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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.

BNP Paribas Cardif expands bancassurance channel

Models hold a sign promoting a new fund set up by BNP Paribas Cardif Life Insurance available for sale at branches of NongHyup Bank, Aug. 22. Courtesy of BNP Paribas CardifBy Lee Kyung-min BNP Paribas Cardif Life Insurance has rolled out a new financial product that can help long-term, stable profit via a diversified business portfolio, the life insurer said Thursday. This followed a partnership agreement with NongHyup Bank, a move for the insurer to expand the marketing channels to help land more customers. Starting Aug. 22, the fund, “The Easy Wealth Management ETF Variable Life Insurance III” will be available at branches of NongHyup Bank nationwide. An exchange-traded fund (ETF) is a market-listed fund that tracks the performance of a particular stock index or assets. Customers will be able to choose one of six types of ETF portfolios according to their investment preferences and strategies based on risk appetite. The fund will be managed according to the investment advice from ETF experts. Those aged between 15 and 70 are eligible to buy the fund. At least 10 millio

Aug 22, 2019By Lee Kyung-min
BNP Paribas Cardif expands bancassurance channel

For family-friendly businesses

Woori Financial Group Chairman Sohn Tae-seung, first from left, SMEs and Startups Minister Park Young-sun and Korean Women Entrepreneurs Association Chairwoman Jung Yoon-sook hold copies of a signed memorandum of understanding at the Woori Bank headquarters in Seoul, Aug. 20. The bank will provide financial support to 30,000 businesses that uphold gender equality and family values. Courtesy of Woori Bank

Aug 21, 2019By Lee Kyung-min

Banks resume esports sponsorships

Spectators line up to enter the venue of the final match of the 2019 League of Legends Champions Korea (LCK) Spring at Jamsil Arena in Seoul in this April file photo. / Courtesy of Woori BankBy Park Jae-hyukCommercial banks, which have not sponsored esports tournaments since 2011, have recently resumed their sponsorships to attract young customers in their 20s and 30s, according to industry officials, Wednesday.Analysts said the resumption can be largely attributed to the rapid growth of live streaming platforms, such as Twitch and AfreecaTV, which has allowed more people to watch professional games.Woori Bank saw its brand reach 460,000 viewers here and 2.42 million overseas, during the final of the 2019 “League of Legends” Champions Korea (LCK) Spring in April.“Data compiled by a market research company showed the LCK sponsorship was a more effective way of advertising than sponsoring professional football or baseball events,” a Woori Bank official said. “Through our partnership with Riot Games, we will continue our youth marketing that targets custome

Aug 21, 2019By Park Jae-hyuk
Banks resume esports sponsorships

Football camp for students

Korea Asset Management Corporation (KAMCO) Chairman Moon Chang-yong, center, poses with participants of KAMCO's soccer camp at Busan IPark Clubhouse, Wednesday. About 100 elementary school students based in Busan are taking part in the two-day camp to be held through today. / Courtesy of KAMCO

Aug 21, 2019By Kim Bo-eun
Football camp for students

Mirae Asset, Korea Investment in cutthroat competition

By Jhoo Dong-chanThe nation's top two brokerages Mirae Asset Daewoo and Korea Investment & Securities are engaging in a cutthroat race to become the leading player in the securities industry. Mirae Asset Daewoo CEO Choi Hyun-manThanks to its strong earnings from the investment banking and trading sectors, Korea Investment & Securities has outperformed for three consecutive quarters from the third quarter of last year.Mirae Asset Daewoo, however, managed to snap its losing streak against Korea Investment in the second quarter of this year as it posted an earnings surprise from the overseas sector.Experts said the two securities firms' risk management capability will determine their second half earnings due to growing uncertainties in the global market.According to the Financial Supervisory Service (FSS), Korea Investment & Securities posted a 408 billion won ($337 million) net profit in the first half of the year, up 42 percent from a year ago. This is the highest net profit ever for a domestic securities firm.Mirae Asset Daewoo's earnings also jumped 8.3 percent year-on-y

Aug 21, 2019By Jhoo Dong-chan
Mirae Asset, Korea Investment in cutthroat competition

Banks suffer decline in earnings in Europe

By Jhoo Dong-chanThe nation's commercial banks are achieving meaningful success in their entry into overseas markets, but Europe seems to be a high hurdle for them since they suffered a decline in earnings there in the first half of the year.Observers said it is essential for them to clinch investment bank deals to sustain profitability in the European market, but they have experienced difficulties in doing so due to a lack of capital compared to their competitors there.Growing uncertainties in the global financial market are another unfavorable factor behind their disappointing earnings in the first half.According to data released by the Financial Supervisory Service (FSS), Tuesday, Woori Bank's corporate body in Europe suffered a 1.5 billion won ($1.24 million) net loss in the first half of the year.The bank established the corporate body in Frankfurt in October, focusing on loan and remittance services for Korean firms in the European Union bloc. It said it would seek entry to the East European market once the bank's corporate body establishes itself.Experts said Woori's plan will

