Journalist

Kwon Ga-rim
  • Shinhan Bank Weighs Hiring Outside AI Mentors to Train Staff
    Shinhan Bank Weighs Hiring Outside AI Mentors to Train Staff Shinhan Bank is moving to strengthen employees’ digital skills as it continues recruiting outside information technology talent, judging that external hires alone cannot keep pace with the fast-changing financial environment. According to the financial industry on Monday, the bank is reviewing plans to bring in full-time professors for artificial intelligence transformation, or AX, and technical mentors from outside organizations, including the Financial Supervisory Service. The AX professors and technical mentors would teach internal staff AI theory and hands-on skills. Training would also cover use cases for large language model-based AI agents and generative AI. With competition among banks intensifying over digital transformation and AX, Shinhan Bank is seeking to build expertise by developing its own workforce rather than relying only on outside recruitment. Shinhan Financial Group created an AX and digital division in the second half of last year, placing units such as an AX Promotion Center, a digital strategy team, a digital market-sensing unit and an information security team under it, declaring a push for digital innovation. As anti-money laundering, or AML, has become more important during digital transformation, the move is also seen as an effort to bring regulatory expertise into staff training through hires from financial authorities. “Bankers have limits in IT expertise, and outside digital hires often have weaker capabilities than in the past, so it can be more advantageous to build internal employees’ expertise,” a financial industry official said. The bank has also been active in recruiting outside executives. Shin Young Pil, appointed last year as head of the tech innovation unit, is an IT-focused expert who has worked at Samsung Electronics and NCSoft. Lee Guk Hee, who oversees the tech innovation group, joined Shinhan Bank after working at KT Cloud, Amazon and Microsoft. Jin Young Gyu, head of the customer experience innovation center, and Jeon Seong Ik, head of the customer platform division, are also from Samsung Electronics. Similar hiring trends are spreading across the banking sector. Lee Kyung Jong, head of KB Financial Group’s Financial AI 2 Center, is an external hire who previously led NCSoft’s AI center. Woori Financial Group appointed Choi Yong Min, who led Mirae Asset Management’s AI solutions division, as head of its holding company’s AI strategy center, and this year named Jung Eui Cheol, from Samsung Electronics’ MX business division, as head of Woori Bank’s digital sales group, with the rank of deputy bank president. 2026-02-09 15:36:00
  • NH NongHyup Bank to Expand Venture Capital Investment in K-Food Startups
    NH NongHyup Bank to Expand Venture Capital Investment in K-Food Startups NH NongHyup Bank said Monday it held a strategy meeting at its headquarters in Jung-gu, Seoul, chaired by its CEO, to boost venture capital investment in K-food. The meeting was aimed at moving beyond traditional loan-centered financing by expanding venture investment in promising agri-food startups and growth companies, strengthening what the bank called “productive finance.” The bank said it is developing strategic investment plans focused on key agricultural industries drawing global attention, including food tech and agtech, with support extending beyond funding to business expansion and market entry. NH NongHyup Bank said it is the country’s largest agri-food fund manager, operating eight funds totaling 344.1 billion won. It plans to expand assets under management to more than 500 billion won within three years to support the broader agri-food investment ecosystem. It also said it will link its efforts with an agtech youth entrepreneurship campus and the 2026 Agri-Food Tech Startup Expo (AFPRO), now in its fourth year, to build a cycle from identifying promising companies to attracting investment and supporting growth. “K-food venture capital investment is a key task for strengthening the future competitiveness of South Korea’s agriculture,” NH NongHyup Bank CEO Kang Tae Young said. “We will act as a responsible partner that helps shape industry trends, going beyond the role of finance, so bold venture investment can lead to real growth.” 2026-02-09 14:08:47
  • iM Financial Chairman Hwang Byung-woo Holds Town Hall With Employees
    iM Financial Chairman Hwang Byung-woo Holds Town Hall With Employees iM Financial Group said Monday it held a town hall meeting at iM Bank’s second headquarters to strengthen communication with holding company employees. The event, titled “iM PRO Donation Challenge with the CEO,” combined an open discussion with a participatory giving program run by the iM Social Contribution Foundation. Chairman Hwang Byung-woo has promoted employee communication as an ongoing part of corporate culture since taking office. The group held town halls last year on themes including “COFFEE with CEO,” which featured a barista experience, and “Talk & ART.” This year’s session paired donations for vulnerable groups with a candid Q&A between Hwang and employees. The meeting focused on the group’s new way of working, “iM P.R.O (W.O.W ver.2).” “iM P.R.O,” proposed by Hwang, is built around five core keywords: creativity, performance, responsibility, cooperation and autonomy, and is intended to guide professional work practices. Hwang and employees exchanged unfiltered questions and answers on topics including his reflections after ending his concurrent role as bank president, the link between individual achievement and company growth, and insights from attending CES 2026. The group also recognized “iM PRO outstanding employees” selected through a pre-event survey, underscoring a performance- and behavior-focused culture. “Communication between the CEO and employees, without being bound by formality, is the foundation of an organization’s competitiveness,” Hwang said. “We will build a corporate culture where enjoyable communication like today leads to enjoyable work and an enjoyable workplace.” 2026-02-09 13:21:18
  • Jeonbuk Bank CEO Says It Will Monitor Big Banks’ Expansion Into Jeonbuk
    Jeonbuk Bank CEO Says It Will Monitor Big Banks’ Expansion Into Jeonbuk Park Chun-won, CEO of Jeonbuk Bank, said the lender will pursue “mutual-growth” management and strengthen its role as a regional bank alongside the local community. He said the bank will decide how to respond to moves by major financial groups such as KB Financial Group and Shinhan Financial Group into Jeonbuk after monitoring how their plans develop. Park said at a news briefing on Wednesday that “as a bank founded on a regional base, Jeonbuk Bank clearly recognizes its responsibility to the local community.” He added that without “a stable profit structure as a company,” the bank’s contributions to the region “cannot be sustained.” Jeonbuk Bank also plans to step up institutional business by operating dedicated branches for local government treasury accounts. Park said he does not expect recent entries by nationwide banks into Jeonbuk Innovation City to shrink Jeonbuk Bank’s business. “In some cases, it appears tied to the management of specific funds such as the National Pension Service,” he said, adding that he does not believe those banks are likely to move and run their core operations in Jeonju. “We need to watch a bit longer to see whether it leads to locally focused financial activity,” he said. Park also addressed criticism that Jeonbuk Bank relies on high-interest lending. He said interest rates on general loans handled within Jeonbuk Province are not significantly different from those of nationwide banks or other regional banks. He said the bank has a relatively higher share of areas where major banks are less active, including mid-rate loans for mid- and low-credit borrowers and financial services for foreigners, which he said has helped cement an outward image of high-interest business. “Jeonbuk Bank has grown with roots in the region, and we will focus on sustainable management,” Park said. “I believe making the company stronger is ultimately the biggest contribution to the local community, and we will continue responsible management to build a Jeonbuk Bank that grows with the region.”* This article has been translated by AI. 2026-02-05 18:15:22
  • K Bank cuts IPO price range, seeks to reduce reliance on Upbit deposits
    K Bank cuts IPO price range, seeks to reduce reliance on Upbit deposits South Korea’s first internet-only bank, K Bank, is making a third attempt at an initial public offering after delaying twice. The bank said it lowered its proposed offering price and adjusted the amount of shares available on the first day of trading to better match market expectations. It also said it is working to reduce its reliance on deposits tied to crypto exchange Upbit. At a news conference in Seoul on Feb. 5, K Bank CEO Choi Woo-hyung said the bank prepared a “shareholder-friendly” offering structure by cutting the price versus its prior plan and adjusting the tradable float on listing day. K Bank previously pursued listings in 2023 and 2024 but withdrew, citing factors including weak demand during book-building. Under a 2021 capital increase, the bank included a drag-along clause with financial investors that requires an IPO by July this year, making this its last chance to list. K Bank set a proposed price range of 8,300 won to 9,500 won, up to 26% below its previous IPO range of 9,500 won to 12,000 won. It also cut the offering size to 60 million shares from 80 million. Based on that range, its price-to-book ratio would be 1.38 to 1.56, far below KakaoBank’s roughly 7 at the time of its listing. CFO Lee Jun-hyung said KakaoBank shares rose more than 30% over the past three days, lifting K Bank’s implied discount to 30%. He said K Bank’s price range is “heavily discounted” compared with competitors. Choi also addressed concerns about K Bank’s dependence on Upbit-related deposits. He said that of 6 million new customers over the past two years, only 10% joined to use crypto assets. He added that none of Upbit deposits are used to fund loans and are instead invested in highly liquid money market funds or government bonds, meaning an outflow would have “no impact.” After listing, K Bank said it will begin preparing to enter the small- and midsize business lending market and aims to launch a product next year, which it described as the first of its kind in South Korea. It plans to cut household loans, now more than 90% of its portfolio, to 50% and balance the rest with corporate lending. With SME loans viewed as higher risk, Choi said the bank will manage delinquencies by splitting credit, guaranteed and secured loans evenly. K Bank also pledged a post-listing value-up policy. Choi said it will consider shareholder returns such as dividends and share cancellations as it seeks to raise return on equity from about 5% to 15%. 2026-02-05 15:21:00
