Journalist

Kwon Ga-rim
  • Shinhan Bank, K-Sure Expand Support for Small Exporters Up to 120 Million Won
    Shinhan Bank, K-Sure Expand Support for Small Exporters Up to 120 Million Won Shinhan Bank said Monday it will strengthen direct guarantee support tailored to small exporters in partnership with the Korea Trade Insurance Corp. The agreement targets small exporters that have struggled to obtain financing because of low credit ratings or limited export track records. The partners said they will expand small-amount guarantees and help promote overseas market entry. Under the deal, Shinhan Bank and the trade insurer will expand the lineup of non-face-to-face guaranteed loan products for low-credit small exporters, fully cover guarantee fees for companies using the “Light” guarantee, and raise guarantee limits for firms that repay direct guarantees on time. With the expanded program, companies rated B- or higher by Korea Evaluation Data can apply for export promotion funds backed by a Korea Trade Insurance Corp. guarantee certificate, from a minimum of 10 million won to a maximum of 120 million won, depending on their rating. “We improved the product structure to support small business owners with export capacity who faced limits on financing due to credit ratings or performance requirements,” a Shinhan Bank official said. The official added the bank will continue to expand practical funding support for small businesses in financial blind spots as part of its inclusive finance efforts. * This article has been translated by AI. 2026-03-03 13:24:00
  • Shinhan Bank Launches Supply Chain Payments Platform to Digitize B2B Transactions
    Shinhan Bank Launches Supply Chain Payments Platform to Digitize B2B Transactions Shinhan Bank said Monday it has launched a “supply chain payments and settlement platform” to improve transparency in transactions between small and midsize companies. The platform is designed to replace the common practice of handwritten ledgers in business-to-business deals with a digital process, reducing risks tied to delayed payments. Shinhan Bank said it developed the service based on its experience in banking-as-a-service, or BaaS. A key feature is that the bank directly manages the payments and settlement process to strengthen stability and trust in commercial transactions. The platform was also designed to connect with large-company supply chains. It aims to ease costs for transaction partners while supporting liquidity. Buying companies can use purchases on credit to cut financing costs. Selling companies can reduce uncertainty over collecting payments and quickly secure liquidity by discounting accounts receivable. Shinhan Bank said the platform also lays the groundwork for tailored financial services for each company based on actual transaction data. For companies adopting the platform this year, the bank plans to waive payment guarantee fees for buying companies for one year to reduce initial costs. A Shinhan Bank official said the bank will continue upgrading functions within the platform “to faithfully carry out the essential role of finance.”* This article has been translated by AI. 2026-03-02 14:54:00
  • KB Kookmin Bank Expands Senior Programs, Blending Culture and Wealth Management
    KB Kookmin Bank Expands Senior Programs, Blending Culture and Wealth Management As South Korea’s population ages rapidly, banks are intensifying competition for senior customers, expanding beyond financial advice into tailored services that combine wealth management with cultural and educational programs. The financial industry said on the 26th that KB Kookmin Bank is significantly expanding senior-focused programs this year to strengthen customer engagement. The bank is moving away from a consultation-only approach, pairing cultural experiences with locally focused seminars to build a long-term customer base. Kookmin Bank’s Golden Life Division revamped its senior lineup under this year’s theme of “transition and expansion.” It is widening Golden Class — seminars covering financial and nonfinancial topics — from a Seoul-centered operation to regional cities such as Busan and Daegu, and has newly introduced Golden Days, a culture-based invitation program. The bank aims to link senior community-building to expanded wealth management over time. On the 25th, the bank held the first Golden Days event, inviting about 1,180 long-term preferred customers age 50 and older to watch “Life of Pi.” Kookmin Bank rented the entire GS Arts Center for the event, and demand was strong, with a reported competition rate of about 244 to 1. Kookmin Bank said it plans to run Golden Days as a regular program rather than a one-off event and develop it into a senior brand, including “Golden Life of You” and “Life with KB Kookmin Bank.” From March through September, it