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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 chief vows to restore customer trust

By Kim Bo-eunWoori Financial Group Chairman Sohn Tae-seungWoori Financial Group would cooperate in processes to compensate customers who suffered major losses from derivatives-linked funds (DLF) sold by the bank, group Chairman Sohn Tae-seung said Monday.“We will fully cooperate in the dispute settlement process,” Sohn said in a statement released after the chairman's meeting with the bank's heads of sales.Woori said it would restructure the bank's asset management system for customers, as well as evaluation systems for sales staff and sales processes, to better protect customers.It said the bank would set up a "customer care" division that would monitor the products customers have invested in, and notify them when the funds are set to see a significant loss.The bank also plans to run programs for investors so that they have a better understanding of the various products that are sold.Woori, along with KEB Hana Bank, is suspected to have engaged in mis-selling of the DLF products. Options tied to yields on 10-year treasury bonds of Germany sold by Woori saw a 60 percent l

Sep 23, 2019By Kim Bo-eun
Woori chief vows to restore customer trust

Marathon with blind people

Standard Chartered (SC) Bank Korea employees walk with blind people in Yeouido Hangang Park, Seoul, Saturday, to participate in a marathon as their guide runners. The bank has participated in the race annually since 2015 to raise awareness about visual impairment. / Courtesy of SC Bank Korea

Sep 23, 2019By Park Jae-hyuk
Marathon with blind people

NACF chairman to get Rochdale Pioneers Award

National Agricultural Cooperative Federation (NACF) Chairman Kim Byeong-won speaks during the International Co-operative Alliance's Global Conference and General Assembly in Kuala Lumpur in this 2017 file photo. / Courtesy of NACFBy Park Jae-hyukNational Agricultural Cooperative Federation (NACF) Chairman Kim Byeong-won will receive the Rochdale Pioneers Award from the International Co-operative Alliance (ICA), according to the cooperative federation, Monday.He will be awarded the prize during the ICA's Global Conference and General Assembly to be held in Kigali, Rwanda, Oct. 16.In the 100-year history of Korea's agricultural cooperative federation, this is the first time the federation's head has won the award, which is dubbed the “Nobel Prize of cooperative federations.”Named after the world's first cooperative federation, the award is regarded as the greatest honor that people in the field of cooperative federations can receive.The ICA, the world's largest nongovernmental organization representing 312 institutions and 1 billion individuals from 109 countries, has given

Sep 23, 2019By Park Jae-hyuk
NACF chairman to get Rochdale Pioneers Award

SC Korea rolls out discount debit card

A model poses with the Standard Chartered Bank Korea New Times debit card. / Courtesy of SC Bank KoreaBy Jhoo Dong-chanStandard Chartered (SC) Bank Korea introduced the New Time Card, the bank's new discount debit card, earlier this month, the British commercial bank's unit in Korea said Sunday.Rolled out Sept. 6, the New Time Card offers different types of discount benefits based on time. The New Time Card cardholders get a 5 percent discount at local convenience stores and bakeries between 7 a.m. and 9 a.m., at restaurants and coffee shops between noon and 2 p.m. and at restaurants and drugstores between 7 p.m. and 9 p.m.New Time cardholders, who order food via mobile apps or order items via online shopping malls, also get a 5 percent discount between 10 p.m. and midnight.The card offers a 60 won ($0.05) per liter discount for customers who get gas at S-Oil branches across the country during weekends and holidays. The cardholders get a 40 won per liter discount during weekdays.The New Time debit card also offers a 5 percent discount for customers who buy items at the nation's three

Sep 22, 2019
SC Korea rolls out discount debit card

Woori, KEB Hana to compensate DLF investors

Woori Bank CEO Sohn Tae-seung By Lee Kyung-min Woori Bank and KEB Hana Bank are expected to compensate investors that are set to see losses from high-risk derivative products sold by the two banks, sources said Sunday. The products in question, derivative-linked funds (DLF), are structured to track the performance of underlying assets such as interest rates and government-issued bond yields. Their returns are determined by the movements of those assets.According to the Financial Supervisory Service (FSS), between 30 percent and 50 percent of the investment will be compensated provided that the products were indeed sold as a result of “irresponsible marketing,” a claim raised by most of the victims. They maintain they never consented to seeking profit beyond the point of losing initial investment. The FSS is outlining compensation guideline for those cancelled the DLFs before the product maturity, a measure that could help fine-tune a more complicated one for those wh

