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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.

Blockchain ties

Lee Woo-yeol, right, head of KB Kookmin Bank's IT group, poses with startup Atomrigs Lab CEO Jung Woo-hyun at the bank's data center on Yeouido, Seoul, Tuesday. Both sides agreed to collaborate in developing a blockchain-based digital asset management business. Courtesy of KB Kookmin Bank

Jun 11, 2019
Blockchain ties

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

Templestay for foreign customers

Foreign customers of KEB Hana Bank pose after taking part in a templestay program at Guin Temple in Danyang County, North Chungcheong Province, Sunday. The bank organizes the event every year to provide foreign customers an opportunity to learn about traditional Korean culture. / Courtesy of KEB Hana Bank

Jun 10, 2019By Kim Bo-eun
Templestay for foreign customers

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By Kim Bo-eunA growing number of foreigners living here are raising their voices against outdated financial regulations that prevent them from using the internet-only Kakao Bank and K bank.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

'Shinhan's exit costs Viva internet banking'

A woman passes by Viva Republica's office in Gangam, Seoul, May 26 when its proposal for Toss internet bank was rejected. YonahpBy Park Hyong-kiKiwoom Securities' business proposal for an internet bank lacked specific details on how it will operate “differently and innovatively” with its strategic partners. And Viva Republica's Toss Bank did not specify how it would run its internet bank without a single strategic partner, and raise capital given its negative cash flow. These were the reasons the Financial Services Commission (FSC) rejected their proposals last month, it explained Sunday.“Without sufficient documents supporting their internet bank plans, they were not given the green light,” said an FSC official.This comes as FSC Chairman Choi Jong-ku said last week that the regulator and its external committee will not change the way they evaluate internet bank proposals. He added they will abide by strict principles and standards.They rejected the applications to open new internet banks May 26.The FSC said Kiwoom's proposal for Kiwoom Bank was not innovative

Jun 9, 2019
'Shinhan's exit costs Viva internet banking'

Donating air conditioners for elderly

Kim Tae-young, right, chairman of the Korea Federation of Banks, donates 200 million won to Kim Hyun-mi, head of the Support Center for the Elderly Living Alone at the federation's headquarters in Seoul, June 7. The donation will be used to install 500 air conditioners at low-income elderly homes. Courtesy of Korea Federation of Banks

Jun 9, 2019
Donating air conditioners for elderly

Hana launches control tower for venture firms

Hana Financial Group's headquarters in central Seoul. / Korea Times file By Kim Bo-eun Hana Financial Group Chairman Kim Jung-tai Hana Financial Group has established “Hana Innovative Finance Council,” a control tower to assist venture companies in fintech, the group said Sunday.Group chairman Kim Jung-tai will serve as chief of the body, and 17 top-ranking officials including CEOs of affiliates and group executives will participate as members.Hana said it launched the initiative based on the government's focus on innovative finance.The control tower will have two bodies, one focusing on loan systems including technology appraisal and credit ratings and another on investment for venture companies through attracting venture capital.The group plans to pour in a total of 20 trillion won into the initiative by 2022. This is 5 trillion won more than its e

Jun 9, 2019By Kim Bo-eun
Hana launches control tower for venture firms

KB incubates future fintech talents

KB Financial Group Digital Strategy Department General Manager Park Hyoung-joo, first from right, poses with college students selected by the group's fintech idea contest, KB Digital Native Alliance, at the financial group's training center in Hapjeong-dong, Seoul, May 22. / Courtesy of KB Financial Group By Jhoo Dong-chanSeparate from its efforts to incubate promising fintech startups, KB Financial Group is also providing opportunities for future talent who are interested in digitized financial businesses.The group said it singled out five teams with 20 college students through the KB Digital Native Alliance project to provide them opportunities to engage in KB's various digitized services while developing fintech ideas jointly with KB employees over the next five months.The project is the second of its kind since KB first started it last year. In 2018, students presented a total of 58 ideas to innovate KB's financial services. Of them, KB reflected 45 into its cus

Jun 9, 2019By Jhoo Dong-chan
KB incubates future fintech talents

KB's digitization focuses on customers

The entrance of the KB Innovation Hub center in Gangnam-gu, Seoul / Courtesy of KB Financial GroupThis is the first in a series of articles highlighting major financial groups' strategies for digital transformation.By Jhoo Dong-chanThe financial business used to be one of the most conservative industries having not much to do with cutting-edge technologies.The convergence of such a resistant-to-change business with high technology started emerging along with the growing demand for easier financial services.Customers wanted to get simple banking services without visiting their banking branches. Investors also wanted to trade their stocks anywhere to better cope with market dynamics.“What really matters most here is to understand what our customers and partners really want, not technology itself,” said KB Financial Group Digital Strategy Department General Manager Park Hyoung-joo.“Some firms just introduce their new technologies regardless of market demand. It is more important to understand customers and their needs first. Technology comes next.”Under incumbent

Jun 9, 2019By Jhoo Dong-chan
KB's digitization focuses on customers
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