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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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Economy

Busan 'very close' to partnership with Tencent

An aerial view of Busan's Marine City and Haeundae Beach / GettyimagesbankCity gov't working with card firm for tourism infrastructureBy Kim Bo-eunKorea's second-largest city, Busan, is in talks with China's tech giant Tencent over the development of mobile applications for foreigners that could possibly facilitate payments by tourists there.The local government, which has already joined hands with Hana Card, one of the country's leading card issuers, plans to promote its goal of becoming Asia's fintech center, by teaming up with the two companies. Tencent provides various financial services via its in-house WeChat mobile application platform.Two applications will be developed under the collaboration, one providing comprehensive tourism information for foreigners based on their card payment data, and another that will enable payments via existing systems used by foreigners.The project is also expected to offer business opportunities for fintech firms based in the port city. The Busan International Finance Center (BIFC) houses a center for fintech startups.In the short term, the proje

Sep 15, 2020By Kim Bo-eun
Busan 'very close' to partnership with Tencent
Banking & Finance

Why does Kakao want an insurer?

KakaoPay CEO Ryu Young-joon / Courtesy of KakaoPayBy Kim Bo-eunQuestions are arising over KakaoPay's plan to establish a non-life insurance arm, as the profitability of the sector has been deteriorating.The financial services platform's plan is to set up a digital insurer that will focus on simple insurance policies. It has decided not to partner with other insurers, an official confirmed Monday.While profitability has been sluggish for non-life insurers, KakaoPay's plan is to develop a niche market that existing players do not cover."We want to offer policies that mobile-focused users seek. For example, a person may want to be insured for only a certain risk among the many covered by an existing product," a KakaoPay official said.While insurance premiums may be small, KakaoPay's rationale is that its platform will be able to attract large amounts of traffic that will guarantee a profit for the insurance firm.Currently, KakaoPay offers simple products from other insurers, such as travel insurance. It acquired insurance platform startup Inbyu last year, securing a general agency to se

Sep 14, 2020By Kim Bo-eun
Why does Kakao want an insurer?
Banking & Finance

What is SC Group chief up to in Korea?

Standard Charted Group CEO Bill Winters speaks in an online career mentoring session with Korean university students at the bank's headquarters in Seoul, Sept. 9. / Courtesy of SC BankBy Kim Bo-eunStandard Chartered Group CEO Bill Winters is set to meet with the chiefs of leading fintech firms as well as financial authorities during his one-month stay in Korea, according to SC Bank. The first of his meetings will be with Kakao Bank CEO Yoon Ho-young this week.The U.K. banking group's global CEO is spending a month in Seoul to learn about the Korean market, its digital banking infrastructure and fintech industry, as well as speak with employees of the bank's unit here.This week, Winters is scheduled to meet with the leader of Korea's most competitive internet lender, Kakao Bank.He will meet with the lender's CEO on Thursday, at the bank's Pangyo headquarters in Seongnam, Gyeonggi Province, where a cluster of IT startups is located. Yoon set up the lender from scratch, leading the taskforce for Kakao Bank's launch.SC Group is seen to be conducting market research as it readies to launc

Sep 13, 2020By Kim Bo-eun
What is SC Group chief up to in Korea?
Banking & Finance

KDB's Lee Dong-gull begins second term

By Kim Bo-eunKorea Development Bank Chairman Lee Dong-gullKorea Development Bank (KDB) Chairman Lee Dong-gull secured a second term, Thursday.Lee, who began his first term on Sept. 11, 2017, will head the state-run lender for another three years. His term will end on Sept. 10, 2023.The KDB chief is recommended by the Financial Services Commission chairman and appointed by the President. Lee is known to have wished to step down from the position, but current circumstances involving COVID-19 are seen to have made authorities persuade the incumbent chairman to stay for another term, given KDB's role as a state-run bankAnother factor may be the collapse of the Asiana Airlines deal. KDB leads Asiana's creditors.Lee had been determined to lead the sale of the embattled Asiana Airlines, but the deal with Hyundai Development Company (HDC) fell through after the entities failed to narrow their differences. Lee is known to have offered for creditors to take the burden on up to 1 trillion won in HDC's acquisition of the air carrier, but HDC has insisted on a second round of inspections of the c

Sep 10, 2020By Kim Bo-eun
KDB's Lee Dong-gull begins second term
Economy

Foreign investors attracted to Korean bonds as virus impact continues

By Kim Bo-eunForeign investors purchased over 54 trillion won in won-denominated bonds from January to August this year, data from financial institutions showed, Thursday. This contrasts with their selling of over 29 trillion won in stocks in the same period. The purchasing of bonds is seen as a move to stabilize investments amid the continued COVID-19 pandemic. The 54.7 trillion won of bonds foreigners purchased in the first eight months of this year exceeds the 54.4 trillion won of bonds they bought in all of 2019.Major buyers of the bonds are central banks and sovereign funds around the world. They are seen to be investing in Korean bonds based on their credit rating and yield. Korea's 10-year bonds carry a yield of 1.518 percent as of Wednesday. This compares with the U.K.'s 0.238 percent yield for 10-year notes. Korea and the U.K. have the same AA sovereign credit rating.Korea's yield is the highest among 10-year bonds of countries with an AA rating.“Korea's key rate stands at 0.5 percent and the yield for treasury bonds is also decent. Based on the preference for safe ass

Sep 10, 2020By Kim Bo-eun
Foreign investors attracted to Korean bonds as virus impact continues
Banking & Finance

