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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.

KEB Hana deploys robot for key tasks

KEB Hana Bank employees hold a banner promoting the bank's deployment of Hanabot. Courtesy of KEB Hana BankBy Park Hyong-kiKEB Hana Bank has deployed a machine-learning software program that will automatically carry out 19 key tasks, the commercial lender said Tuesday. The program called Robotic Process Automation, internally known as Hanabot, will be able to review and examine personal credit ratings before the bank extends household and corporate loansIt will also assess risks concerning such loan services, as well as help the bank detect any suspicions of money laundering for early prevention.The software will check for such financial irregularities by mining data, and keep track of its derivatives trading for bank customers.The robot will help reduce the time and cost human employees previously took to carry out the 19 tasks. Hanabot will precisely reduce working time by 80,000 hours and save 3.2 billion won ($2.7 million) in costs a year, according to KEB Hana.The program will also provide a search engine, enabling its employees to find solutions to specific tech and financial p

May 28, 2019
KEB Hana deploys robot for key tasks

Shinhan in Vietnam

Yu Sung-hun, chief financial officer of Shinhan Financial Group, holds an investor relations meeting in Ho Chi Minh City, Vietnam, Monday. The group invited 20 institutional investors and analysts to introduce Shinhan's goals in Vietnam this year. Courtesy of Shinhan Financial Group

May 28, 2019
Shinhan in Vietnam

Will gov't win ISD suit over Lone Star?

By Lee Kyung-min Opinions are divided over whether the recent win of Hana Financial Group against Lone Star Funds bodes well for the ongoing, higher-stakes dispute suit involving the Korean government and the U.S.-based private equity fund. The government maintains the suit may help or at least not hurt the case, but industry watchers and lawyers caution against any rash conclusions given little information is available of the highly secretive proceedings. On May 15, Hana Financial Group said it won an international arbitration case against the U.S. buyout fund over its purchase of the Korea Exchange Bank (KEB), later acquired by the group to become KEB Hana Bank. The International Chamber of Commerce (ICC) found in favor of Hana Financial, dismissing Lone Star's claim of “fraud, duress and mistakes.”The ruling came nearly three years after Lone Star filed the suit seeking over $1.4 billion (1.6 trillion won) against the financial group saying the latter cut the buyout price of KEB, citing government pressure. John Grayken, Lone Star Funds chairman / Korea Times fileIn a

May 27, 2019By Lee Kyung-min
Will gov't win ISD suit over Lone Star?

'I will strive to become best in Asia'

KB Financial Group Chairman Yoon Jong-kyoo, fifth from right, and Mey Ponlok, fifth from left, an official at KB Daehan Specialized Bank (KDSB) in Cambodia, pose with and his colleagues from the KDSB at the welcoming ceremony at the KB headquarter in Seoul May 20. Courtesy of KB Kookmin CardBy Lee Kyung-min Mey Ponlok, 32, a Legal & Compliance officer team head at KB Daehan Specialized Bank (KDSB) in Cambodia, a subsidiary of KB Kookmin Card, said his understanding about KB Financial Group's vision has been greatly enhanced following a recent workshop.“I was able to share the group's corporate vision which is to become the best in Asia in all financial sectors,” he said. Eight other employees from the Cambodian subsidiary came to Korea for a weeklong workshop that began May 20. They underwent a special training program on risk management, auto finance, digitization and credit card marketing. “When I return home, I will share my knowledge and experience from this workshop with all KDSB staff to help them understand the mission and vision of KB,” he said. Po

May 27, 2019By Lee Kyung-min
'I will strive to become best in Asia'

Woori to strengthen service in Cambodia

By Lee Kyung-min Woori Bank has signed a memorandum of understanding with Wing, a leading mobile banking service provider in Cambodia, to better serve Cambodians living here, the bank said Monday.The move is part of Woori's strategy to strengthen its presence in the Southeast Asian country and identify a new source of growth amid the domestic market fast nearing saturation. Through the cooperation, the bank plans to offer a real-time currency remittance service between the two countries in the latter half of 2019.Cambodians living in Korea will be able to use the service after downloading an app created by the bank. The service will be available to those who visit the bank, or via an ATM by entering a cell phone number or bank account number. The service will help pay back loans taken out by foreigners from WB Finance, a Phnom Penh-based Woori corporate entity in Cambodia set up in 2003. “Over 40,000 Cambodians live here in Korea, and the number is rising steadily,” a Woori official said. “Closer cooperation with Wing and WB Finance will help Cambodians here use fin

