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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Economy

President Moon urged to listen to investors' voices

Jeffrey Jones, chairman of the board of American Chamber of Commerce / Korea Times photo by Shim Hyun-chulYouth unemployment most urgent issue for KoreaBy Lee Kyung-min A noted international lawyer said that President Moon Jae-in and his administration should listen carefully to the voices of market participants to spur investment and inject new vigor into the economy. He cited youth unemployment and the low birthrate as the two most serious short- and long-term issues that Asia's fourth-largest economy should address.“The current administration needs to listen carefully to the voices of investors ― both domestic and foreign ― to determine what investors want and need to increase their investment activity in Korea,” Jeffrey Jones, chairman of the board of the American Chamber of Commerce (AmCham) in Korea, said in a recent interview.Best known by his nickname “blue-eyed Korean,” Jones has lived in Korea for almost 40 years.“Companies, large and small, domestic and foreign, need to feel that they are appreciated, that the administration will be passionate

Jan 20, 2019By Lee Kyung-min
President Moon urged to listen to investors' voices
Economy

Financial groups enhance digital banking

Major players forge ties with tech firms for digitizationBy Lee Kyung-min With digital competition building up in the financial sector, a growing number of financial services providers are forging strategic ties with tech companies.The move is aimed at securing better access to innovative technologies and business models they are unable to develop in-house.Korea's major financial groups are no exception. They are increasing efforts to team up with IT firms for digital banking in a bid to strengthen global competitiveness and commercialize the jointly produced digital platform, a new source of growth. KB Financial Group and LG Group signed a memorandum of understanding Jan. 15 to jointly develop future digital technologies such as blockchain, artificial intelligence (AI), robots and internet of things (IoT). Among many efforts to share knowhow and experience on technology and business, the two will first seek to set up infrastructure for providing blockchain-based services and develop products utilizing new technologies. They will also form consortiums with other industry businesses i

Jan 17, 2019By Lee Kyung-min
Financial groups enhance digital banking
Others

Digital partnership

Shinhan Bank CEO Wi Sung-ho, right, shakes hands with Zalo CEO Vuong Quang Khai after signing a memorandum of understanding at the latter's headquarters in Ho Chi Minh City, Vietnam, Wednesday. The two agreed to strengthen cooperation in the digital sector and celebrated the launch of “Pocket Loan,” a simplified loan product based on Zalo's online platform. Courtesy of Shinhan Bank

Jan 17, 2019By Lee Kyung-min
Digital partnership
Economy

Fintech firms rushing to enter insurance business

By Lee Kyung-min KakaoPay CEO Ryu Young-joonKakaoPay, a fintech arm of Kakao Corp., has formed strategic ties with online insurance purchase platform Inbyu, short for “insurance by you,” to enter the insurance market. Under the strategic alliance, KakaoPay will provide its well-established, tightly integrated platform for Inbyu to offer an array of overseas travel insurance packages. Subscribers are able to choose insurance terms for possible accidents against which they want insurance coverage, instead of having no option but to accept one industry-standardized package. Bundling all accident causes together has been long criticized as a way for overcharging subscribers by adding oftentimes unnecessary, hard-to-understand conditions to raise costs, something subscribers are unlikely to refuse. On the platform, real-time information on insurance rates is available from five major non-life insurance firms including Samsung, Hyundai, Meritz, Hanwha and MG.The digital platform which enables active comparison among service providers is expected to fuel competition among indust

Jan 17, 2019By Lee Kyung-min
Fintech firms rushing to enter insurance business
Others

Fostering global talents

Senior officials from Hana Bank and government officials from Korea and Vietnam pose with students at the opening ceremony for the “Global IT Academy” in Hanoi, Vietnam, Dec. 13. The academy is part of an IT talent training program organized by Hana Financial Group. Courtesy of Hana Financial Group

