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Sat, June 3, 2023 | 07:40
Koreans well educated but underperforming
South Korea has been locked in an “education paradox” with the country spending huge amounts on educating and training young people only to see their global competitiveness getting left behind year after year. Simply put, they are highly-educated but ill-equipped to bring value to the economy. In addition, the nation has a poor system to fully utilize its manpower and prepare...
AI call center
A NongHyup Bank employee poses as the bank launches a call center backed by artificial intelligence (AI) with the ability to respond to customers' questions. The bank said it has patented its AI business model. Courtesy of NongHyup Bank
Woori Financial entertained by list of M&A targets
Investment bankers armed with a long list of potential targets - ranging from brokerages and insurance to mutual savings and credit financing, are “entertaining” Woori Financial Group, industry sources say. The list includes Aju Capital and Smart Savings Bank, and nonbanks such as Lotte Card from Lotte Group.
Eximbank to back cross-border deals
The state-run Export-Import Bank of Korea (Eximbank) will issue a similar amount of bonds as last year to help local companies finance their acquisitions of assets and technologies abroad, Eximbank Chairman Eun Sung-soo said.
Supporting multiracial children
Children of multiracial families sing at an event at Woori Financial Group's headquarters in Seoul, Wednesday. Woori Financial said it will invite 50 children to participate in its choir this year as part of a program that also supports their education. Courtesy of Woori Financial Group
K bank to issue shares for expansion
K bank, the country's first internet-only bank, has decided to issue new shares to raise 590 billion won ($520 million) from shareholders, including KT, the bank said Thursday. The bank held a board meeting, and decided to increase its capital base via new share issues for expansion. After it raises the money, K bank's capital will amount to nearly 1.7 trillion won as initial...
Regulations drive tech firms out of Korea
Stringent regulations have been the biggest roadblock to launching an internet bank for Naver and other notable tech companies here, according to industry sources familiar with the situation. As a result, Naver has now officially announced it will not be interested in offering such a service, adding it will not attend a seminar hosted by the Financial Services Commission (FSC...
NongHyup zeroes in on digital
NongHyup Financial Group will aim to hire 1,000 data scientists to develop a “total data platform” by 2020, according to the holding company, Wednesday. The platform will be accessible for use by all its subsidiaries so they can provide distinct services tailored to customers' needs, it added. To this end, it will seek to build a center that will focus on researching and deve...
Wealth management in Pangyo
Wang Mi-hwa, fifth from left, deputy president and head of Shinhan Bank's wealth management, cuts a ribbon with other executives to open the bank's new wealth management center in Pangyo, Seongnam, Gyeonggi Province, Wednesday. The center will focus on providing services to workers at tech companies there. Courtesy of Shinhan Bank
Change for digital age
NongHyup Financial Group Chairman Kim Gwang-soo, center, poses with other executives after holding a strategic meeting at the group's headquarters in Seoul, Monday. NongHyup executives pledged to change the organization and develop new business models for the digital age. Courtesy of NongHyup Financial Group