Business - The Korea Times

Venture capital event

Korea Development Bank (KDB) executives pose with members of Indonesia's administration after holding a venture capital event for Korean startups at Fintech Space in Jakarta, Wednesday. From fourth from left are KDB head of international business Cho Seung-hyun, Korean Ambassador to ASEAN Lim Sung-nam, KDB head of innovation and growth banking Chang Byoung-don, Indonesia's Communication and Information Technology Minister Rudiantara and Indonesia Investment Promotion Center Director Imam Soejoedi. / Courtesy of KDB

Sep 19, 2019By Kim Bo-eun

Cooperation in office sharing biz

Shinhan Financial Group Chairman Cho Yong-byoung, left, poses with Fastfive CEO Kim Dae-il after signing an agreement on the latter's office-sharing business, at Fastfive's location in Euljiro, central Seoul, Thursday. / Courtesy of Shinhan Financial Group

Sep 19, 2019By Kim Bo-eun

Digitization forces brokerages to shut down branches

gettyimagesbank By Jhoo Dong-chanDomestic securities firms are downsizing the number of their branches since an increasing number of customers now prefer non-face-to-face stock trading via smartphones, but some brokerages are rather opening more branches to strengthen their wealth management businesses. According to the Korea Financial Investment Association, the number of Mirae Asset Daewoo's branches stood at 83 in August, down 39 percent from 136 in December.KB Securities also had 118 branches at the end of last year, but shut down two branches in the first half of the year. The securities firm said it will close one branch by the end of the year.Small- and medium-sized brokerages are also following the trend. Yuanta Securities, which operated 67 branches last year, closed one branch in the first half and another two last month.The downsizing trend is attributed to more customers using non-face-to-face trading systems. According to the Korea Exchange, the average

Sep 19, 2019By Jhoo Dong-chan

Digitization forces brokerages to shut down branches

Building homes for needy

Korean Re workers pose during the reinsurance firm's corporate social responsibility activity in collaboration with Habitat for Humanity Korea at a construction site in Cheonan, South Chungcheong Province, Wednesday. They participated in building homes for the needy there during the two-day habitat volunteer event. / Courtesy of Korean Re

Sep 18, 2019By Jhoo Dong-chan

Mirae Asset Daewoo included in DJSI for 8 consecutive years

Mirae Asset Daewoo company logoBy Lee Kyung-min Mirae Asset Daewoo has been included in the Dow Jones Sustainability Indices (DJSI) for eight consecutive years, a notable feat for a Korean brokerage, the securities firm said Wednesday. Created jointly by S&P Dow Jones Indices and RobecoSAM, the DJSI selects the most sustainable companies from across 61 industries every year. 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, according to the DJSI website. For this year's review, top-market cap, 2,526 listed companies from around the world were reviewed. Mirae Asset Daewoo was one of the 318 firms included in the indices. Nineteen Korean firms were included. “We are happy that we were recognized for our investment practice that prioritizes sustainability as part of long-term efforts to boost shareholder value. We will continue to boost efforts for corporate responsibility

Sep 18, 2019By Lee Kyung-min

Mirae Asset Daewoo included in DJSI for 8 consecutive years

QR code payment at provisional gov't building

BC Card CEO Lee Mun-hwan displays a QR code to pay for a ticket for the Korean Provisional Government building in Shanghai, Tuesday. The company said visitors to the historic site are able to pay for tickets with their BC UnionPay credit card via a QR code. / Courtesy of BC Card

Sep 18, 2019By Park Jae-hyuk

QR code payment at provisional gov't building

Hana named preferred bidder for Germany's largest office building

The Squaire building in Frankfurt, Germany / AP-Yonhap By Kim Bo-eunHana Financial Investment is in exclusive negotiations to purchase Germany's largest office building “The Squaire,” the securities firm said Tuesday.Hana, along with the London-based asset manager AGC Equity Partners, became the preferred bidder of the 140,000 square meter commercial complex in Frankfurt the U.S. private equity investor Blackstone put up for sale at an estimated 1.3 trillion won ($1.1 billion).The final deal is expected to be signed at the end of this month or early next month.The building that is connected with Frankfurt Airport houses multinational consulting firm KPMG, German air carrier Lufthansa and French tire maker Michelin.This is the latest in a series of moves by Hana to purchase and invest in properties in Europe after it became a comprehensive finance and investment business entity providing corporate lending services and acting as a brokerage in deals last year by raisi

Sep 17, 2019By Kim Bo-eun

Hana named preferred bidder for Germany's largest office building

Woori to strengthen mobile app for overseas customers

Woori Bank CEO Sohn Tae-seungBy Lee Kyung-min Woori Bank has launched a project to upgrade its global mobile app as part of its effort to strengthen its retail business abroad, particularly in Southeast Asia, the lender said Tuesday.Under the new project, various features will be added to improve user experience including easy-to-use customizable layout and frequently used functions that can be enabled when customers shake their phones. Other banking services including payments and cash transfers as well as taking out loans will be available. The enhanced service will be launched in Vietnam in the first half of 2020, and expanded to Indonesia, Bangladesh and India. The bank said that the plan will improve customer convenience in addition to services currently in use including buying installment and regular savings products, taking out loans, wiring cash into digital wallets and QR-mediated payments. The current platform is available in Vietnam and India among other overseas branches. “We expect the market demand in Southeast Asia will grow in the coming years. We will continue

Sep 17, 2019By Lee Kyung-min

Woori to strengthen mobile app for overseas customers

Guidebook for startups

A Shinhan Bank employee promotes a guidebook for the innovative growth of startups at the bank's head office in Seoul, Tuesday. The guidebook, designed to help startups find key information to aid their growth, will be available at the bank's branches nationwide from Wednesday. / Courtesy of Shinhan Bank

Sep 17, 2019By Park Jae-hyuk

Suhyup Bank establishes first subsidiary in Myanmar

Suhyup Bank CEO Lee Dong-bin, second row fifth from right, poses with other officials and employees of Suhyup Micro Finance Myanmar at the subsidiary's office in Pyinmana, Monday. / Courtesy of Suhyup BankBy Kim Bo-eunSuhyup Bank has opened its first overseas subsidiary, announcing Tuesday the opening of a microfinance institution in Myanmar.An opening event was held for Suhyup Micro Finance Myanmar in Naypyidaw, Monday. Suhyup Bank CEO Lee Dong-bin, Korean Ambassador to Myanmar Lee Sang-hwa, Myanmar's Deputy Minister for Planning and Finance U Maung Maung Win and other officials attended the event held at the head office in Pyinmana. There are two additional branches.The bank's chief requested employees at the subsidiaries to make efforts to gain trust from local customers and to respect Myanmar's laws and culture in conducting its operations.Suhyup received approval on July 31 from Myanmar's authorities to establish the subsidiary.Myanmar is attracting foreign capital as its economy develops. It has been seeking to expand financial services and establish related infrastructure. Mea