Aug 21, 2019By Jhoo Dong-chan
Banks suffer decline in earnings in Europe

Card firms, insurers expand ties with tech firms

gettyimagesbankBy Lee Kyung-min Card firms and insurers are rushing to expand partnership with platform services providers and technology companies, particularly fintech firms, in a bid to find new growth engines amid fast-declining profitability, industry sources said Monday. This move is in line with their efforts to redefine themselves as platform companies by adopting diverse marketing channels with user-friendly functions, crucial components to mapping out long-term business strategies amid fast-changing customer demands.The often-neglected, low-tier subsidiaries of Korea's major financial groups are particularly pressured to improve business performances in the latter half of 2019, following a worse-than-expected earnings shock in the first half. Shinhan Card has been seeking numerous joint projects with global popular online platform companies including Amazon, Skyscanner, Paypal, Hotels.com and Uber, a move to help become a digital “hub” whereby quality services offered by high-profile global entities are easily found. Among the global business partners of the ind

Aug 21, 2019By Lee Kyung-min
Card firms, insurers expand ties with tech firms

Shinhan Life CEO to meet regularly with customers

Shinhan Life Insurance CEO Sung Dae-kyu, center, poses with customers and insurance agents during a meeting held in Gyeongju, North Gyeongsang Province, Friday. / Courtesy of Shinhan Life InsuranceBy Kim Bo-eunShinhan Life Insurance said Tuesday its CEO will seek to improve communication with customers by holding regular meetings.“The system is designed for the CEO to be the first to hear from customers and for Shinhan Life to become a leading company in consumer protection,” an official said.CEO Sung Dae-kyu held the first such meeting in Gyeongju, North Gyeongsang Province, Friday.Sung and other executives discussed new product ideas with customers and insurance planners, the insurer said.Some of the ideas that were proposed included improving the way agents manage long-term customers, according to the company.“The initiative is intended on hearing the voices of our 2.92 million customers and we will make efforts so that the opinions are swiftly conveyed to related divisions and reflected in the company's management,” Sung said at the meeting.The CEO will ho

Aug 21, 2019By Kim Bo-eun
Shinhan Life CEO to meet regularly with customers

Mirae Asset enjoys solid growth abroad

Mirae Asset Financial Group founder Park Hyeon-jooBy Jhoo Dong-chanMirae Asset Financial Group is enjoying robust growth abroad as its overseas operations are expected to post record high earnings of over 130 billion won ($107.4 million) in the first half of the year, the group said Tuesday.In May 2018, Mirae Asset Financial Group founder Park Hyeon-joo stepped down from the group's chairman post to become a global investment strategy officer for Mirae Asset Daewoo, the group's brokerage arm and the nation's largest securities firm by assets.Park has since stressed the importance of the group's overseas businesses as its future growth engine to overcome Korea's saturated financial market. Under Park's leadership, the group said it has outperformed its entire 2018 earnings within six months this year.“Mirae Asset Financial Group posted a 135.1 billion won net profit in the overseas sector last year. The group's first half earnings are expected to reach 130 billion won this year,” a Mirae Asset Financial Group official said.Mirae Asset Daewoo led its outstanding earnings ov

Aug 21, 2019By Jhoo Dong-chan
Mirae Asset enjoys solid growth abroad

SC Korea forges ties with Bank Salad

SC Bank Korea CEO Park Jong-bokBy Lee Kyung-min SC Bank Korea has signed a memorandum of understanding with Bank Salad, a digital platform operated by Rainist, to boost effective data management, it said Tuesday. Under the agreement, the two will boost efforts to maximize “My Data,” a popular customer service which enables easy management of personal financial data offered to banks, card firms or other financial entities. It will also offer tailored asset management advice including financial investments based on personal interests. “Bank Salad, with a vast amount of customer data is the industry leader in personal data management, and we believe the cooperation will be to our mutual benefit,” a SC official said. Through the alliance, SC will soon provide services related to application programming interface (API), an intermediary that enables a software program to interact with other software. “Open API,” an initiative spearheaded by the financial authorities, will help establish a publicly available application programming interface.This will hel

Aug 20, 2019By Lee Kyung-min
SC Korea forges ties with Bank Salad
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