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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

Brokerages operate 24-hour support desks for overseas trading during Lunar New Year

GettyimagesbankBy Anna J. Park Most major securities companies have decided to operate a support desk for their customers' foreign stock trading open 24 hours a day throughout the Lunar New Year long weekend, from Saturday to next Tuesday. Firms expect the demand for trading foreign stocks will rise higher, as local stock markets will be closed next Monday and Tuesday due to the holiday. Some other Asian stock markets will be closed during the period as well. China's stock markets will be closed for five days from Monday to Friday next week, while Hong Kong's markets will close for three days from Monday to Wednesday. Singapore's markets will close for two days on Monday and Tuesday, just like Korea's, and Vietnam's markets will close for four days from Monday to Thursday. Indonesian stock markets will be closed only on Monday. But while these Asian stock markets will be closed for the holiday, other major countries' stock markets will be operating as usual, including the U.S., Canada, the U.K. and most European stock markets. Data from the Korea Securities Depository showed that ret

Jan 20, 2023By Anna J. Park
Brokerages operate 24-hour support desks for overseas trading during Lunar New Year
Economy

FSC to scrap foreign investor registration system

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a deregulatory meeting held at the headquarters of the Korea Financial Investment Association (KOFIA) on Yeouido, Seoul, Thursday. Courtesy of FSCGov't aims to facilitate foreign investors' access to Korean capital marketBy Anna J. ParkThe requirement for foreign investors to register their identities before making investments in Korea will be lifted, as the financial authorities aim to innovate the country's regulations to better conform to global standards. This development is according to the Financial Services Commission (FSC), the country's top financial regulator, on Thursday, as it held its ninth deregulatory meeting ― with a total of 15 related ministry chiefs as well as private market experts ― earlier in the day. During the meeting, the participants decided to push forward with regulatory changes to facilitate the convenience of foreign investors investing in the Korean market. First off, the financial authorities plan to scrap the country's long-held requirement for foreign investors to register their

Jan 19, 2023By Anna J. Park
FSC to scrap foreign investor registration system
Banking & Finance

Mirae Asset marks 15th anniversary in India

Mirae Asset Financial Group Chairman Park Hyun-joo, center, stands next to officials from Mirae Asset Global Investments' India entity on Jan. 13 in Mumbai, India. Courtesy of Mirae Asset Global InvestmentsBy Anna J. ParkMirae Asset Global Investments celebrates the 15th anniversary of its operations in India, having entered the country in 2008. The firm announced earlier this week that Mirae Asset Global Investments is currently India's only independent foreign asset manager. With its fund deposits reaching some 21 trillion won ($17 billion) as of the end of December 2022, Mirae Asset has grown into India's ninth-best asset management company. When compared to 15 years ago, the amount of fund deposits rose over 100 times. The number of retail accounts registered at the firm's India entity also soared rapidly to 5.5 million as of the end of last year, from 2.8 million in 2020. The firm's success in the country is attributed partly to its aggressive investments, while other major global asset managers decided to withdraw from the country during the aftermath of the global financial cr

Jan 19, 2023By Anna J. Park
Mirae Asset marks 15th anniversary in India
Banking & Finance

Woori Financial chief decides not to seek another term

Woori Financial Group Chairman Son Tae-seung / Courtesy of Woori Financial GroupBy Anna J. Park Woori Financial Group Chairman Son Tae-seung has officially decided to wrap up his four-year term ending in March this year, and not to seek another term as group chief. “Today, I'd like to say that I am also joining a generational shift movement that's been trending in the local financial industry,” Son said in an official statement released Wednesday. “I expect the board's executive recommendation committee to appoint a capable chairman who can lead the group's development based on the values of its complete privatization,” the statement continued. He also thanked the group's customers and conveyed his hope for the group's continued success. Earlier in the day, Son informed the board members of his intent not to run for another chairmanship term. The board has been working on making a long list of candidates for the group's next chairman, which is now expected to include 12 names. Market watchers view that Son's decision not to seek another term was largely influe

Jan 18, 2023By Anna J. Park
Woori Financial chief decides not to seek another term
Banking & Finance

How will Woori benefit from takeover of Daol Investment?

Woori Financial Group headquarters in central Seoul / Courtesy of Woori Financial GroupBy Anna J. Park Woori Financial Group has been tapped as a preferred bidder for a takeover of Daol Investment, Korea's oldest venture capital firm and one of its best. The deal is expected to present a win-win outcome, as it should bolster Woori's non-banking business portfolio, while Daol Financial Group can dispel market concerns over its cash flow.Daol Investment's public disclosure information uploaded on Tuesday afternoon confirmed the deal, stating that the company signed an MOU with Woori Financial earlier that day. According to the agreed deal, Woori Financial will take over a 52 percent stake as well as the management rights of the venture capital firm from its largest shareholder, Daol Investment & Securities, Daol Financial Group's brokerage arm. The price that both companies agreed upon is known to be around 210 billion won ($169 million). The two companies are slated to begin due diligence soon, aiming to sign a stock purchase agreement (SPA) in the next month and to close the deal

Jan 18, 2023By Anna J. Park
How will Woori benefit from takeover of Daol Investment?
Banking & Finance

Is Apple Pay's Korea launch imminent?

