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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

FSC to ease regulations on local investment firms' overseas business

The headquarters of the Financial Services Commission (FSC) in central Seoul / Courtesy of FSCActive M&A and 'glocalization' strategies advised for overseas businessBy Anna J. ParkFinancial authorities will seek to ease regulations imposed on overseas subsidiaries of local financial companies, in a move to strengthen local investment firms' global competitiveness and outbound business growth. Korea's top financial regulator also plans to introduce a cornerstone investor system into the country's public offering process, which allows investors to be brought into a forthcoming IPO before a formal book-building process starts. During Monday's seminar hosted by the Korea Financial Investment Association (KOFIA) and the Korea Capital Market Institute (KCMI) on the theme of strengthening the global competitiveness of local investment firms, Rhee Yun-su, director general of the capital market bureau at the Financial Services Commission (FSC), said the top financial regulator aims to reflect requests of local financial firms to aid their advancement into overseas markets. Mirae Asset Sec

Apr 17, 2023By Anna J. Park
FSC to ease regulations on local investment firms' overseas business
Economy

Financial regulator sets guidelines for AI-based credit rating models

gettyimagesbankBy Anna J. ParkThe Financial Services Commission (FSC), the country's top financial regulator, has set guidelines to facilitate financial firms' operation of AI-based models in a transparent and fair manner. The move comes as more financial companies in Korea adopt artificial intelligence (AI) technology.The measures follow the regulator's new policy direction announced last August, aiming to activate financial firms' usage of AI technology while gaining consumer trust in the process.First off, the FSC plans to check whether the AI-based credit rating models are safe and appropriate for assessing the credit standings of individuals. The financial authority plans to begin by the end of this year the verification of credit reporting companies that utilize AI-based models.“Many credit bureaus use credit assessment models based on AI technologies; these AI-based models have strength in that they can assess far more databases and variables about an individual's credit evaluation, compared to traditional credit assessment models. However, as they use complicated algori

Apr 17, 2023By Anna J. Park
Financial regulator sets guidelines for AI-based credit rating models
Economy

Korea's debt-to-GDP ratio projected to rise further: IMF report

gettyimagesbankBy Anna J. ParkWhile Korea's debt-to-GDP ratio is worsening at an alarming rate, its fiscal soundness is expected to continue deteriorating, according to the latest report from the International Monetary Fund (IMF). The IMF said in its Fiscal Monitor report published earlier this month that Korea's debt-to-GDP ratio was estimated at 54.3 percent as of the end of last year, up 0.2 percentage points from 54.1 percent, the estimate made in the IMF's previous report last October. Such a rise in just six months is considered fast, given the economic size of Korea. It's also the first time Korea's debt-to-GDP ratio estimate has exceeded that of the average of 10 non-key-currency countries. The 10 advanced countries' average debt-to-GDP ratio, as of the end of last year, stood at 52 percent, which is below Korea's 54.3 percent. The projections included in the Fiscal Monitor were drawn from the same database used for the April 2023 World Economic Outlook and Global Financial Stability Report.The global international institution's biannual report forecasts that Korea's debt-to-

Apr 16, 2023By Anna J. Park
Korea's debt-to-GDP ratio projected to rise further: IMF report
Economy

Daily short selling hits record high this month

gettyimagesbankSurge in stock trading accompanies increases in short sellingBy Anna J. ParkWith local stock markets showing signs of recovery recently, daily average short selling reached an all-time high level this month. According to the Korea Exchange (KRX), the bourse operator, the average daily transactional amount of short selling from April 1 to 14 stood at 634.6 billion won ($485 million) for the benchmark KOSPI, while the tech-heavy Kosdaq's daily average short selling transactions we recorded at 362.7 billion won. Both daily average figures are at all-time highs ― since 2001 ― when related records began to be compiled. The previous record for the highest daily short selling in the KOSPI market was set in May 2021, with 578.5 billion won. The Kosdaq's daily record-high was in March this year at 288.7 billion won. April's daily average short selling for both the KOSPI and the Kosdaq each showed an increase of 70 percent and 334 percent, respectively, compared to the averages of January, this year. Market watchers attribute the record high in short selling mainly to the increa

Apr 16, 2023By Anna J. Park
Daily short selling hits record high this month
Economy

Financial regulator to respond sternly to malicious market rumors

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a session of the National Assembly on April 4. Yonhap By Anna J. ParkKorea's top financial regulator has vowed to respond strictly to vicious market rumors intended to cause turbulence in financial markets. Financial Services Commission (FSC) Chairman Kim Joo-hyun stressed Friday that the top financial authority will counter any attempts to cause disruptions by spreading malicious or groundless rumors.“With various concerning factors existing in the global finance, the maliciously spread of groundless rumors could cause jitters in financial markets and afflict great damage to the economy by harming financial companies' capital soundness,” the FSC chief said during a staff meeting on Friday.Kim ordered the financial regulator to respond sternly to those who fabricate such market rumors by cooperating with prosecutors and the police. The FSC's move follows a malicious faulty rumor circulated recen

Apr 14, 2023By Anna J. Park
Financial regulator to respond sternly to malicious market rumors
Banking & Finance

