Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Winners of the 22nd Economic Essay Contest
Alexandra Maria Escobar Garay, right, and Ko Kyung-hwan
By Lee Yeon-woo
The Korea Times is pleased to announce the winners of its 22nd English Economic Essay Contest for university students.
The Grand Prize winners are Alexandra Maria Escobar Garay, a Salvadoran student at Busan University of Foreign Studies, and Ko Kyung-hwan, a Korean student at Hanyang University.
Each winner will receive 3 million won in prize money and an award certificate.
The runners-up are Sultanova Khadizha, a Kyrgyz student at Woosong University, and Said Jonathan Luviano Lessie, a Mexican student at Ajou University.
Each will receive 2 million won and an award certificate.
Commendation awards went to Tran Minh Ngoc, a Vietnamese student at Hanoi Financial and Banking University, Narzullaeva Maftuna Shukhrat Kizi, an Uzbek student at Inha University, and Lee Hyo-jeong, a Korean student at the University of California.
Each will receive 1 million won and a certificate.
The contestants wrote essays addressing one of two subjects.
The first topic covered Korean banks and securities firms. The contestants were asked to write an essay based on this writing prompt: Korean banks and securities firms are increasingly entering the digital asset industry as a new growth driver. This raises the question of whether their expansion into areas such as custody, asset management, stablecoin issuance and exchange acquisitions can create new growth opportunities. Discuss how such moves may contribute to financial market innovation and consumer protection in Korea.
The second topic covered the use of artificial intelligence (AI) in finance: Financial institutions are using AI to improve customer service, develop customized financial products and strengthen financial security. The use of AI technology has become a key factor driving innovation across the financial industry. Based on this trend, discuss how financial institutions should continue to develop their use of AI in the areas of customer service, financial products and security in the future.
The winners will receive their awards during a ceremony at Lotte Hotel Seoul, July 8. Their essays will be published in the same day's edition of The Korea Times.