The objectives of these awards are to honor financiers and financial firms that have made significant strides in providing convenient financial services with new technologies, despite difficult circumstances; to pave new paths into the global market; and to encourage bold and innovative endeavors by holding them up as examples.

For this, The Korea Herald has categorized the awards into the Financier of the Year and exemplary institutions in different sectors: banking, securities, insurance, credit card, asset management, personal financial services and more. 

An esteemed panel of judges encompassing scholars, financiers and journalists evaluated the candidates’ innovativeness and their progress in establishing a global system, as well as their contributions to society.

As a result, this year’s Financier of the Year award goes to Woori Bank CEO Sohn Tae-seung. Kookmin Bank and KEB Hana Bank have been selected as leaders in the banking category, respectively representing innovation and private banking services.

Korea Investment and Securities has been selected for the securities sector, while Samsung Fire and Marine Insurance, Lotte Card, Mirae Asset Global Investments and Hyundai Capital have been selected as leaders in their respective categories.

Woori Bank CEO Sohn Tae-seung, in particular, has spearheaded the company’s record-breaking performance in the first three quarters since taking the helm, by working hard to achieve better communication and higher levels of innovation.

He has been chosen as Financier of the Year for establishing a future-forward global network and for providing comprehensive financial support for innovative startups and owners of small and midsized businesses. 
Furthermore, the bank is on course to transforming the paradigm of financial services by establishing a holding company structure.

The winners in every category were assessed for their level of innovation in financial services, their success in advancing into global markets, and their contributions to enhanced customer convenience in transactions and information safety.

The competitiveness of financial institutions in the era of the fourth industrial revolution will form the basis for the sustainable management of all businesses. The outcome will be comprehensive growth and higher quality of life for the people.

The ongoing industrial revolution has increased the uncertainties of the future, which is ever more difficult to predict. Creativity and innovation are all the more necessary for financial institutions.

A significant number of financial experts point out that the financial industry of Korea hasn’t yet broken away from the regulatory framework and adheres too closely to the status quo, to the old way of doing business.

The financial market must go beyond boundaries, seeking new markets and competing to pioneer into them. New markets and competitiveness are only attainable through participation and cooperation with diverse members of various communities.

The financial environment both in and outside the country in the era of the fourth industrial revolution will radically change.

The financiers and the financial entities that have been selected for The Korea Herald’s 2018 Global Finance Awards should continue to be pioneers, pursuing cooperative management with like-minded enterprises, and set up a sustainable ecosystem to achieve global competitiveness.

Such advancements in the financial industry will consequently offer a bridgehead for South Korean companies and enable them to realize innovative growth.

By Yoo Chang-jo, Marketing professor at Dongguk University