Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Students honored for essays exploring AI use in finance, digital assets
Woori Bank CEO Jung Jin-wan, fifth from left, poses with Korea Times President-Publisher Oh Young-jin, left, and winners of the 22nd Korea Times English Economic Essay Contest during an award ceremony at Lotte Hotel Seoul, Wednesday. From left are Oh; runner-up Said Jonathan Luviano-Lessie; grand prize winners Alexandra Maria Escobar Garay and Ko Kyung-hwan; Jung; commendation award winner Maftuna Narzullaeva; An Sung-mi, who attended on behalf of her daughter, commendation award winner Lee Hyo-jeong; and Woosong University professor Lee Sang-bok, who attended on behalf of runner-up Khadizha Sultanova. Korea Times photo by Shim Hyun-chul
By Lee Hyo-jin
22nd Korea Times English Economic Essay Contest brings together students from various countries
Seven students from Korea and abroad were honored at the 22nd Korea Times English Economic Essay Contest award ceremony in Seoul, Wednesday.
Open to undergraduate and graduate students in Korea and abroad, the annual contest is sponsored by Woori Bank, an affiliate of Woori Financial Group.
The contest aims to help young people deepen their understanding of economics and finance while strengthening their English writing skills.
The ceremony held at Lotte Hotel Seoul was attended by the awardees, as well as Woori Bank CEO Jung Jin-wan and Korea Times President-Publisher Oh Young-jin.
The grand prizes went to Alexandra Maria Escobar Garay, a Salvadoran student at Busan University of Foreign Studies, and Ko Kyung-hwan, a Korean student at Hanyang University. Each received 3 million won ($1,970) in prize money.
The runners-up were Khadizha Sultanova, a Kyrgyz student at Woosong University, and Said Jonathan Luviano-Lessie, a Mexican student at Ajou University, who each received 2 million won in prize money.
Commendation awards went to Tran Minh Ngoc, a Vietnamese student at Hanoi Financial and Banking University; Maftuna Narzullaeva, an Uzbek student at Inha University; and Lee Hyo-jeong, a student at the University of California San Diego. Each received 1 million won of prize money.
Woori Bank CEO Jung Jin-wan delivers congratulatory remarks during the award ceremony for the 22nd Korea Times English Economic Essay Contest at Lotte Hotel Seoul, Wednesday. Korea Times photo by Shim Hyun-chul
"The sharp insights and fresh ideas demonstrated in this year's submissions have provided valuable inspiration as Woori Bank and the broader financial industry prepare for the future," Jung said in his congratulatory remarks.
"As young people continue to navigate challenging times, Woori Bank will remain committed to developing innovative financial services and policies that help open the door to brighter opportunities. We look forward to seeing even more of your creativity, fresh perspectives and thoughtful insights."
Oh said this year's essays, which focused on the timely topics of artificial intelligence (AI) and digital assets, offered meaningful insights at a time of rapid change and uncertainty.
"The creativity and insights demonstrated by this year's winners give us hope and confidence as we navigate an era of uncertainty driven by the AI revolution and evolving human values," Oh said. "We will continue exploring ways to turn these promising ideas into reality."
The winners also shared their reflections on writing their essays.
"It was very interesting to research and prepare for this contest. This has been such a great opportunity to offer insights on subjects that I may not have had the opportunity to do so in the past," Escobar said.
"I believe AI should create meaningful value for society, and writing this essay gave me the opportunity to explore the idea through financial services. I am grateful that this perspective was recognized," Ko said.
Narzullaeva said she was grateful to receive an award after falling short in last year's competition, stressing that the importance of AI sovereignty in the finance sector is growing.
Grand Prize winner Alexandra Maria Escobar Garay, a Salvadoran student at Busan University of Foreign Studies, delivers her acceptance speech during the award ceremony for the 22nd Korea Times English Economic Essay Contest at Lotte Hotel Seoul, Wednesday. Korea Times photo by Shim Hyun-chul
The contestants wrote on one of two topics.
The first focused on Korean banks and securities firms. Contestants were asked to write an essay based on the following topic: 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 examined the use of artificial intelligence in finance. Contestants were asked to discuss how financial institutions should continue to develop AI applications in customer service, financial products and security as the technology becomes a key driver of innovation across the financial industry.
This year's contest drew wide global attention, attracting 630 applicants from 280 universities across 66 countries. The contest recorded an intense competition ratio of roughly 90 to 1.