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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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Banking & Finance

KakaoBank to sell mutual funds online in 2nd half

KakaoBank / Courtesy of KakaoBankBy Anna J. ParkKakaoBank has earned preliminary approval from financial authorities to extend its business into financial investment and brokerage operations. If it receives the regulator's final authorization, the mobile-based lender will be the first internet-only bank in Korea qualified to sell mutual funds online via its mobile platform. According to the Financial Services Commission (FSC) on Sunday, the top financial regulator's Securities and Futures Commission granted preliminary permission to KakaoBank's to extend its business operation to include collective investment securities, trading and brokerage, during the commission's regular meeting in late February. During the meeting, the financial regulator raised concerns about the mis-selling of fund products to consumers, as KakaoBank does not operate in-person consultations. The internet-only bank's consumer protection measures were also scrutinized during the meeting, as to check whether KakaoBank effectively deals with consumer complaints on its online platform. KakaoBank will be required to

Apr 23, 2023By Anna J. Park
KakaoBank to sell mutual funds online in 2nd half
Economy

Financial authorities, firms join hands to support jeonse scam victims

Victims of jeonse frauds in tears during their press conference held in front of the presidential office in Seoul, Thursday. YonhapBy Anna J. ParkFinancial regulators and major financial groups have begun providing various support programs for victims of housing rental fraud, following a series of suicides committed by victims of cruel “jeonse” scams. Jeonse is Korea's unique housing rental system known for its lump sum payment, requiring tenants to pay some 50 to 90 percent of a rental house's market value as a one-time payment at the time of moving in, instead of monthly rent. Tenants are supposed to receive the large-sum deposit money back at the end of tenant contracts. But, swindlers have misappropriated deposits, incurring huge financial and existential damage to victims. Recently, a jeonse scam involved hundreds of victims, particularly in the area of Michuhol district in Incheon. There, three of the victims took their lives out of desperation, as their residences were auctioned off and they faced imminent eviction. Upon the third such suicide last week, financial

Apr 23, 2023By Anna J. Park
Financial authorities, firms join hands to support jeonse scam victims
  • Ruling party, gov't seek legislative support for victims
Banking & Finance

INTERVIEW M&A in materials, ESG, healthcare forecast to pick up

Samil PwC Deal Leader Park Dae-joon speaks during an interview with The Korea Times at Samil PwC headquarters in Seoul. Courtesy of Samil PwCPE firms, middle market companies to lead further M&A market growth By Anna J. ParkDespite the slowdown of global M&A transactions last year amid global interest rate hikes, Korea's M&A market is expected to continue to grow, particularly in the areas of materials, ESG-themed energy and equipment and healthcare sectors.“Korea's M&A market has been steadily growing during the past decade, peaking in 2021. The market performed relatively poor in 2022, due mainly to global interest rate hikes and consequential increases in the financing costs for deals,” Samil PwC's Deal Leader Park Dae-joon said during a recent one-on-one interview with The Korea Times. “Yet, it is forecast to maintain continual growth in the future,” he stressed. The M&A and corporate valuation expert, with over 30 years of extensive experience in both local and cross-border transactions, explained that Korea's M&A market has been s

Apr 22, 2023By Anna J. Park
[INTERVIEW] M&A in materials, ESG, healthcare forecast to pick up
Economy

Gov't to inject 10.5 tril. won for venture investments

Financial Services Commission (FSC) Chairman Kim Joo-hyun, left, sits next to SMEs and Startups Minister Lee Young during a press briefing held at the Government Complex in central Seoul, Thursday. The government plans to inject 10.5 trillion won ($7.93 billion) to support investments in innovative ventures and startups. Courtesy of FSC

Apr 20, 2023By Anna J. Park
Gov't to inject 10.5 tril. won for venture investments
Banking & Finance

TIGER ETF posts handsome returns tracking China's SSE STAR index

Mirae Asset's TIGER ETF promotional image / Courtesy of Mirae Asset Global InvestmentsBy Anna J. ParkWith growing market expectations over China's reopening as well as its government's strong will to support the tech sector, exchange-traded funds (ETFs) tracking the country's SSE Star 50 index, otherwise known as the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board 50 Index, have been posting impressive returns this year.The SSE Science and Technology Innovation Board 50 Index is a Chinese equity market comprised of the 50 largest Chinese companies listed on the SSE Science and Technology Innovation Board (STAR Market), established in July 2019. China's contract chipmaker SMIC was also listed on the STAR Market in 2020. According to Mirae Asset Global Investments, the SSE Star 50 Index has been showing a solid upward movement this year, reflecting the Chinese government's strong determination to foster its chip-making industry. As a consequence, Korea Exchange (KRX)-listed ETFs that track the Chinese tech index have risen by an average of about 30 percent this ye

Apr 20, 2023By Anna J. Park
TIGER ETF posts handsome returns tracking China's SSE STAR index
Economy

Why is BOK shunning gold despite global frenzy?

