A night view of Yeouido, Seoul (123rf)

By Yoo Chang-jo

Professor of marketing at Dongguk University

The Korea Herald presents the Global Finance Awards upon recognition that, for the Korean economy to grow in this age of cutting-edge technology, it is essential to build a financial ecosystem that meets global standards and raises the competitiveness of the country’s financial industry.

The purpose of these awards is to encourage financial institutions that continue to challenge themselves and innovate to provide better financial services with new technology, and venture out into overseas markets despite difficulties such as complex regulations.

With this aim, the judging committee has evaluated the merits of business outcomes, innovativeness of financial systems, global pioneering efforts and sincerity in contributions to society to select 13 winners.

As a result, Mirae Asset Securities has been chosen as “Financier of the Year” for its innovation in its consumer protection system through the adoption of an ethics accreditation system for the entire staff and education programs for customers of various age groups, as well as responsible management.

Mirae Asset Securities has also joined RE100, a group of businesses around the world committed to 100 percent renewable energy by 2025.

Standard Chartered Bank Korea has been selected as “ESG innovator;” Shinhan Bank as “global innovator;” Nonghyup Bank as “local innovator;” Qraft Technologies as “digital innovator;” Woori Bank as “IR innovator;” and Industrial Bank of Korea as “inclusivity innovator.”

By industry, Kookmin Bank was chosen as “bank of the year;” JB Financial Group as “regional bank of the year;” Hana Securities as “brokerage of the year;” Mirae Asset Global Investments as “asset manager of the year;” Kyobo Life as “insurer of the year;” and Woori Card as “credit card of the year.”

In this era of the "fourth industrial revolution," Korean companies should develop new business models to be competitive in global markets, and the financial industry must offer a financial platform where all companies can take part and cooperate on. Many industry watchers have expressed concerns that Korea’s financial industry doesn’t bother to reach beyond the regulatory framework, and remains complacent about its existing market and old ways of doing business.

The country’s financial industry should now explore new markets with cutting-edge tech and develop new models of financial engineering for greater financial convenience, reliability in transactions and security of transactions and information to provide a basis for different industries to create synergy.

Congratulations to the staff of all the institutions that won this year’s awards, and we hope the winners can develop innovative and creative financial models to build a bridgehead for Korean companies to take their business to the next level.