May 27, 2019By Lee Kyung-min
Woori to strengthen service in Cambodia

Hana launches corporate body in Mexico

KEB Hana Bank CEO Ji Sung-kyoo, forth from left, cuts a ribbon with Mexico's Comision Nacional Bancaria y de Valores President Adalberto Palma Gomez, fifth from left, Korean Ambassador to Mexico Kim Sang-il, third from right, and other guests during the opening ceremony for Bank KEB Hana Mexico in Mexico City, May 24. / Courtesy of KEB Hana BankBy Jhoo Dong-chanKEB Hana Bank has set up its corporate body in Mexico, a move considered to establish a bridgehead in the lender's advance into the Latin American market.Mexico is a member state of the North America Free Trade Agreement (NAFTA) and many Korean chip, steel and automakers have already set up their production bases there. A number of high-ranking bank officials, including CEO Ji Sung-kyoo and the corporate body head Woo Il, were joined by Mexico's financial regulator head Adalberto Palma Gomez in the May 24 ceremony for Bank KEB Hana Mexico. Ji said Bank KEB Hana Mexico will provide differentiated financial services to help their business while developing a localization strategy to attract Mexican customers.“KEB Hana Bank

May 27, 2019By Jhoo Dong-chan
Hana launches corporate body in Mexico

Banks open branches tailored for foreigners

An employee attends to foreign customers at Shinhan Bank's branch in Ansan, Gyeonggi Province, in this file photo. / Courtesy of Shinhan BankBy Kim Bo-eunLocal banks are ramping up efforts to better meet the needs of existing foreign customers and attract new ones, as the number of foreign residents here grows. Data show the number of foreign customers of the five major banks here _ Shinhan, KB Kookmin, Woori, KEB Hana and Nonghyup _ surpassed 5 million at the end of 2018.The banks are paying attention to remittance services, as this is one of the main services foreign customers seek. They transferred a total of 2.98 trillion won overseas last year.The banks are especially focusing on addressing the needs of migrant workers here, for whom it is difficult to visit banks on weekdays. They are designating branches in regions with large migrant worker populations such as in Gyeonggi Province, to open on Sundays.In April, Shinhan designated a branch in the city of Gimhae in South Gyeongsang Province as a branch operating on Sundays. Customers can send funds overseas, exchange currency and

May 27, 2019By Kim Bo-eun
Banks open branches tailored for foreigners

'Dream Up' project

Students pose after performing in a Nanta recital organized by BNP Paribas Korea at Gangnam Theater in Seoul, Saturday. The recital is an annual event the bank holds as part of its "Dream Up" project designed to provide underprivileged youngsters with the opportunity to participate in artistic activities. / Courtesy of BNP Paribas

May 27, 2019By Kim Bo-eun
'Dream Up' project

Regulator rejects Kiwoom, Toss internet banks

Financial Services Commission Chairman Choi Jong-ku announces the government's decision to reject Kiwoom and Viva Republica's internet bank proposals at a press conference in Seoul, Sunday. YonhapBy Park Hyong-kiThe Financial Services Commission (FSC) has rejected applications for opening new internet banks from both Kiwoom Securities and Viva Republica, FSC Chairman Choi Jong-ku said Sunday.The reasons given were Kiwoom's proposal for Kiwoom Bank was not innovative enough, and Viva's Toss Bank raised concerns over governance and financing. “Kiwoom's business proposal wasn't economically viable and innovative. Viva has issues concerning its proposed bank's governance and capital structures,” the chairman told the press. “We will begin accepting additional applications in the third quarter of this year.”This came unexpected as Choi had signaled the FSC could select up to two applicants to launch internet banks here, after K bank and Kakao Bank. He also said the regulator did not see Viva Republica, which runs the peer-to-peer Toss payment application, as a nonf

May 26, 2019
Regulator rejects Kiwoom, Toss internet banks

Card industry faces tectonic shift

By Jhoo Dong-chanThe nation's credit card industry has been bisected by Shinhan and KB Kookmin Card, but is expected to experience a major upheaval soon due to Costco's new partnership with Hyundai Card and a possible merger between card firms.Shinhan Card is likely to maintain its market leader position in terms of total assets for a while, but runner-up KB Kookmin Card may slide to the No. 3 position if second-tier card firms merge.The nation's third-largest card firm Samsung Card is also showing signs of a slowdown while the fourth, Hyundai Card, is likely to enjoy strong earnings this year thanks to its exclusive partnership with giant retailer Costco. The U.S. warehouse chain has adhered strictly to a policy of forging a partnership with only one credit card company to keep the interchange rate low so that it can sell products at a low price near their wholesale value. Samsung Card had been the only credit card customers could use at Costco branches across the country for the past 18 years, but the retail giant changed its exclusive credit card partner firm to Hyundai Card last

May 26, 2019By Jhoo Dong-chan
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