my timesThe Korea Times
annajpark

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.

Go to Email

Read more

Economy

HYBE-Kakao battle intensifies for SM Entertainment management rights

Lee Soo-man, founder of SM Entertainment, walks away after delivering his keynote speech at the Korea-Mongolia Business Forum held at the Hyatt Seoul in Seoul on Feb. 14. Newsis HYBE's tender offer ends TuesdayBy Anna J. Park The battle between HYBE and Kakao over the management rights of SM Entertainment has intensified, as HYBE, currently SM Entertainment's largest shareholder, officially urged Kakao Entertainment to clarify its exact position and the nature of its partnership with SM.“It would be a responsible act for Kakao Entertainment to clarify its position ― whether it aims to seek an active participation in SM Entertainment's management, instead of a strategic business partnership ― as the clarification would reduce the capital market's uncertainty,” HYBE's statement reads. HYBE's message came out as a response to Kakao Entertainment's earlier statement that said the entertainment subsidiary of the big tech company will be making a shift in its original str

Feb 28, 2023By Anna J. Park
HYBE-Kakao battle intensifies for SM Entertainment management rights
Cryptocurrency

FSC to crack down on crypto phishing schemes

Financial Services Commission (FSC) headquarters in central Seoul / YonhapBy Anna J. Park In a move to root out phishing schemes in the country, the Financial Services Commission (FSC) announced a set of new measures that apply larger protections for victims of phishing schemes involving cryptocurrencies or mobile payment systems. The top financial regulator explained Tuesday that it has formed a taskforce with the prosecution, police and bank association as well as crypto exchanges to fight against new types of phishing schemes that target victims' cyber assets.The amount of phishing using cryptocurrencies soared to 19.96 billion won ($15 million) last year, up from 8.2 billion in 2020, as the country's law punishing telecommunications-based phishing schemes was not covering the area of cryptocurrencies and victims were unable to turn to financial authorities to recover their losses. The government hopes to effect change by applying the Special Act on the Prevention of Loss Caused by Telecommunications-based Financial Fraud and Refund to crypto-related phishing schemes. With the new

Feb 28, 2023By Anna J. Park
FSC to crack down on crypto phishing schemes
Economy

Insurers, brokerages likely to be allowed to enter banking business

Automated teller machines (ATM) of major commercial banks in Seoul / NewsisBy Anna J. Park Insurers and brokerages are likely to be allowed to enter the banking sector to promote competition as financial authorities mull over measures to break the current oligopoly in the banking industry.The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) recently formed a taskforce with key financial associations and scholars to bring changes to banking management and practices in the country to facilitate competition in the fragmented banking functions of savings, loans and payments.“In order to bring real competition to the areas of savings and loans, players from other financial sectors, including insurers, brokerages and savings banks, are encouraged to join,” FSC Vice Chairman Kim So-young said during the first meeting of the taskforce last Wednesday. Financial regulators view that it would be more realistic to invite major players of other financial sectors, such as insurers and securities firms, into the banking business to promote competition, as

Feb 26, 2023By Anna J. Park
Insurers, brokerages likely to be allowed to enter banking business
Banking & Finance

Financial authorities scrutinize big tech's financial business

The headquarters of Naver Financial located in Seongnam, Gyeonggi Province / NewsisBy Anna J. Park The Financial Supervisory Service (FSS) recently issued a series of sanctions on big tech's payment subsidiaries, strengthening regulatory supervision over their financial businesses, according to officials Sunday.Seven out of 11 sanctions were directed at Naver Financial, which operates Naver Pay. The remaining four sanctions went to Kakao Pay, as the FSS demanded them to make effective improvements on reprimanded issues.The supervisory agency pointed out that Naver Financial lacked an adequacy check on transactions. The big tech's financial subsidiary also did not have a sufficient system to check suspected money laundering activities. The headquarters of Kakao Pay located in Seongnam, Gyeonggi Province / Courtesy of Kakao PayKakao Pay was called out for systemic policy shortages in implementing client risk assessments. The mobile payment company was also flagged for not being equipped with bylaws for anti-money laundering tasks and also lacking independence in its auditing process. T

Feb 26, 2023By Anna J. Park
Financial authorities scrutinize big tech's financial business
Economy

Financial regulator pledges to adopt more globally-adaptive capital market system

Financial Services Commission (FSC) Vice Chairman Kim So-young speaks during a foreign press conference held at the Korea Press Center in central Seoul, Friday. Courtesy of FSCBy Anna J. Park The Financial Services Commission (FSC), Korea's top financial regulator, stressed that the Yoon administration is aiming to facilitate a fairer and more globally-adaptive capital market system so as to create a “virtuous circle” for both local and foreign investors. During Friday's press conference held for foreign press media in Seoul, the financial regulator's Vice Chairman Kim So-young briefed on the government's recent string of measures aimed at advancing local capital markets. This included the introduction of a mandatory bid rule in M&As, heightened protection for minority shareholders in stock investment, such as company split-offs, the abolishment of the foreign investor registration system, as well as dividend payment system change. Reiterating the measures that were either implemented late last year, or are to be implemented within the next two years, the Vice Chairma

Feb 24, 2023By Anna J. Park
Financial regulator pledges to adopt more globally-adaptive capital market system
Banking & Finance

When will Kakao Entertainment debut on bourse?

