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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

Public financial data marks 171 million views since opening in 2020

gettyimagesbankFlood-damaged vehicle verification to be available by NovemberBy Anna J. ParkSince the opening of financial data held by public institutions in June 2020, the total number of data queries reached over 171 million, according to the Financial Services Commission (FSC) on Tuesday.As of June 2023, the Public Data Portal (www.data.go.kr) provides 91 APIs and 298 specific themes across nine different categories. Application Programming Interface (API) is a set of protocols that allows different software applications to communicate and interact with each other, providing developers with access and use the functionalities of other software. Among the data queries, the top three most searched are corporate financial information, stock rights schedule information and borrowing status of investment. Compared to the previous year, the number of queries for stock rights schedule information increased significantly. While the total number of data views reached over 171 million, there have been 15,620 applications for API utilization. With regard to API applications, stock price info

Jul 18, 2023By Anna J. Park
Public financial data marks 171 million views since opening in 2020
Banking & Finance

K bank becomes first to provide web firm banking services

K bank headquarters in central Seoul / Courtesy of K bankBy Anna J. ParkK bank has become the first local internet-only bank to launch web firm banking services. The digital bank announced on Monday that it has recently commenced offering firm banking services to an online second-hand market platform. Firm banking refers to financial payment and settlement services provided by banks specifically tailored for a particular business or company. It involves a range of financial products and services designed to meet the unique needs of each company. In particular, the internet-based service, which K bank provides to corporate clients, enables convenient access for users without requiring the installation of separate dedicated lines (for communication) or restricting service subscribers to utilizing specific lines. This also removes network usage fees, which come with firm banking services provided by other domestic banks.Based on the strengths of web-based firm banking, K bank plans to increase the number of corporate partners relying on the bank's firm banking services and become a lead

Jul 17, 2023By Anna J. Park
K bank becomes first to provide web firm banking services
Economy

FSS launches online portal to speed up licensing processes

The START portal / Screenshot from Financial Supervisory Service (FSS) websiteBy Anna J. ParkThe Financial Supervisory Service (FSS) launched an online portal Monday that streamlines and guides the financial authorities' licensing and accreditation processes. The move aims to bring more transparency, clarification and speed to the process as one of the state-run watchdog agency's key policy goals for this year. The website, named START Portal, is easily accessed from the menu of the FSS' official website. Applicants for the financial authorities' accreditation process can view a total of 177 related tasks at a glance on the site and apply for their intended procedure through it. The 177 tasks are largely categorized into four sub-sections ― licensing, approval, registration and report. Applicants can also check on differentiated licensing procedures for banks, non-banks, investment and insurance firms. The site also offers detailed evaluation criteria, required documents and manuals for the licensing process. Site users can save time figuring out the latest regulations, instructions

Jul 17, 2023By Anna J. Park
FSS launches online portal to speed up licensing processes
Economy

FSS, banks to draw up 'best practice' guidelines on corporate governance

The headquarters of the Financial Supervisory Service (FSS) in Yeouido, Seoul / NewsisBy Anna J. ParkThe Financial Supervisory Service (FSS) and banks have jointly launched a taskforce team to cooperate in setting up guidelines for the banking industry's best practices in corporate governance. The FSS announced Sunday that the kickoff meeting of the taskforce team took place late last week, drawing participants from eight financial holdings companies as well as the Korea Federation of Banks (KFB).“Despite recent advancements in the corporate governance of banks in Korea, it is still regarded as insufficient, when compared to global standards. For instance, the boards of banks are not properly functioning at all, with regards to their essential role of overseeing and checking the banks' management,” Lee Joon-soo, Senior Deputy Governor at the FSS, highlighted. “Some point out that banks' process for CEO appointment, as well as management succession procedures, remain perfunctory, lacking fairness and transparency,” Lee stressed, adding that the board members of

Jul 16, 2023By Anna J. Park
FSS, banks to draw up 'best practice' guidelines on corporate governance
Economy

Financial authorities overhaul guidelines on accounting fraud investigations

The Financial Services Commission (FSC) at the government complex in central Seoul / Courtesy of FSCBy Anna J. ParkExternal auditors will now be required to notify a company's internal audit department whenever they discover a case of accounting fraud amounting to 5 billion won ($3.9 million) or more. Companies will also be notified of accounting fraud committed by their staff members along with such violations by management, according to revised guidelines set by financial authorities on investigating accounting irregularities.The Financial Services Commission (FSC), the country's top financial regulator, as well as the Financial Supervisory Service (FSS), announced the revisions on Sunday, aiming to enhance the transparency of the local accounting system.The guideline was first drawn up in late 2019, following the government's introduction of the system of accounting irregularity investigations in 2018. The investigation refers to a process in which external auditors report any accounting fraud they discover during the audit process to a company's internal audit department. The int

Jul 16, 2023By Anna J. Park
Financial authorities overhaul guidelines on accounting fraud investigations
Banking & Finance

