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Fri, February 23, 2024 | 11:21
Output, investment fall amid manufacturing downturn
Industrial production and investment fell again in May after rising in the two previous months amid a manufacturing downturn, according to Statistics Korea. The country's overall output contracted 0.5 percent in May from the month before.
Awarding young musicians
Shinhan Bank CEO Jin Ok-dong, center, gives a thumbs up as the bank awards young Classical music hopefuls at the Shinhan Music Awards in Gangnam, Seoul, June 28. The bank started the program to help sponsor future musicians. Courtesy of Shinhan Bank
Woori opens API platform for startups
Woori Bank has opened an online platform where fintech startup entrepreneurs and engineers can use its software tools and programs to build new digital services, the bank said Friday. Woori's application programming interface (API) platform will also provide software guidelines, enabling startup engineers to make use of the programs and integrate them with their own technolog...
'Opportunities await in fintech'
Korea seems to lack diversity in the workplace, said Julian Osborne, head of AAAccell Asia, a fintech startup in Pangyo, Gyeonggi Province. But he said the government's push to create new industries through startup accelerator programs will be able to attract a variety of entrepreneurs from overseas.
Gov't seeks to allow fintech startups to adopt global models
The government will push to revise relevant laws to offer greater leeway for fintech startups here in creating new business models, the Financial Services Commission (FSC) said June 27. Once realized, local players will be allowed to adopt business models and financial services developed by global unicorns.
[INTERVIEW] 'Change, adapt, partner for future banking'
Traditional banks here will have to do their part such as changing their organizational structures in order to achieve innovation and make their partnerships with fintech startups work, said Joydeep Sengupta, a senior partner and member of Global Client Council at McKinsey & Company.“Banks have a lot of managerial talent, but I would argue that they need a lot more tech talen...
DBS, ING, Ping An offer examples of digital innovation
ING Group in the Netherlands, DBS in Singapore and Ping An in China share something in common when it comes to innovation. They all “rewired” their organizations to embrace new technologies and entrepreneurship to be agile in developing customer-centric services and ecosystems, according to Joydeep Sengupta, a senior partner of McKinsey & Company.
Embrace tech, culture, partnerships for innovation
It takes more than an idea, a fancy technology and a team of full-spirited people with talent and passion to achieve digital transformation and develop disruptive services in banking, according to Joydeep Sengupta, a senior partner of McKinsey & Company. A bank will need to change its organizational culture, and work with third parties such as fintech startups to develop an e...
Regulator lowers barriers for securities, asset management
The country's regulator has extended the scope of its financial deregulation for securities and asset management companies to boost the capital market. In a June 25 meeting with executives from such sectors in Seoul, Financial Services Commission (FSC) Chairman Choi Jong-ku said the agency will lower entry barriers to launching securities companies that can offer a wide range...
Gov't to sell Woori shares by 2022
The government will sell its remaining 18.3 percent stake in Woori Financial Group by 2022, the Financial Services Commission (FSC) said Tuesday, adding that regardless of whether the stock price goes up or down, the state-run Korea Deposit Insurance Corp. (KDIC) will start liquidating its Woori shares. It will not sell the shares all at once, but offload them in sequence by ...
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