plans small-group dining events, book clubs and talk shows, and in November it plans a concert inviting about 1,000 people. Starting on the 27th, the bank will hold Golden Class senior wealth management seminars in major regions including Daejeon, Busan, Daegu and Gwangju. Topics will range from using digital financial services to inheritance and gifting, managing retirement assets, nursing and caregiving, and health management. The bank plans to broaden invitations beyond bank customers to include clients of its nonlife insurance and life affiliates, operating the effort as a groupwide integrated customer-management model. Lectures will also be open to local residents to attract potential customers. Banks’ focus on the senior market reflects the rapid growth in older adults’ assets. Those assets are estimated to have nearly quadrupled from about 1,172 trillion won in 2011, when related statistics began to be compiled. Kookmin Bank said customers age 50 and older account for nearly 48.4% of its total customer base, and demand for retirement-asset management is rising. The bank also cited the potential to expand wealth management fees and other noninterest income through long-term management of senior customers’ assets. Kookmin Bank operates 18 Golden Life Centers and is expanding related products, including testamentary substitute trusts. As demand grows for comprehensive advice spanning pension tax strategies, inheritance and gifting, housing, nursing and caregiving, and cash-flow management, the bank’s senior-focused services are widening. The financial industry expects competition for senior customers to intensify further. With slower growth and older adults emerging as a core customer group with relatively stable assets, financial services are expected to keep expanding beyond investment into daily living, caregiving and cultural offerings. 2026-02-26 16:45:00
  • KB Financial, Agriculture Ministry to Invest 2.5 Billion Won in Regional Support Programs
    KB Financial, Agriculture Ministry to Invest 2.5 Billion Won in Regional Support Programs KB Financial Group said Thursday it signed a memorandum of understanding with the Ministry of Agriculture, Food and Rural Affairs to jointly support local communities, small businesses and young people. The partnership is based on the government’s “5 hubs, 3 special zones” policy and aims to provide locally felt infrastructure and living support aligned with balanced national development. The two sides will pursue three programs as a package — youth support, balanced regional development and small-business support — and provide a total of 2.5 billion won over three years. KB Financial will contribute 300 million won over three years to the “1,000-won breakfast” program, which the ministry is running with local governments and universities. It will also invest 1.6 billion won over three years in rural energy self-sufficient village projects. Solar power facilities will be installed at 12 sites across five regions: two in the central area, three in the southwest, two in Daegu-North Gyeongsang, three in the southeast, and two in the Gangwon-Jeju area. Revenue from the facilities will be used as a community fund. In addition, KB Financial will provide 600 million won over three years for the “Hearty Lunch for Workers” initiative to ease dining costs for employees at regional small and midsize companies and help local restaurants recover sales. The company expects 1.2 million workers to benefit over three years. A KB Financial official said the group will build an integrated model of shared growth spanning youth, regions and small businesses to deliver changes people can feel on the ground, adding that public-private cooperation will strengthen execution and ensure results flow back to local communities.* This article has been translated by AI. 2026-02-26 13:57:00
  • Rising Delinquencies and Bigger Provisions Cloud South Korean Banks’ Profits
    Rising Delinquencies and Bigger Provisions Cloud South Korean Banks’ Profits Rising loan delinquencies and heavy provisioning are weighing on South Korea’s banks, even as they step up efforts to sell off bad loans. Analysts say asset-quality management is being tested because new delinquencies are increasing faster than banks can dispose of nonperforming loans. According to the financial sector on Monday, banks sold 8.1 trillion won ($8.1 trillion) worth of NPLs last year. Banks typically classify loans delinquent for more than three months as NPLs and, when recovery looks unlikely, sell them to securitization firms to manage delinquency ratios. But delinquency rates have been slow to fall despite aggressive NPL cleanups, as newly delinquent loans are growing faster. Data from the Financial Supervisory Service showed the delinquency rate on won-denominated bank