Korea's sovereign wealth fund posts 8.25 percent return in H1

Korea Investment Corporation (KIC) Chairman & CEO Jin Seoung-ho speaks during a press conference in central Seoul, Thursday. Courtesy of KICKIC to open up liaison office in India's Mumbai by end of this yearBy Anna J. ParkKorea Investment Corporation (KIC), the country's sovereign wealth fund, has posted an 8.25 percent return on traditional asset investment during the first half of this year, adding approximately $11.6 billion to the fund's net asset value of $180.9 billion, as of the end of June. During a press conference marking the KIC's 18th anniversary, KIC Chairman and CEO Jin Seoung-ho explained that the result is attributable to the increased preference for risky assets in the global market. “The prevalent market perception is that the peak of inflation has passed, mitigating concerns over further recession. The maintenance of solid fundamentals in real economies, including the U.S., has also contributed to the revival of psychological preference for risky assets among investors, which resulted in the rise of stock prices,” Jin said during a press conference

Jul 13, 2023By Anna J. Park
Korea's sovereign wealth fund posts 8.25 percent return in H1
Cryptocurrency

Prosecution to launch joint investigative team for crypto crimes

Seoul Southern District Prosecutors' Office / YonhapBy Anna J. ParkA joint investigation team focusing exclusively on cryptocurrency-related financial crimes will be launched by prosecutors and financial authorities as early as next month, according to the Seoul Southern District Prosecutors' Office, Wednesday. It will be first time for such a joint investigative team handling cryptocurrency crimes to be set up within the structure of prosecutors' offices. The investigative team will cover a wide range of fraud cases and other crimes related to digital coin trading, cryptocurrency price manipulation, the token nature of digital assets and more. Investigators with expertise in cryptocurrencies are also to be fostered and trained through the team. With the slated launch of the team, prosecutors' ongoing investigations involving illegal coin trading and fraudulent coin issuance are expected to be strengthened. Currently, the Seoul Southern District Prosecutors' Office is investigating the dubious coin investments and trading of Rep. Kim Nam-kuk, who dropped his membership in the main op

Jul 12, 2023By Anna J. Park
Prosecution to launch joint investigative team for crypto crimes
Economy

Overseas financial firms allowed to trade in Seoul's forex market: FSS chief

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a meeting with CEOs of foreign financial companies at the Fairmont Ambassador Seoul in Yeouido, Seoul, Wednesday. Courtesy of Financial Supervisory ServiceFSS governor vows to raise foreign investors' accessibility to Korean capital market By Anna J. ParkGlobal financial companies operating in overseas markets will be allowed to participate in Seoul's local foreign exchange (forex) market, according to Financial Supervisory Service (FSS) Governor Lee Bok-hyun. This is part of the financial authorities' measures to raise the Korean capital market's accessibility to foreign investors. During a meeting with heads of foreign financial companies operating in the country on Wednesday, the FSS chief said the Korean government is on course to ease forex market regulations, aiming to innovate the system to have a more open and competitive nature. “The financial authorities have decided to permit overseas financial companies, operating in other countries, to join the trading in Seoul's forex market. In addition, the

Jul 12, 2023By Anna J. Park
Overseas financial firms allowed to trade in Seoul's forex market: FSS chief
Banking & Finance

KakaoTalk app introduces stock trading function

An image of KakaoTalk logo / YonhapBy Anna J. Park Customers of Kakao Pay Securities are now able to purchase Korean and U.S. stocks through KakaoTalk, Korea's most frequently used mobile messenger app. The brokerage subsidiary of Kakao conglomerate announced Tuesday that the stock trading service became available on KakaoTalk earlier that day. The stock brokerage service allows customers to place orders on the Korean stock markets, as well as pre-markets, regular trading sessions and after-markets of the U.S. stock markets.Users can simply click the personal asset button in their KakaoTalk messenger to enter the main page of the Kakao Pay interface. They can check real-time prices and place or cancel stock purchase orders through the app. They can also receive KakaoTalk messages notifying them of order completion. A promotional image for Kakao Pay Securities' stock trading function in the KakaoTalk app / Courtesy of Kakao Pay SecuritiesHowever, in order to use the service through the mobile messenger, users should first open a stock account with Kakao Pay Securities. The Kakao Pay a

Jul 12, 2023By Anna J. Park
KakaoTalk app introduces stock trading function
Cryptocurrency

Financial authorities revise accounting rules for crypto assets to raise transparency

gettyimagesbankCryptocurrency information required in financial statements' commentary By Anna J. ParkCompanies that either hold digital assets or have issued cryptocurrencies will be obligated to start disclosing such information publicly next year. Detailed information ― including the amount, expected financial value and business models using the cryptocurrencies held or issued by companies ― shall be written down in the commentary section of their financial statements.This is according to revised accounting standard rules announced by the Financial Services Commission (FSC), Korea's top financial regulator, on Tuesday, aiming to raise transparency in accounting and public disclosures with regards to corporate ownership of cryptocurrency assets. The move follows the legislation of the country's first law on the protection of cryptocurrency users, which was passed in a plenary session of the National Assembly at the end of last month. “With the advent of blockchain-based technologies, transactions using digital assets have flourished and their impact on corporate accounting ha

Jul 11, 2023By Anna J. Park
Financial authorities revise accounting rules for crypto assets to raise transparency
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