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Sun, May 29, 2022 | 14:37
Welcome, newbies
NongHyup Financial Group Chairman Kim Gwang-soo delivers a special speech on banking to NongHyup Bank's new employees at the group's training center in Cheongju, North Chungcheong Province, Saturday. Kim said the bank must pursue digital transformation. Courtesy of NongHyup Financial Group
[INTERVIEW] NongHyup bolsters digital innovation
NongHyup Bank will carry out a “two-track digital strategy” for its two mobile banking platforms - NH Smart Banking and All One Bank - said Lee Dae-hoon, the bank's chief executive. The former is for the general public, especially the elderly. And the latter is for young people, who not only seek to use mobile banking services, but also access and experience nonfinancial cont...
Regulator eases rules on data exchanges
The country's financial regulator will allow freer customer and corporate data exchanges between business divisions within brokerages, as well as between securities companies and their asset management affiliates. Also, it will revise relevant laws enabling them to work closely with fintech startups in stock trading and asset management.
BC, Union Pay launch QR app for tourists to China
BC Card has added another company to its alliance for electronic barcode payments. The local credit card firm of KT, the country's largest telecom company, said Thursday it launched a QR code application with Union Pay, enabling customers to pay for goods when traveling in China.
Income-led growth drive at crossroads
When President Moon Jae-in took office two years ago, he showed a stronger commitment than all his predecessors to tackle income inequality and unfavorable work conditions. His administration immediately carried out his key income-led growth policy, backing rapid rises in the country's minimum wage. This was increased by 16.4 percent in 2018, and 10.9 percent this year.
Happy 120th anniversary
Woori Financial Group Chairman Sohn Tae-seung, center, poses with a framed copy of his handprint with local officials and employees at an event celebrating the 120th anniversary of Woori Bank's Incheon branch, Wednesday. Sohn said the Incheon branch will continue to do its best to serve residents and the self-employed in Incheon. Courtesy of Woori Financial Group
Bank groups zero in on AI
Local banking groups are rushing to forge partnerships with tech companies both at home and abroad to develop new services and applications using artificial intelligence (AI). For some banks such as Woori and KB Kookmin, Naver, the country's largest search portal, has become the most attractive AI partner. Woori Bank and Naver's Line have agreed to set up an AI lab where both...
Regulator pursues 'negative system' for fintech
The Financial Services Commission (FSC) has vowed to shift toward a “negative regulatory system” this year in order to create an ecosystem where fintech startups are free to try new, innovative ideas. To that end, the country's financial regulator plans to come up with comprehensive reform measures aimed at spurring innovation in finance through technology by June.
Fuel tax cut lowered to 7%
The finance ministry said Monday it will extend a cut on fuel taxes by Aug. 31, but it will be lowered to 7 percent from 15 percent, beginning May 7. This is part of its phase-out program to normalize the prices of gasoline and diesel. The 7 percent cut is expected to raise gasoline prices by 65 won per liter, and diesel prices by 46 won. The Cabinet endorsed the cut on April...
Hahn, JKL named bidder for Lotte's financial units
Two local private equity fund managers have been named the preferred bidders for Lotte Group's credit card and insurance companies, the group said Friday. Hahn & Co. will continue to the next step and negotiate to acquire Lotte Card, and JKL Partners will do so for Lotte Insurance, it added.
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