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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.

Visa fostering innovation spirit

Visa Korea CEO Patrick Yoon, sixth from right, poses with Mobidoo CEO David Lee, seventh from right, and other contestants of Visa's fintech contest "Visa Everywhere Initiative" and members of the judging panel at Dongdaemun Design Plaza, Friday. The winner receives 25 million won in prize money and the opportunity to visit Visa's innovation centers in five countries. The contest was held on the sidelines of Korea Fintech Week 2019, which took place from Thursday to Saturday. / Courtesy of Visa

May 26, 2019By Kim Bo-eun
Visa fostering innovation spirit

Non-life insurers suffer worsening profits in Q1

By Kim Bo-eunLocal non-life insurers suffered a major setback in their earnings in the first quarter of 2019 due to mounting competition amid lingering uncertainty caused by market volatility.According to data from the Financial Supervisory Service, non-life insurers' combined net profits stood at 718.9 billion won between January and March, down 18 percent from 880.9 billion won a year earlier.Non-life insurers' operating income from investments grew, but they faced decreasing net profits due to increased sales expenses.Their income from insurance policies grew 3.3 percent from the same period a year earlier, but expenses associated with signing new contracts also grew amid competition.In contrast, life insurers saw their combined net profits rise 2.6 percent to 1.26 trillion won in the first quarter from 1.23 trillion won in the same period a year ago.Figures show that life insurers' profits were driven by operating income from investments, despite losses in insurance sales.The average return on assets (ROA) and return on equity (ROE) of non-life insurers and life insurers each fel

May 26, 2019By Kim Bo-eun
Non-life insurers suffer worsening profits in Q1

Boosting communication with young

NongHyup Financial Group Chairman Kim Gwang-soo, center, raises his fist with employees in their 20s after visiting an IT firm, Seoul, Friday. Kim discussed digital transformation with them over lunch. Courtesy of NongHyup Financial Group

May 26, 2019
Boosting communication with young

Hana, Sumitomo Mitsui expand alliance

Hana Financial Group Chairman Kim Jung-tai, left, and Sumitomo Mitsui Trust Group President Tetsuo Ohkubo smile after agreeing to expand their ties at the Hana Global Campus in Incheon, Friday. Courtesy of Hana Financial GroupBy Park Hyong-kiHana Financial Group and Japan's Sumitomo Mitsui Trust Group have agreed to expand their ties in asset and trust management and jointly to develop new digital businesses, the Seoul-based holding company said Sunday.To mark the fifth anniversary of their partnership, executives from the two sides met to discuss their alliance at the Hana Global Campus in Incheon's Cheongna International City last Friday.They said they will also seek to collaborate in infrastructure and aviation financing globally and exchange human resources. KEB Hana Bank has forged a strategic alliance with Netherlands-based Arena Aviation Capital in commercial aircraft leasing and financing. The bank and Arena are seeking to provide these services in Japan. Also under the expanded alliance, Sumitomo Mitsui Trust will help launch Hana Financial's Global Loyalty Network (GLN) dig

May 26, 2019
Hana, Sumitomo Mitsui expand alliance

Investment banking bolsters brokerages' Q1 earnings

By Kim Bo-eunLocal securities firms recorded an earnings surprise in the first quarter, largely due to robust performances in investment banking.According to data from the Financial Supervisory Service, investment banking accounted for more than 30 percent of the operating income of major brokerages, including NH Investment and Securities, Mirae Asset Daewoo and Meritz Securities.NH recorded 237 billion won in operating income in the first quarter, up 34.5 percent from the same period a year earlier. Its net profit for the same period grew 33.6 percent to 171.1 billion won.Operating income from investment banking stood at 89.9 billion won or 37.9 percent of the total, up from 22.3 percent in the previous quarter.Mirae Asset Daewoo posted 142 billion won in operating income and 168.2 billion won in net profit, each down 33.8 percent and 16.2 percent from a year earlier.However, considering over 80 billion won were costs incurred from voluntary resignations, the brokerage performed better than forecast.For the company, operating income from investment banking came down to 74.6 billion

