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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.

Insurers rush to issue bonds to secure cash reserve

gettyimagesbankBy Jhoo Dong-chanThe nation's insurers are rushing to issue corporate bonds to secure enough cash reserves at the same time as an international standards setting body has proposed deferring the introduction of International Financial Reporting Standard (IFRS) 17 by another year to 2022. According to the insurance sector, the nation's life and non-life insurers have issued a total of 580 billion won ($491.7 million) worth of bonds this year. Of them, Meritz Fire & Marine secured 250 billion won by issuing 10-year subordinated bonds in May.DB and Tong Yang Life also issued 30 billion won and 200 billion worth of bonds, respectively, this year.Insurers' rush to corporate bonds is expected to continue as Hanwha and KDB Life have recently decided to issue 500 billion won and 240 billion won worth of hybrid securities in the second half.The IFRS 17, a new set of global accounting standards for insurers replacing the current IFRS 4, will require insurers to measure the liabilities of their insurance contracts by market, not book value. It was originally scheduled to be in

Jul 16, 2019By Jhoo Dong-chan
Insurers rush to issue bonds to secure cash reserve

Korea Exchange fined by US CFTC for false statement

The Korea Exchange building in Yeouido, Seoul / Korea Times fileBy Kim Bo-eunThe Korea Exchange has been fined by U.S. authorities for submitting false statements on its compliance with international financial regulations.An order filed by the U.S. Commodity Futures Trading Commission (CFTC) July 12 says the KRX falsely stated in its annual certification that it was in compliance with the CFTC's order requiring that KRX to observe certain international financial management standards.The CFTC's order, in addition to a penalty of $150,000, requires the KRX to receive assessment from an independent third party on its observance of these financial management standards. Reports of these assessments should be submitted to the CFTC on a regular basis over the next two years and six months.In 2015, KRX was granted an exemption from certain registration requirements under the Commodity Exchange Act. In order to maintain that exemption, KRX is required to make an annual certification to the CFTC regarding its observations of international regulations on financial market infrastructures known a

Jul 16, 2019By Kim Bo-eun
Korea Exchange fined by US CFTC for false statement

Support for SMEs' overseas affiliates

KEB Hana Bank CEO Ji Sung-kyoo, right, poses with Korea Technology Finance Corp. (KOTEC) Chairman Jeong Yoon-mo after the two signed an agreement on supporting small- and medium-sized enterprises (SMEs), at KOTEC's office on Yeouido, Seoul, Monday. KEB Hana Bank will provide loans for SMEs' overseas affiliates. / Courtesy of KEB Hana Bank

Jul 15, 2019By Kim Bo-eun

KB Securities facilitates investment in Vietnam

By Kim Bo-eunKB Securities' headquarters on Yeouido, Seoul / Korea Times fileKB Securities is focusing on offering services facilitating investment in Vietnam to capitalize on the potential of the Southeast Asian country. The brokerage said Monday it has added Vietnam to its Global One Market Service, which allows investors to trade foreign stocks in Korean won.Formerly, local investors had to exchange Korean won to U.S. dollars and then U.S. dollars to Vietnamese dong, which would take one to two business days.In January, KB introduced its account through which foreign stocks can be traded in Korean won. Since then, over 40,000 accounts have been opened.Investors are able to trade stocks in markets in the U.S., Hong Kong, China, Japan and Vietnam using Korean won.KB has been diversifying its Vietnam investment product lineup and research. In June last year, it became the first securities firm to launch a certificate of deposit through its subsidiary in Vietnam, KB Securities Vietnam.KB is also selling promising mutual funds in Vietnam.Its research center, in collaboration with KB Se

Jul 15, 2019By Kim Bo-eun
KB Securities facilitates investment in Vietnam

Hyundai Card data shows preference for 'untact'

By Park Jae-hyukHyundai Card's analysis of payment data from 15 major franchises providing “untact” services showed Monday that their sales jumped fivefold to 35.9 billion won ($30.3 million) in May 2019 from 6.7 billion won in January 2017.Untact is a portmanteau of “undo” and “contact.”The term refers to services that allow consumers to minimize contact with other people. Unmanned convenience stores and non-face-to-face purchases are examples of untact services.As a growing number of consumers in their 20s and 30s tend to refuse unnecessary interpersonal relationships and prefer using digital devices, many companies have made efforts recently to eliminate the human factor.According to the card issuer, however, the most significant outcome of its latest analysis was the rapid growth in demand for untact services among consumers in their 40s. Their amount of payment for untact services has increased by 500 percent over the past two years. That figure far surpasses those of consumers in their 20s and 30s, which came in at 235 percent and 304 percent