Sale of gov't shares in Woori on track

By Kim Bo-eunWoori Financial Group's headquarters in central Seoul / Courtesy of Woori Financial GroupFinancial authorities are preparing to sell off Woori Financial Holdings' shares owned by the government this year and are carefully monitoring market circumstances.The Financial Services Commission (FSC) said earlier it would push for the sale of the state-run Korea Deposit Insurance Corp. (KDIC)'s 17.25 percent stake in Woori over the next three years.The authorities said they could not proceed with the plan in the first half of the year due to the spread of COVID-19. Woori's share price plummeted in mid-March amid the coronavirus-triggered stock market plunge.Woori's stock price rose above 10,000 won briefly in June. That raised expectations authorities would speed up efforts to sell the shares while prices were up. However, the price fell in following weeks and now hovers around 8,500 won per ordinary share on the KOSPI. The authorities plan to move forward with the plan."We will proceed with plans if market circumstances become favorable," an official with the FSC-affiliated Pub

Sep 8, 2020By Kim Bo-eun
Sale of gov't shares in Woori on track
Companies

Creditors set to nullify $2.2 bil. Asiana deal

Asiana Airlines' Airbus A350 / Courtesy of Asiana AirlinesBy Kim Bo-eun, Kim Yoo-chulAfter failing to reach the initially proposed “conditions” surrounding the specifics of the takeover of Asiana Airlines by Hyundai Development Company (HDC) between the latter and the Korea Development Bank (KDB), the airline's main creditor, the state-run bank is “seriously considering” nullifying the 2.5 trillion won ($2.2 billion) deal, sources familiar with the matter said Sunday.“The KDB plans to officially announce the termination of the Asiana Airlines acquisition very soon after last-ditch efforts to move forward with the deal appeared to end in failure with HDC consistently asking the bank for a 12-week due diligence,” a senior executive in the local financial industry said.Regarding any updates, KDB officials said the bank had begun initiating “Plan B” to save the ailing airliner.On August 26, HDC Chairman Chung Mong-kyu and KDB Chairman Lee Dong-gull met to discuss the takeover. HDC signed a deal to purchase a controlling stake in Asiana for

Sep 4, 2020By Kim Bo-eun
Creditors set to nullify $2.2 bil. Asiana deal
Banking & Finance

SC Bank's Park to serve three terms

By Kim Bo-eunStandard Chartered Bank CEO Park Jong-bokStandard Chartered (SC) Bank Korea CEO Park Jong-bok is in the spotlight after securing a third term as the lender's chief. SC Bank said Park was reappointed after shareholders and board meetings ThursdayPark's third term will begin Jan. 8 next year. SC Bank said the board made the appointment five months in advance to remove uncertainties and achieve organizational stability.Park began his first term Jan. 8, 2015. Born in 1955, Park earned a bachelor's degree in economics from Kyung Hee University. He joined Korea First Bank, later acquired by SC Bank, in 1979. The British banking group took over the local bank in 2005. Park has extensive experience in sales, as he worked at local branches for 20 years. He headed the sales division and the retail banking division before being appointed to double as SC Financial Group chairman and SC Bank CEO in January 2015.He was reappointed as the lender's chief in January 2018.Park has been acknowledged for his leadership skills and ability to communicate with employees. He took bold measures

Sep 4, 2020By Kim Bo-eun
SC Bank's Park to serve three terms
Banking & Finance

Competition intensifies between Kakao, Toss in attracting talent

Lee Seung-gun, CEO of Toss' operator Viva Republica, speaks at a press conference at the company's headquarters in southern Seoul, March 28, 2019. / YonhapBy Kim Bo-eunCompetition is intensifying between Korea's top fintech firms to attract talented personnel, as they expand their businesses.Kakao Bank, established in July 2017, has been solidifying its position as its profit grows. The internet bank posted 45.3 billion won in net profit in the first half of the year, a 372 percent surge from earnings from the same period of 2019.Toss, which started as a mobile money transfer app in 2015, has also shown remarkable growth.Toss is now a financial services platform offering more than 40 services. It is also in the process of setting up multiple affiliates in online payment, insurance sales, brokerage and online banking services.Toss recorded its first surplus in the second quarter of this year, posting an operating profit of 1.7 billion won. Yet, despite Toss' growth, there is still a sizeable gap with Kakao Bank.Kakao Bank CEO Yun Ho-young speaks as the former head of the task-for

Sep 3, 2020By Kim Bo-eun
Competition intensifies between Kakao, Toss in attracting talent
Economy

Seoul, Busan struggle to attract foreign businesses

Only one Chinese VC firm seeking to come to capital cityBy Kim Bo-eunThe cluster of buildings comprising the IFC on Yeouido, Seoul / Korea Times fileThe local governments of Seoul and Busan have failed in their attempts to attract foreign firms to raise their cities' profile as financial hubs. Incentives have been offered as a way to draw financial institutions from Hong Kong amid the continued unrest there.Applications for Seoul's rent-subsidized offices at the International Financial Center (IFC) on Yeouido closed last month with only one new company, a Chinese venture capital firm, seeking to open a new office there, according to the Seoul Metropolitan Government, Wednesday.The Chinese firm is seeking a base in Seoul, but insisted on anonymity as it needs to receive approval from the authorities to operate here.Two other firms also applied, but they already have a presence in Seoul. Sources said the U.S.-based investment firm Celenian, and Singapore-based KCA Capital Partners, which have already opened offices in Seoul after acquiring licenses for business operations here last yea

Sep 2, 2020By Kim Bo-eun
Seoul, Busan struggle to attract foreign businesses
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