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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

Virus resurgence stokes fears of double-dip recession

gettyimagesbankBy Kim Bo-eunFears are mounting that the Korean economy will slip into a double-dip recession, as its recovery momentum is losing steam fast with the latest resurgence of COVID-19 dampening economic activities here and abroad. To make matters worse, the country is experiencing an unprecedentedly long monsoon season, which has damaged the agricultural and construction industries.Experts warn that Korea, which has suffered an economic contraction in the first two quarters, may only see a slight recovery in the third quarter and suffer another dip, resulting in a W-shaped economic recession.Korea saw its economy contract by 1.3 percent in the first quarter and by 3.3 percent in the second on a quarter-on-quarter basis amid the spread of the coronavirus pandemic both here and abroad. Major indices began improving in July as infection rates came under control."If we see a slight rebound in the third quarter, we may see a W-shape recession, and if we are unable to see any rebound in the third quarter this may result in an L-shaped recession," said Standard Chartered Bank Kor

Aug 25, 2020By Kim Bo-eun
Virus resurgence stokes fears of double-dip recession
  • First 'proven' case of COVID-19 reinfection reported in Hong Kong
  • S. Korea reports 280 new coronavirus cases
  • Infections coming from unknown routes spike in Seoul
Economy

Lee appointed as BOK senior deputy governor

By Kim Bo-eunLee Seung-heonThe Bank of Korea (BOK) said Thursday it had promoted Deputy Governor Lee Seung-heon to senior deputy governor, succeeding Yoon Myun-shik.Korea's president names the senior deputy governor after the central bank's governor recommends a candidate. The senior deputy governor is a member of the central bank's monetary policy board and oversees human resources, and budgetary and organizational management.The BOK said Lee has expertise in global affairs. He was sent from the bank to the International Monetary Fund's Executive Director Office and headed the international department at the BOK.Lee was promoted to deputy governor in June 2019 and has been in charge of planning, human resources and public relations.He earned a bachelor's degree in economics from Seoul National University and an MBA from Emory University. Joining the BOK in 1991, he has worked for key departments including those in charge of monetary policy and financial markets.Lee will serve a three-year term through Aug. 20, 2023.

Aug 21, 2020By Kim Bo-eun
Lee appointed as BOK senior deputy governor
Economy

Gov't under fire for attempt to modify 'jeonse' statistics

Deputy Prime Minister Hong Nam-ki speaks in a meeting on the real estate market with the chiefs of related ministries at the Seoul Government Complex, Wednesday. / YonhapBy Kim Bo-eunThe Moon Jae-in administration has come under fire for attempting to modify statistics once again, this time to water down the apparent side effects of the latest real estate regulations.Deputy Prime Minister Hong Nam-ki said at a meeting on the real estate market this week that renewed “jeonse” contracts should be counted as new contracts.The remarks come at a time when jeonse prices have spiked and transactions hit a nine-year low due to a shortage in supply based on the latest regulations that were intended to better protect the rights of tenants.Jeonse is a unique system in Korea, where tenants pay a large lump sum deposit instead of paying monthly rent for a fixed period. The deposit is returned to the tenants when they move out.The government introduced regulations that guaranteed tenants up to four years at a property, up from the current two, with any hike in the deposit limited to 5

Aug 21, 2020By Kim Bo-eun
Gov't under fire for attempt to modify 'jeonse' statistics
Banking & Finance

INTERVIEW 'Gov't needs to allow various forms of co-insurance'

Korea Insurance Research Institute (KIRI) President Ahn Chul-kyung / Courtesy of KIRIKIRI chief warns of dominance of financial platform playersBy Kim Bo-eunLife insurance companies are moving quickly to transfer risks to reinsurers after the government allowed the operations of the co-insurance business a few months back.Co-insurance was introduced to alleviate problems at local life insurers, many of which hold long-term contracts guaranteeing high, fixed rate returns. In a low interest rate world they now face reverse margins and the upcoming implementation of International Financial Reporting Standards (IFRS) 17 imposes an additional strain because they need to expand their capital base to meet these new financial health standards.Korea Insurance Research Institute (KIRI) President Ahn Chul-kyung welcomes the introduction of the co-insurance system."Formerly, the only option insurers had in managing their capital was to increase the amount of capital they hold, but the system of co-insurance has enabled them to manage their insurance liabilities which is the root cause of the pro

Aug 19, 2020By Kim Bo-eun
[INTERVIEW] 'Gov't needs to allow various forms of co-insurance'
Banking & Finance

What's behind the KB Securities-NCSOFT partnership?

By Kim Bo-eunKB Financial Group Chairman Yoon Jong-kyooThe unusual partnering of KB Securities and video game developer NCSOFT is drawing attention over how the two entities teamed up and how they will collaborate. Both companies said they are currently discussing how they will work together, but said they were not yet at a stage to provide details."NCSOFT is known to have advanced artificial intelligence (AI) technology, and I believe this served as the basis of the partnership," a KB Financial official said.It is the first time for a gaming company to enter the financial services sector.The two companies may set up a joint entity offering AI-powered investment recommendation services similar to the one Shinhan Financial Group established.Shinhan AI, launched last year, recommends investment products and portfolio composition to investors, based on personal information such as financial situation, investment goals and preferred risk level. IBM took part in the development of Shinhan NEO, an AI-based platform for investment advisory services. Shinhan partnered with the Canada-based g

Aug 19, 2020By Kim Bo-eun
What's behind the KB Securities-NCSOFT partnership?
Banking & Finance

Will KB group's Yoon Jong-kyoo serve third term?