Sovereign fund KIC holds 2nd Silicon Valley Int'l Financial Cooperation Council

Participants listen to presentations during the 2nd Silicon Valley International Financial Cooperation Council held at Korea Investment Corporation's (KIC's) San Francisco office in Menlo Park, Calif., Thursday (local time). Courtesy of KIC By Anna J. ParkIn a move to strengthen networks with venture capitalists and startups in the U.S., the Korea Investment Corp. (KIC) hosted the second installment of the Silicon Valley International Financial Cooperation Council on Thursday afternoon, local time, at its San Francisco office in Menlo Park, California. About 30 participants, including venture capitalists, asset managers, officials from corporate venture capitals (CVC) and investment experts from various financial companies, attended the event to share their investment expertise on state-of-the-art technologies. Arif Janmohamed, partner at Lightspeed Venture Partners, gave a presentation on investment strategies in the area of software. Lightspeed Venture is one of r

Apr 14, 2023By Anna J. Park
Sovereign fund KIC holds 2nd Silicon Valley Int'l Financial Cooperation Council
Economy

FSS to renovate supervisory framework to earn trust from global financial markets

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during the FSS SPEAKS 2023 held at the Federation of Korean Industries (FKI) Tower Conference Center in Seoul, Thursday. Courtesy of FSSFinancial regulator strengthens communication with foreign financial firmsBy Anna J. Park In a move to foster effective communications with foreign financial companies as a more trusted regulator, the Financial Supervisory Service (FSS) Governor Lee Bok-hyun vowed to revamp its supervisory system, stressing the importance of transparent and streamlined regulations that are in line with global standards.During the 15th FSS SPEAKS, an annual forum held on Thursday for dialogues with foreign financial firms stationed in Korea, the FSS chief highlighted that the state-run regulator will take the utmost measures to build market trust in times of increased market uncertainty and growing concerns. “With the accelerated digital transformation, the financial industry is facing a complex challenge where rapid digitalization blurs the line between the financial and non-financial sectors. The

Apr 13, 2023By Anna J. Park
FSS to renovate supervisory framework to earn trust from global financial markets
Banking & Finance

Former TikTok general manager becomes Toss Securities CEO

Toss Securities CEO Kim Seung-yeon / Courtesy of Toss Securities Retail-focused Toss Securities prioritizes platform accessibility improvement By Anna J. ParkIt is rare to see a non-financial expert lead a local brokerage firm as CEO in Korea. But Kim Seung-yeon, the new CEO at Toss Securities since early April, is breaking the mold. Kim, 42, has built an extensive career at global IT firms, including TikTok and Google, during the past 15 years. Accumulating expertise in marketing and business management, Kim served as a general manager at TikTok, a short-video communication platform, leading overall business strategies in Korea and Southeast Asia. TikTok posted the highest annual growth rate in the Southeast Asian region in 2022. Kim also previously worked at Google and Metaps+, a mobile marketing platform. Convinced of Kim's capacities to successfully lead the global platform company's steep growth, the board of Toss Securities decided to appoint him as its new CE

Apr 13, 2023By Anna J. Park
Former TikTok general manager becomes Toss Securities CEO
Economy

Will secondary battery stocks enter MSCI index?

MSCI logo / Reuters-YonhapRecent steep surge in stock prices could hamper entry into MSCI indexBy Anna J. ParkAhead of the slated rebalancing of the Morgan Stanley Capital International (MSCI) Korea Index in May, market attention is focused on whether local secondary battery stocks could be added to the indexes and how this may influence their stock prices. Each index of the MSCI system is reviewed quarterly and rebalanced twice a year. Market experts see three secondary battery companies ― EcoPro, Cosmo AM&T and KYC ― as strong candidates for addition to the MSCI index. But some watchers think the stocks are unlikely to make the cut this time. The global benchmark operator's internal rules preclude the addition of stocks that have experienced excessively soaring prices in a short-term period. The stock price of EcoPro, for instance, has risen by 601 percent just this year alone. “Given that the stock prices of the secondary battery stocks have risen too quickly during the two months following February, it's likely that they cannot meet the qualification for addition,&rdquo

Apr 13, 2023By Anna J. Park
Will secondary battery stocks enter MSCI index?
Banking & Finance

KB Kookmin Bank gets approval to continue mobile communications biz

gettyimagesbankFSC to revise rules for KB's MVNO businessBy Anna J. Park KB Kookmin Bank's mobile virtual network operator (MVNO) service, Liiv M, has officially obtained government approval to continue business in Korea. MVNO operators refer to those who provide wireless communications services to customers, without owning the wireless network infrastructure.With the official permission granted by the Financial Services Commission (FSC) ― the country's top financial regulator ― on Wednesday afternoon, KB Kookmin Bank will now be able to provide services with more stability.“FSC's innovative finance committee accepted KB Kookmin Bank's requests to revise relevant regulations (so that the bank can continue providing MVNO service to customers), following the committee's comprehensive evaluations on the need for the revision, financial markets' stability and impacts on consumer protection,” the FSC said on Wednesday.The top financial regulator said it would take moves to revise related laws, once KB Kookmin Bank completes registering its business area as a financial-communic

Apr 12, 2023By Anna J. Park
KB Kookmin Bank gets approval to continue mobile communications biz
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