Jul 15, 2019By Park Jae-hyuk
Hyundai Card data shows preference for 'untact'

Wedding day of multiracial couples

Woori Financial Group Chairman and Woori Multicultural Scholarship Foundation Chairman Sohn Tae-seung, center, poses with multicultural couples during a joint wedding ceremony at Woori Bank headquarters in Seoul, Sunday. The foundation hosted the event for couples who could not afford a wedding ceremony due to financial difficulties. / Courtesy of Woori Bank

Jul 15, 2019By Park Jae-hyuk
Wedding day of multiracial couples

MetLife Korea's dollar insurance enjoys popularity

A MetLife Korea employee introduces a product that takes premiums in Korean won and pays claims in dollars to a customer in this file photo. / Courtesy of MetLife KoreaBy Kim Bo-eunWith the dollar sharply appreciating against the won, insurance products that take premiums and pay claims in dollars are drawing interest. Among some products that have attracted attention are MetLife Korea's Universal Dollar Whole Life, launched in January 2018. This was the first dollar-denominated interest-sensitive whole life insurance package in Korea, as MetLife pioneered the untapped market amid rising demand for dollar-denominated assets. The whole life insurance product invests in U.S. treasury bonds or promising firms in the U.S., utilizing MetLife's asset management knowhow to attain high returns.Under the Universal Dollar Whole Life Insurance, a policyholder pays a premium and receives the insurance product's benefits in dollars. A policyholder can pay the premium in Korean won.MetLife's product has drawn 65,000 policyholders as of the end of May.Universal Dollar Whole Life benchmarks MetLife

Jul 15, 2019By Kim Bo-eun

Provincial banks open more digitalized branches

Busan Bank's “Self Branch” in Hakjang-dong, Busan / Courtesy of Busan BankBy Park Jae-hyukProvincial banks are speeding up efforts to transform conventional branches into “digital branches” equipped with smarter ATMs and self-service kiosks, bank officials said Monday.The banks previously focused more on face-to-face transactions at conventional branches because their customers are, on average, older than major commercial bank customers.After an increase in non-face-to-face transactions nationwide, however, conventional branches started to face worsening profitability due to the cost of maintaining a larger workforce.Against this backdrop, regional banks have begun their own digital transformation, as major commercial banks did.Busan Bank is one example. The subsidiary of BNK Financial Group opened a “Self Branch” in Busan, July 3.Busan Bank said the Self Branch can handle almost 85 percent of services that conventional branches deal with.According to the provincial bank, most of the new branch's services are offered on ATMs, mobile devices or tabl

Jul 15, 2019By Park Jae-hyuk
Provincial banks open more digitalized branches

Financial groups post strong performance abroad

Shinhan Financial Group Chairman Cho Yong-byoungBy Lee Kyung-min The nation's four financial groups have shown a strong performance overseas over the past two years, backed by their successful business portfolio diversification in Southeast Asia, data showed Sunday. According to CEO Lab, a business performance review website, the four ― Shinhan, KB, Hana and Woori ― reported a combined 490.9 billion won ($415 million) in net profit in 2018, a 64.3 percent increase from 298.8 billion won in 2016. Of the total, nearly half, or 48.1 percent was posted by Shinhan whose figure jumped to 236.1 billion won, a 105.4 percent increase from two years earlier. The strong performance was led by its lucrative subsidiaries in Vietnam and Japan.Woori Bank CEO Sohn Tae-seungShinhan Bank Vietnam saw 94.9 billion won, a 95.3 percent increase, and Shinhan Bank Japan 64.9 billion won, a 34.2 percent increase. The significant jump was due in large part to the successful operation of Shinhan Bank Vietnam, the largest foreign-invested financial firm there with over 30 branches serving about 900,000 locals s

Jul 14, 2019By Lee Kyung-min
Financial groups post strong performance abroad

Fostering startups

Shinhan Financial Group Chairman Cho Yong-byoung makes opening remarks at a job fair for new and experienced workers including participants of Shinhan Future's Lab, the bank-organized startup nurturing program at Shinhan L Tower in Seoul, July 12. Over 1,000 jobseekers and 37 firms attended the two-day event. Courtesy of Shinhan Bank

Jul 14, 2019By Lee Kyung-min
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