  • IBK Industrial Bank of Korea posts record 2.7189 trillion won net profit in 2025
    IBK Industrial Bank of Korea posts record 2.7189 trillion won net profit in 2025 IBK Industrial Bank of Korea said it posted its best-ever results last year, helped by growth in lending to small and midsize enterprises and higher noninterest income supported by a more stable exchange rate. The bank said Thursday that its consolidated net profit rose 2.4% from a year earlier to 2.7189 trillion won. It said the figure was a record. On a standalone basis, net profit totaled 2.3858 trillion won. The bank attributed the steady earnings to investments in promising innovative companies and improved noninterest income, while cutting funding costs to help protect interest income even as it expanded SME lending. Outstanding SME loans increased 14.7 trillion won from the end of the previous year to 261.9 trillion won, with a market share of 24.4%. Total loans also rose 15 trillion won, pushing the bank’s standalone total assets above 500 trillion won. Key indicators showed the ratio of substandard or lower loans fell 0.06 percentage points from the end of 2024 to 1.28%. The credit cost ratio slipped 0.01 percentage point to 0.47%, which the bank said reflected the impact of additional provisions it had built up preemptively after the COVID-19 pandemic. Return on equity and return on assets were provisionally tallied at 7.71% and 0.56%, respectively. The Bank for International Settlements capital ratio was provisionally estimated at 14.81%. An IBK official said the bank plans to expand funding for “productive” areas by 추진해 첨단·혁신산업, 창업·벤처기업, 지방 소재 중소기업 등 생산적 분야에 대한 자금 지원을 확대할 계획”이라고 말했다. * This article has been translated by AI. 2026-02-05 15:18:00
  • K Bank Makes Third KOSPI IPO Bid, Targets SME and Platform Growth
    K Bank Makes Third KOSPI IPO Bid, Targets SME and Platform Growth 인터넷전문은행 케이뱅크가 설립 10주년인 올해 유가증권시장(코스피) 상장을 위한 세번째 도전에 나섰다. 새해 들어 코스피지수가 5000선을 넘어선 가운데 케이뱅크는 SME(개인사업자, 중소기업) 시장 진출과 플랫폼 비즈니스 기반 구축, 디지털 자산 분야 경쟁력 강화에 속도를 내며 성공적으로 증시에 안착하겠다는 각오다. K Bank, a South Korean internet-only bank, is making its third attempt to list on the Korea Stock Exchange’s main KOSPI market in its 10th anniversary year. With the KOSPI index topping 5,000 so far this year, the bank said it will accelerate expansion into the SME market — including sole proprietors and small and midsize companies — build out its platform business and strengthen competitiveness in digital assets as it seeks a stable market debut. CEO Choi Woo Hyung said at a news conference Thursday at the Conrad Seoul in Yeouido, Seoul, that “K Bank has continued its growth and innovation since its launch.” The bank said it was the first in South Korea to offer fully non-face-to-face products including home mortgage loans, real estate-backed loans for sole proprietors and guaranteed loans for sole proprietors. It also provides other lending products such as credit loans and jeonse deposit loans, along with deposit products including savings accounts, a parking account called Plus Box and an automatic savings service called Challenge Box — all through fully digital channels. As of last year, K Bank said it had 15.53 million customers, with 18.4 trillion won in outstanding loans and 28.4 trillion won in deposits. It cited interest-rate competitiveness and convenience as key growth drivers, saying it posted five straight years of top-tier average annual growth in deposits and loans among domestic banks, at 49.9% for deposits and 42.8% for loans, supported by what it called industry-low loan rates and industry-high deposit and savings rates. K Bank said it will use capital raised from the IPO to broaden its deposit and loan lineup and invest in future growth, including entry into the SME market, stronger tech leadership, expansion of platform businesses and new ventures such as digital assets. It aims to gradually expand from a household-loan-centered portfolio into corporate lending, targeting a 50-50 split between household and SME by 2030. The bank also plans to build an investment product lineup spanning stocks and bonds as well as alternative assets such as virtual assets and gold, and to expand partnerships with lifestyle companies. It said it is pursuing cooperation with countries including Thailand and the United Arab Emirates to build stablecoin-based cross-border remittance and payment infrastructure, with the goal of becoming a digital finance hub supporting more efficient cross-border money transfers. The offering totals 60 million shares, with an indicative price range of 8,300 won to 9,500 won per share. At the top of the range, the offering would raise 570 billion won. After listing, 725 billion won from past paid-in capital increases would be recognized as capital in calculating the BIS ratio, which the bank said would bring the total funding inflow effect to about 1 trillion won. K Bank will run book-building through Monday and set the final offering price on Feb. 12. Retail subscriptions will be held on Feb. 20 and 23 through NH Investment & Securities, Samsung Securities and Shinhan Investment Corp. The listing date is March 5. Choi said the bank prepared a “shareholder-friendly” offering structure by lowering the price range from earlier plans and adjusting the amount of shares available for trading on the first day of listing. “Based on the capital we secure, we will strengthen our capabilities and become an innovative financial company trusted by both customers and shareholders,” he said. * This article has been translated by AI. 2026-02-05 10:33:00
