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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.

Mirae Asset Life cut branches to boost profitability

The Mirae Asset Life head office in Seoul / Courtesy of Mirae Asset LifeBy Jhoo Dong-chanMirae Asset Life, a life insurance unit of Mirae Asset Financial Group, is reducing the number of its branches to cut related opportunity costs including rent, the insurer said Tuesday.In the meantime, the insurer has raised life planners' incentives to maintain, or rather strengthen, its sales network. The business approach was previously introduced by Meritz Fire & Marine Insurance, which has helped Meritz boost its market presence in a more effective way.Mirae Asset Life said it reduced its 88 branches to 33 in March.“The move was to cut opportunity costs while simplifying the business process to boost efficiency,” said a company official. “This will greatly save on rent expenses. All businesses and customer services are being executed more promptly under the downsizing.”In exchange for reducing the number of branches across the country, the insurer renovated its current 33 branches to provide a more ideal business environment for life planners.The insurer's moves r

Jul 10, 2019By Jhoo Dong-chan
Mirae Asset Life cut branches to boost profitability

Kakao Pay takes over insurance platform Inbyu

By Kim Bo-eunKakao Pay has acquired insurance platform startup Inbyu, in a strategic move to enter the insurance business.The mobile payment services unit of IT giant Kakao said Wednesday that it acquired Inbyu's shares and attained management rights of the company.Inbyu will act as a general agency for Kakao Pay's insurance services."We are happy to be able to take on the challenge of creating new insurance services based on IT technology, with a startup such as Inbyu that has great ideas and potential," Kakao Pay said in a statement."We will provide services in the insurance sector that remove inconveniences for users and cover for various risk factors."Kakao Pay plans to offer innovative insurance products through the platform, focusing on essential coverage consumers seek.Inbyu was established in 2017 as a technology-based insurance service platform. The startup was the first to create a platform for insurance services, eliminating existing complex registration processes for policies. It sells various insurance policies, in partnership with major local and global insurers as well

Jul 10, 2019By Kim Bo-eun
Kakao Pay takes over insurance platform Inbyu

For sustainable financial innovation

Financial Services Commission Chairman Choi Jong-ku, front row center, and CEOs of financial firms applaud during a seminar at Four Seasons Seoul, Wednesday, to celebrate Information Security Day. Choi urged the CEOs to prioritize financial stability and consumer protection for sustainable financial innovation. / Yonhap

Jul 10, 2019By Park Jae-hyuk
For sustainable financial innovation

Volunteering in fire-stricken area

AIG Korea employees plant trees, June 21, in Gangneung, Gangwon Province, which was devastated by a fire in April. The American insurer said Wednesday that the activities were part of its group-wide volunteering campaign to mark the 100th anniversary of AIG's headquarters' founding. / Courtesy of AIG Korea

Jul 10, 2019By Kim Bo-eun
Volunteering in fire-stricken area

FSS attracts interest from Southeast Asia

Financial Supervisory Service (FSS) First Senior Deputy Governor Yoo Kwang-yeol, center, poses with officials from Lao Securities Commission Office, Indonesia's Financial Services Authority and the FSS, at the FSS on Yeouido, Seoul, Tuesday. / Courtesy of FSS By Kim Bo-eunGovernment officials and financial experts from Southeast Asian countries are rushing to learn from Korea's financial regulatory system as their financial markets have been growing rapidly in line with their economic development.The Financial Supervisory Service (FSS) attributes this to its not only being a well-established system, but also Seoul's proximity as well as similarities in culture. To meet growing demand from these nations, the FSS has offered a variety of programs introducing the supervisory system here.Six officials from Indonesia's Financial Services Authority and the Lao Securities Commission Office took part in a six-week training course on financial supervision, hosted by the FSS,

Jul 10, 2019By Kim Bo-eun
FSS attracts interest from Southeast Asia

KB, Hana's China units warned of liquidity risks

By Jhoo Dong-chanFinancial authorities have issued a warning to KB Kookmin and KEB Hana Bank's corporate bodies in China for their poor financial structure. The Financial Supervisory Service (FSS) said Tuesday the agency issued an “attention-level” warning to both banks' corporate bodies in China. A financial firm is subject to submit an improvement plan with the agency within three months if it receives an attention-level warning.The FSS could impose an additional measure if the plan isn't good enough.The agency said the two firms' local corporate bodies in China share similar financial problems due to their depending too heavily on Korean firms' deposits and credit offered by their parent units in Korea.“Such a financial structure could be extremely vulnerable to external liquidity risks. It needs to be fixed,” an FSS official said. According to the FSS, the combined amount of credit the two Chinese units have received from their headquarters reached nearly 1.4 trillion won ($1.19 billion) at the end of 2018.This indicates the two units heavily depend on the

