Business - The Korea Times

Race for Korea Financial Investment Association chair heats up ahead of Dec. election

Competition is intensifying ahead of the Korea Financial Investment Association’s (KOFIA) chairperson election in December, drawing strong interest from its nearly 400 member firms, industry officials said Sunday. Two candidates have officially entered the race: Hwang Seong-yeop, co-CEO of Shinyoung Securities, and Lee Hyun-seung, former CEO of KB Asset Management. Hwang is a seasoned industry veteran who joined Shinyoung Securities in 1987 and has remained with the firm since. Over the decades, he has held leadership roles across key divisions, including asset management, corporate business and investment banking, before becoming co-CEO. Hwang’s vision focuses on transforming Korea's bank-dominated financial system into one led by investment banking, with KOFIA playing a central role in the shift. Lee, meanwhile, offers experience spanning both the public and private sectors. A former Ministry of Finance and Economy official, he has held senior posts at Merrill Lynch, SK Securities, Koramco Asset Management and Hyundai Asset Management. Lee has pledged to use his experience to streng

Sep 7, 2025By Lee Yeon-woo

Race for Korea Financial Investment Association chair heats up ahead of Dec. election

Non-life insurers ramp up corporate lending as banks pull back

Non-life insurance companies in Korea are increasingly expanding into corporate lending — a market long dominated by banks that are now gradually pulling back due to rising risks in other areas, company officials said Friday. For these insurers, corporate lending offers a new opportunity to offset declining profits caused by wildfires, torrential rains and other challenges they have had to cover so far this year. Data compiled from five major non-life insurers — Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, KB Insurance and Meritz Fire & Marine Insurance — showed their outstanding loan balance in the first half of this year reached 72.93 trillion won ($52.37 billion). This figure represents a 9.4 percent increase from a year earlier and contrasts with a more than 30 percent decline in net profits from the insurance business over the same period. Company officials said corporate lending accounted for most of the 72.93 trillion won as the companies expanded into that market. For example, Samsung Fire & Marine Insurance increased its corporate loans by

Sep 5, 2025By Yi Whan-woo

Non-life insurers ramp up corporate lending as banks pull back

Securities firms' Q2 net sharply up on commission income, FX gains

Securities companies in South Korea saw their net profit spike in the second quarter on the back of a rise in commission income and gains from foreign exchanges, data showed Thursday. The combined net profit of 60 domestic securities firms came to 2.85 trillion won ($2.05 billion) in the April-June period, up 60 percent from a profit of 1.78 trillion won a year earlier, according to the data from the Financial Supervisory Service. From three months earlier, their net profit rose 16.7 percent, the data showed. The companies' combined net income from commission fees jumped 19.6 percent on-year to 3.85 trillion won in the second quarter, aided by a surge in stock trading, while their combined income from their own investment or stock trading gained 9.2 percent to 3.24 trillion won over the cited period. Their combined assets stood at 851.7 trillion won as of end-June, up 6.7 percent from three months earlier, and debts gained 7 percent to 755.2 trillion won over the cited period. Their capital base climbed 3.9 percent on-quarter to 96.5 trillion won, the data showed. Meanwhile, three futures

Sep 4, 2025By Yonhap

Securities firms' Q2 net sharply up on commission income, FX gains

Financial worker union's push for 4.5-day workweek gains traction amid gov't backing

Demand for shorter working hours is growing within the financial sector following President Lee Jae Myung's pledge to introduce a 4.5-day workweek, industry officials said Wednesday. The Korean Financial Industry Union (KFIU), which represents labor unions at major commercial banks and the state-owned Korea Development Bank, recently announced a general strike scheduled for Sept. 26 to call for the introduction of a 4.5-day workweek. Union representatives argue that the new system could help address the country’s low birth rate and ease burdens related to childcare and education, while also boosting domestic consumption. They also claim that the financial industry should once again lead the shift in work culture, noting that the sector was the first to adopt the five-day workweek in 2002. "The 4.5-day workweek proposed by the union is not just for financial sector workers. It marks the beginning of a broader shift toward restoring work-life balance and improving overall well-being across society," said Kim Hyung-sun, the head of the union. "The overwhelming 94.98 percent approval rate

Sep 4, 2025By Lee Yeon-woo

Financial worker union's push for 4.5-day workweek gains traction amid gov't backing

Insurers turn to AI to speed up claim settlement, boost customer trust

Insurance companies are increasingly adopting artificial intelligence (AI) in their claims processes to help in analyzing medical documents, accelerating payouts and enhancing the accuracy and reliability of claim evaluations, industry officials said Wednesday. They noted that claims processing is considered a crucial factor in shaping consumer satisfaction and trust in the insurance sector. Prompt payouts allow policyholders to realize the value of their coverage, while complicated or cumbersome procedures can reduce demand for insurance. This has sparked growing interest in whether AI-based assessments can help strengthen consumer confidence. Kyobo Life Insurance reported that its average claims payout time was just 0.24 days in the second half of 2024, the fastest among life insurers. This means claims were processed and paid in about two hours. The industry average stands at 0.67 days for life insurers and 0.69 days for non-life insurers, making Kyobo Life about three times faster. The company’s claim denial rate — the proportion of claims not paid — was also below 1 percent, t

