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Anna J. Park

Korea Times Politics & City Reporter

Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.

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Economy

FSS lists Eland, Kakao in debt monitoring group

The headquarters of Financial Supervisory Service (FSS) in Seoul / Courtesy of FSSBy Anna J. ParkRetail tycoon Eland and Kakao, Korea's Big Tech conglomerate, have recently been included in the Financial Supervisory Service's (FSS's) debt list due to their respective high levels of indebtedness. They will be assessed by creditor banks for financial stability. According to the FSS Wednesday, seven conglomerates, including Eland and Kakao, have been newly added to the watchdog agency's so-called main debt group list. The financial authority has produced the annual list since 1999 to prevent insolvencies of large conglomerates and to induce necessary restructuring. When the entire debt of conglomerates and credit offerings of banks exceed a certain amount set by banking supervisory regulations, the FSS will add the organization to its list. In total, 38 conglomerates have been named by the financial authority this year, each holding more than 2.07 trillion won ($1.54 billion) worth of debt, as of the end of last year, plus banking credit offerings of over 1.2 trillion won. Compared with

May 17, 2023By Anna J. Park
FSS lists Eland, Kakao in debt monitoring group
Economy

Borrowers with low credit scores turn to loan sharks for money

A flyer advertising private loans is placed on the floor of a market in Seoul. NewsisBy Anna J. ParkAs many as 71,000 people with low credit scores were found to have turned to loan sharks to borrow money last year as interest rates surged, according to a recent survey by Korea Research Institute for Financial Inclusion, whose results were announced, Monday. The research institute surveyed 5,478 people with low credit scores and 23 loan companies from mid-December of 2022 until the end of January this year. That marks a 26 percent increase compared to a year ago. In 2021, about 37,000 to 56,000 people bad credit were estimated have turned to loan sharks to borrow money.It is also estimated that loan recipients with low credit scores borrowed around 1.23 trillion won ($910 million) in 2022, which is up around 26.8 percent compared to 2021. As authorized financial institutions have seen a decrease in new loan demand amid a steady increase in interest rates, the number of people turning to loan sharks has surged, according to the survey. After the legally-authorized loan interest rate w

May 16, 2023By Anna J. Park
Borrowers with low credit scores turn to loan sharks for money
Banking & Finance

Kakao Pay aims for 10 bil. annual transactions by 2026

Kakao Pay CEO Shin Won-keun speaks during a press conference held at Conrad Seoul Hotel in Yeouido, Seoul's financial district, Monday. Courtesy of Kakao PayMobile payment available in 11 overseas countriesBy Anna J. Park Kakao Pay, the mobile payment subsidiary of tech conglomerate Kakao, has proclaimed its goal to achieve 10 billion transactions per year within the next three years, and step up as the country's most frequently used financial application platform that caters to customers' financial needs. During a press conference held at Conrad Seoul Hotel, Monday, Kakao Pay CEO Shin Won-keun highlighted that the mobile payment firm is aiming to create a close-knit financial ecosystem centering on Kakao Pay's platform. “The targeted number of aggregated transactions of 10 billion per year would mean that every Korean over the age of 15 would use Kakao Pay at least once every day to solve their various financial needs,” Shin said during the press conference. As of last year, the annual number of app users stood at 30 million, with an annual transactional amount of 118 tr

May 15, 2023By Anna J. Park
Kakao Pay aims for 10 bil. annual transactions by 2026
Banking & Finance

Major Korean financial firms seek to strengthen foothold in Indonesia

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, far left, stands with South Korean Ambassador to Indonesia Lee Sang-deok, second from left, Hana Financial Group Chairman Ham Young-joo, fifth from left, Mirae Asset Securities Chairman Choi Hyun-man, sixth from left, along with other key participants of the “K-Finance Week in Indonesia 2023” at the St. Regis Jakarta in Indonesia, Thursday. Courtesy of KB Financial Group FSS holds K-Finance Forum in Southeast Asian countryBy Anna J. ParkCelebrating the 50th anniversary of diplomatic ties between Korea and Indonesia, Korean financial leaders from Korea's supervisory authority and private financial firms have vowed to strengthen financial cooperation and partnerships with the Southeast Asian country.Seven Korean financial firms ― KB Financial Group, Hana Financial Group, Mirae Asset Securities, Korea Investment & Securities, Samsung Fire & Marine Insurance, Hanwha Life Insurance and KB Insurance ― jointly host

May 12, 2023By Anna J. Park
Major Korean financial firms seek to strengthen foothold in Indonesia
Cryptocurrency

Assembly ready to pass crypto regulation bill amid growing irregularities

The National Policy Committee approves a crypto regulation bill at the National Assembly in Seoul, Thursday. YonhapBipartisan support for bill formed amid lawmaker's coin scandal By Anna J. ParkAmid a growing scandal surrounding a main opposition lawmaker's coin speculation, the Assembly's National Policy Committee greenlighted a cryptocurrency regulation bill on Thursday. It was the first time ever that a bill stipulating regulations on cryptocurrency was passed by a National Assembly committee. As the bill cleared the first hurdle toward being written into law, it is expected that the bill could pass the National Assembly's plenary session as early as May 25, after the Legislation and Judiciary Committee gives a thorough review. The bill is aimed at protecting digital asset investors, preventing unfair trading of cryptocurrencies and establishing a stable coin trading framework. The bill integrated 19 similar cryptocurrency-related bills submitted to the Assembly. The bill also grants supervisory authority over cryptocurrencies to the Financial Services Commission, the country's to

May 12, 2023By Anna J. Park
Assembly ready to pass crypto regulation bill amid growing irregularities
  • DPK orders inspection on lawmaker over cryptocurrency trading during parliamentary meetings
Banking & Finance

