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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.

Volunteering in Vietnam

Kyobo Life Insurance employees and executives pose in a village in Vietnam's province of Ben Tre, June 18. The team built a library and homes for the village during the five-day volunteer program. / Courtesy of Kyobo Life Insurance

Jun 24, 2019By Kim Bo-eun
Volunteering in Vietnam

Gov't under fire for pressuring bank hiring

By Park Hyong-kiFinancial Services Commission Chairman Choi Jong-ku / YonhapThe Financial Services Commission (FSC) is facing a backlash amid plans to launch an index in August measuring the jobs created by local banks. Industry sources say the regulator is “intervening too much” into matters that are not part of its key oversight task. They criticized the index, questioning how forcing local banks to hire more people has anything to do with maintaining financial market stability.“What it is trying to do does not add up. Its key task is promoting financial stability. Enforcing employment would only make the labor sector inflexible and the market unstable,” said a banking industry source.The index would make it even harder for banks to maintain a “pyramid organization structure” in which a large number of people at the bottom consist of young employees, and a very few people at the top are senior employees.The banks will face difficulties in letting go of the senior employees through their retirement programs. When this happens, they cannot hire you

Jun 24, 2019
Gov't under fire for pressuring bank hiring

KIC CEO in between rock, hard place

By Park Hyong-kiKIC CEO Choi Hee-namKorea Investment Corp. (KIC) CEO Choi Hee-nam may have a lot of things to worry about mainly concerning the future course of the country's sovereign wealth fund manager. Economic headwinds are blowing hard not only toward Korea but also global markets. When economies slow down, investors ― in KIC's case, the Ministry of Economy and Finance and the Bank of Korea (BOK) ― tend to get conservative.Under the circumstances, the finance ministry and the central bank may not want to hand over more money to the sovereign wealth fund for management.KIC's assets under management stood at $138.3 billion as of early 2019.The finance ministry and the BOK have entrusted KIC to manage some of their dollar-denominated reserves worth $103 billion.But KIC CEO Choi, without a doubt, would want more money so his organization can manage at least $200 billion of assets as it seeks to become an “active and aggressive global manager.” It could only do so by increasing investments in alternative assets such as infrastructure for higher returns.The fund manager i

Jun 24, 2019
KIC CEO in between rock, hard place

Cooperation with Hong Kong card issuer

Shinhan Bank CEO Jin Ok-dong, right, and Octopus CEO Sunny Cheung pose after signing an agreement for cooperation in the digital sector at Shinhan Bank's headquarters in central Seoul, Friday. Octopus operates Octopus Card, a smart card for making electronic payments in Hong Kong. The two parties plan on integrating their platforms to launch a digital payment service that can be used both in Seoul and Hong Kong. / Courtesy of Shinhan Bank

Jun 23, 2019By Kim Bo-eun
Cooperation with Hong Kong card issuer

Incubating fintech startups

Financial Services Commissions Chairman Choi Jong-ku, front row fifth from left, poses with Rep. Kim Bu-gyeom of the ruling Democratic Party of Korea, front row fourth from left, and DGB Financial Group Chairman Kim Tae-oh, front row left, during an opening ceremony for the DGB Fium Lab, the financial group's fintech incubating center, at DGB Bank's branch in Daegu, Friday. / Courtesy of DGB Financial Group

Jun 21, 2019By Jhoo Dong-chan
Incubating fintech startups

Hana teams up with Shinsegae for global payment market

KEB Hana Bank Deputy President Han Joon-seong, left, shakes hands with Shinsegae I&C CEO Kim Jang-wook during the partnership signing ceremony at the bank's head branch in Seoul, Friday. / Courtesy of KEB Hana BankBy Jhoo Dong-chanKEB Hana Bank has teamed up with Shinsegae I&C to include Shinsegae Group's IT subsidiary in the commercial bank's Global Loyalty Network (GLN), the bank official said Friday.The GLN is KEB Hana Bank's global payment network platform consisting of 57 firms in 14 different countries. Based on blockchain technology, the platform connects the 57 financial, logistics and retail firms in a shared network to provide more comprehensive payment, wire transfer and ATM services without borders.Customers can use the GLN by installing the Hana Members app, a Hana Financial Group integrated app, or a partnership firm's payment app. The network also offers foreign exchange service in real time for customers who want to buy something abroad.Shinsegae I&C's SSG Pay users are allowed to use the network in more countries under the deal without installing a separa

Jun 21, 2019By Jhoo Dong-chan
Hana teams up with Shinsegae for global payment market

K bank-Naver alliance

Models promote a new financial service launched jointly by Korea's largest portal Naver and internet-only bank K bank, June 21. The service will enable customers to open bank accounts, check balances and view cash transfer history via Naver Pay, a fintech subsidiary of Naver, without installing the bank's mobile app. Courtesy of K bank

Jun 21, 2019By Lee Kyung-min
K bank-Naver alliance

Domestic investors exit China to invest in Vietnam

By Jhoo Dong-chanDomestic funds are eyeing emerging economies in Southeast Asia as Korea has reached its growth peak due to low interest rates and a decline in investment returns.The trend is in stark contrast to investors' recent rush to exit the Chinese market due to growing uncertainties about the country's future growth amid the ongoing U.S.-China trade dispute.According to the Korea Financial Investment Association, Koreans invested 3.16 trillion won ($2.66 billion) in Vietnam via domestic funds as of the end of May 2019, more than tenfold compared to the end of 2015 figure of 310 billion won. India also attracted 1.22 trillion won worth of domestic funds in the period, up 310 billion won, or 34 percent, from 920 billion won at the end of 2015Other emerging economies such as Indonesia and Thailand attracted 310 billion won and 120 billion won last month. A total of 5.5 trillion won was invested in Southeast Asia via domestic funds in the period, up nearly 4 trillion won from its 2015's 1.58 trillion won.In the meantime, domestic investors withdrew investments from the Chinese ma

Jun 21, 2019By Jhoo Dong-chan
Domestic investors exit China to invest in Vietnam

Innovative Shinhan

Shinhan Bank Deputy President Lee Myong-goo, left, and Korean Standard Association CEO Lee Sang-jin hold an “innovation award” given by the latter at a ceremony at Lotte Hotel Seoul, June 20. The bank won the award in recognition of its highly sophisticated Robotic Process Automation, an automated machine-learning software program that helps relieve workers of menial yet necessary tasks. Courtesy of Shinhan Bank

Jun 20, 2019By Lee Kyung-min
Innovative Shinhan

KEB Hana to foster young artists

KEB Hana Bank CEO Ji Sung-kyoo, second from left, and Parallel Contemporary Art (PCA) Chairman & Founder David Ciclitira pose for a photo with other officials and a Korean artist at the bank's headquarters in downtown Seoul, June 20. Courtesy of KEB Hana BankBy Lee Kyung-min KEB Hana Bank will help 30 promising young artists by financially supporting their overseas studies and exhibitions, it said Thursday.Under the program Korean Eye 2020 sponsored by the bank, art pieces of the 30 selected artists will be on display at the lobby of the bank's headquarters in downtown Seoul until June 27. The works, including photography, sculptures and video art as well as paintings, will be featured starting in March 2020 in exhibitions in Russia and the U.K., and then back to Seoul. Inspired by the Parallel Contemporary Art (PCA), the bank seeks to help nurture cultural and artistic figures, thereby boosting the country's profile on the global stage. “We have always tried to find young artists to help them live up to their full potential by providing them a stable source of financing,&r

Jun 20, 2019By Lee Kyung-min
KEB Hana to foster young artists
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