The headquarters of Kakao Entertainment located in Bundang, Gyeonggi Province / YonhapBy Anna J. Park Kakao Entertainment is widely believed to be aiming to go public by the end of this year or early next year. The entertainment subsidiary of Kakao had long considered making a debut on the local stock market, yet the IPO plan has been delayed till now, amid strong criticism against the big tech firm's continuous split-off listings that harmed Kakao shareholders' interests.According to industry sources, the entertainment company sees that the timing will be right for them to go public either by the end of this year or early next year. Yet, the company refused to outline its stance on the matter in detail.“The company is examining various options, but nothing has been confirmed (regarding the IPO plan),” an official from Kakao Entertainment said. “If specific plans are confirmed, the company will announce them,” the official added. Kakao Entertainment grew to be a major entertainment force in the country, as it acquired KakaoPage, KakaoM ― music distribution bus

Feb 22, 2023By Anna J. Park
When will Kakao Entertainment debut on bourse?
Economy

Financial regulators launch task force to break banks' oligopoly

Financial Services Commission Vice Chairman Kim So-young speaks during a task force meeting held at the government complex in central Seoul, Wednesday. YonhapSmall license, challenger banks considered to promote competition in bankingBy Anna J. Park Financial authorities made it official Wednesday their moves to bring in more competition in the local banking sector, aiming to break the current oligopoly enjoyed by the five major commercial banks. Citing the current oligopoly structure as harmful to customers' and utility, the authorities suggested the need to lower the hurdle of banking licenses for new entrants. The Financial Services Commission (FSC), top financial regulator, and the Financial Supervisory Service (FSS) jointly hosted the first task force meeting committed to improving the management and practices of banks on Wednesday morning. The task force was made up of officials of both financial regulators, key financial industry associations and scholars. Its task was in response to President Yoon Suk Yeol's criticisms earlier this month about local banks taking excessive pro

Feb 22, 2023By Anna J. Park
Financial regulators launch task force to break banks' oligopoly
Banking & Finance

K bank improves efficiency through robotic process

K bank headquarters in central Seoul / Courtesy of K bankBy Anna J. ParkK bank announced Tuesday that it has raised its efficiency by adopting robotic process automation (RPA), an AI-based software system that saved 28,000 hours of work last year for the digital lender. The internet-only bank explained that it began adopting the RPA system in the first half of 2022, and it is now engaged in the bank's 11 business departments. The RPA completed some 400,000 tasks during the last year, resulting in saving 28,000 hours of work, which is a reduction of 90 percent of the previous work hours required of human workers. One area in which the RPA system excels is suspicious transaction reports (STRs), which are submitted to financial regulators whenever banks find reasonable grounds to suspect financial transactions of violating the law. The painstaking work had previously been carried out by several employees, but now the robotic software system is taking significant charge of the reporting process. The automatic system also contributes in the selection of K bank customers out of groups of p

Feb 21, 2023By Anna J. Park
K bank improves efficiency through robotic process
Banking & Finance

Naver Pay and Samsung Pay join hands to counter Apple Pay

gettyimagesbankPayment market war beginsBy Anna J. ParkWith Apple Pay's imminent launch in Korea, Naver Pay and Samsung Pay formed a strategic partnership earlier this week to consolidate their current dominance over the mobile payment market in the country, a move seen as an alliance to keep Apple Pay's potential growth in local markets in check. It is the first time for Samsung Pay to join hands with financial companies, other than Samsung Card.The partnership between the two top mobile payment players in each domain ― Naver Pay being the number one online payment service company and Samsung Pay being the top offline mobile payment service with 23.5 percent market share in the country ― is expected to create synergy, resulting in increased convenience for service users. Official logos of Samsung Pay and Naver Pay / Courtesy of Samsung ElectronicsWith the two mobile payment providers' cooperation in payment and digital wallet services, a whopping 31.5 million Naver Pay users can make payments with their cell phone at any store that accepts credit card payments, using magnetic secure

Feb 21, 2023By Anna J. Park
Naver Pay and Samsung Pay join hands to counter Apple Pay
Economy

Won-dollar rate soars on growing fears of prolonged US monetary tightening

gettyimagesbank By Anna J. ParkThe won-dollar exchange rate exceeded the 1,300 won mark during Friday's trading session amid growing fears over some U.S. Federal Reserve officials' hawkish remarks that a 50-basis-point increase would be needed in next month's FOMC meeting. With the longer-than-expected global monetary tightening factoring in the trading session, the won-dollar exchange rate was at 1,291.9 won at the start of Friday's session, an 8.7 won increase from the previous day. The rate continued to soar up to 1,302.95 at around 1:25 p.m., Korea time, during Seoul's foreign exchange market, finishing at 1,299.5 won, up by 14.7 won from the previous session.It is the first time in nearly two months that the won-dollar exchange rate has risen above 1,300 won during a trading session since Dec. 20 last year. Also, the daily increase of the won-dollar exchange rate on Friday was the largest daily gain since last June. The U.S. Dollar Index (DXY), a measure of the

Feb 17, 2023By Anna J. Park
Won-dollar rate soars on growing fears of prolonged US monetary tightening
previous page
108109110111112
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.