Turkey

Oct 18, 2019By Park Jae-hyuk
IMF warns of risks with Korea's banking system

Woori suspends sales of ultra-high-risk products

Woori Bank CEO Sohn Tae-seungBy Park Jae-hyukWoori Bank will not sell ultra-high-risk financial products, such as derivative-linked funds (DLF) or equity-linked funds (ELF), until it finishes overhauling its asset management system, the company said Wednesday.This comes as one of a series of follow-up measures to avoid the recurrence of the mis-selling of high-risk products.Apologizing again to its customers who suffered huge losses for its mis-selling of DLF options, the lender promised it would reform its asset management system to prioritize customer satisfaction over profit.It also said it will make every effort to compensate customers as soon as possible.“For the successful reform of our asset management system and our transformation into a customer-oriented corporate culture, our management and workers will try hard to be recognized for this by our customers,” the bank said.Its reform plan includes a revision of employee evaluation criteria measured by key performance indicators (KPIs).Woori said it will not use KPIs in evaluating employees in the fourth quarter and

Oct 16, 2019By Park Jae-hyuk
Woori suspends sales of ultra-high-risk products

Best private banker

KB Kookmin Bank Wealth Management Group head Kim Young-gil, right, receives an award from Asian Banker managing editor Boon Ping Foo at The-K Tower in Seoul, Wednesday. The Singapore-based journal specializing in the financial services industry selected KB as Korea's best private bank. The bank was also awarded for its trust and pension products. / Courtesy of KB Kookmin Bank

Oct 16, 2019By Park Jae-hyuk
Best private banker

JKL, MBK start taking control of former Lotte units

Lotte Insurance CEO Choi Won-jinCredit ratings of insurer, card issuer downgraded after acquisitions by PEFsBy Park Jae-hyukPrivate equity firms (PEFs) that finalized their acquisition of Lotte's insurance and credit card units have begun replacing the two financial companies' board members with their own executives, indicating the beginning of new management systems.Lotte Insurance, which was sold to JKL Partners, announced Oct. 10 it appointed JKL senior managing director Choi Won-jin as the new head of the insurance company.Choi, a former finance ministry official who is also admitted to the New York Bar, joined JKL in 2015.Tasked with an urgent paid-in capital increase for Lotte Insurance's financial soundness, the new CEO promised at his Oct. 11 welcoming ceremony that he will focus on responsible management for continuous growth of the insurer's enterprise value.According to Lotte Insurance, another JKL senior managing director Kang Min-kyun was also appointed as the insurer's non-executive director at its Oct. 10 board meeting.Korea Enterprises Federation honorary chairman Par

Oct 15, 2019By Park Jae-hyuk
JKL, MBK start taking control of former Lotte units

Korea at rock bottom in ratio of women on boards

By Kim Bo-eunKorea had the lowest percentage of women on boards of directors in the corporate sector in a survey of 56 countries, according to a report published by Credit Suisse, Tuesday.The percentage of female board members stood at 3.1 percent, a 0.8 percentage points decrease from 2016, when Credit Suisse conducted its previous survey.The survey looked into the gender ratio of 30,000 workers at more than 3,000 companies in the 56 states. Globally, women accounted for 20.6 percent of board members. The figure has doubled over the past decade, according to the report.Figures for other countries in the Asia Pacific region such as Vietnam, Australia and New Zealand neared 30 percent. Japan and Pakistan were among the countries ranking bottom, with 5.7 percent and 5.5 percent, respectively.The number of female managers was highest in European countries, such as Norway, France, Sweden and Italy, where the figure ranged from 33 percent to over 44 percent. These countries have gender quotas for board members or similar policies.The report also found a correlation between the number of w

Oct 15, 2019By Kim Bo-eun
Korea at rock bottom in ratio of women on boards

Toss re-enters race for internet-only bank

Kiwoom Securities headquarters on Yeouido and Viva Republica headquarters in Gangnam, Seoul. / Yonhap By Park Jae-hyukThe Toss consortium led by the mobile money transfer app operator Viva Republica submitted a bid to open the country's third internet-only bank, the Financial Services Commission (FSC) said Tuesday.According to the FSC, two other consortia ― Soso Smart Bank and Familia Smart Bank ― also applied for an internet banking license.Viva joined hands with KEB Hana Bank, Standard Chartered (SC) Bank Korea and other companies to bid for the license that it failed to obtain during a previous round of bidding in May.“As we mark the beginning of Korea's fintech industry, we want to come up with a new type of internet-only bank which goes beyond existing financial firms' imagination,” the company said in a press release.The fintech firm is the consortium's largest shareholder with a 34 percent stake.KEB Hana Bank, Hanwha Investment & Securities, the Korea Federat

Oct 15, 2019By Park Jae-hyuk
Toss re-enters race for internet-only bank
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