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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

Card firm battle intensifies between Samsung, KB

By Kim Bo-eunSamsung Card CEO Kim Dae-hwanSamsung and KB Kookmin Card are engaging in heated competition to become the No. 2 card firm after Shinhan, amid the leading company's shrinking market share.Shinhan's market share in terms of credit sales in the second quarter came to 21.33 percent, down 0.64 percentage points quarter-on-quarter. Shinhan has been the leading card firm among the seven local companies after integrating with LG Card in 2007, but has been seeing its market share fall since the fourth quarter of 2018.Kookmin Card took second place in the first quarter with a market share of 17.71 percent. It was the first time for Kookmin Card to come second since it became a separate entity from KB Kookmin Bank in 2011. However, the position was taken over by Samsung in the second quarter, which took up a market share of 18.16 percent. Both saw their market shares grow from the previous quarter. Samsung's market share in the second quarter was backed by earnings from corporate clients, growing 13 percent quarter-on-quarter.Meanwhile, KB Kookmin Card has been engaging in an aggre

Oct 12, 2020By Kim Bo-eun
Card firm battle intensifies between Samsung, KB
Banking & Finance

Protesting gov't shortcomings in Lone Star scandal

Members of civic groups protest the failure of lawmakers to bring government officials involved in the Lone Star scandal to the ongoing government audit, in front of the National Assembly on Yeouido, Monday. Civic groups have protested the government's secrecy over its questionable role in the sale of Korea Exchange Bank, of which Lone Star was a stakeholder, to Hana Financial Group. The decades-long dispute remains unresolved. / Yonhap

Oct 12, 2020By Kim Bo-eun
Protesting gov't shortcomings in Lone Star scandal
Economy

'Gov't should foster female digital experts'

gettyimagesbankBy Kim Bo-eunThe government should cultivate female digital experts as a means to tackle the shortage in the sector, a state-run agency proposed in a recent report.The suggestion comes as the government readies to push forward with its Digital New Deal project, to boost Korea's competitiveness as a digital-based economy by expanding infrastructure such as 5G networks and incorporating new technologies including artificial intelligence.Korea, however, lacks experts in the field, data shows. According to the Korea Economic Research Institute (KERI), Korea's has the lowest quantitative and qualitative competitiveness in AI experts among the three Northeast Asian countries of Korea, China and Japan.According to KERI, measuring the U.S. competitiveness in AI experts as 10, Korea's figure stood at 5.2, Japan's 6, and China's 8.1. The institute's figures were based on a survey of AI experts in local academia and industry.KERI also stated Korea has only been able to secure four out of the 10 experts needed in the sector. Respondents of the survey stated that there was a quanti

Oct 11, 2020By Kim Bo-eun
'Gov't should foster female digital experts'
Economy

BOK likely to freeze key rate this week

Bank of Korea Governor Lee Ju-yeol bangs a gavel at a monetary policy meeting held Aug. 27. The central bank is expected to freeze the key rate at the rate-setting meeting scheduled for Wednesday. / Korea Times fileBy Kim Bo-eunForecasts for Korea's economic growth rate this year have been downgraded in recent months, but the Bank of Korea (BOK) is likely to keep the key rate at 0.5 percent for the time being, according to experts, Sunday.The BOK's monetary policy board will convene on Wednesday to reach a decision on the key rate. The central bank in August lowered its forecast for Korea's economic growth this year to -1.3 percent, from its earlier outlook of 0.2 percent presented in May. The OECD forecast last month that Korea's GDP would shrink by 1 percent, a larger retreat from its estimate of a slightly smaller 0.8 percent contraction in August.Despite lowered forecasts based on the resurgence of COVID-19 in August, views are that a further rate cut is unlikely given the surge in asset prices amid the historically low interest rate. The BOK cut the key rate by 0.5 percentage po

Oct 11, 2020By Kim Bo-eun
BOK likely to freeze key rate this week
Banking & Finance

Controversy continues over Naver Pay's fee rate

Naver Financial CEO Choi In-hyuk / Courtesy of Naver FinancialBy Kim Bo-eunNaver Financial is facing continued pressure over high fee rates charged to merchants.The financial services arm of the portal giant is under increased scrutiny after the earnings of Naver Pay rose to a historic high in the first half of this year, after years of operating losses. Lawmakers attribute its profits to the hefty fees Naver Pay charges.Naver Pay was launched in 2015 as an easy online payment service. Naver Financial, established last November, has taken Naver's financial services, including Naver Pay, under its wing.Naver Pay, which reported heavy losses up until last year, posted an operating profit of 10 billion won in the first half of this year, after operating losses of 37.7 billion won in 2017, 65.7 billion won in 2018 and 44 billion won in 2019.The higher earnings are attributed mostly to increased online purchases amid social distancing during the COVID-19 pandemic.Payments made via Naver Pay in the first half of the year totaled 11.2 trillion won, compared to 16.18 trillion won in the whol

Oct 8, 2020By Kim Bo-eun
Controversy continues over Naver Pay's fee rate
Banking & Finance

