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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.

Woori chairman visiting Mideast, Europe, North America for IR

Woori Financial Group Chairman Sohn Tae-seungBy Jhoo Dong-chanWoori Financial Group Chairman Sohn Tae-seung is set to visit the Middle East, Europe and North America to meet and attract potential institutional investors.According to Woori Financial Group, Sohn took off for the Middle East and Europe Wednesday and will continue his overseas roadshows in North America around the middle of this month.He plans to visit North America once again by the end of this year to meet global major institutional investors there including pension funds. He will also meet investors in the Middle East and Europe after his tour to North America.A series of Sohn's IR tours abroad aim to strengthen the group's networks with foreign and institutional investors, reflecting mounting uncertainties in the global financial market.“A prolonged trade row between the U.S. and China has led to a global downturn. Central banks across the world are lowering their rates. This discourages investors' confidence and has plunged share prices of Korea's banks,” said a Woori Financial Group official.“Sohn

Oct 2, 2019By Jhoo Dong-chan
Woori chairman visiting Mideast, Europe, North America for IR

Kyobo boosts cooperation with fintechs

Kyobo Life Chief Operating Officer Yun Your-hyun, second from right, speaks with officials from fintech startups at the firm's headquarters in Gwanghwamun, Seoul, Wednesday. Courtesy of Kyobo LifeBy Lee Kyung-min Kyobo Life Insurance has opened a co-working space to be shared with budding fintech startups to boost closer communication and effective product development, the firm said Wednesday. Three fintech firms specializing in healthcare have set up office on the 17th floor of the firm's headquarters in Gwanghwamun, Seoul. They are among 12 fintech players selected via “Innostage,” an open competition launched in July to choose up to three business partners for Korea's third-largest life insurer. Innostage, a word combination of innovation and stage, is one of the firm's key future growth initiatives to become a digital leader via closer integration with fintechs. “We expect the space will give competitors a working environment that not only helps with creative work but also easy communication with us whenever the need arises,” a Kyobo official said.“I

Oct 2, 2019By Lee Kyung-min
Kyobo boosts cooperation with fintechs

Shinhan allowed to apply Basel II in Vietnam

The Shinhan Bank Vietnam headquarters in Ho Chi Minh City / Courtesy of Shinhan Financial GroupBy Park Jae-hyukShinhan Bank Vietnam has become the first foreign bank and the 11th lender in Vietnam approved to apply the Basel II standard, the commercial bank said Wednesday.According to Shinhan, the Governor of the State Bank of Vietnam (SBV) recently decided to allow the Korean bank's Vietnamese subsidiary to apply the second of the Basel Accords, an international banking standard which demands banks hold a certain amount of capital to guard against financial and operational risks.In December 2016, the Vietnamese central bank promulgated an enforcement ordinance that orders all banks in the Southeast Asian country to apply Basel II.Since then, Shinhan Bank Vietnam has raised capital and upgraded its risk management systems.“We regard the SBV's recent approval as the fruit of our efforts to improve the Vietnamese subsidiary's risk management systems and nurture experts in the field, based on our advanced business management technique,” a Shinhan Bank official said. “W

Oct 2, 2019By Park Jae-hyuk
Shinhan allowed to apply Basel II in Vietnam

Banks engaged in mis-selling of DLF options: FSS

Financial Supervisory Service (FSS) Senior Deputy Governor Won Seung-yeon speaks during a press briefing held at the FSS building on Yeouido, Seoul, Tuesday, on the progress of inspections conducted on financial firms involved in selling and designing certain derivative products that have caused major losses for investors. / Courtesy of FSS Poor internal control system blamed for derivative fiascoBy Kim Bo-eunWoori and KEB Hana Bank engaged in mis-selling of derivative products that caused major losses for investors, the Financial Supervisory Service (FSS) said Tuesday.They also continued the sales of the derivative-linked fund (DLF) options despite a drop in interest rates of underlying assets, and skipped procedures to determine the risks of the products, the FSS confirmed in a briefing after a month of inspections of the banks and other involved financial firms. However, the authority did not unveil punitive measures at this point because the inspections are stil

Oct 1, 2019By Kim Bo-eun
Banks engaged in mis-selling of DLF options: FSS

For plastic-free payment

Shinhan Card CEO Lim Young-jin, center, cuts a cake with employees during the company's 12th anniversary ceremony at its headquarters in Seoul, Tuesday. The card firm said it will launch a digital-based platform membership service, D-Club, to enable customers to use its services with the PayFAN mobile app, rather than plastic cards. / Courtesy of Shinhan Card

Oct 1, 2019By Park Jae-hyuk
For plastic-free payment

Why did Shinhan paint new platform black, not blue?