Jul 9, 2019By Jhoo Dong-chan
KB, Hana's China units warned of liquidity risks

Shinhan Bank adopts flexible hours at 5 branches

A model holds a banner promoting Shinhan Bank's flexible business hour system at the bank's head branch in central Seoul, Tuesday. / Courtesy of Shinhan BankBy Jhoo Dong-chanShinhan Bank will start a pilot run of the Good Time Bank, the bank's flexible opening hour system, at five of its branches, the lender said Tuesday.The bank said the introduction of the system was aimed at more properly accommodating customers' lifestyles and transaction patterns.The five branches are located at Gwanghwamun, Gayang Station and Gayang Station's Corporate Financial Center in Seoul, Bundang Central Financial Center in Seongnam, Gyeonggi Province, and Mokpo University in South Jeolla Province. These branches will be open from 10 a.m. until 5 p.m. starting Aug. 5. Business hours for regular branches are from 9 a.m. to 4 p.m.“I understand a few customers are experiencing difficulties in visiting our bank branches during regular opening hours. The Good Time Bank system will help accommodate such customers,” a Shinhan Bank official said.“Shinhan Bank will look more thoroughly into cust

Jul 9, 2019By Jhoo Dong-chan
Shinhan Bank adopts flexible hours at 5 branches

Celebrating Information Security Day

Woori Financial Group Chairman Sohn Tae-seung, center, and the group's executives hold a banner promoting Korea's eighth Information Security Day at the group's head office in central Seoul, Tuesday. The government designated the second Wednesday of every July as the Information Security Day to arouse people's attention to the threats of identity theft and cyberattacks. / Courtesy of Woori Financial Group

Jul 9, 2019By Jhoo Dong-chan
Celebrating Information Security Day

JB chairman seeks more M&As in Southeast Asia

JB Financial Group Chairman Kim Ki-hong speaks during a press conference at the Conrad Seoul on Yeouido in Seoul, Tuesday. / Courtesy of JB Financial GroupBy Park Jae-hyukJB Financial Group will continue to pursue M&A deals in the Southeast Asian market amid the growing competition and saturation of the local financial market, according to the head of the North Jeolla Province-based banking group, Tuesday.“For now, we are looking for more M&A deals in Cambodia, Myanmar and Vietnam,” JB Financial Group Chairman Kim Ki-hong said at a press conference in Seoul which was held to mark his 100th day in office.“The economic growth rates of Southeast Asian countries are much higher than Korea's, but most of their financial markets have yet to be fully developed, so their markets are highly likely to grow further.”The chairman said the company is considering making inroads in Vietnam, where it has an office. Regarding Cambodia and Myanmar, where JB runs its subsidiaries, the chairman said his company has been looking for ways to expand its presence there, addin

Jul 9, 2019By Park Jae-hyuk
JB chairman seeks more M&As in Southeast Asia

Bidding race for 3rd internet bank to resume

The Financial Services Commission headquarters in Seoul / YonhapBy Jhoo Dong-chanThe government is set to resume its screening for the nation's third internet-only bank soon, financial authorities said Monday.The Financial Services Commission (FSC) said it will receive preliminary applications once again for internet banking licenses in October and announce the results in December. The exact timetable for the regulator's screening process will be given by the end of July. Two consortiums led by Kiwoom Securities and Viva Republica had vied for a new internet-only bank in May, but the FSC rejected both parties' proposals because Kiwoom's was not innovative enough while Viva raised concerns over governance and financing. Under the FSC's plan, both consortia will be given two months to reinforce what they were lacking in their last bid.The Toss consortium, led by mobile money transfer app Toss' operator Viva Republica, failed to demonstrate a solid financing capacity to establish an internet-only bank in its previous bid.In the bid, the consortium was believed to easily get the approval

Jul 8, 2019By Jhoo Dong-chan
Bidding race for 3rd internet bank to resume
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