loans stood at 0.50% at the end of last year, the highest since the end of 2015 (0.58%). The corporate-loan delinquency rate rose to 0.59%, up 0.09 percentage points from a year earlier. With banks expected to expand corporate lending this year under a “productive finance” policy push, they are likely to build additional provisions. NPL sales aimed at maintaining asset quality could also increase. NPL sales in the first half are estimated at 4 trillion won, and the annual total is expected to exceed last year’s level. A larger volume of NPL sales can also cut net profit. When bad loans are sold below book value, banks record losses equal to the discount. Some in the industry warn that a full-scale push into corporate lending starting this year could lead to a stronger profit hit in coming years as NPLs rise. “NPL volumes won’t surge immediately, but they could gradually increase in a few years due to factors such as a prolonged economic slowdown,” a financial industry official said. “If net profit falls as a result, it could disrupt value-up plans and business strategy.” Other pressures on earnings are also growing, including fines tied to equity-linked securities and contributions to the Korea Inclusive Finance Agency. Fines for five banks that sold ELS — KB Kookmin, Shinhan, Hana, NH NongHyup and SC First Bank — are expected to be finalized at about 1.4 trillion won on Tuesday. As of the end of last year, KB Kookmin Bank had booked 263.3 billion won in provisions for the ELS fines but will need to add more than 500 billion won. Shinhan Bank and Hana Bank set aside 152.7 billion won and 92.0 billion won, respectively. The provisions are expected to be recorded as nonoperating expenses, weighing on net profit. From the second half of next year, banks will no longer be allowed to include statutory costs — such as reserve requirements, deposit insurance premiums and contributions to the Korea Inclusive Finance Agency — in the add-on spread used to calculate lending rates, adding to pressure on earnings. “If additional real estate rules are introduced, such as banning loan extensions for owners of multiple homes, borrowers could leave and banks could lose growth opportunities,” another financial industry official said. “Capabilities such as corporate analysis systems and long-term delinquency management will determine survival.” 2026-02-24 15:33:00
  • Korean Financial Holding Shares Surge as Employees and CEOs Cash In on Stock Gains
    Korean Financial Holding Shares Surge as Employees and CEOs Cash In on Stock Gains As bank stocks climb sharply amid a broader rally that has pushed the Kospi to the 5,800 level this year, more bank employees are selling company shares. Workers who bought employee stock for loyalty reasons or to claim up to 4 million won in annual income deductions are taking profits as prices hit levels they have not seen since joining their firms. Paper gains have also grown for chief executives who bought shares as part of efforts to show management accountability. According to the financial industry on the 23rd, Woori Financial Group’s employee-shareholding ratio fell to 7.78% in December from 7.88% in the third quarter of last year. The ratio is expected to edge down again in the first quarter. Employee shares can be sold after being withdrawn from the employee stock ownership association into an individual brokerage account, and the withdrawn shares are typically sold on the market. The selling is widely attributed to a recent surge in prices as bank stocks have been cited as beneficiaries of the Kospi’s rise to the 5,800 range. KB Financial Group shares rose to 168,700 won on the day from 82,000 won on Feb. 24 last year. Over the same period, Shinhan Financial Group climbed 116% to 101,800 won from 47,200 won, and Hana Financial Group jumped 107% to 129,100 won from 62,500 won. Woori Financial Group advanced to 40,300 won from 17,420 won. Many bank employees buy about 300,000 to 400,000 won worth of company shares each month, often for tax-deduction purposes. With prices soaring, sales have increased, contributing to a decline in employee-shareholding ratios at major financial holding firms, including Woori Financial. “Employee shares are usually intended for long-term holding, and selling at a peak can be treated as income and may mean paying more tax,” a financial industry official said. “Taking that into account, there is movement to sell at an appropriate level.” CEOs who bought shares to underscore accountability have also seen their paper gains swell. Shinhan Bank CEO Jeong Sang-hyeok holds 15,551 shares of Shinhan Financial. He bought 2,000 shares in January last year at 48,400 won per share, for a gain of 106.8 million won compared with the price at the time of purchase. KB Financial Chairman Yang Jong-hee bought 5,000 shares in March 2024 at 77,000 won per share. With the stock topping 160,000 won on the day, his paper gain reached 458.5 million won. Hana Financial Chairman Ham Young-joo bought 5,000 shares in December 2024 at 58,862 won, for a gain of 351.19 million won. Woori Financial Chairman Lim Jong-ryong, who bought 10,000 shares in September 2023 at 11,880 won, posted a gain of 284.2 million won. Financial holding firms expect shares to rise further and plan to step up outreach to overseas investors. Working-level staff at major groups are expected to meet with JPMorgan staff visiting South Korea in early March to present value-up policies and strategies for new businesses such as stablecoins. 2026-02-23 16:15:00