gettyimagesbankBOK's gold reserves remain at same level for decadeBy Anna J. Park Countries' demand for gold has risen to an all-time high level recently, as global preference for safer assets has increased amid soaring global interest rates, concerns over economic recessions and the ongoing war between Russia and Ukraine. Yet, despite the global gold frenzy, Korea's central bank has not increased its holdings of gold for the past 10 years. According to the World Gold Council (WGC) earlier this week, central banks around the world added a total of 1,135.7 tons of gold to their reserves in 2022. It is a record high of central banks' accumulated annual additions to their reserves since related records began in 1950. Last year's figure is also more than double the previous year's 450 tons of gold added to the reserves. By countries, the U.S. has a total of 8,133.5 tons of gold, which accounts for 67.2 percent of its foreign reserves, as of the end of last year. The U.S. has been consistently increasing its holdings of the precious metal to prepare against a possible depreciation of the

Apr 20, 2023By Anna J. Park
Why is BOK shunning gold despite global frenzy?
Banking & Finance

KakaoBank joins NATO-led global cyber defense exercise

The headquarters of KakaoBank in the city of Seongnam, Gyeonggi Province / Courtesy of KakaoBankBy Anna J. Park KakaoBank has participated in Locked Shields 2023, the world's largest annual cyber defense exercise, as part of a unified team Korea, the internet-only bank announced on Wednesday. The NATO Cooperative Cyber Defense Center of Excellence (CCDCOE) is hosting the annual event.Over 2,600 cyber defense experts from 38 countries have joined this year's NATO-led cyber defense drills. The exercise involves protecting real computer systems from real-time attacks and simulation of tactical and strategic decisions.Led by the National Intelligence Service (NIS), Team Korea is composed of about 60 people from 11 institutions, from private, government and military organizations. The exercise is taking place for four days from April 18 to 21 in Tallinn, Estonia. KakaoBank is remotely joining the drill from the city of Seongnam, Gyeonggi Province, where the bank's headquarters is located. KakaoBank gained the qualification to join the annual global cyber exercise after it excelled in FIES

Apr 19, 2023By Anna J. Park
KakaoBank joins NATO-led global cyber defense exercise
Economy

Controversy grows over how to support jeonse scheme victims

A rally is held in front of the presidential office in Seoul, calling on the government to come up with measures to stop housing rental scams, Tuesday. YonhapGov't and banks to temporarily delay auctioning off victims' houses By Anna J. ParkFollowing a recent series of suicides by victims of large-scale housing rental scams in Incheon, government ministries as well as the banking industry are working on drawing up measures to support the victims and prevent similar scams. Yet, controversies remain over what would be the optimal solution to address the problem.Korea uses a unique type of housing rental system, in which a tenant pays a large lump-sum deposit to a landlord at the beginning of the lease term, instead of monthly rent. The deposit, known as “jeonse,” is returned when the tenant moves out. As jeonse deposits are usually priced at about 50 percent to even 90 percent of a home's market value, the embezzlement of jeonse deposits wreaks havoc on the tenants, due to the large amount of money involved.Financial authorities, both the Financial Services Commission (FSC)

Apr 19, 2023By Anna J. Park
Controversy grows over how to support jeonse scheme victims
Banking & Finance

KakaoBank plans foray into Southeast Asian markets

KakaoBank CEO Yun Ho-young speaks during a press conference held at Fairmont Ambassador Seoul, Tuesday. YonhapInternet-only bank seeks to balance innovation, expansionBy Anna J. Park KakaoBank plans to advance into the Southeast Asian region within the next few years, as talks are currently ongoing with potential partners in the target countries. During a press conference held at Fairmont Ambassador Seoul on Tuesday, KakaoBank CEO Yun Ho-young said he expects to see tangible developments by the end of this year. “Foraying into overseas markets is not an easy task, as banks are required to secure banking licenses in foreign countries. Yet, many foreign companies suggested we cooperate in business, seeing KakaoBank's success and platform capabilities,” Yun said during the press conference. The chief of the internet-only bank added that it hasn't yet been decided whether the advancement into overseas markets would be through mergers and acquisitions with companies in the target countries or through securing banking licenses independently there. “Currently, talks are on

Apr 18, 2023By Anna J. Park
KakaoBank plans foray into Southeast Asian markets
Economy

MBK Partners' founder becomes richest person in Korea: Forbes

MBK Partners Founder and Chairman Michael ByungJu Kim / Courtesy of MBK PartnersBy Anna J. ParkMichael ByungJu Kim, MBK Partners' founder and chairman, has ranked at the top of Forbes' 2023 list of “Korea's 50 Richest.” It is the first time that the net worth of the private equity legend has overtaken that of Lee Jae-yong, executive chairman of Samsung Electronics, on Forbes' annual billionaire list. According to the U.S.-headquartered business magazine on Tuesday, Kim's real-time net worth is estimated at $9.7 billion, topping the chart of Korea's 50 Richest. The founder of MBK Partners, one of Asia's largest private equity firms, ranked third on the same list last year, with a net worth $7.7 billion. Kim was also ranked 190th in the world's billionaire list this year. Announcing the list, Forbes introduced one of Kim's famous quotes: “I always thought the success I've had is due to some talent, hard work, yes, but it's also due to luck. Recognition of that is critical to giving you a sense of reality and it's from that recognition that you get humility.”Forb

Apr 18, 2023By Anna J. Park
MBK Partners' founder becomes richest person in Korea: Forbes
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