Jan 17, 2019By Lee Kyung-min
Fostering global talents
Others

Joint partnership

Shinhan Bank CEO Wi Sung-ho and S-Oil Corp. CEO Othman Al-Ghamdi show a memorandum of understanding for a strategic alliance at the firm's headquarters in Mapo, Seoul, Dec. 17. The two agreed to continue their long-term strategic partnership in joint marketing and the launch of new products. Courtesy of Shinhan Bank

Jan 17, 2019By Lee Kyung-min
Joint partnership
Economy

Competition fierce for KFSB chairmanship

By Lee Kyung-min Nam Young-wooCompetition for the top post at the Korea Federation of Savings Banks (KFSB) is fiercer than ever, with seven high-profile figures throwing their hats into the chairmanship ring. This is the largest number of candidates seeking to head the organization that represents 79 savings banks nationwide. With current chairman Lee Soon-woo not seeking a second term, the race for the three-year term will be among four people from the private sector and three former government officials. Hwang Jong-supLee, a former Woori Bank head, is among only two KFSB chairmen to come from the private sector, following Kwak hoo-sup. Their predecessors were all former government officials, which drew criticism that the much-coveted post had been largely filled with “parachuted in” figures whose political inclination suited the then incumbent administration. This year's race, however, is expected to be fairer, indicated by the record number of candidates. Competition for the post, which has an annual salary of 500 million won ($447,000), comes amid the fast-improving p

Jan 17, 2019By Lee Kyung-min
Competition fierce for KFSB chairmanship
Politics

Digital strategic alliance

Shinhan Bank India CEO Kwon Oh-hyung, left, and MYND Solution COO Jacob Rapael shakes hands after signing a memorandum of understanding at the bank's headquarters in India, Jan. 11. The two agreed to boost cooperation following the launch of Shinhan's “digital factoring loan,” under which all procedures involving sales of corporate bonds transactions by companies in India will be conducted online. Courtesy of Shinhan Bank

Jan 16, 2019By Lee Kyung-min
Economy

'KB should let more workers go'

Workers of KB Kookmin Bank participate in a strike at a stadium in Jamsil, Seoul, Jan. 8. Experts say the Bank's management need to further reduce workforce given the recent one-day strike attended by at least a third of union workers caused no major disruption at the bank's over 1.000 branches nationwide. YonhapBy Lee Kyung-min The recent one-day strike organized by over 10,000 workers at KB Kookmin Bank laid bare a chronic problem dragging down corporate competitiveness ― a redundant workforce, according to experts. Despite the fact the strike was participated in by at least a third of the bank's 17,000 workers, no major disruption was reported at the bank's 1,058 branches, which critics say illustrated the need to reduce the number of highly-paid, white-collar jobs that have been relatively safe from sudden layoffs. Union workers at the bank with over 31 million customers went on strike Jan. 8, citing “unacceptable terms” offered by the management on the peak wage system. A second two-day strike from Jan. 31 through Feb.1 will be staged, they added, if the management

Jan 13, 2019By Lee Kyung-min
'KB should let more workers go'
Economy

Seoul population drops at fastest pace in 22 years

By Lee Kyung-min The number of people living in Seoul dropped at the steepest pace in 22 years last year as more people moved out of the capital due to soaring housing prices, government data showed Sunday. Some observers say the improved public transport system has helped disperse the heavily concentrated population and that the country has achieved balanced development.Others view the people as being “forced out” to the surrounding Gyeonggi Province as a result of soaring housing prices amid the lack of a proper government housing plan in 2018. According to data from Statistics Korea, Seoul's population dropped to about 9.7 million (9,765,623) as of December 2018, down 0.9 percentage points from a year earlier. The population has fallen every year since 2010.The drop by 91,803 people is the steepest since 1996 when the population fell by 132,795 from 10.5 million to 10.4 million. In contrast, the population in Gyeonggi Province increased to more than 13 million (13,077,153) as of December 2018, a 1.6 percentage point rise from a year earlier. The jump by 203,258 people

Jan 13, 2019By Lee Kyung-min
Seoul population drops at fastest pace in 22 years
  • Economy faces demographic shock amid low birthrate
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