Home pages of Inno Talk, left, and Shinhan Future's Lab / Captured from each websiteLeading financial group dilutes brand identity to attract innovatorsBy Park Jae-hyukThe most eye-catching design feature of Shinhan Financial Group's Inno Talk platform may be its black color, which seems unrelated to the banking group that uses blue as its brand identity.The website design of the group's new platform, which was established to support innovative companies, is in stark contrast to the blue-colored website for Shinhan Future's Lab, the group's startup nurturing program.Shinhan Financial Group's Future Strategy Research Institute head Sunny Yi, who has led establishment of the new platform over the past nine months, told The Korea Times, Monday, he intentionally dropped Shinhan's logo and blue color from Inno Talk. “I intentionally removed the color of Shinhan, because I was sure customers would avoid using the platform if it reminded them of the bank,” he said. “I ordered complete changes in colors and designs, to satisfy our customers' needs.”The former Bain &am

Oct 1, 2019By Park Jae-hyuk
Why did Shinhan paint new platform black, not blue?

Euljiro emerges as hotspot for card issuers

Eulji Twin Tower, the new headquarters building of BC Card / Courtesy of Daewoo E&C By Park Jae-hyukCard issuers have been relocating to Euljiro in downtown Seoul, recently, to seek cooperation with other financial companies, lobby groups and government offices in the area, according to industry officials, Sunday.BC Card is the latest one to follow the trend.The card firm started operating out of Eulji Twin Tower on Euljiro 4-ga, Monday, after 27 years in southeastern Seoul.According to the company, only a few departments using large equipment will stay at its former headquarters in Seocho-gu near Nambu Bus Terminal.In May 2018, a BC Card-led consortium signed a contract with Daewoo E&C to buy the new headquarters building.BC Card bought a part of the building's eastern tower for 376.9 billion won ($313 million) in June.The company said it will use several floors as office space and rent the remaining floors.Visa Korea is also scheduled to move to the Mirae Asset Ce

Oct 1, 2019By Park Jae-hyuk
Euljiro emerges as hotspot for card issuers

Will ABL Life, Tongyang Life be sold?

By Kim Bo-eunABL Life Insurance's headquarters in Yeouido, SeoulSpeculation continues to rise over a possible sale of ABL Life and Tongyang Life, both owned by China's Anbang Insurance Group.This stems from series of recent moves involving Anbang group and its affiliates, including the group's package sale of 15 hotels worth 6.9 trillion won ($5.8 billion) in September.The group's disposal of assets has raised questions over whether it will also do the same for its two life insurance units in Korea.Recent executive-level promotions at ABL raised further speculation that this was to encourage executives ahead of a potential sale of the company.An ABL Life official said, "This was simply extensions of expired contracts.""Anbang Insurance Group does not have any plans to sell ABL Life."Tongyang Life Insurance's headquarters in Gwanghwamun, SeoulTongyang Life, meanwhile, is set to accept early retirement applications from employees.This is seen as a preparatory measure for the sell-off."The measure was agreed upon by union members and management at the beginning of the year," a Tongyang

Oct 1, 2019By Kim Bo-eun
Will ABL Life, Tongyang Life be sold?

Korean banks going through tough times in China

Regulations, trade war lead to worsening profitsBy Park Jae-hyukKorean banks' operations in China are faltering due to a mixture of the financial authorities there tightening regulations and the aftermath of the prolonged U.S.-China trade war that has slowed the performance of Chinese firms, data showed Monday.Amid the deterioration of their profitability in the world's most populous country, concerns have grown over the banks downsizing their businesses there.According to data compiled by Rep. Yu Eui-dong of the minor opposition Bareunmirae Party, Korea's commercial and state-run banks were slapped with 30 punitive measures in China from January 2015 to June 2019.The number is far higher than the measures they faced in other regions.KEB Hana Bank, which had the largest number of penalties imposed at 10, was fined 1 million yuan ($140,000) in Shanghai in April after its Chinese subsidiary was found to have been lax in evaluating borrowers' qualifications for secured loans.It forfeited an additional 3.03 million yuan at that time, as money earned was regarded as illegal income.The ban

Sep 30, 2019By Park Jae-hyuk
Korean banks going through tough times in China

Reading books with children

KB Kookmin Bank CEO Hur Yin reads a book with children at Inhoo Vision Small Library in Jeonju, North Jeolla Province, Friday. The bank reopened the renovated library that day, so that children and teenagers can become familiar with books. / Courtesy of KB Kookmin Bank

Sep 30, 2019By Park Jae-hyuk
Reading books with children
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