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NH Investment & Securities sets up digital division

By Kim Bo-eunNH Investment & Securities said Tuesday it set up a “digital innovation” division, to speed up the digital transition of the company.The digital division will analyze various businesses and work processes to develop a long-term digital innovation plan and come up with ways to execute the plan.The division will be comprised of a new arm on digital innovation and another on digital operations, which was formerly a taskforce.The digital innovation arm will develop new projects and the operation arm will manage and execute them, and also set up and operate a data analysis platform. In addition, the securities firm set up a brand strategy committee, which will seek to renew the company's brand, under the CEO.“The key of the reorganization this time is to prepare for the digital-centered changes in the financial market,” an NH official said.

Aug 6, 2019By Kim Bo-eun
NH Investment & Securities sets up digital division

Cooperation for digital platform

KEB Hana Bank's Deputy President and Chief Future Innovation Officer Han Jung-seong, left, poses with Kasa Korea CEO Yea Changwhan, center, and another Hana Bank official at the bank's headquarters in central Seoul, Monday, after they signed an agreement to cooperate on a digital platform for transaction of real estate trust certificates. Under the agreement, Kasa Korea will provide a platform to enable investors to make transactions of digital certificates for real estate trust. / Courtesy of KEB Hana Bank

Aug 6, 2019By Kim Bo-eun
Cooperation for digital platform

JB posts record earnings in H2

By Park Jae-hyukJB Financial Group posted a record-high net income in the first half of 2019, surpassing DGB Financial Group to become the nation's second-largest provincial banking group in terms of half-yearly earnings.The Jeolla Province-based group, which has Jeonbuk Bank and Kwangju Bank as its subsidiaries, said Friday it posted a 204.1 billion won ($169 million) net profit in the first half, up 47.5 percent from a year earlier.The company attributed the better-than-expected performance to its efforts to enhance its financial stability and expand its presence in the province.“We will build a solid basis for growth and establish a better risk management system through improvements in our managerial structure,” JB Financial Group Chairman Kim Ki-hong said. “We will become a small but strong financial group showing the highest profitability.”DGB Financial Group also posted a record-high net income in the first half since it launched the holding firm in 2011.However, its achievement was overshadowed by JB's performance.The Daegu-based banking group, which ha

Aug 5, 2019By Park Jae-hyuk
JB posts record earnings in H2

Why is Naver opening internet banks overseas, not here?

Seen is the logo of LINE Bank, the internet-only bank that Naver seeks to launch in Japan. / Courtesy of LINEBy Park Jae-hyukQuestions are arising over Naver's lukewarm attitude toward the online banking business in Korea, which is in stark contrast to its enthusiasm for operating internet-only banks overseas.The nation's largest portal has sought to enter the internet banking market in other Asian countries through its subsidiary LINE, a global mobile platform operator based in Japan.On Wednesday, LINE announced that LINE Bank Preparatory Office, a consortium comprised of LINE Financial Taiwan, Taipei Fubon Bank, CTBC Bank, FarEasTone, Standard Chartered Bank, Taiwan Mobile, and Union Bank of Taiwan was granted an internet banking license by Taiwan's Financial Supervisory Commission.This was the first time LINE has received approval from a government authority for its online banking business.“We will continue our plan to introduce banking services involving artificial intelligence, big data, and financial technologies, as we develop secure personal finance experiences that can

Aug 4, 2019By Park Jae-hyuk
Why is Naver opening internet banks overseas, not here?

Kookmin Bank to sell budget phones

By Kim Bo-eunKB Financial Group Chairman Yoon Jong-kyooKB Kookmin Bank is set to launch a “budget phone” business as early as September, the bank said Sunday. Budget phone offer low-cost plans, currently between the range of 5,000 won and 35,000 won a month. About 8 million people own budget phones, or 12 percent of the mobile phone marketThe financial authorities began allowing banks to rent network space from mobile carriers to offer telecommunications services from April.Kookmin Bank is in discussion with LG Uplus to use the mobile carrier's network to launch the service.“Our plan is to expand our customer base, by enabling them easier access to KB affiliates with the phones,” a Kookmin Bank official said.“We also plan on offering our customers benefits in telecommunications services,” he said.KB Financial Group has seven affiliates including the bank, brokerage, non-life insurer, card issuer, life insurer, capital firm and savings bank. The bank official said purchasers of a Kookmin budget phone will get a USIM chip that will enable them to ski

Aug 4, 2019By Kim Bo-eun
Kookmin Bank to sell budget phones

Foreigners still isolated in the loan market

Calls grow for elaborate credit scoring system for expatsBy Park Jae-hyukKorean banks remain reluctant to lend to foreign residents without collateral, despite more non-Korean customers at local banks, according to the latest data compiled by several institutions.The banks' attitude to such lending is in stark contrast to their recent efforts to attract more foreign customers.Over the past few years, local banks have introduced financial services tailored to expatriates, as the number of foreign residents in Korea surpassed 2.3 million at the end of 2018.But citing the risk of default and difficulties in credit scoring, the banks have avoided providing foreigners with loans ― especially unsecured ones ― and focused more on helping them use other services such as remittance, savings and insurance.According to Korea Credit Information Services (KCIS), 61,000 foreigners borrowed money from local financial firms in 2017 ― 0.3 percent of total borrowers in Korea. The agency is yet to disclose 2018 statistics.The outstanding balance of foreigners' loans was 4.7 trillion won ($3.9 billion),

Aug 4, 2019By Park Jae-hyuk
Foreigners still isolated in the loan market

Mirae Asset's global ETF business growing fast

Mirae Asset Global Investments' exchange-traded funds (ETF) business is growing rapidly as expands into foreign markets.As of the end of June, Mirae Asset managed 340 ETFs worth over 38 trillion won ($31.6 billion) in eight countries ― Korea, Canada, Australia, Hong Kong, Columbia, Brazil and India. ETF is a basket of securities ― stocks, bonds, commodities or a mix ― traded on stock exchanges.ETF assets under management have grown seven times that of the company's 2011 figure when it first entered foreign markets, and the number of listed ETFs has grown more than three times.Mirae Asset's ETFs were launched in 2006, as three "TIGER ETFs" were listed on the Korea Exchange.The TIGER ETFs provided a portfolio that allocated global assets to the local ETF market. In June, the TIGER ETF managed local assets amounted to 10 trillion won, and accounted for 24 percent of the local market.In 2011, Mirae Asset acquired Canada's Horizons ETF Management and Australia's BetaShares.In June, Horizons ETFs had 90 listed ETFs on the Toronto Stock Exchange, with assets amounting to 9 trillion won.Beta

Aug 4, 2019
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