May 26, 2019By Kim Bo-eun
Investment banking bolsters brokerages' Q1 earnings

Lotte finalizes sale of financial units

Lotte's financial units in Jung-gu, Seoul / Courtesy of Lotte GroupBy Jhoo Dong-chanLotte Group signed stock purchase agreements (SPAs) Friday with private equity firm (PEF) JKL Partners and the MBK Partners-Woori Bank consortium, respectively, to sell Lotte Insurance and Lotte Card.Hotel Lotte and other group units, which hold stakes in the two financial units, held board meetings Friday and approved the deals, a Lotte official said.“The group signed SPAs with JKL Partners and the MBK Partners-Woori Bank consortium shortly after the board meeting Friday.”JKL Partners has bid 427 billion won ($359.1 million) for a 58.5 percent stake in Lotte Insurance, which is estimated to be valued at 730 billion won. Lotte Group had planned to sell its entire 58.5 percent stake to JKL Partners, but decided to hold onto a 5 percent stake in the non-life insurer.The total sale price is estimated at around 400 billion since JKL Partners is acquiring a 53.5 percent stake, not the entire 58.5 percent stake.JKL Partners said it will issue new stocks to raise up to 300 billion after it conclu

May 24, 2019By Jhoo Dong-chan
Lotte finalizes sale of financial units

KB strengthens ties with O2O startups

KB Financial Group Chief Digital Innovation Officer Han Dong-whan, fifth from left, pose with heads of fintech firms at Korea Fintech Week 2019 in Dongdaemun Design Plaza in Seoul, May 23. Courtesy of KB Financial GroupBy Lee Kyung-min KB Financial Group plans to launch Liiv, a comprehensive, cloud-based digital service platform, in the latter half of 2019, a group official said Friday. “We are reviewing specifics concerning legal matters, and the service will be launched after July,” a KB official said. The development of the online-to-offline (O2O) platform undertaken by six firms ― mostly fintech startups ― seeks to expand CLAYON, the group's current platform with limited data on group subsidiaries. “We provide technological infrastructure and overall guidance for the firms to create a platform that can enhance customer experience and convenience. Profits will be put back into development to strengthen customer service,” he said. The envisioned platform will enable customers to make reservations and receive information on a regular or request-based basis on

May 24, 2019By Lee Kyung-min
KB strengthens ties with O2O startups

Remodeling Myanmar school

Woori Card CEO Jeong Won-jai, second from right, poses with teachers at an elementary school in Mandalay, Myanmar, Tuesday. Jeong, his employees and Woori Finance Myanmar workers started remodeling and rebuilding the school as part of their social contribution activities. Courtesy of Woori Card

May 23, 2019
Remodeling Myanmar school

Myanmar investment seminar for SMEs

Industrial Bank of Korea (IBK) Chairman Kim Do-jin, fourth from left, poses with Myanmar's Minister of Investment and Foreign Economic Relations U Thaung Tun, fourth from right, Myanmar Ambassador to South Korea U Thant Sin, third from right, and other dignitaries representing Myanmar at a Myanmar Investment Seminar for Korean SMEs, at the Korea Chamber of Commerce and Industry, Thursday. / Courtesy of IBK

May 23, 2019By Kim Bo-eun
Myanmar investment seminar for SMEs

Gov't aims to make Seoul 'fintech test bed'

Financial Services Commission Chairman Choi Jong-ku, center, takes part in an opening ceremony for Korea Fintech Week 2019 with other dignitaries at the Dongdaemun Design Plaza in Seoul, Thursday. Second from left are Visa's Global Head of Strategic Partnerships and Venture Matt Dill, Ant Financial's Senior Vice President of Global Business Douglas Feagin, Chairman Choi and U.K. Ambassador to South Korea Simon Smith. / YonhapBy Kim Bo-eunThe government is planning to make Seoul a “fintech test bed,” designating fintech its top priority among finance policies, according to the country's financial regulator, Thursday."We will make efforts so that Korea's regulatory sandbox can serve as a test bed for global fintech businesses," Choi Jong-ku, Chairman of the Financial Services Commission (FSC), said at Korea Fintech Week 2019, which opened at the Dongdaemun Design Plaza Thursday.“Fintech is the future of finance, which challenges the monopoly and oligopoly of the existing finance sector and promotes opening and competition.” Choi noted that regulations remain a b

May 23, 2019By Kim Bo-eun
Gov't aims to make Seoul 'fintech test bed'
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