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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

Four major financial groups\' net profit tops 11 trillion won, competition shifts from banks to capital markets

South Korea’s four major financial holding groups posted combined first-half net profit of 11.34 trillion won, up 9.8 percent from a year earlier, helped by steady interest income and rising fee income from capital-market businesses such as securities, wealth management and investment banking. As non-bank earnings contributions expanded, the competitive focus among groups increasingly shifted to capital markets. In banking, Shinhan Bank led in net profit, while Woori Bank was the only one to decline.

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.