  • OPINION: Massive data breach at Coupang exposes lax security and lack of accountability
    OPINION: Massive data breach at Coupang exposes lax security and lack of accountability SEOUL, January 6 (AJP) - Coupang, South Korea's leading e-commerce giant, has offered just 50,000 Korean won (about US$35) in compensation to customers affected by its massive data breach detected in late last year. It is a meager amount, considering that sensitive personal information including home addresses and phone numbers, was exposed. As the breach occurred on a platform widely used to purchase daily necessities such as bottled water, following data leaks at telecom companies, many consumers now fear that their information could be stolen again. Similar incidents in the financial and banking sectors have further eroded public trust. Following a large-scale hacking incident at Lotte Card last summer, Shinhan Card also belatedly detected a massive data breach affecting 190,000 users. Making matters worse, Shinhan Card failed for more than three years to detect that its employee was involved in the breach, and then waited nearly 20 days to inform affected customers after becoming aware of the leak. This has raised questions about whether companies have strengthened their internal security by learning from previous data breaches at other firms. Upbit, South Korea's largest cryptocurrency exchange, also suffered a hacking incident involving hundreds of billions of won but faced no penalties, since virtual assets are not subject to regulation due to a lack of relevant laws. The industry says hacking methods have become more sophisticated, and it can take up to five years to identify hackers. Experts say these incidents reflect both failed internal security and lax supervision by financial authorities, arguing that government watchdogs such as the Financial Services Commission and the Financial Supervisory Service should also bear responsibility. Authorities say individual misconduct is difficult to detect in advance, making thorough preparation of preventive measures the only viable way to prevent any future breaches. As financial services become more complex, protecting consumer data matters more than ever. Financial firms, as private companies driven by short-term profits, often treat security as an afterthought. For this reason, experts argue that regulators should hold them accountable with significant financial penalties. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-06 10:07:11
  • Lee Jae Myung warns against collateral-heavy lending, seeks structural banking reforms
    Lee Jae Myung warns against collateral-heavy lending, seeks structural banking reforms SEOUL, December 19 (AJP) - President Lee Jae Myung on Thursday renewed his criticism of what he described as the banking sector’s reliance on “easy” interest income, urging regulators to embed stronger consumer protections and tighter oversight into law. Speaking at a policy briefing of the Financial Services Commission (FSC) at the Government Complex Seoul, Lee asked whether financial institutions effectively avoid losses even when loan delinquencies occur by shifting costs to other customers. He criticized banks’ heavy reliance on collateral-based lending, arguing that lending secured mainly by land or housing while collecting interest distorts the core role of finance and should be corrected. FSC Chairman Lee Eok-won said about 70 percent of household loans in the banking sector are backed by mortgages, adding that the low risk of loss has led lenders to concentrate on such products. He questioned how much that lending structure contributes to the broader economy and said the FSC would pursue institutional reforms. President Lee responded that even when difficult reforms are implemented, policies often “snap back” over time, arguing that key changes should be locked into law to ensure durability. Lee also emphasized the need for greater financial inclusion. He said working-class households are the ones most in need of financing, while wealthier borrowers with stronger collateral and higher credit ratings are better positioned to use financial services to accumulate even more assets. Lee said high-income borrowers with strong credit gain a disproportionate advantage, widening the wealth gap. Calling this a natural outcome of market forces, he argued that only government policy can correct it and stressed the role of the financial regulators in addressing inequality. 2025-12-19 15:45:16