Internet Banking Abroad
Kim Jung-tai, chairman of Hana Financial Group, said that the group will step up its overseas business, including Internet banking services, in many Asian countries.
In an interview with the Yonhap News Agency on Feb. 23, Kim said, “The economy and the financial environment will worsen further in the future. Due to the low interest rate environment, it is inevitable to face a low net interest margin and low earnings from fees in Korea. Therefore, we will strive to strengthen our business sales and abilities in the global market.”
Hana Financial Group, which has the largest global network among domestic financial groups, is planning to increase the share of profits from outside the country to 40 percent by 2025.
Kim also said, “We will focus on the Asian markets, whose cultures are similar to Korean culture including China, and strengthen the abilities of local subsidiaries and offices abroad.”
Accordingly, Hana Financial Group will begin Internet banking services in China and Indonesia in the first half of this year.
Hana Financial Group launched a “1Q Bank” business trial, which offers financial services based on the Internet and mobile platforms, through Korea Exchange Bank of Canada at the end of last year. It also started the business in earnest from the middle of last month, targeting younger people.
The 1Q Bank allows customers to open an Internet account using their existing existing bank account information. It is also considered suitable for places lacking offline store networks.
Meanwhile, Kim has lead the group successfully for the past 3 years. He was highly praised as he completed the integration of local subsidiaries abroad, including in Indonesia and China, and the integration of domestic cards smoothly last year. He will serve as chairman of the group until March 2018.