  • KB Kookmin Bank, LG Uplus to Showcase AI Voice Phishing Response Model at MWC26
    KB Kookmin Bank, LG Uplus to Showcase AI Voice Phishing Response Model at MWC26 KB Kookmin Bank said it will present a strategic cooperation model with LG Uplus at MWC26, the world’s largest mobile exhibition, set to open March 2 (local time) in Barcelona, Spain. The model outlines an “AI-based finance-telecom real-time response collaboration system” to combat voice phishing. The partnership goes beyond a technology tie-up, the bank said, and is aimed at putting into practice its strategy to upgrade its voice phishing monitoring system and strengthen real-time response capabilities. In a demonstration, KB Kookmin Bank’s enhanced monitoring system will link in real time with LG Uplus’ AI calling app, ixi-O, and its voice phishing prevention service. If suspicious signs are detected during a call, related information will be sent immediately to the bank’s monitoring system. The bank can then take rapid steps such as freezing the account or shifting it to intensive monitoring. The bank said its future security model focuses on prevention rather than after-the-fact action, with the carrier and bank operating like a single system at the moment criminals try to induce a transfer to block potential financial losses. “Based on cooperation between the two companies, we expect to speed up the response needed to block voice phishing,” a KB Kookmin Bank official said. “We will continue to build innovative security infrastructure to protect financial consumers.”* This article has been translated by AI. 2026-02-23 09:18:00
  • Woori Bank teams with Samsung Electronics and LG Uplus to market to teens and 20-somethings
    Woori Bank teams with Samsung Electronics and LG Uplus to market to teens and 20-somethings Woori Bank said on the 20th it signed a joint marketing agreement with Samsung Electronics and LG Uplus to attract customers in their teens and 20s. Attendees included Woori Bank CEO Jeong Jin-wan, Samsung Electronics Korea Vice President Lim Seong-taek and LG Uplus Vice President Lee Jae-won, along with other officials from the three companies. The partnership brings together leaders in finance, mobile devices and telecommunications to offer financial services tailored to the lifestyle of younger customers. Under the agreement, the companies plan joint marketing and promotions aimed at the 10-20 age group, promote the “Samsung Wallet Money” service, and offer special handset sales to Woori Bank customers. The effort will focus on practical benefits for customers accustomed to mobile and simple payments. “This collaboration combines financial services with mobile and telecom services to provide a differentiated experience for younger customers,” Jeong said. He added the bank plans to keep expanding touchpoints with younger customers through strategic partnerships across industries. * This article has been translated by AI. 2026-02-20 14:06:28
  • BNK Kyongnam Bank Launches Productive Finance Council, CEO Kim Tae-han to Lead
    BNK Kyongnam Bank Launches Productive Finance Council, CEO Kim Tae-han to Lead BNK Kyongnam Bank said Thursday it has launched a “Productive Finance Implementation Council.” The council is chaired by Kyongnam Bank CEO Kim Tae-han and is made up of four groups: the Innovation Growth Finance Center, the Innovation Finance Support Division, the Future Growth Investment Division and the Regional Value-Up Division. The council held its first meeting at the bank’s headquarters, attended by Kim, division heads and department leaders. Agenda items included sharing the status of key productive and inclusive finance initiatives, advancing external activities such as business cooperation agreements (MOUs) with institutions and local governments, and refining the organization’s operating structure. The bank said it will strengthen funding support for local industries and companies and seek opportunities to participate in policy and state-led projects to help foster and revitalize region-specific industries. The bank also said it is actively promoting “regional