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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

Korea Fintech Week 2023 brings financial giants and startups together

Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore (MAS), delivers a keynote speech for the opening ceremony of Korea Fintech Week 2023 at Dongdaemun Design Plaza in Seoul, Wednesday. Korea Times photo by Anna J. ParkAnnual global fintech event draws 107 domestic and foreign firms, organizations By Anna J. ParkKorea's fintech sector will be strengthening partnerships with major financial groups, seeking win-win strategies in an accelerated digital transformation era. While fintech enterprises can spur the development of traditional financial giants by providing innovative business-to-business (B2B) models, fintech venture firms' ingenious services will also reach a wider number of customers, utilizing major financial groups' platforms. The closer partnership between the fintech industry and the major financial groups is also one of the three main policy directions set by the Financial Services Commission (FSC), the country's top financial regulator, to support the sustainable growth of the local fintech sector. Financial Services Commission Vice Chairman K

Aug 30, 2023By Anna J. Park
Korea Fintech Week 2023 brings financial giants and startups together
Economy

COVID-19 special loan repayments on track for 'soft landing'

Financial Services Commission (FSC) Secretary General Lee Se-hoon speaks during a press briefing at the government complex in Seoul, Tuesday. Courtesy of FSCBy Anna J. ParkMassive amounts of special loans and benefits granted to small and medium-sized enterprises (SMEs) and mom-and-pop businesses during the COVID-19 crisis are on a stable path to repayment, according to the top financial regulator.The Financial Services Commission (FSC) Secretary General Lee Se-hoon said during a press briefing on Tuesday that both the number of beneficiaries and the loan balances have been on a gradual decrease, indicating a stable soft landing of the debt crisis incurred from the pandemic. “The aggregated amount of the pandemic-induced financial support has decreased to 76.2 trillion won ($57 billion) at the end of June, from about 100.1 trillion won at the end of September last year. The number of beneficiaries granted the support also fell to 351,000 individuals in June, from 434,000 people at the end of last September,” FSC Secretary General Lee said, explaining the loan balances and

Aug 29, 2023By Anna J. Park
COVID-19 special loan repayments on track for 'soft landing'
Banking & Finance

KDIC resumes M&A process of MG Non-Life Insurance

The headquarters of MG Non-Life Insurance in southern Seoul / YonhapLitigation risks remainBy Anna J. ParkThe Korea Deposit Insurance Corporation (KDIC) has officially kicked off the M&A bidding process for MG Non-Life Insurance this week. Samjeong KPMG, the lead sale manager of the deal, plans to receive Letter of Intent (LOI) submissions by potential buyers by Oct. 5 in order to select preliminary bidders. Aiming to reduce burdens on potential buyers, the KDIC plans to apply the purchase and assumption (P&A) method for MG Non-Life's sale. Unlike a traditional M&A approach, P&A involves a selective transfer of assets and liabilities, allowing a potential buyer to exclude some of the non-performing assets and subordinate debts. It is also the most common and preferred method used by the U.S. Federal Deposit Insurance Corporation (FDIC) in handling failing banks. It is the KDIC's second attempt to publicly sell the company this year alone. The state-run deposit insurer initiated the sale process of the company in January, only to see no buyers show up due to concerns o

Aug 29, 2023By Anna J. Park
KDIC resumes M&A process of MG Non-Life Insurance
Economy

FSC emphasizes importance of exporting financial infrastructure model

Financial Services Commission Vice Chairman Kim So-young speaks during a conference held to foster overseas expansion of domestic financial infrastructure in Seoul, Monday. Courtesy of FSCBy Anna J. ParkFinancial authorities plan to announce a set of measures aimed at fostering exports of local financial infrastructure models during the second half of this year. Financial infrastructure refers to an underlying technological system for financial transactions, such as payments and remittances.The Financial Services Commission (FSC), the top financial regulator in the country, held a conference, Monday, under the theme of activating financial infrastructure expansion overseas.Cases of successful exports of local financial infrastructure systems were shared during the conference, while mid- and long-term strategies to support the overseas expansion of the system were discussed. FSC Vice Chairman Kim So-young emphasized that the export of local financial infrastructure would lead to deepening mutual international cooperation and networks with the importing countries, which are mostly in t

Aug 28, 2023By Anna J. Park
FSC emphasizes importance of exporting financial infrastructure model
Banking & Finance

Why do minority shareholders of HMM endorse Hapag-Lloyd's bid?

An HMM ship at sea / Courtesy of HMMDomestic maritime and port industry opposes HMM's sale to overseas company By Anna J. ParkFollowing the end of preliminary bidding early last week to acquire HMM, some of the container transport company's minority shareholders have come together to support an acquisition bid by German shipping giant Hapag-Lloyd.According to the financial industry and the minority shareholders' association, some of the minority shareholders of the group have been gathering shareholder proxy statements through their online community set up in Naver Cafe platform, aiming to endorse Hapag-Lloyd as the most suitable candidate for the acquisition.“Korea Development Bank (KDB) and the Korea Ocean Business Corporation (KOBC) have made decisions that undermine the shareholder value of HMM,” Hong Yi-pyo, the head of the minority shareholders' alliance, said. “The minority shareholders' alliance sees Hapag-Lloyd as the candidate that can enhance HMM's corporate value, when considering its dividend payout ratios and business synergy effects,” Hong added

Aug 28, 2023By Anna J. Park
Why do minority shareholders of HMM endorse Hapag-Lloyd's bid?
Economy

