The Korea Times

INTERVIEW Decentralized ID to ensure personal data autonomy

DID Alliance Korea Chairman Kim Yeong-rin Courtesy of DID Alliance KoreaDID Alliance Korea seeks to lead global self-sovereign identity industry By Lee Kyung-min The Decentralized Identity (DID) Alliance Korea, an open industry association created to develop a standardized, interoperable framework for decentralized identity services, will seek to become a global leader in the budding industry with much growth potential, the alliance head said Monday.A fully operational DID system would mean a Korean national, for example, could pass through immigration services in the U.S. via DID and use financial services there without any difficulty.This would be possible as the person's personal information including passport number and bank and credit records would be stored in the DID system, ready to be reviewed for clearance by the immigration and financial authorities there. The organization's continued effort, the head said, will enable Korea to have a greater say in setting global DID standards, facilitating the global expansion of not only local companies but also domestic technologies. &

Mar 22, 2020By Lee Kyung-min

[INTERVIEW] Decentralized ID to ensure personal data autonomy

Economy

Opinion split over efficacy of supplemental budget

A traditional market in Daejeon is nearly empty on Thursday as many people remain in voluntary lockdown amid the fast-spreading new coronavirus. YonhapBy Lee Kyung-min Opinion is split over the government's plan to spend 11.7 trillion won ($9.15 billion) to keep the economy from crashing due to virus-induced economic fallout.Many say issuing vouchers to boost consumption is out of touch given people are isolating themselves in voluntary lockdowns to avoid infection. “It does not even begin to address the concerns,” Yonsei University economist Sung Tae-yoon said.“Few would risk their life ― quite literally ― just to buy things with the vouchers. The idea is beyond nonsensical, to put it mildly.”The government will issue “regional gift vouchers” in the amount of 6 trillion won, double the current 3 trillion, with their discount rate increased to 10 percent, double the current 5 percent. The vouchers accepted within certain municipalities are issued to spur regional economies by encouraging residents to visit markets there. Most are intended for use a

Mar 20, 2020By Lee Kyung-min

Opinion split over efficacy of supplemental budget

Banking & Finance

Financial groups raise alert on coronavirus impact

By Lee Kyung-min Financial groups in Korea are rushing to set up control centers for efficient market monitoring in a collective move to prevent virus-triggered financial risks translating into corporate deterioration, industry officials said Thursday.Key tasks are assigned to different teams to diversify risk absorption while efforts are ongoing to maintain lines of credit to the hardest-hit borrowers including lowering interest rates and extending credit guarantee-mediated loans to many small and medium-sized enterprises (SMEs). Woori Financial Group said it set up an emergency management control center Tuesday to better counter possible fallout from rapidly escalating financial market volatility.They will make a recommendation on the previous corporate strategy following close monitoring and analysis of key macro and real market indices including interest rates, growth outlook, foreign exchange rates, oil prices and the stock market.A number of teams set up will be tasked with primary functions ranging from overall corporate strategies, financial management, risk management and ma

Mar 19, 2020By Lee Kyung-min

Financial groups raise alert on coronavirus impact

Economy

ISS opposes reappointments of Shinhan, Woori chiefs

By Lee Kyung-min Institutional Shareholder Services (ISS) said in recent reports that it recommends investors vote against a term extension for the two scandal-ridden chairmen of Shinhan and Woori financial groups.The reports by the global proxy advisory services company came a week ahead of the two groups' shareholders meeting next week. The meeting for Woori is scheduled for March 25 and Shinhan March 26. ISS has over 2,000 institutional investors as members in more than 110 countries, and foreign investors often refer to the firm's advice when exercising their vote. Currently, foreign ownership in Shinhan and Woori hovers around 65 percent and 30 percent, respectively.ISS said a vote against Shinhan Financial Group Chairman Cho Yong-byoung is warranted as his criminal conviction raises serious concerns involving his executive accountability. The conviction of Cho, who is seeking a second three-year term, is “clear evidence of malpractice reprimanded by the relevant authorities,” the report on Shinhan said.Shinhan Financial Group Chairman Cho Yong-byoungThe Seoul Easter

Mar 18, 2020By Lee Kyung-min

ISS opposes reappointments of Shinhan, Woori chiefs

Economy

Deja vu of 2008 financial crisis?

Corporate debt in US considered 'ticking bomb' in 2020By Lee Kyung-min The recent extreme market turbulence sparked by the new coronavirus begs the question of whether the global economy is about to experience a crisis similar to one in 2008. Opinions vary on the severity and extent of the possible crisis and whether it will be triggered by a debt-backed structured financial product ― a chief culprit that brought on the 2008 global financial crisis.But experts say bubbles of “risk-ridden” financing will be the first to pop in times of rapidly elevating uncertainty. Much more concerning is a rapid negative financial development compounded by the oil price war and the coronavirus, and external shocks that could tank many businesses, leading to a chain of corporate defaults worldwide. The Cboe Volatility Index (VIX), a gauge of the current volatility felt in the market, has surged over 250 percent year-to-date, a far steeper rise compared to 2008, when the Wall Street's fear gauge rose 130 percent that year.“The intensifying trading action is pushing up the so-called f