Hearing-impaired insurance planner continues to blaze trail

Choi Jung-min, a master planner at AIA Life Insurance, communicates using sign language during a recent YouTube interview uploaded by the Korea Life Insurance Association (KLIA). Courtesy of KLIABy Anna J. ParkChoi Jung-min, 38, is AIA Life Insurance's star planner. He has pioneered his path, shattering the prejudices against the hearing-impaired.With 13 years of experience under his belt, Choi has become the first life insurance planner with a hearing impairment to receive the Golden Fellow Award, an annual award granted by the Korea Life Insurance Association (KLIA) to outstanding planners across the country.The KLIA launched the award back in 2017 and life insurance planners must meet various strict criteria regarding ethical behavior and solid performance to be one of the 1,000 recipients of the annual award. On average, the recipients possess more than 21 years of experience as life insurance planners.The country's life insurers' association released YouTube video interviews with 14 outstanding awardees, including Choi, earlier this month and his trailblazing story captured the

May 12, 2023By Anna J. Park
Hearing-impaired insurance planner continues to blaze trail
Banking & Finance

Kyobo Life considers entering non-life insurance market

Kyobo Life Insurance headquarters in central Seoul / Courtesy of Kyobo Life InsuranceKyobo Life steps back on acquisition rumor of Kakao Pay InsuranceBy Anna J. ParkBoth Kyobo Life Insurance and Kakao Pay Insurance denied a market rumor that they are in talks. Media reports said earlier this week that Kyobo Life has begun due diligence into Kakao Pay Insurance to acquire a 51 percent stake in the digital non-life insurance firm for around 60 billion won to 70 billion won ($45 million to $53 million).According to both firms on Tuesday, nothing specific has been going on regarding the alleged deal. Kyobo Life Insurance, the country's third-largest life insurer, acknowledged that it aims to make a foray into non-life insurance markets in the future, but it denied the ongoing acquisition deal of Kakao Pay Insurance, saying that every option is fully open. “It is true that Kyobo Life Insurance is mulling over expansion beyond the life insurance market. Yet, as of now, nothing has been specifically determined as to which non-life insurance firms could be options for acquisition. More

May 9, 2023By Anna J. Park
Kyobo Life considers entering non-life insurance market
Economy

FSS chief visits Southeast Asia to promote 'K-Finance'

Financial Supervisory Service (FSS) Governor Lee Bok-hyun delivers an opening speech during the FSS' IR event held at the Grand Ball Room in Pan Pacific Singapore, Tuesday. Courtesy of FSSFSS supports financial firms' foray into overseas marketsBy Anna J. ParkFinancial Supervisory Service (FSS) Governor Lee Bok-hyun has emphasized the Korean financial market's enhanced market access as well as consistency in regulations for global investors during his overseas investor relations event held in Singapore on Tuesday. Lee has been on a five-day overseas visit to three Southeast Asian countries ― Thailand, Singapore and Indonesia ― since Monday, along with representatives of many Korean financial firms.In his opening address during Tuesday's event held in Pan Pacific Singapore Hotel, the head of the financial watchdog agency characterized the strengths of the Korean financial sector, which he branded as “K-Finance,” as stability, soundness, innovation, growth and efforts to streamline market regulations for global investors. “The government and financial authorities have

May 9, 2023By Anna J. Park
FSS chief visits Southeast Asia to promote 'K-Finance'
Banking & Finance

KB Insurance posts all-time high profits under IFRS17

The headquarters of KB Insurance in Seoul / Courtesy of KB InsuranceNew accounting standard benefits large non-life insurersBy Anna J. ParkKB Insurance has posted a record-high quarterly profit of 253.8 billion won ($192 million) in the first quarter this year, a 25.7 percent jump from the same period last year. The hike is mainly attributed to the implementation of the International Financial Reporting Standard (IFRS) 17, a set of new global accounting standards, starting this year.Aiming to increase transparency and consistency in the accounting practices of insurance companies, IFRS 17 requires that insurance liabilities be calculated at present value, not book value. Also under the accounting standards, the Contractual Service Margin (CSM), which is the unearned profit from an insurance contract that an insurer will recognize over the coverage periods, is recalculated in earnings reports every year. As a result of the changed accounting system, the earnings of KB Insurance ― KB Financial Group's non-life insurance affiliate ― have mostly been favorably affected by the IFRS 17 imp

May 8, 2023By Anna J. Park
KB Insurance posts all-time high profits under IFRS17
Banking & Finance

Top 5 banks brace for $27 billion in potential bad loans

A passerby walks with a phone in front of a bank in Seoul / NewsisLenders operate support system for vulnerable borrowers to prevent insolvenciesBy Anna J. ParkThe total amount of loans extended by Korea's top five banks to small-and-medium-sized businesses whose deadlines on repayments of principal have been delayed for the past three years due to the COVID-19 pandemic, reached nearly 37 trillion won ($27 billion), according to financial market officials, Sunday.This has raised concerns that the loans could potentially go bad if financially-struggling businesses and self-employed people fail to meet debt payment deadlines.The five banks ― KB Kookmin, Shinhan, Hana, Woori, NH NongHyup ― are estimated to have extended 36.6 trillion won in loans whose repayments of principal have been delayed as of May 4. Over 95 percent of the loans, or 34.8 trillion won, were rolled over, while the remaining 1.8 trillion won was either from delays in installment-based repayments of principals or repayment of interest by corporations. The beginning of the rollover went back to early 2020, when the ban

May 7, 2023By Anna J. Park
Top 5 banks brace for $27 billion in potential bad loans
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