productive finance,” a 4.3 trillion won program that broadly supports future-growth and innovative companies, region-specific industries, and local self-employed business owners and small and midsize firms. Under the plan, the bank will provide tailored financing by growth stage for leading local companies and firms relocating to the region, including facility investment and trade finance, overseas expansion and shared growth with partner companies. It will offer additional interest-rate discounts to ease financing burdens for 11 advanced strategic industries, including artificial intelligence, semiconductors, secondary batteries, robotics, and aerospace and defense. It also plans to expand support for regional specialized industries such as maritime, shipbuilding, defense, logistics and aerospace. “For regional growth, we need a productive finance model that creates value beyond the scale of financial support,” Kim said. “As a reliable partner that grows with the region, we will continue to do our best to create regional value.” * This article has been translated by AI. 2026-02-20 13:42:00
  • New IBK CEO Jang Min-young Pledges 300 Trillion Won in ‘Productive Finance’ and AI Shift
    New IBK CEO Jang Min-young Pledges 300 Trillion Won in ‘Productive Finance’ and AI Shift ‘A 37-year IBK veteran,’ new IBK Industrial Bank of Korea CEO Jang Min-young began his official duties on Feb. 20, calling for the bank to serve as a catalyst for “productive finance.” He said IBK will expand financing for small and midsize businesses amid low growth and industrial restructuring, while overhauling the bank through AI-driven digital transformation and stronger internal controls. “At a time when our economy faces structural crises of low growth and polarization, we are also confronting upheaval from AI, digital change and an energy transition,” Jang said at the inauguration ceremony. “IBK must play the role of a catalyst for productive finance.” He named three core management priorities: productive finance, trust-based finance and digital transformation. “Over the past 65 years, IBK’s corporate-finance DNA built alongside small and midsize companies is a unique asset no one can replicate,” he said, pledging to “push ahead without disruption” with 300 trillion won in productive finance by 2030. Jang also called for expanding investment in new industries. “With a trained eye, we will identify future industries such as AI and semiconductors and powerfully activate our growth engine,” he said. He pledged broad financial support tailored to a company’s life cycle, “from early-stage startups through growth and maturity.” On digital transformation, Jang said he wants to redefine IBK as an “AI company.” “We will secure AI-based, best-in-class capabilities across all areas and realign our organizational DNA to be AI-friendly,” he said, adding that the bank will combine long-accumulated data with AI to upgrade credit reviews and soundness management. He also described stablecoins as a key technology that could change the capital paradigm and said the bank will review adopting related systems, with safety as a prerequisite. Jang emphasized a shift to trust-based finance as well. “We will build an internal control system that can proactively manage even unseen risks,” he said, signaling tighter risk management. He added that IBK faces the challenge of competing on equal footing with commercial banks while balancing public and commercial roles, and said he will foster a culture of mutual respect and discussion. The ceremony was held about a month after his appointment on Jan. 23, after the bank’s labor union staged a campaign to block employees from reporting to work over overtime pay issues tied to a total wage cap system. Labor and management agreed on Feb. 19 to normalize unpaid allowances, easing the dispute and allowing the bank to move toward normal operations. For his first official schedule, Jang plans to visit a Seoul branch with heavy customer traffic to encourage staff. With his term starting later than planned, he also aims to accelerate the 300 trillion won productive-finance initiative. The government’s National Growth Fund is also expected to expand IBK’s role in areas such as balanced regional development and support for advanced strategic industries, and some observers say his capital-markets background could speed up decisions on large-scale fund investments. Asset quality management is also cited as a key task. Analysts say the bank must stabilize a delinquency rate that rose into the 1% range in the third quarter of last year while continuing support for small merchants and small and midsize businesses. How the new leadership balances expanded support with risk controls is expected to be an early test. * This article has been translated by AI. 2026-02-20 11:09:00