Mar 18, 2020By Lee Kyung-min

Banking & Finance

Donating blood

Export-Import Bank of Korea (Eximbank) workers donate blood at the bank's headquarters on Yeouido, Seoul, March 17. The bank is among many financial services firms encouraging workers to donate blood amid a severe shortage caused by the fast-spreading new coronavirus. Courtesy of Eximbank

Mar 18, 2020By Lee Kyung-min

Economy

Korea urged to ink currency swap deals with US, Japan

gettyimagesbankBy Lee Kyung-min Korea needs to reestablish currency swap lines with the U.S. and Japan in a preemptive measure to help cushion virus-induced uncertainties in the foreign exchange market, economists said Tuesday.While the finance ministry is maintaining a “wait-and-see” stance saying there is no urgency, economists believe the government should be fully prepared against a worst-case scenario to prevent rapid deterioration of the financial market. The fear of foreign capital outflow has been reduced following a 1 percent “big cut” by the U.S. Federal Reserve, but the further spread of the new coronavirus compounded by a slower-than-expected recovery of growth of the Chinese economy could devastate Korea, according to an economist.“The risk is delayed, not neutralized,” Seoul National University economist Kim So-young said. “If foreign investors see even an inkling of signs they consider enough to trigger possible full-scale disruption in the economy, there will be no stopping them moving out of the country.”In 2008, amid t

Mar 17, 2020By Lee Kyung-min

Korea urged to ink currency swap deals with US, Japan

Economy

Virus sends more individuals, firms into bankruptcies

By Lee Kyung-min The number of bankruptcies filed by local businesses and individuals has soared after the coronavirus pandemic pounded their already shaky financial condition by reducing domestic demand and exports further amid the drawn-out U.S.-China trade feud, data showed Monday.Economists called for “unprecedented, non-conventional measures” including prompt refinancing, corporate tax cuts and deregulation to prevent the economic fallout from the COVID-19 outbreak from escalating into a systemic risk that could collapse the entire financial market.According to data submitted from the Supreme Court to Rep. Joo Kwang-deok of the United Future Party, the number of bankruptcies filed with the courts in February by individuals stood at 3,741, up 19.2 percent from a year earlier. Those filed by corporate entities reached 80, up 12.6 percent. Also on a steep rise is the number of individuals and firms applying for self-rescue plans. The number of those filed by individuals spiked to 7,387 in February and 66 by businesses, up 9.9 percent and 6.4 percent, respectively, from

Mar 17, 2020By Lee Kyung-min

Virus sends more individuals, firms into bankruptcies

Economy

Discussion re-emerges on telemedicine amid virus spread

Doctors from Seoul National University Hospital monitor patients infected with the new coronavirus via 'telemedicine' at a community healthcare center in Mungyeong, North Gyeonsang Province, March 12. YonhapBy Lee Kyung-min A decades-long controversy over telemedicine is re-emerging after a top policymaker floated the idea as a viable, feasible alternative to in-person treatment amid the fast-spreading new coronavirus.Telemedicine, or health care services using information and telecommunication technologies, enables patients to receive potential diagnoses and prescriptions without visiting clinics and hospitals in person. Finance Minister Hong Nam-ki said digital device-mediated treatment and prescription would prevent further spread and infection, not only helping patients but medical professionals and other patients in hospitals.“Is telemedicine not a viable alternative to support in-person consultations with its recent implementation in Daegu and North Gyeonsang Province? Digital healthcare encompassing collection, analysis and use of personal data will be a feasible method

Mar 13, 2020By Lee Kyung-min

Discussion re-emerges on telemedicine amid virus spread

Economy

Pension funds on buying spree amid stock market plunge

By Lee Kyung-min Institutional investors including pension funds are scooping up shares of plunging stocks, a strategic move to buy them at a low price as the market tumbles due to external shocks, industry officials said Friday.Low-profile individual investors are also rushing to buy shares in the hope that investment in the local bourse as it hits a 4-year low could yield a handsome profit when the market recovers. According to the Korea Exchange (KRX), institutional investors including pension funds bought a net 1.61 trillion won ($1.31 billion) in shares between Jan. 20 and March 12. Jan. 20 was the date Korea reported its first case of the new coronavirus. On the trading days between March 2 and March 12, they purchased 1.07 trillion won, a pronounced buying spree given they bought a total of 347.6 billion won for the entire month of February. Market analysts say the pension fund-driven buying spree indicates that institutional investors believe the shares are hitting a low point, but expressed caution against buying them based solely on gut feelings. “The KOSPI taking a d

Mar 13, 2020By Lee Kyung-min

Pension funds on buying spree amid stock market plunge

Stocks plunge, President Moon asks to apply 'unprecedented steps'

Lee Kyung-min

Read more

INTERVIEW Decentralized ID to ensure personal data autonomy

Opinion split over efficacy of supplemental budget

Financial groups raise alert on coronavirus impact

ISS opposes reappointments of Shinhan, Woori chiefs

Deja vu of 2008 financial crisis?

Donating blood

Korea urged to ink currency swap deals with US, Japan

Virus sends more individuals, firms into bankruptcies

Discussion re-emerges on telemedicine amid virus spread

Pension funds on buying spree amid stock market plunge

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