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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.

Financial stocks blighted by economic downturn

By Jhoo Dong-chanShare prices of the nation's four financial groups are continuing their downward spiral despite the groups' strong earnings. According to the Korea Exchange (KRX), the average share price of Korea's four financial groups fell over 10 percent in the past month.Woori Financial Group closed at 11,750 won ($9.61) on Tuesday, down 15 percent from its July 12 figure of 13,850 won. Woori Financial Group Chairman Sohn Tae-seung bought 5,000 shares on July 26 in a bid to boost the group's share price, but failed to prevent the slide.KB Financial Group's share price is down about 13 percent over the past month, hitting 38,250 won at Tuesday's session close. Hana Financial Group has suffered a 10 percent drop to 31,850 won as of Tuesday. Shinhan Financial Group is the only domestic financial group to maintain a share price at the 40,000 won level, but it has dipped nearly 8 percent over the past month, finishing at 40,400 won on Tuesday. “Share prices of financial groups have displayed a nosedive whenever the economy faces a national bankruptcy-level crisis,” said S

Aug 13, 2019By Jhoo Dong-chan
Financial stocks blighted by economic downturn

Multiracial children in Singapore

Multiracial children from Korea pose at Merlion Park in Singapore, Monday. The Woori Multicultural Scholarship Foundation funded their seven-day trip to the city state, to broaden their horizons. / Courtesy of Woori Financial Group

Aug 13, 2019By Park Jae-hyuk
Multiracial children in Singapore

Card firms expand partnership with retailers, tech firms

By Kim Bo-eunCard issuers are expanding their partnerships with retailers and tech companies as a growing number of customers are making purchases through their rivals' simple payment services. A simple payment service is an online-based medium through which customers can make purchases with biometrics such as fingerprints or by simply typing in a password, rather than how online purchases were made previously ― the process required the customer to type in their card information and undergo an identification process.Online retailers began offering their own simple payment services to prevent customers from leaving their sites due to the existing complicated purchasing process. Through their medium, customers can make quick and easy purchases using the credit cards they own.In an effort to join hands with retailers and tech firms, once considered rivals, card firms are releasing cards that offer discounts or accumulate points that can be used when using the payment services offered by online retailers or tech firms.Shinhan Card recently launched a card that accumulates points when usi

Aug 12, 2019By Kim Bo-eun
Card firms expand partnership with retailers, tech firms

AIG Korea expands 'M&A insurance' business

By Kim Bo-eunAIG Korea said Monday it is seeking to expand its warranty & indemnity (W&I) insurance business, targeting private equity funds (PEF), institutional and professional investors that lead the M&A market. The move is intended to capitalize on the tremendous growth of Korea's M&A market, the U.S. insurer's local unit said.This is based on expectations that the role of PEFs and the demand for W&I insurance will grow further in the market, based on recent revisions to related regulations that allowed venture capital firms to establish PEFs.W&I Insurance, also referred to as "M&A insurance," covers potential risks for buyers and sellers involved in M&A deals.The policy indemnifies the insured for losses resulting from breaches of warranty in a number of contract areas, such as financial statements, taxation and employment.According to AIG's Asia Pacific data for 2018, one out of every five W&I policies has been claimed. Claims increased to 26 percent for deals reached between $500 million (6.08 billion won) and $1 billion. In 2016, one out of

Aug 12, 2019By Kim Bo-eun
AIG Korea expands 'M&A insurance' business

Embracing failure vital to foster fintech growth

Booths of financial firms, tech companies and fintech startups are set up at the first Korea Fintech Week held in May. / YonhapOnly 2 Korean firms make it on list of world's top 100 fintech firmsBy Kim Bo-eunDespite Korea's advanced ICT infrastructure, the country has yet to produce globally noted fintech players.Only two out of 400 Korean firms in the sector made it on KPMG's list of the top 100 fintech companies in 2018 ― mobile payment platform Toss and DAYLI Financial Group, a provider of data tech solutions.The U.S. had 18 companies on the list, the U.K. 12 and China 11. Chinese companies Ant Financial, JD Finance and Baidu took up three of the top five. The U.S. and China also dominate in big tech companies that offer financial services.Experts said one of the biggest reasons Korean players lag behind in the global market is that the government's approach to new initiatives and regulatory environment not conducive to newcomers, and help is given to prevent small companies from failing, rather than letting them learn from and survive failure.More specifically, the Korea's curren

