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Finance

More financial firms to face margin rules for non-cleared OTC derivatives from September

South Korea\'s Financial Supervisory Service will extend its guidelines on the margin exchange system for non-cleared over-the-counter derivatives transactions. From September, the number of firms subject to initial margin requirements will rise to 143 from 138, while those covered by variation margin requirements will increase to 165 from 163. The guidelines will be extended for one year. The FSS said it will keep checking compliance and gather difficulties financial firms face.

Finance

Woori Financial to merge Dongyang Life and ABL Life, aiming to launch 55 trillion won insurer

Woori Financial Group has formalised plans to integrate Dongyang Life Insurance and ABL Life Insurance and is pursuing the launch of a combined life insurer with total assets of 55 trillion won in the second half of 2027. The group said it has begun full-scale integration work to strengthen competitiveness in its insurance business. The combined insurer will focus on managing its K-ICS solvency ratio and expanding its contract service margin.

Finance

Woori Financial Group to train young IT talent with eight affiliates

Woori Financial Group has been selected as an operator of the Labour Ministry-led K-New Deal Academy. It plans to provide training in digital jobs such as AI and big data for unemployed young people and to offer scholarships to vulnerable youths. Woori Financial said it will recruit trainees for the WooriWON Youth IT Academy until Aug. 2. Eight group affiliates will participate, and 60 trainees will receive 600 hours of training over about four months.