my timesThe Korea Times
BusinessBanking & Finance

Banking & Finance

Helping SME workers

Industrial Bank of Korea (IBK) CEO Kim Do-jin, front row second from right, holds a promotional banner with actor Lee Jung-jae, second from left, at the bank's head branch in central Seoul, Wednesday. IBK donated 800 million won on the day to support 161 family members of small- and medium-sized enterprise workers in their medical expenses. The bank has donated a total 41.5 billion won through its charity foundation since 2006. / Courtesy of Industrial Bank of Korea

Jun 12, 2019By Jhoo Dong-chan
Helping SME workers

Hana Financial to nurture data specialists

Hana Financial Group Chairman Kim Jung-tai, fifth from right in the second row, and KEB Hana Bank CEO Ji Sung-kyoo, fourth from right in the first row, pose with young workers selected to take a data specialist nurturing program at a hotel in Seoul, June 10. Courtesy of Hana Financial GroupBy Lee Kyung-min Hana Financial Group has joined hands with Seoul National University (SNU) to foster data specialists as part of a broader move to achieve digitization, the group said Tuesday. In cooperation with SNU's team led by a group of noted professors at the computer science department, the group has launched a training program that will help integrate their daily work with statistics, industrial science and convergence science technology.Thirty promising employees from the group's affiliates will take the four-month training to help improve their professional capabilities. One-on-one, in-depth mentoring programs will help the workers deal with challenges and come up with proper digital solutions.Fast problem-solving skills will be prioritized to improve work efficiency to help the group ou

Jun 11, 2019By Lee Kyung-min
Hana Financial to nurture data specialists

Mirae Asset Global holds global ETF conference

Horizons ETFs CEO Steve Hawkins, third from left, speaks during the 2019 Mirae Asset Global ETF Rally in Seoul, June 7. / Courtesy of Mirae Asset Global InvestmentsBy Jhoo Dong-chanMirae Asset Global Investments held its 2019 Mirae Asset Global Exchange Traded Funds (ETF) Rally for two days from June 7, the company said Tuesday. The event was held in two cities _ Seoul and Hongcheon. The asset management firm's top-ranking officials, including Mirae Asset Global ETF division head Yun Joo-young, participated in the event to discuss the latest trends in the global ETF market and various investment strategies with BetaShares CEO Alex Vynokur, Horizons ETFs CEO Steve Hawkins and Global X CEO Luis Berruga.Mirae Asset Global first entered the market with the Tiger ETF in 2006, and has since offered various ETFs to expand its global investment portfolio. In 2011, Mirae Asset Global acquired Canada-based ETF powerhouse Horizon and Australian BetaShares to expand its business. It also acquired U.S.-based ETF rising star Global X last year.“Global X has gained market attention by offerin

Jun 11, 2019By Jhoo Dong-chan
Mirae Asset Global holds global ETF conference

FSC to check chaebol's financial firms

Financial Services Commission Chairman Choi Jong-ku speaks about his plan for risk audits of local conglomerates' financial companies at a meeting in Seoul, Tuesday. YonhapBy Park Hyong-kiThe Financial Services Commission (FSC) will begin checking risk management systems of local conglomerates' financial subsidiaries next year, the FSC said Tuesday.Groups such as Samsung, Hanwha, Hyundai Motor, DB, Lotte, Kyobo and Mirae Asset will face audits, it added.This comes as FSC Chairman Choi Jong-ku said in a meeting with the financial subsidiaries of the seven groups that the regulator will extend the period of such audits on groups by another year.This is part of efforts to manage risks and prevent potential fallout of financial subsidiaries that could ultimately affect other businesses of the groups.“We need to pre-emptively manage risks that could affect the whole group,” Choi said. He discussed his plan with chief executives of Samsung Life Insurance, Hanwha Life Insurance, Mirae Asset Daewoo, Kyobo Life Insurance, Hyundai Capital, DB Insurance and Lotte Card.The audits wil

Jun 11, 2019
FSC to check chaebol's financial firms

KSD to hold 24th ACG in Busan in 2020

By Lee Kyung-min Korea Securities Depository (KSD) will hold the 24th annual meeting of the Asia-Pacific Central Securities Depository Group (ACG) in Busan in 2020, it said Monday. This is the third KSD-organized annual meeting held in Korea following ones in 2000 and 2011 both held in Seoul. Over 150 officials representing 35 ACG members from 24 countries are scheduled to attend. “Next year's meeting will not only raise our global profile but also that of Busan, a financial hub city,” a KSD official said. KSD CEO Lee Byung-rhae“We will continue to take a leading role in boosting personnel and work-related exchanges among international central securities depositories (CSDs).” The ACG was established in 1997 to facilitate the exchange of information and promote mutual assistance among depositories and in the Asia-Pacific region. Launched in Hong Kong in 1997, the ACG engages in active cooperation with other regional associations and various international bodies.The organization was launched following the Asian financial crisis in 1997, amid a shared sense on th

Jun 10, 2019By Lee Kyung-min
KSD to hold 24th ACG in Busan in 2020

Rules block foreigners' access to internet banks

By Kim Bo-eunA growing number of foreigners living here are raising their voices against outdated financial regulations that prevent them from using the internet-only Kakao Bank and K bank. Expats here said that they are very interested in using services of the internet banks, especially for remittances, because the services are cheaper and more convenient. Yet foreign residents do not have access to the services due to outdated identification systems in the banking industry.Currently, financial service companies, including the internet banks, use a decades-old system that requires potential customers to prove their identities with their Korean registration cards or driver's licenses indicating their nationality. Because foreigners do not have these Korean IDs, they are unable to use internet bank services. Passports or alien registration cards cannot be used.Expats find being unable to use internet bank services discriminatory.“I have lived here for 11 years, so I pay taxes and fulfill the duties of a normal resident,” a foreign professional based in Seoul said asking no

Jun 10, 2019By Kim Bo-eun
Rules block foreigners' access to internet banks

Dispute arising over robotization at banks

By Kim Bo-eunMany banks here are embracing robotization to increase their competitive edge in the digital era but experts said that they have to consider the potential pitfalls of robotic automation.They pointed out that robotic systems are helping banks maximize efficiency and reduce work hours, but on the other hand raise concerns about reductions in the labor force and errors that may occur in the system.Robotic Process Automation (RPA) allows robots to emulate and integrate the actions of a human interacting within digital systems to execute a business process.This is helping companies eliminate menial tasks and cut down work hours to adhere to the new 52-hour work week, introduced to improve the work-life balance for workers here.“The introduction of the RPA system enables existing employees to engage in more creative work by leaving the menial tasks for the RPA system to assume,” a KEB Hana official said.“The system also makes it possible for us to adhere to the 52-hour work week by performing the necessary tasks overnight, as employees are required to leave w

Jun 10, 2019By Kim Bo-eun
Dispute arising over robotization at banks
previous page
477478479480481
next page

Most Read in Business