Aug 12, 2019By Kim Bo-eun
Embracing failure vital to foster fintech growth

Shinhan's AI-based investment advisory approved

Shinhan Financial Group Chairman Cho Yong-byung / Courtesy of Shinhan Financial GroupBy Jhoo Dong-chanShinhan AI, the nation's first investment consulting company utilizing artificial intelligence (AI), has received approval for its investment advisory business from financial authorities, Aug. 6, the Financial Services Commission (FSC) said. Shinhan Financial Group also submitted an application to make the firm one of the group's subsidiaries on the following day. This would take about a month or two to get the approval from the FSC, indicating the group is expected to launch its AI investment consulting business in earnest by September.Separate from the FSC's approval for its investment advisory services, Shinhan AI also applied to start an asset management business. Sources said the FSC has already completed its review for the application and it is believed that it will soon grant the approval.Shinhan AI is one of Shinhan Financial Group's core businesses for the future where group Chairman Cho Yong-byung himself recruited and organized the firm's manpower.The firm's office was set

Aug 11, 2019By Jhoo Dong-chan
Shinhan's AI-based investment advisory approved

For underprivileged children

Officials from NongHyup Bank and operator of Sam-dong Boy's Town, a private foster care facility, pose for a photo in front of the center in Mapo-gu, Seoul, Aug. 9, before delivering food to children from underprivileged backgrounds. Courtesy of NongHyup Bank

Aug 11, 2019By Lee Kyung-min

Who will be next Eximbank CEO?

Financial Supervisory Service First Senior Deputy Governor Yoo Kwang-yeolBy Lee Kyung-min There is a great deal of attention being paid to who will succeed outgoing Export-Import Bank of Korea (Eximbank) CEO Eun Sung-soo since he was nominated Friday to replace the sitting Financial Services Commission (FSC) Chairman Choi Jong-ku. On July 18, Choi offered to step down.According to financial industry officials Sunday, The three most viable candidates are Financial Supervisory Service (FSS) First Senior Deputy Governor Yoo Kwang-yeol, Korea Investment Corp. (KIC) CEO Choi Hee-nam and former FSC Vice Chairman Kim Yong-beom. The head of Eximbank, which is supervised by the Ministry of Economy and Finance, is appointed by the President at the recommendation of the ministry.Of the three, either Yoo or Choi is likely to head Eximbank as Kim is a candidate to lead Industrial Bank of Korea (IBK), another state-run bank whose current CEO Kim Do-jin's term will end in December 2019. Korea Investment Corp. CEO Choi Hee-namMany former IBK CEOs are former FSC officials because the post is appointe

Aug 11, 2019By Lee Kyung-min

'Korea needs new data bill for fintech development'

Jung Yoo-shin, chief of Fintech Center Korea and dean of Sogang University's Graduate School of Management of Technology speaks during an interview with The Korea Times at his office at the school in Seoul, July 31. / Korea Times photo by Choi Won-sukFintech support center chief cites regulations as stumbling blockBy Kim Bo-eunKorea is known for its advanced ICT infrastructure, but development of the fintech industry has been relatively slow.While it has a few startups on KPMG's list of top global fintech companies, their impact has been limited.IT conglomerates Kakao and Naver are gearing up to play a greater role in finance, but are currently face barriers in making their next leap.Jung Yoo-shin, chief of Fintech Center Korea, says this is due to regulations that currently do not allow for statistics on customer data to be used for commercial purposes.“A revised bill is pending at the National Assembly,” Jung told The Korea Times in an interview last month.“Access to big data is key to taking Korea's fintech to the next level.”Stages of fintech developmentJu

Aug 11, 2019By Kim Bo-eun
'Korea needs new data bill for fintech development'

Mirae Asset enjoys earnings surprise in Q2

NH, Shinhan suffer setback in earningsBy Kim Bo-eunMirae Asset Daewoo's net profits for the second quarter of this year exceeded 200 billion won, surpassing market expectations.The securities firm's investment banking sector and earnings from overseas subsidiaries drove the growth in net profit, the company said.Mirae Asset Daewoo posted 219.4 billion won in net profit in the second quarter, a 39.6 percent growth from the same period a year earlier, well above the market consensus of around 170 billion won, which is similar to its first-quarter earnings.Mirae Asset recorded over 200 billion won in net profit in six quarters since the first quarter of 2018. The company's net profit for the first half of this year is 387.6 billion won, the greatest half-yearly figure since Mirae Asset merged with Daewoo Securities in 2017.Net profit from its investment banking sector services including advising in M&As came down to 146.2 billion won. Net profit from overseas subsidiaries renewed the first quarter's record, amounting to 44.8 billion won.“Subsidiaries in Hong Kong, London, Indi

Aug 9, 2019By Kim Bo-eun
Mirae Asset enjoys earnings surprise in Q2
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