Image captured from Hyundai Card CEO Chung Tae-young's Instagram post / Courtesy of InstagramFSC still examining Apple Pay's compatibility with local privacy law By Anna J. ParkIt seems Apple Pay's long-awaited official launch in Korea is expected to take place as soon as next month. Some people estimate that the launch date will be Feb. 8, and here's why. Hyundai Card CEO Chung Tae-young posted a photo of eight apples on his Instagram account last Friday, with a caption that reads, “Lovely Apple.” Many of Chung's Instagram followers interpreted the photo as a message that Apple Pay will launch in Korea on Feb. 8, saying the photo hints at the official launch date of the payment service. One of the replies to the post reads: “This means Apple Pay will be launched on Feb. 8, thank you!”In addition, Hyundai Card revised its bylaws on electronic financial transactions recently, to take effect Feb. 20. The most noticeable revision to the bylaw stipulates the card company's duty to secure the safety and credibility of electronic financial transactions. Market watch

Jan 17, 2023By Anna J. Park
Is Apple Pay's Korea launch imminent?
Banking & Finance

KOFIA's new chief vows to cooperate with authorities to support market liquidity

Korea Financial Investment Association (KOFIA) President Seo Yoo-seok speaks during a press conference held at KOFIA's headquarters located on Yeouido, Seoul, Tuesday. Courtesy of KOFIABy Anna J. Park Seo Yoo-seok, who was sworn in as the 6th president of the Korea Financial Investment Association (KOFIA) in late December, vowed to cooperate closely with financial authorities to support necessary market liquidity in times of increased economic uncertainty.In his new year's message announced during a press conference held at the KOFIA headquarters in Yeouido, Seoul, Tuesday, Seo said the top priority of the association lies in overcoming the market crisis.“The financial investment industry is faced with a variety of tasks ranging from a reduced private equity fund market, fallen investor trust and stagnated public equity fund, to real estate market's project financing (PF) crisis borne by local brokerage companies. Amid such difficulties, the association will support the stabilization of the country's short-term capital fund market as it closely cooperates with the government an

Jan 17, 2023By Anna J. Park
KOFIA's new chief vows to cooperate with authorities to support market liquidity
Economy

KOSPI New Year rally contrasts with bearish performance in 2022

gettyimagesbankBy Anna J. Park Korea's main benchmark, the KOSPI, is reversing last year's bearish performance, as it continues its upward trend since the start of the new year. According to the Korea Exchange (KRX), the KOSPI index rose by 6.69 percent during the first two weeks of January, putting it at eighth among the G-20 countries' main benchmark bourse operators for the same period. The main benchmark's increase rate this year has exceeded that of other major countries, including the U.S., Japan and China. Argentina's MERVAL index ranked first with an increase rate of 19.83 percent during the first two weeks of this year, followed by Mexico's IPC index at 10.55 percent. Euro markets also showed strong upward moves, with EURO STOXX5 50, Italy's FTSEMIB, France's CAC40 and Germany's DAX30 following down the list. The KOSPI's bullish movements this year contrasts with its poor performance throughout last year, during which it fell by 24.89 percent annually. Due to its downward movements last year, the KOSPI ranked second to last among the G-20 countries' main stock market indices

Jan 16, 2023By Anna J. Park
KOSPI New Year rally contrasts with bearish performance in 2022
Economy

Gov't expected to ease rules on dollar remittance

Stacks of bundled dollar bills are photographed at Hana Bank in central Seoul / NewsisBy Anna J. ParkThe Korean government is expected to relax its long-held restrictions on foreign currency remittance as early as the second half of next year in a move to better suit global trends and standards, according to ministry officials, Monday.The envisioned change is part of the government's plan to enact a new legal framework regarding foreign exchange transactions. Currently, the Foreign Exchange Transactions Act ― which took effect in 1999 ― imposes various restrictions applied to foreign currency wire transfers exceeding $5,000 per transaction. For instance, an individual's dollar remittance exceeding $50,000 a year could only be wired through offline branches of a previously designated bank, after that person officially submits the reason for the remittance and the exact amount of money required. Aiming to replace the overly intrusive and antiquated law, the finance ministry is now reviewing guidelines for the new foreign exchange transaction law. The new law is expected to improve auto

Jan 16, 2023By Anna J. Park
Gov't expected to ease rules on dollar remittance
Banking & Finance

Average salary at major banks exceeds $80,000

ATMs set up by major Korean banks in Seoul / NewsisBy Anna J. ParkThe average annual salary of employees at five major local banks ― KB Kookmin, Shinhan, Hana, NongHyup and Woori ― has exceeded the 100-million-won ($80,500) mark, according to data submitted to ruling People Power Party lawmaker Rep. Yun Chang-hyun on Sunday. KB Kookmin Bank's average annual salary topped the list with 110.7 million won, as of 2021, followed by Shinhan and Hana's 105 million won, Woori's 101.7 million won and NongHyup's 101.6 million won. More specifically, the average annual salary of the five major banks' upper-10-percent income bracket stood at nearly 200 million won, as KB Kookmin Bank's average was at 197 million won, followed by Hana's 195 million won, Shinhan's 192 million won, Woori's 185 million won and NongHyup's 178 million won. The median annual salary of each of the five banks also exceeded the 100-million-won mark for KB Kookmin, Shinhan and Hana Banks, while both NongHyup and Woori Banks' median salaries fell slightly short of 100 million won.Both KB Kookmin and Shinhan's median salarie

Jan 15, 2023By Anna J. Park
Average salary at major banks exceeds $80,000
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