Sep 22, 2019By Lee Kyung-min
Woori, KEB Hana to compensate DLF investors

JP Morgan-led blockchain network growing fast

By Kim Jae-kyoungJ.P. Morgan's blockchain-based payments initiative ― the Interbank Information Network (IIN) ― has expanded dramatically over the past 12 months, as more than 330 banks, including Deutsche Bank, have signed up to be part of it, the U.S. bank said Friday.IIN has also brought more than 65 banks live on the network since launching in 2018.“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross-border payments industry,” said John Hunter, Global Head of Clearing for JPMorgan Chase.“In just one year, we've seen IIN scale as well as expand in terms of role and capabilities ― and we are excited at the growth to come.”IIN, originally launched as a pilot in 2017, focuses on minimizing friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps.? J.P. Morgan is exploring new applications that can be deployed across the network as well as empowering IIN participant banks to be pa

Sep 22, 2019By Kim Jae-kyoung

Kyobo Life's leadership system proving success

By Kim Bo-eunKyobo Life Insurance Chairman Shin Chang-jaeKyobo Life Insurance's new leadership system is proving to be successful, with the allocation of roles enabling the establishment of a long-term strategy while focusing on immediate tasks. Chairman Shina Chang-jae established a chief operating officer (COO) position in March, naming Yun Your-hyun as the first COO to oversee insurance sales and marketing.The new leadership system has enabled each to focus on their roles. Shin has been in charge of devising long-term strategy and planning.Insurers are facing increasingly tough circumstances amid low interest rates that have led to falls in assets management profits. They also are awaiting the introduction of stricter accounting standards.The chairman visited Japan during the Chuseok holidays last week, to hear about Japanese insurers' experiences and find a breakthrough to survive in a situation low growth and low interest rates.Many Japanese insurers went bankrupt during the country's decades-long stagnation from the early 1990s to 2010.Shin met with working-level employees to h

Sep 20, 2019By Kim Bo-eun
Kyobo Life's leadership system proving success

IBK Bank Indonesia opens

Industrial Bank of Korea (IBK) Chairman Kim Do-jin, seventh from left, poses with officials at the IBK Bank Indonesia opening ceremony held in Jakarta, Thursday. To Kim's left is Korea'n Ambassador to Indonesia Kim Chang-beom, and his right, Korean Ambassador to ASEAN Lim Sung-nam. / Courtesy of IBK

Sep 20, 2019By Kim Bo-eun
IBK Bank Indonesia opens

Hana Financial Investment under FSS probe for front-running

Hana Financial Investment headquarters on Yeouido, Seoul / YonhapBy Jhoo Dong-chanHana Financial Investment is under a Financial Supervisory Service (FSS) investigation for alleged front-running trading, sources said.Front-running is when a broker or other entity enters into a trade because they have foreknowledge of important non-publicized information that will influence the price of the asset, resulting in a likely financial gain for the broker.According to industry sources, the FSS Special Judicial Police team started searching the Hana Financial Investment Research Center on Sept. 18.Established in July this year, the Special Judicial Police is a taskforce under the FSS granted authority to investigate possible financial irregularities. The taskforce is made up of one Financial Services Commission member and 15 FSS staffers.Investigators seized cellphones of about 10 Hana Financial Investment analysts on the day.“We have no comment about the investigation at this point since it is ongoing,” an FSS Special Judicial Police official said.A Hana Financial Investment offi

Sep 19, 2019By Jhoo Dong-chan
Hana Financial Investment under FSS probe for front-running

Toss implies withdrawing bid for internet-only bank

Viva Republica founder Lee Seung-gunBy Jhoo Dong-chanViva Republica is considering withdrawing its bid to establish the country's third internet-only bank as well as launching a securities business, company founder and CEO Lee Seung-gun said during a recent press conference. Viva Republica is the operator of mobile wire transfer app Toss.The company is currently experiencing difficulties in getting approval from the financial authorities for its securities business, and Lee's remark is regarded as a complaint. “We have long prepared for launching a securities business. But the financial authorities keep coming up with impossible tasks for us,” Lee said during a media conference at a fintech event in Gangnam-gu, Seoul, Sept 18.“We are currently considering withdrawing our bid for the securities business.”He also hinted that Viva Republica could give up its bid to establish the internet-only bank.“There is nothing we can do at this point. We did everything, but the Financial Services Commission (FSC) eliminated our first bid in May,” Lee said.“

Sep 19, 2019By Jhoo Dong-chan
Toss implies withdrawing bid for internet-only bank
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