KEB Hana Bank, one of four major South Korean commercial banks, has attracted global attention through its private banking prowess mainly by taking advantage of artificial intelligence. By adopting a private banking service -- designed to manage wealth of the affluent through insurance, succession planning and investments in funds and properties -- for the first time among Korean banks in 1995, KEB Hana Bank has long been recognized as a leader in the sector in Korea. The bank‘s private ba

As an independent investment entity consisting of asset management, securities, insurance and real estate, Mirae Asset currently operates a global network in 12 countries, including 11 overseas subsidiaries. As of the end of October, it was operating roughly 130 trillion won ($119.33 billion) through its global networks, according to the company.　Stepping up its pace to strengthen its growth engine, Mire Asset has been expanding further into overseas markets, strengthening operational competitiv

Since taking office in November 2014, Yoon Jong-kyoo, chairman of KB Financial Group, has turned KB Financial Group -- then reeling from a massive information leak -- into a top integrated financial services provider in South Korea, both in size and quality. Yoon’s aggressive takeovers following his pledge to strengthen non-banking units’ performance have since proven successful. KB Financial Group‘s net profit has increased 50 percent in two years, to 2.1 trillion won ($1.93 b

Hanwha Life Insurance is solidifying its position as a global financial company by expanding its reach into Vietnam, China and Indonesia with localization strategies. “We are improving our global competitiveness by hiring the bulk of the staff as local employees who have good knowledge of the local insurance and financial market, along with better communication skills and stronger bonds with local life planners,” said a Hanwha Life Insurance spokesperson. Since the first launch

Kakao Bank, South Korea’s second internet-only bank, has emerged as a cost-effective, convenient and user-friendly banking service for the smartphone-savvy population.Led by Korea’s mobile messaging giant Kakao, Kakao Bank has secured more than 4.35 million accounts as of the end of October, three months after it opened to the public. Of them, around 73 percent have registered for debit cards linked to the accounts.Among 1,500 Kakao Bank users aged 20 to 59 that were surveyed, 76.5 p

The boom in the stock market this year was so large that it has overshadowed the boost in share prices that occurred when listed firms bought back their shares, data showed Monday.The 54 share buybacks from 33 listed firms on the first-tier Kospi this year led to a 3.4 percent jump in firms’ share price on average. The Kospi, however, rose 5.4 percent on average over the cited period, according to data compiled by the Korea Exchange as of Nov. 29. Excluding four share repurchases of market

High-rate household loans in South Korea rose sharply in September and October, data showed Monday, amid lenders' rate hikes and tighter mortgages.The portion of new bank loans with an annual interest rate of 10 percent or higher came to 0.5 percent of their total lending in September, a level not seen since February 2015, according to the data from the Bank of Korea.The percentage maintained the same level in October, compared with a yearly low of 0.2 percent recorded in June.A central bank off

FinTech, which by definition is adding technology to finance, does not refer to just one type of technology. When we talk about FinTech, technologies like blockchain, big data, artificial intelligence and electronic currency are also mentioned. FinTech is an aggregation of various technologies; however, each technology is evolving day by day. FinTech is being recognized as a representative technological innovation symbolizing our time. Until now, human civilization has been developed by technolo

South Korean law firm HMP Law said Sunday it will hold a blockchain seminar on Dec. 15 to explore and compare the regulatory environments of different legal jurisdictions including Korea. HMP Law will invite legal experts from Korea, the United States, China, Hong Kong, Japan, Switzerland and Estonia to be speakers at the seminar. The speakers, including partner of HMP Law Ahn Chan-sik, will outline current legal frameworks and the future outlook.“As often happens, legal and regulatory sys

Hyundai Heavy Industries Co. said Friday it has won orders to build 17 out of 27 very large ore carriers placed by South Korean shipping lines, while Chinese shipbuilders have secured or are in the process of getting contracts for the remaing ships.The shipping companies that won the Brazil-based Vale's iron ore shipment orders signed contracts with both South Korean and Chinese shipbuilders, which can hurt the ship building industry. The ships will be used to transport iron ore from Brazil to C

The average daily turnover of the South Korean won-Chinese yuan direct trading market in Seoul moved up in the first 11 months of the year from the same period last year, government data showed Friday.The daily trading volume in the Seoul won-yuan direct market reached $2.03 billion in the January-November period, up slightly from last year's daily average turnover of $1.95 billion, according to the data compiled by the Ministry of Strategy and Finance, and the Bank of Korea.The turnover has bee

South Korean lenders' mortgage rates inched down Friday despite the central bank's first rate increase in more than six years, a market source said.In a monthly policy meeting, the Bank of Korea on Thursday raised the so-called base rate by a quarter percentage point to 1.5 percent amid clear signs of an economic recovery, snapping the 16-month streak of its wait-and-see stance after the last rate cut made in June last year.An increase in the benchmark interest rate usually prompts commercial le

Field trips for Samsung Securities’ private banking managers, arranged by the fourth-largest securities firm in net worth in South Korea, have been the key to the PB managers’ deeper understanding of foreign investment destinations and their cultivation of investment opportunities, the firm said Thursday.The program dubbed “Samsung Securities Global Frontier” has made it easier for its private banking managers to get up-to-date issues in their investment destinations, it

Australian institutional asset manager IFM Investors announced Thursday it would open an office in Seoul to expand its client base in South Korea. The Melbourne-based company, which focuses on infrastructure equities and debts, will sell offshore long-term investment portfolios to institutional investors here. The Seoul office will be run by its in-house analyst Glenn Morey, Client Relationship Director Lee Ki-jeong and senior external adviser Hur Kyung-wook. The portfolios by IFM Investors

Acquiring an office space for a fledgling startup is a grueling, if not impossible, task. Hence on the rise were co-working spaces that are shared and utilized by numerous freelancers, independent contractors and other professionals.Add to that a sense-stirring interior design, 3-D printers ready to use, recreational spaces, regular networking events and even shower booths, and the result is a hybrid version of co-working spaces operated by Hyundai Card.“Every piece of tableware,