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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.

Techfin competes with fintech

/ gettyimagesbankBy Kim Bo-eunFintech is generally understood as financial firms incorporating technology to enhance the services they offer in the digital era. Banks have predominantly led these efforts, in cooperation with technology startups. However, established technology firms are also making notable efforts to provide financial services, in collaboration with finance companies. This is called “techfin.”Jack Ma, co-founder and executive chairman of Alibaba Group, referred to the idea in 2016.“There are two big opportunities in the future financial industry,” he said. “One is online banking, where all the financial institutions go online; the other is internet finance, which is purely led by outsiders.”Kakao Pay of the IT company Kakao is leading “internet finance.”Kakao Pay will begin a service through which users can check the entirety of their financial data, including that of other financial firms.Users can check transactions including deposits, withdrawals, savings, investments and loans of the banks whose services they use. U

Jul 8, 2019By Kim Bo-eun
Techfin competes with fintech

Donating blood

Woori Financial Group Chairman Sohn Tae-seung, second from right, donates blood with employees at the bank's headquarters in central Seoul, Monday. Woori has conducted a blood donation campaign every summer, since 2006 when it signed an agreement with the Korean Red Cross. / Courtesy of Woori Financial Group

Jul 8, 2019By Kim Bo-eun
Donating blood

Kookmin Bank seeking to enter Myanmar

KB Kookmin Bank CEO Hur YinBy Kim Bo-eunKB Kookmin Bank is seeking to enter the Myanmar market, the bank said Monday.“We're planning to apply for a banking license as soon as the notification is made by Myanmar's financial authorities,” a KB Kookmin Bank official said.Earlier in 2014 the bank applied for the license, but failed to obtain it.KB already has its microfinancing subsidiary KB Finance there, which was established in March 2017. It is providing housing loans and micro lending through 13 of its branches.On July 4, Myanmar's Minister of Construction U Han Zaw and other high-level officials visited Kookmin Bank's headquarters on Yeouido, Seoul, and discussed ways they could cooperate.According to the bank, the Myanmar authorities are interested in learning about housing finance from Kookmin Bank, which is specialized in the field as it merged with the Housing and Commercial Bank in 2001.“If KB starts a banking business in Myanmar, it could create synergy with the micro financing subsidiary there,” the Kookmin official said.Major banks here have been agg

Jul 8, 2019By Kim Bo-eun
Kookmin Bank seeking to enter Myanmar

KB group workshop

KB Financial Group Chairman Yoon Jong-kyoo, front row seventh from left, poses with executives of the group's affiliates at a management-level workshop, held at KB Kookmin Bank's training center in Ilsan, Friday. They shared cases of innovative services development and plans for the latter half of 2019. / Courtesy of KB Financial Group

Jul 7, 2019By Kim Bo-eun
KB group workshop

Shinhan, KB in another race to get better credit ratings

By Jhoo Dong-chanShinhan and KB Financial Group, which have engaged in a cutthroat race to become the nation's leading financial group, are also vying for better global credit ratings, data suggests.The ratings are an important barometer that estimates a firm's financing capacity, often referring evaluations from two global credit rating agencies ― Moody's and Standard & Poor's.Both Shinhan Chairman Cho Yong-byoung and KB Chairman Yoon Jong-kyoo have stressed the importance of their global market due to the ever-worsening business environment in Korea. It is essential for the two firms to receive strong ratings from global rating agencies in a bid to make inroads into the global market.Moody's announced in June it awarded A1 long-term and Prime-1 short-term issuer credit ratings to KB Financial Group with a stable outlook for both ratings. “KB Financial Group's diversified portfolio of subsidiaries and strong capital maintained at KB Kookmin Bank provide the group with flexibility in servicing its debt,” the rating agency said in a press release.“There is a very

Jul 5, 2019By Jhoo Dong-chan
Shinhan, KB in another race to get better credit ratings

