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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

KB Securities' CEO Park Jeong-rim wins IDC DX Award

By Kim Bo-eunKB Securities Co-CEO Park Jeong-rimKB Securities Co-CEO Park Jeong-rim received an award recognizing her efforts in the brokerage's digital innovation, the company said Wednesday.The International Data Corporation Korea (IDC) presented Park the CEO award in this year's Digital Transformation Awards (DX) held Tuesday.The IDC DX selects companies in the Asia-Pacific region that lead in digital innovation. The award is given in 12 countries in the region.The CEO award is newly added to the existing list of awards. KB Securities said Park was awarded for setting up a digital innovation vision for the brokerage, developing a new platform-based business model, expanding partnerships with fintech and bigtech entities and establishing a flexible corporate culture and smart working environment.KB Securities has partnered with video game developer NCSOFT and the investment firm December & Company to set up a joint venture entity offering artificial intelligence-based investment services."Digital transformation is no longer an option but has become essential to deal with the ch

Oct 22, 2020By Kim Bo-eun
KB Securities' CEO Park Jeong-rim wins IDC DX Award
Banking & Finance

KB Kookmin Bank's Hur Yin set to serve another term

KB Kookmin Bank CEO Hur Yin signs up for a financial product in which the lender collaborated with boy band BTS, at a branch on Yeouido, Seoul, June 21, 2018. / Courtesy of Kookmin BankBy Kim Bo-eunKB Financial Group said incumbent KB Kookmin Bank CEO Hur Yin has been selected in a committee meeting Tuesday as the sole candidate for the next chief of the lender.The group said the committee will interview Hur next month for a final review and his appointment will be approved at a scheduled shareholders' meeting. Hur will begin his new term on Nov. 21 and it will run through to the end of 2021.The committee said it took into account Hur's achievements during his term in reviewing his eligibility for another term as CEO.Hur has also served as Kookmin Bank's head of sales and as CFO, through which he gained experience in sales, strategy and loans."He is able to stably manage the organization and bring forth substantial change," the committee said.Hur has led the bank since November 2017. The first term of CEOs in the financial sector is two years and they serve additional one-year terms

Oct 20, 2020By Kim Bo-eun
KB Kookmin Bank's Hur Yin set to serve another term
Banking & Finance

State-run agency provided housing guarantee for foreign owner of 42 homes

A man walks past a realtor's office in this file photo. / Korea Times fileBy Kim Bo-eunThe Korea Housing & Urban Guarantee Corporation (HUG) has come under scrutiny for having provided a housing loan guarantee to a foreign resident who owns 42 apartments here.Data from Rep. So Byung-hoon of the Democratic Party of Korea shows the state-run housing guarantee corporation in November last year became a guarantor for a mortgage for a house in the city of Euiwang in Gyeonggi Province owned by a U.S. national.HUG is a government agency that assumes a debt obligation in the event the borrower defaults.The U.S. citizen registered to operate a housing rental business in April 2018.The lawmaker estimated the amount guaranteed by the corporation would be around 840 million won. "The land ministry needs to look into why HUG provided a housing loan guarantee to a foreign landlord owning multiple properties, when the agency should be working for people's housing stability," So said.The American was found to own the sixth largest number of houses among non-Korean landlords here.The landlord in

Oct 16, 2020By Kim Bo-eun
State-run agency provided housing guarantee for foreign owner of 42 homes
Banking & Finance

Woori Bank looks into grounds to dismiss unfairly hired employees

Woori Bank's headquarters in central Seoul / Korea Times fileBy Kim Bo-eunWoori Bank said Thursday it has begun looking into the legal grounds to cancel the recruitment of 19 employees involved in unfair hiring by the lender from 2015 to 2017."We have begun a procedure for a legal review on canceling the hiring of employees who unfairly joined the bank, an issue which was raised at the National Assembly audit on Tuesday," Woori Bank said in a statement.The FSS inspected 11 commercial banks on suspicions of irregular hiring practices by banks after the issue was raised at the National Assembly in 2017. It found irregularities in 22 cases and forwarded them to the prosecution. The prosecution indicted seven banks for having hired certain applicants by manipulating their scores. A top court ruling was made on the Woori Bank case and trials are ongoing for Shinhan, KB Kookmin and Hana banks.Rep. Bae Jin-gyo of the Justice Party said 41 out of 61 illicitly hired employees were still working for the four major lenders. Investigations showed a total of 37 applicants who had failed to pass t

Oct 16, 2020By Kim Bo-eun
Woori Bank looks into grounds to dismiss unfairly hired employees
Banking & Finance

Shinhan Card upgrades 'Face Pay' at CU convenience store

A Shinhan Card customer uses Face Pay to buy goods at a CU convenience store at Hanyang University in Seoul. / Courtesy of Shinhan CardBy Kim Bo-eunShinhan Card said Friday it has upgraded its "Face Pay" system ― based on facial recognition ― that operates at a CU convenience store in Seoul.BGF retail's CU convenience store on Hanyang University's campus in eastern Seoul began accepting Face Pay payments in April. The system has been upgraded so that customers can be tracked as soon as they enter the store.This allows the store to operate at night without an employee because the system enables facial recognition when customers enter and when payments are made.Shinhan is the first local card firm to develop such a payment system.Customers can use it after registering their card and facial data with Shinhan Bank and the CU convenience store.Once registered, customers can make purchases without having to carry plastic cards or smartphone applications.The Financial Services Commission earlier recognized Shinhan Card's Face Pay as an "innovative financial service." Shinhan plans to increa

Oct 16, 2020By Kim Bo-eun
Shinhan Card upgrades 'Face Pay' at CU convenience store
Banking & Finance

Will card firm CEOs serve second terms?