Companies call for delay of mandatory ESG disclosure

gettyimagesbankBy Anna J. ParkCompanies with a capital size of over two trillion won ($1.5 billion) will be obligated to publish disclosures on their environmental, social and corporate governance (ESG) activities from 2025. However, a recent survey shows even large conglomerates find the timeline too hasty.According to the survey conducted by the Korea Chamber of Commerce and Industry (KCCI) on 100 member companies' ESG executives and staff, 56 percent of the respondents said they think it would be appropriate to postpone the mandatory ESG disclosure deadline for at least one more year. They also said a grace period of two to three years of responsibility exemption should be introduced.Most of the companies surveyed, or 88 percent of the respondents, acknowledged the importance of ESG disclosure. They cited reasons such as providing important information to stakeholders and identifying risks and opportunity factors for investment decision-making, as rationale behind mandatory disclosure. However, 90.6 percent of companies that currently engage in voluntary ESG disclosure said that t

Aug 27, 2023By Anna J. Park
Companies call for delay of mandatory ESG disclosure
Economy

Financial regulator reinvestigates three infamous PEF fraud cases

The headquarters of the Financial Supervisory Service (FSS) in Yeouido, Seoul / NewsisBy Anna J. ParkThe Financial Supervisory Service (FSS) plans to relaunch an investigation next month into various banks and securities firms that sold fraudulent funds linked to Discovery Asset Management, according to industry officials, Sunday.The reinvestigation into the sellers comes as the financial watchdog agency recently discovered new evidence of criminal allegations related to the funds' operation. FSS officials say the Industrial Bank of Korea (IBK), the largest seller of the funds since 2017, will be included in the investigation. The funds ended up wreaking havoc on over a thousand customers with the amount of damage reaching 261.2 billion won ($196 million) until their redemption was suspended in April 2019 amid mis-selling allegations.The prosecution also launched a full-scale reinvestigation into the Lime fund crisis, another major fund scandal, which resulted in damage totaling 1.6 trillion won in 2019. Prosecutors said they began examining the case since May. Prosecutors' investiga

Aug 27, 2023By Anna J. Park
Financial regulator reinvestigates three infamous PEF fraud cases
Banking & Finance

Naver Pay to expand as comprehensive financial platform

Naver Pay's new logo unveiled on Thursday / Courtesy of Naver PayBy Anna J. ParkNaver Pay has declared its new roadmap to expand into a comprehensive financial platform by widening the horizons of finance through technology. The fintech company has so far primarily focused on providing the country's leading online simplified payment services. Park Sang-jin, CEO of Naver Pay, unveiled the roadmap in his presentation titled “Naver Pay's evolution into a tech-based financial platform” during the Dan 23 Conference held at the Grand Intercontinental Seoul Parnas on Thursday afternoon. The Dan 23 Conference is an event held to share Team Naver's AI-focused technological vision and business plans with users, partners, and investors. Naver Pay Park Sang-jin speaks during the Dan 23 Conference at the Grand Intercontinental Seoul Parnas in Seoul, Thursday. Courtesy of Naver Pay“We have been exploring opportunities for innovative finance through the vast database comprised of 33 million Naver Pay members' order and payment records, 10 million members' 'My Asset' registered inf

Aug 24, 2023By Anna J. Park
Naver Pay to expand as comprehensive financial platform
  • Naver launches hyperscale generative AI to counter ChatGPT
Banking & Finance

KCGI urges Hyundai Elevator to transform board

The headquarters of Hyundai Elevator in Chungju, North Chungcheong Province / Courtesy of Hyundai ElevatorBy Anna J. ParkKCGI Asset Management (KCGI AM) has urged Hyundai Elevator to remove Hyun Jeong-eun, the incumbent chair of Hyundai Elevator's board of directors, from the board to bring more transparency and independence to the firm's corporate governance by separating the ownership and management. KCGI holds about a 2 percent stake in common shares of Hyundai Elevator. The asset manager cited conflicts of interest as the core reasons for demanding her resignation from the board chair. Hyun, who's also Hyundai Group Chair, is serving as an inside board member at multiple affiliated companies of the group. She holds concurrent positions as an inside director at other subsidiaries of the group as well, including Hyundai Asan, Hyundai Movex and Able Hyundai Hotel & Resort. “KCGI AM believes governance at Hyundai Elevator must be brought in line with global standards. The Board of Directors (BOD) in particular needs stronger independence and transparency as there is concern

Aug 24, 2023By Anna J. Park
KCGI urges Hyundai Elevator to transform board
Economy

INTERVIEW Korea Finance Society showcases power of community building via mentorship

Korea Finance Society (KFS) President Mark Kim is a vice president at Anchorage Capital Group in New York. Courtesy of Mark Kim By Anna J. ParkHeadquartered in New York, the Korea Finance Society (KFS) is a renowned organization for Korean and Korean American finance professionals with over 3,000 members, ranging from some of the most high-profile financial leaders like Joseph Bae, co-chief executive officer at KKR & Co., to young college mentees aiming to work in Wall Street after graduation.Since it was co-founded in 2009 by Mike Joo, COO of Global Corporate & Investment Banking and Head of North America at Bank of America (BofA) Securities, and Sandor Hau, Managing Director and Head of Credit at Charlesbank Capital Partners, the organization has grown exponentially over the last 15 years, providing a solid network platform for mentorship, forums and social gatherings to facilitate members' growth in the finance industry.Currently, the vast majority of its members

Aug 24, 2023By Anna J. Park
[INTERVIEW] Korea Finance Society showcases power of community building via mentorship
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