Shorter workweek changing bank culture

By Lee Kyung-min With the introduction of a shorter workweek ― 52 hours from 68 ― from July 1, financial services firms have introduced various measures to improve productivity and minimize potential pitfalls. Under the new system, owners of businesses with more than 300 workers that fail to follow the revised law will be given a verbal warning.Those who ignore the verbal warning will face up to two years in prison or up to a 20 million won ($18,000) fine. But Businesses with fewer than 300 workers will be granted a six-month grace period. Woori Bank has launched a “Dos and Don'ts” campaign to give clear sguideline to senior and junior level workers.In May, the bank said after-work get-togethers should not necessarily involve drinking alcohol and let cultural activities count including watching movies or art performances. In June, workers were directed not to engage in matters relevant to work, and senior figures were ordered to go home early to let lower-ranking workers feel easy in following suit. In July,

Jul 5, 2019By Lee Kyung-min
Shorter workweek changing bank culture

Incubating future talents in finance

Shinhan Bank Deputy President Chung Man-geun, front row fifth from left, poses with trainees of the Shinhan Management Innovation Program For Next CEO during the program's completion ceremony at the Lotte Hotel in central Seoul, Wednesday. The four-month program was established in 2009 to offer education in various financial sectors including banking, stocks, asset management and real estate. / Courtesy of Shinhan Bank

Jul 5, 2019By Jhoo Dong-chan
Incubating future talents in finance

DB Insurance boosts presence in overseas markets

The DB Insurance head office in Seoul / Courtesy of DB InsuranceBy Jhoo Dong-chanDB Insurance is spurring its smooth entry into overseas markets through a series of acquisitions of foreign insurers, according to sources.The non-life insurer has boosted its presence in the U.S. and Chinese market. It also acquired local insurers in Vietnam to stretch its business abroad.According to industry sources, DB insurance has entered the Guam, Chinese and Vietnamese markets by acquiring stakes in local companies.DB took over Vietnam-based non-insurer PTI in 2015, and acquired an 80 percent stake recently in Century Insurance Company (CIC) units operating in Guam, Saipan and Papua New Guinea.The insurer entered the Chinese market in 2006 by setting up its office. It acquired a 15 percent stake in Ancheng Property & Casualty Insurance there in 2014.DB Insurance Chairman Kim Jeong-namDB Insurance also entered the U.S. market in 2006 by opening a branch in Hawaii. It added other branches in California in 2009 and New York in 2011, expanding its presence in the world's largest insurance market.

Jul 5, 2019By Jhoo Dong-chan
DB Insurance boosts presence in overseas markets

KB to help Myanmar

KB Kookmin Bank CEO Hur Yin, third from right, poses with Myanmar's ambassador to Korea U Thant Sin, second from left, Myanmar's Construction Minister Han Zaw, third from left, and other officials in front of the bank's headquarters on Yeouido, Seoul, July 4. They have agreed to foster cooperation and exchanges in the area of housing finance. Courtesy of KB Kookmin Bank

Jul 4, 2019By Lee Kyung-min
KB to help Myanmar

Hana incorporates Toss into global payment network

KEB Hana Bank Deputy President and Chief Future Innovation Officer Han Jun-seong, left, poses with Viva Republica CEO Lee Seung-gun after the two signed an agreement, Wednesday, to incorporate the Viva Republica-operated mobile money transfer app Toss into the bank's global payment system. / Courtesy of KEB Hana BankBy Kim Bo-eunHana Financial Group has incorporated mobile money transfer app Toss into its global payment system, the group said Thursday.KEB Hana Bank signed the agreement a day earlier with Toss operator Viva Republica for a strategic partnership.Hana's Global Loyalty Network (GLN) is a centrally-managed payment service platform participated in by 58 firms from 14 countries.It is a blockchain-based platform connecting financial firms, retailers and other businesses to allow money transfers and payments via smartphones.The network is incorporated into Hana and its partner firms' mobile applications, so users do not have to download a separate app or join a separate membership. The network enables users to make payments without having to exchange currency, as payments are

Jul 4, 2019By Kim Bo-eun
Hana incorporates Toss into global payment network
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