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Kim Bo-eun

Korea Times Digital Content Reporter

Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.

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Banking & Finance

NongHyup Financial speeds up global expansion

NongHyup Financial Group Chairman Kim Gwang-soo / YonhapBy Kim Bo-eunNongHyup Financial Group is accelerating a drive to expand its global presence amid tough business conditions here.The group's bank unit filed for regulatory approval to switch its office in Beijing into a bank branch, signaling the start of it doing business there. NongHyup Bank is also preparing to set up branches in Hong Kong and in India, as well as Myanmar and Australia.According to the bank, it is in the process of receiving regulatory approval from the authorities in Hong Kong and Ho Chi Minh City ― it is also getting ready to apply for approval for the branch in Sydney, Australia.NongHyup has a subsidiary in Myanmar, the microfinance institution NongHyup Finance Myanmar, but is preparing to launch a bank branch there as well. It has opened an office in Yangon with plans to switch this to a bank branch. NongHyup, as an agricultural bank that has a focus on providing financing for farmers, is seeking to provide similar services there as Myanmar is an agriculture-based economy.The bank has an office in New Delh

Nov 12, 2020By Kim Bo-eun
NongHyup Financial speeds up global expansion
Banking & Finance

Shinhan facing calls to replace Korean-Japanese directors

By Kim Bo-eunShinhan Financial Group and Shinhan Bank's headquarters in central Seoul. / Korea Times fileShinhan Financial Group is facing repeated calls to improve the diversity and expertise of its outside directors, of which ethnic Koreans with Japanese nationality comprise 36 percent.Based on a comprehensive inspection of the financial group last year, the Financial Supervisory Service (FSS) directed Shinhan last month to make the changes based on corporate governance regulations.The regulations state that financial firms' outside directors, based on expertise and diversity, should be able to keep the company's management in check. More detailed regulations state that board members should not share a certain common background or represent the interests of certain occupations.Currently, four of Shinhan's 10 outside directors are Korean-Japanese. They are CYS CEO Choi Kyong-rok, Fedora CEO Jin Hyun-duk, Taisei Group Chairman Park An-soon and Primer Korea CEO Yuki Hirakawa. The regulator said the outside directors' expertise was focused on certain sectors such as entertainment that

Nov 11, 2020By Kim Bo-eun
Shinhan facing calls to replace Korean-Japanese directors
Economy

'Korea should look into CPTPP, capture opportunities in US reshoring'

gettyimagesbankBy Kim Bo-eunThe election of Democrat Joe Biden as U.S. president is drawing the attention of governments around the world to economic policies to be implemented under his administration, given that a shift will likely occur from the Trump government. This is expected in trade policies as Biden has shown his support for a multilateral framework rather than bilateral deals. The next president is also expected to push for re-shoring to boost the U.S. economy. Experts advise Korea to observe and prepare for policy shifts under the new U.S. administration that will be launched in January.Shift to multilateral framework, joining forces with alliesBiden's pledges are in contrast to existing policies under the current administration in a number of sectors, partly based on efforts to undo Trump's policies. In trade, Biden is not expected to deviate from U.S. policies pressuring China and may continue the tendency toward protectionism in the interests of the local economy. Yet, what may differ from Trump is a focus back to multilateralism.The Trump administration has disregarde

Nov 11, 2020By Kim Bo-eun
'Korea should look into CPTPP, capture opportunities in US reshoring'
Banking & Finance

'30,000 deaths caused by Samsung insurers' coal investments'

Members of the Korea Federation for Environmental Movements protest Samsung's insurance units' investments in coal-fired power plants, in front of the environmental group's headquarters in central Seoul, Tuesday. The group claimed Samsung's two insurers were responsible for the early deaths of over 30,000 people due to air pollution emitted by the power plants. / YonhapBy Kim Bo-eunEnvironmental groups are stepping up pressure on Samsung's affiliates to stop their coal-related investments. The Korea Federation for Environmental Movements (KFEM) staged a protest Tuesday in front of its headquarters in central Seoul, claiming coal-related investments by Samsung's insurance units have caused the early deaths of over 30,000 people, due to air pollution"Every year, up to 1,000 people die early from air pollution emitted from the 40 coal-fired power plants Samsung Life and Samsung Fire & Marine Insurance invested in," the group said. "Adding up the deaths caused during the 31-year operation of the power plants, the figure comes to 33,000.”Their claims are based on an analysis fro

Nov 10, 2020By Kim Bo-eun
'30,000 deaths caused by Samsung insurers' coal investments'
Economy

Korea on alert over possible shift in U.S. economic policy

Biden expected to move toward 'multilateral framework'By Kim Bo-eunThe government is closely watching for shifts in U.S. economic policy, after Democrat Joe Biden was declared president-elect four days after polls closed, Saturday, local time.The Ministry of Finance and Economy said Sunday it will strengthen the role of a taskforce designed to observe developments in the U.S. presidential election, keeping it running for the time being.A ministry official said the team was formed last month in consideration of the particularly contentious election."We do not set up separate teams each time there is a change in government in major economies. The taskforce was drawn up this time considering the impact on Korea of a U.S. change in government," the official said."The team will be keeping an eye on U.S. President Donald Trump's response, and president-elect Biden's foreign and economic policies."The taskforce will likely prepare for changes and devise policies accordingly.Ministerial meetings on the global economy led by Deputy Prime Minister and Finance Minister Hong Nam-ki will likely a

Nov 8, 2020By Kim Bo-eun
Korea on alert over possible shift in U.S. economic policy
Banking & Finance

Why is Naver offering banking services outside of Korea?