By Kim Bo-eunKB Financial Group Chairman Yoon Jong-kyooAttention is growing as KB Financial Group Chairman Yoon Jong-kyoo has been forwarded as one of the candidates for the group's next chief. Views are widespread that Yoon will likely secure another term, based on his performance.The financial group's committee on recommending candidates for the chairman position will narrow down the pool of candidates to four by Aug. 28. The final candidate will be forwarded at a shareholders' meeting on Sept. 25. Yoon became KB Financial Group's chairman in November 2014, and is serving his second term, which will come to an end on Nov. 20.Among his recent achievements is the takeover of Prudential Life Insurance Company of Korea, strengthening its life insurance unit.The chairman has also led KB's overseas expansion in recent years. KB had lagged significantly behind other financial groups in the scale of its overseas business.Under Yoon, KB set up a new overseas business division to oversee each affiliate's overseas operations and enhance cooperation among affiliates in foreign markets. KB Kook

Aug 17, 2020By Kim Bo-eun
Will KB group's Yoon Jong-kyoo serve third term?
Banking & Finance

Promoting housing subscription savings accounts

A model promotes NongHyup Bank's housing subscription savings accounts, through which customers can apply for both state-subsidized and private apartments after making deposits for a given period. The bank said it will provide giveaways to customers taking part in events running through next month, as a means to attract young customers in their 20s and 30s. / Courtesy of NongHyup Bank

Aug 17, 2020By Kim Bo-eun
Promoting housing subscription savings accounts
Banking & Finance

Toss, Kakao Bank come under first FSS inspection

Toss' headquarters in southern Seoul / Korea Times fileBy Kim Bo-eunFinancial authorities are conducting their first inspection of Korea's leading fintech firms which are experiencing rapid growth. The audits will likely focus on internal control systems and risk management capabilities.According to the Financial Supervisory Service (FSS), the authority is launching its first inspection of the financial services platform Toss this week. The FSS is set to inspect the internet-only Kakao Bank in the fourth quarter of this year.The supervisory agency will look into Toss' security and financial conditions and check for any violations of the law governing e-transactions.Toss, established in 2015, started off offering mobile money transfer services. It has now grown into a platform offering 40 types of services. Using the platform, users can make payments, sign up for credit cards and insurance policies and make investments. Toss has 17 million users.Toss recorded its first surplus in the second quarter of this year, posting an operating profit of 1.7 billion won. This is the supervisory a

Aug 17, 2020By Kim Bo-eun
Toss, Kakao Bank come under first FSS inspection
Banking & Finance

Who earned most in finance sector this year?

By Kim Bo-eunHyundai Card Vice Chairman and CEO Chung Tae-youngHyundai Card Vice Chairman and CEO Chung Tae-young topped the list of chiefs in the financial sector in terms of pay received in the first half of this year, data showed.According to data from the Financial Supervisory Service, Sunday, Chung received a total of 2.66 billion won ($2.24 million) ― 1.08 billion won from Hyundai Card, 825 million won from Hyundai Capital and 754 million won from Hyundai Commercial ― in this period. The second-highest-paid leader of a financial firm is Mirae Asset Daewoo CEO and Mirae Asset Global Investment Group Vice Chairman Choi Hyun-man, who received 2.64 billion won.Following was Hana Financial Group Chairman Kim Jung-tai, with a paycheck of 2.27 billion won.This significantly exceeds the paychecks of the chiefs of the other three major financial groups. Shinhan Financial Group Chairman Cho Yong-byoung received 850 million won. Woori Financial Group Chairman Son Tae-seung and KB Financial Group Chairman Yoon Jong-kyoo followed, receiving 699 million won and 578 million won, respectively.

Aug 16, 2020By Kim Bo-eun
Who earned most in finance sector this year?
Banking & Finance

Woori reviews setting up joint entity with KT

Woori Financial Group Chairman Son Tae-seung, left, and KT CEO Koo Hyun-mo / Courtesy of Woori Financial GroupBy Kim Bo-eunWoori Financial Group is reviewing establishing a joint company with telecommunications firm KT, among various options, according to the group, Thursday.The two formed an alliance last month on developing ICT-integrated financial services and drew up a related taskforce.“We are in the early stages of discussing ways we can cooperate,” a Woori official said. “Setting up a joint entity is one of many options.”This is a model set up in 2016 by Hana Financial Group and KT's telecommunications rival SK Telecom. Hana and SK respectively own 51 percent and 49 percent stakes in financial services platform Finnq. The fintech firm offers loan comparison services, based on data from SK Telecom. Data analysis is a key sector Woori and KT are expected to work together in.Regarding the focus on data, a Woori official said, "Woori's bank and card units have applied with the government to launch MyData businesses, so Woori could end up carrying out the da

Aug 13, 2020By Kim Bo-eun
Woori reviews setting up joint entity with KT
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