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[Global Finance Awards] Financial ecosystem should move in line with global trend

Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding the Global Finance Awards, marking its third year in action.

The award seeks to recognize individuals and companies that have blazed new trails in the global market by providing innovative, user-friendly financial services in spite of tight regulations and other challenging conditions. These successful business models and achievements should be encouraged and promoted throughout the industry.

With such purpose, The Korea Herald posted a notice inviting local financial players to apply for awards in various categories -- financier of the year, bank, brokerage, asset management, insurance, credit card, capital and others.

For a fair and thorough evaluation, a judging committee consisting of renowned industry experts has screened the candidate companies and their services, based on their achievements, the innovativeness of their financial system, progress in the global market and social contribution.

(Park Hae-mook/The Korea Herald)
(Park Hae-mook/The Korea Herald)

Lee Koo-chan, CEO of NH Capital, was named financier of the year for his leadership in enhancing the company’s digital financial function and expansion in the global market.

NH NongHyup Financial Group logged a record-high accumulated net profit of 1.39 trillion won ($1.18 billion) as of the end of the third quarter. While the success was largely attributed to growth of the flagship NH NongHyup Bank, NH Capital logged one of the best profits among nonbanking affiliates, visibly contributing to the group’s balanced portfolio.

Among local banks, KB Kookmin Bank won the award for mutual growth, Woori Bank for consumer finance and KEB Hana Bank for corporate banking. JB Jeonbuk Bank was chosen as the best example of regional balance.

In the brokerage sector, the award was given to Korea Investment & Securities. Kyobo Life Insurance and KB Insurance were chosen in the insurance sector, and Hyundai Capital in capital. Mirae Asset was picked as the best asset manager.

In this era of the “fourth industrial revolution” of hyperconnectivity, destruction of boundaries and the unlimited competition for innovation, it is the key role of financial institutions to establish a new market ecosystem and suggest vision for companies.

Meanwhile, the government should make matching efforts to revise its regulations as to keep in step with the global era and innovation requirements.

I offer my sincere congratulations to the winners of the 2019 Korea Herald Global Finance Awards, and also hope that they will prolong their contribution to fostering the global competitiveness of the financial industry.

By Yoo Chang-jo, Professor of marketing at Dongguk University