A mobile phone screen showing Naver's first mobile banking service launched in Thailand via its subsidiary Line this week. / Courtesy of LineBy Kim Bo-eunAttention is focusing again on why the country's IT giant Naver has forgone offering mobile banking services here and has instead ventured out to other markets in Asia, after Naver launched its first mobile banking service via its subsidiary Line in Thailand.Naver had been expected to launch the third internet bank here, after K Bank and Kakao Bank. Naver's decision not to take part in the race drew surprise, and questions have been raised over why the company has decided to offer mobile banking services outside the country instead.Locally, Naver has turned to offer financial services via its platform, as the dominant web portal here. In November last year, it set up a separate entity focusing on these services, Naver Financial. As the top portal here, Naver holds immense leverage as a platform given the traffic it is able to generate.Meanwhile, Naver's Japanese subsidiary Line said it launched its first mobile banking service in Th

Nov 6, 2020By Kim Bo-eun
Why is Naver offering banking services outside of Korea?
Economy

'Public health capability will be tied to economic success'

Former World Bank President Jim Yong Kim delivers a keynote speech via video to the Seoul International Finance Conference at the Conrad Hotel on Yeouido, Thursday. / Korea Times photo by Kim Bo-eunBy Kim Bo-eunAs countries around the globe battle the devastating economic effects of COVID-19, former World Bank chief Jim Yong Kim said government capabilities in containing infectious diseases will be crucial in determining future economic success.“Public health capabilities will be intimately tied to economic success for many years to come,” Kim said in an online speech to the Seoul International Finance Conference at the Conrad Hotel on Yeouido, Thursday. Kim said this is based on forecasts that the pandemic will not come to a complete end anytime soon.“If you listen to predictions of how effective vaccines may be, experts are saying 70 percent efficacy will be a wonderful accomplishment,” Kim said. “But this is nowhere near enough to reach herd immunity, a level large enough so that the overall population is protected. It is possible we won't even have a

Nov 5, 2020By Kim Bo-eun
'Public health capability will be tied to economic success'
Banking & Finance

AIA Korea launches upgraded healthcare platform

By Kim Bo-eunAIA Korea CEO Peter Chung / Courtesy of AIA KoreaAIA Korea introduced an upgraded version of AIA Vitality, its app-based healthcare platform, Wednesday.The pan-Asian life insurance company's local unit first introduced AIA Vitality in August 2018. The upgraded platform encourages customers to lead healthy lifestyles by offering insurance discounts and various other benefits. It is run on a paid membership basis.“AIA Vitality is a global health and wellness program that encourages healthy activity by insurance discounts,” AIA Korea CEO Peter Chung said in an online press conference.The Vitality program has been launched in markets around the world.AIA Korea has partnered with SK Telecom, SK C&C and Samsung Electronics to launch the upgraded platform. SK Telecom and AIA Korea have worked together in the past on healthcare programs, and SK C&C undertook the development of the AIA Vitality app. Samsung Electronics is a new partner, collaborating with AIA via its latest Galaxy watch.Users of AIA Vitality are required to pay a monthly fee of 5,500 won. They

Nov 4, 2020By Kim Bo-eun
AIA Korea launches upgraded healthcare platform
Economy

Will Woori privatization make progress this year?

Woori Financial Group's headquarters in central Seoul. / Korea Times fileBy Kim Bo-eunThe government's sale of shares in Woori Financial Holdings ― enabling the full privatization of the group ― has remained pending for the past year.The Financial Services Commission's plan unveiled last year was to start selling Woori shares held by the government via the Korea Deposit Insurance Corp. this year and complete the sale by 2022.But the Public Funds Management Committee (PFMC) meeting on Oct. 26 did not decide on any action plan for the immediate future.The government had sought to push forward with the plan as soon as circumstances allowed, but Woori's share price has stopped authorities from acting.Government shares in Woori represent funds that were poured in to keep the bank afloat during the Asian Financial Crisis of 1997. The government injected 12.8 trillion won, of which 11 trillion won has been recouped.Woori's share price needs to be at least 12,350 won for the government to recoup the remainder.It exceeded 10,000 won in January, but has showed a downtrend over the year and has

Nov 3, 2020By Kim Bo-eun
Will Woori privatization make progress this year?
Economy

Controversy arises over lax punishment of FSS employee

A person walks past the entrance of the Financial Supervisory Service on Yeouido in Seoul in this file photo. / YonhapBy Kim Bo-eunThe Financial Supervisory Service (FSS) has come under fire for lax punishment of an employee embroiled in a massive scandal involving Lime Asset Management.An employee of the agency's division inspecting investment firms was punished by salary cut earlier this month, for handing over documents containing plans to inspect Lime Asset Management at a hostess bar last year, according to the FSS.The supervisory authority faces criticism given the employee only got a three-month cut in monthly salary, whereas the CEOs of financial firms that distributed Lime's funds have been notified of sanctions that will bar them from serving positions in the financial sector.The FSS employee was called to a hostess bar by a former senior FSS official who had been dispatched to Cheong Wa Dae. The employee handed the documents to the man, who then provided them to Kim Bong-hyun, a key suspect in the Lime scandal. Kim and the former Cheong Wa Dae-dispatched official are known

Nov 1, 2020By Kim Bo-eun
Controversy arises over lax punishment of FSS employee
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