By Kim Bo-eunShinhan Card CEO Lim Young-jinAttention is focusing on whether the chiefs of Shinhan, KB and Woori's card units and BC Card will serve further terms, as their current ones come to an end in December.Given Shinhan, KB and Woori managed to keep up earnings amid the COVID-19 pandemic, their CEOs are seen as likely to secure another term. Shinhan Card recorded 302.5 billion won in net profit in the first half of the year, up 11.5 percent from the same period last year. Shinhan Card's Lim Young-jin, who has served as CEO since March 2017, has been recognized for his achievements in bringing up earnings from auto installment financing and overseas subsidiaries.KB Kookmin Card CEO Lee Dong-cheolThe company launched Shinhan Vietnam Finance in the Southeast Asian country in July last year, after taking over the Prudential Vietnam Finance Company in 2018.It has also been acknowledged for its digital services including facial recognition payment service. KB Kookmin Card's net profit came to 163.8 billion won in the first half, a 12.1 percent jump.Under the leadership of CEO Lee Don

Oct 15, 2020By Kim Bo-eun
Will card firm CEOs serve second terms?
Economy

Talks over overhauling financial supervisory system reignited

Financial Services Commission Chairman Eun Sung-soo speaks during an audit of the agency at the National Assembly in Seoul, Monday. / YonhapBy Kim Bo-eunThe decades-old controversy over the financial authorities' supervisory system has been reignited amid the National Assembly's annual audit of government agencies.Currently, the finance ministry is in charge of external policies, while the Financial Services Commission (FSC) focuses on domestic policies. The Financial Supervisory Service (FSS), under the FSC, is in charge of supervising financial firms. Previously, the finance ministry was also in charge of the domestic policies of the financial industry, and the FSC and FSS comprised one body.Under the current system, the three bodies' roles overlap to some degree and there have been calls to integrate them to boost efficiency.Disputes have resurfaced because of criticism that under the current system the FSS is unable to effectively supervise financial firms. This comes after a series of scandals involving investment firms' poor management of funds, causing substantial losses for i

Oct 14, 2020By Kim Bo-eun
Talks over overhauling financial supervisory system reignited
Banking & Finance

FSS to investigate Samsung Securities over merger

Financial Supervisory Service Governor Yoon Suk-heun speaks at an audit of the agency at the National Assembly on Yeouido, Seoul, Tuesday. / YonhapBy Kim Bo-eunThe Financial Supervisory Service (FSS) will look into Samsung Securities' alleged violations of the capital market act in its alleged involvement in the controversial merger of Samsung Group's affiliates in 2015, FSS Governor Yoon Suk-heun said Tuesday.The remarks came as Rep. Park Yong-jin of the Democratic Party of Korea (DPK) raised the issue at this year's annual National Assembly audit of the agency.The lawmaker urged financial authorities to take immediate action to look into the allegations that Samsung Securities intervened in the merger of Samsung C&T and Cheil Industries that took place in September 2015. The brokerage was an adviser for Cheil Industries in the merger, but is alleged to have hid the fact and utilized its private bankers to secure Samsung C&T shareholders' right to vote in support of the merger.“We agree with the stance that the probe needs to be launched speedily,” Yoon said. &ld

Oct 13, 2020By Kim Bo-eun
FSS to investigate Samsung Securities over merger
Economy

How US election will affect investors' portfolio

This combination of file pictures created Sept. 29 shows Democratic presidential candidate and former U.S. Vice President Joe Biden, and U.S. President Donald Trump speaking during the first presidential debate at the Case Western Reserve University and Cleveland Clinic in Cleveland, Ohio. AFP-YonhapBy Kim Bo-eunInvestors have less than a month left to possibly readjust their portfolios before the results of the U.S. presidential election, as some of them think the outcome will have a big impact on the markets.Analysts note that stock markets don't like “uncertainty,” and given President Donald Trump's repeated and continued confrontation with China, if he is reelected, they believe shares related to defense, AI, memory chips and fifth generation (5G) networks will get upside momentum.On the flip side, a Joe Biden win would lead to investments in infrastructure, especially for renewable energy, based on Biden's election pledges. He has vowed to invest $2 trillion in clean energy and infrastructure.“Stocks related to renewable energy and the environment will ben

Oct 12, 2020By Kim Bo-eun
How US election will affect investors' portfolio
Banking & Finance

FSS in dilemma over top court's ruling supporting Samsung Life

By Kim Bo-eunThe Financial Supervisory Service building's entrance on Yeouido, Seoul / Korea Times fileThe Financial Supervisory Service (FSS) is in a dilemma over its plans to take action against Samsung Life Insurance over its refusal to make payments for claims on cancer insurance policies, after the top court ruled in favor of the insurer in a legal dispute on the matter.The head of a group of claimants, surnamed Lee, filed a suit against Samsung Life in November 2017 over its nonpayment of a cancer insurance claim, but the Supreme Court last month dismissed an appeal against a lower court's ruling. Lee's disputed insurance claim centered on expenses for treatment at a rehabilitation center after undergoing cancer surgery and treatment at a general hospital in 2017. She spent six months at the center the same year.Samsung Life provided Lee 94.88 million won in payments for the cancer diagnosis and surgery, but stated it would not pay the 55.58 million won in expenses accrued at the center.The lower court stated that it could not recognize the expenses of treating after effects or

Oct 12, 2020By Kim Bo-eun
FSS in dilemma over top court's ruling supporting Samsung Life
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