Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding its fourth Global Finance Awards.

The annual awards recognize individuals and companies that have blazed new trails in the global market by providing innovative, convenient financial services in spite of tight regulations and other challenging environments. These successful business models and achievements should be encouraged and promoted throughout the industry.

With that in mind, The Korea Herald invited local financial players to apply for awards in diverse categories, including green ESG, digital innovation, social contribution, asset management, credit card, insurance and contactless finance.

Seeking a fair and thorough evaluation, a judging committee -- consisting of scholars, industry experts, and senior journalists -- has screened the candidate companies based on their business performances, financial system innovation, global market pioneering spirit, and sincerity of their corporate social responsibility actions.

This year, in light of the challenging management environment, the panel has put priority on companies that have successfully launched new businesses or improved their global competitiveness, as well as those that have shown true entrepreneurship in line with sustainable growth.

Among local banks, Woori Bank was named champion of green ESG, while Hana Bank was acknowledged for its leading digital innovation. JB Financial Group, the holding group of Jeonbuk Bank and Gwangju Bank, received the award for overseas expansion. NH NongHyup Bank, affiliated with the nation’s agriculture cooperative, was picked for the CSR category.

In the brokerage sector, Mirae Asset Daewoo was named global frontier, while Korea Investment and Securities won an award for outstanding CSR.

Kyobo Life Insurance and KB Insurance were chosen among local insurers. Mirae Asset Global Investments and Hyundai Card were respectively selected as outstanding asset manager and credit card operator. Kakao Bank, the nation’s most popular internet-only bank, won the award for contactless finance.

In 2018, the World Federation of Exchanges announced the revised guidance and metrics on ESG -- environment, social, governance -- as a follow-up action to the 2015 version, recommending companies to include ESG-related figures in corporate disclosure.

These sets of guidelines seek to raise the awareness on sustainable management, to support sound corporate activities, to facilitate fund supplies, and to ultimately increase the companies’ earnings.

The role of financial institutions is to invest into sustainable and innovative businesses, which will consequently nurture inclusive growth and trigger a virtuous circle of the industrial ecosystem.

I hereby offer my sincere congratulations to the winners of the 2020 Korea Herald Global Finance Awards, and also hope that they prolong their responsible and productive contribution to the industry.

By Yoo Chang-jo
Professor of marketing at Dongguk University