Sep 3, 2025By Jun Ji-hye

Insurers turn to AI to speed up claim settlement, boost customer trust

Toss to expand pay-by-face to 1 mil. stores nationwide by 2026

Toss is ramping up its push into the offline payments market, aiming to deploy its pay-by-face service in over 1 million stores by next year, the fintech company said Tuesday. The service, called "Face Pay" by Toss, enables users to make payments at stores simply by looking at a terminal, after registering their facial information and payment method in advance through the Toss app. Launched as a pilot in March, the service expanded to 20,000 affiliated stores in Seoul within just two months. As of August, the service had over 400,000 registered users, with a monthly reuse rate of around 60 percent. The company is aiming to expand nationwide, targeting 300,000 affiliated stores by the end of this year and 1 million by 2026. Its partnerships span convenience stores, cafes, restaurants, movie theaters, fashion, beauty and electronics retailers. "Toss' goal goes beyond simply increasing the number of participating stores. It aims to embed Face Pay into everyday life across all corners of the country," said Toss Pay Leader Oh Kyu-in at a press conference Tuesday. "The mission is simple: to be

Sep 2, 2025By Lee Yeon-woo

Toss to expand pay-by-face to 1 mil. stores nationwide by 2026

Hanwha Life launches AI-powered cancer insurance with global health care firm

Hanwha Life has launched an artificial intelligence (AI)-powered cancer insurance product in collaboration with global healthcare firm Need, the Korean insurer said Tuesday. The product offers not only tailored coverage through a package of riders for cancer treatment but also comprehensive, personalized care throughout the treatment journey. Need is an AI health care startup founded in 2019 by Harvard Medical School graduates Will Polkinghorn and Petros Giannikopoulos. Its cancer protection system uses AI to provide insights on cancer prevention, treatment and recovery. The system connects and analyzes patients’ health checkup data while offering a dedicated AI platform for physicians to support treatment planning. Its credibility is reinforced through validation by a global network of cancer specialists. The new product features a simplified enrollment plan that allows nearly anyone to sign up as long as they do not meet three specific conditions. The three criteria are hospitalization, surgery or additional test recommendations for confirmed or suspected diseases within the past thre

Sep 2, 2025By Jun Ji-hye

Hanwha Life launches AI-powered cancer insurance with global health care firm

Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses

Banks are enhancing preventive measures against voice phishing, including upgrades to monitoring systems powered by artificial intelligence (AI), as the government moves to require financial institutions to compensate phishing victims, industry officials said Monday. The efforts come as the government plans to legislate a no-fault liability rule, which would require financial institutions to compensate victims of voice phishing even when transfers were made directly to criminals by the victims and even if the banks are not at fault. This measure is a core element of the comprehensive anti-voice phishing plans prepared by a pan-government task force led by the Office for Government Policy Coordination, with participation from the Ministry of Science and ICT, the Financial Services Commission (FSC) and other agencies. In announcing the plans on Thursday, the government said it will set detailed requirements, limits and procedures in consultation with financial firms as early as this year. Accordingly, the country’s major banks plan to focus their follow-up measures on strengthening defen

Sep 1, 2025By Jun Ji-hye

Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses

Korea Development Bank opens Frankfurt branch

The Korea Development Bank (KDB), a state-owned policy bank, said Monday that it has opened a branch in Frankfurt, Germany. The Frankfurt branch marks KDB’s return to the German financial market after 26 years, following its withdrawal in 1999 during the Asian Financial Crisis. With a strategic goal of positioning itself as a "Euro Finance Hub," the branch aims to secure euro funding directly from the European market. KDB stated that the branch's operation will help provide effective support for Korean companies doing business in Europe, while building a strong client base of global companies operating in Germany. Europe is home to numerous Korean companies that have established local branches, subsidiaries and production facilities for automobiles, batteries, tires and more. At the same time, the branch will focus on building high-quality assets by collaborating with major German banks. The branch plans to actively engage in financial transactions with leading German corporations by offering tailored financial products for the local market, including the Schuldschein (a traditional Germ

Sep 1, 2025By Lee Yeon-woo

Korea Development Bank opens Frankfurt branch

Korea Exchange to co-host global forum on derivatives next week

Korea's main bourse operator said Monday it will hold a global conference on the derivatives market in the southern port city of Busan next week. The single-day event will be co-hosted by the Washington-based Futures Industry Association and attended by officials from local financial institutions, global investment banks and international rating agencies, according to a release from the Korea Exchange (KRX). The forum consists of two panel discussions, during which attendees will share their views on Korea's derivatives market and its prospects. The bourse operator noted that the event coincides with the inaugural year of after-hours trading of derivatives in Korea. It also comes on the occasion of the 20th anniversary of the establishment of the KRX's Busan headquarters, located some 330 kilometers south of Seoul. "We plan to actively discuss industry trends, including expansion of trading hours and the introduction of digital assets, with market players and seek the future direction of the derivatives industry," the KRX said.

Sep 1, 2025By Yonhap

Banking & Finance