FSS notifies Shinhan, KB, Daishin Securities chiefs of sanctions

By Kim Bo-eunFinancial Supervisory Service's logo on its building on Yeouido, Seoul / Korea Times fileThe Financial Supervisory Service (FSS) said Wednesday it has notified the CEOs of distributors of Lime Asset Management's investment products of the level of sanctions that will be reviewed for them later this month.The supervisory agency declined to specify the firms, but reports have stated they are Shinhan Investment, KB Securities and Daishin Securities. FSS Governor Yoon Suk-heun said earlier that brokerages would be the first to become subject to sanctions. Financial firms subject to sanctions also include Lime and banks that distributed its products."We have notified the current and former CEOs of three firms of the weighty sanctions, and the sanctions will be reviewed at a committee meeting to be held Oct. 29," an FSS official said.The agency has also notified the firms of institutional sanctions, for malfunctioning internal control systems that led to their distribution of the poorly managed investment products that caused losses for investors.The sanctions for the CEOs hav

Oct 7, 2020By Kim Bo-eun
FSS notifies Shinhan, KB, Daishin Securities chiefs of sanctions
Economy

'Seoul needs better human capital to become financial hub'

A view of Seoul's financial center on Yeouido, Seoul / gettyimagesbankBy Kim Bo-eunSeoul's profile as a financial center has improved, but it still needs need to develop more competent human capital, according to the London-based think tank Z/Yen Group which publishes the Global Financial Centers Index.“In relation to the financial centers of Tokyo, Singapore and Hong Kong, Seoul has some work to do to match their performance in the business environment, reputation and human capital factors. Its human capital scores in particular are relatively low,” Z/Yen Group's Head of Indices Mike Wardle told The Korea Times via email, Monday.The think tank measures human capital by the availability of skilled personnel, labor market flexibility, education and development, and quality of life, taking into account various existing indices.Seoul has ranked 50th or lower in several human capital related rankings, including the IMD World Talent Ranking.The IMD ranking measures the degree to which a country is able to cultivate, attract and retain a skilled workforce. Countries in the top

Oct 7, 2020By Kim Bo-eun
'Seoul needs better human capital to become financial hub'
Banking & Finance

Major banks facing changes in leadership

CEOs of local banks speak in a breakfast meeting with Financial Services Commission Chairman Eun Sung-soo, center, at the Korea Chamber of Commerce and Industry in central Seoul, Nov. 29, 2019. / YonhapBy Kim Bo-eunMajor banks may face a change in leadership beginning this month, as their current CEOs' terms come to an end. Citibank Korea's committee on forwarding candidates for executive positions will convene a second meeting Wednesday to decide on the final candidate for its CEO position. The appointment is expected to be finalized at a board meeting that will follow. The committee stated it has reviewed multiple candidates for the position at its first meeting held Sept. 25.Senior Executive Vice President Yoo Myung-soon, who is serving as the interim CEO of the bank after former chief Park Jin-hei stepped down in August, is widely expected within the banking sector to be named the next CEO of Citibank's local unit. This is all the more likely given Citigroup's appointment of its first female CEO Jane Fraser last month. Citigroup holds influence in the appointment of its unit head

Oct 4, 2020By Kim Bo-eun
Economy

What Seoul has to offer as financial hub

A night view of Yeouido, Seoul's financial center / gettyimagesbankBy Kim Bo-eunSeoul may not share all of the elements of competitiveness financial centers such as Hong Kong or Singapore possess. Downsides inevitably exist, such as strong labor regulations and militant unions. Yet the government is still seeking to attract foreign firms based on the advantages the country and capital city are able to offer.The first factor firms will consider is whether there is sufficient business opportunity in the market they are considering entering. Demand for asset management, financingPrudential Life Insurance Company's recent departure from the Korean market and talks of more insurers pulling out has left foreign entities questioning business opportunities here.The government has been promoting the country's public pension fund, the National Pension Service (NPS), and the demand for managing its assets. The NPS is the third largest public pension fund in the world with over 700 trillion won ($600 billion) in assets under management."Korea's market for asset management services has grown rapi

Sep 27, 2020By Kim Bo-eun
What Seoul has to offer as financial hub
Economy

COVID-19 helps Seoul rise in global financial center ranking

A view of Seoul's financial district of Yeouido. / gettyimagesbankBy Kim Bo-eunSeoul's ranking as a financial center jumped to 25th out of 110 cities, from the previous 33rd out of 108 centers according to the London-based think tank Z/Yen's latest publication, Friday. Z/Yen attributed the COVID-19 situation in various regions as an important factor in determining the rankings.Z/Yen's Global Financial Centers Index, regarded as the top source for ranking financial centers, is published twice a year. Z/Yen's previous ranking was published in March. The index evaluates cities on their business environment, human capital, infrastructure, financial sector development and other factors through surveys. Mike Wardle, Z/Yen Group's Head of Indices, referred to Seoul as a "global diversified center" that is "well-connected across the world." Busan ranked 40, up from 51 in March.New York led the index, followed by London, Shanghai, Tokyo and Hong Kong. Other Asian cities in the top 10 ranking were Singapore (6), Beijing (7) and Shenzhen (9).Seoul was also included in the list of 15 centers lik

Sep 25, 2020By Kim Bo-eun
COVID-19 helps Seoul rise in global financial center ranking
  • Reporter's Notebook Gov't regards financial hub project as regional development tool
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