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Yoon Ja-young

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Yoon Ja-young is in charge of articles translated by a generative AI system and edited by The Korea Times. She is interested in improving the newspaper through AI.

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Economy

NTS shares electronic taxation know-how

National Tax Service (NTS) Commissioner Kim Chang-ki, left, shakes hands with Hungarian tax chief Vagujhelyi Ferenc during a bilateral meeting in the NTS Seoul office, Tuesday. Courtesy of NTSBy Yoon Ja-youngThe National Tax Service (NTS) shared its know-how concerning its electronic tax filing service with the Hungarian tax agency, to provide support for the digital transition of the Central European country's taxation system.According to the tax agency, NTS Commissioner Kim Chang-ki had a meeting with Hungarian tax chief Vagujhelyi Ferenc at the tax agency's office in Seoul, Tuesday, where he presented Korea's digital taxation policies that aim to enable easy and convenient tax filings as well as digital innovations, using the latest technologies such as big data. Korea's electronic tax filing service is based on innovative systems like cash receipts as well as tax collection based on big data, which has been gaining the attention of tax agencies in other countries. Additionally, the NTS has been willingly sharing its know-how with countries that regard its practices as a benchmark

Apr 25, 2023By Yoon Ja-young
NTS shares electronic taxation know-how
Economy

Public Procurement Service to expand cooperation with US

Public Procurement Service (PPS) Administrator Lee Jong-wook, right, shakes hands with U.S. General Services Administration (GSA) Commissioner Sonny Hashmi at the PPS' office in Seoul, Thursday. Courtesy of PPS By Yoon Ja-youngThe Public Procurement Service (PPS) will strengthen cooperation with its U.S. counterpart, including the renewal of a memorandum of understanding (MOU) between the two entities.PPS Administrator Lee Jong-wook had a meeting with U.S. General Services Administration (GSA) Commissioner Sonny Hashmi at the PPS office in Seoul, Thursday, discussing the development of public procurement services in the two countries and ways to bolster bilateral cooperation.Since holding their first bilateral cooperation meeting in 2003, the PPS and GSA have been working closely together for the mutual development of public procurement policies, including the signing of an MOU in 2018. The meeting in Seoul is especially meaningful as it is the first high-level meet

Apr 21, 2023By Yoon Ja-young
Public Procurement Service to expand cooperation with US
Banking & Finance

Hana awards talented artists with developmental disabilities

Hana Financial Group Chairman Ham Young-joo, left, appreciates works by artists with developmental disabilities at the Hana Bank headquarters in Seoul, Thursday. Exhibited are works by winners of the Hana Artverse, an art contest which aims to promote the talents of artists as well as improving awareness of disabilities. Courtesy of Hana Financial GroupBy Yoon Ja-youngHana Financial Group awarded the winners of the Hana Artverse, an art contest for artists with developmental disabilities, on Thursday, which is Disabled Persons' Day here in Korea.Hana Artverse is a multi-platform art contest launched by Hana Financial Group last year. It aims to provide opportunities for artists with developmental disabilities to demonstrate their talents and improve social awareness of disabilities through an exhibition of high-quality art.“We plan to expand exhibition opportunities and release cards using the designs of award-winning works so that more people can share the emotional impression from these works by artists with developmental disabilities,” Hana Financial Group Chairman Ham

Apr 20, 2023By Yoon Ja-young
Hana awards talented artists with developmental disabilities
Banking & Finance

KB signs MOU with law firms to bolster legal support for wealthy customers

Choi Jae-youg, third from left, vice president in charge of wealth management and pension at KB Financial Group, poses with Jeon Byoung-ha, fourth from left, representative partner at Bae, Kim & Lee and other experts from KB and the law firm after signing an MOU at KB Securities' headquarters in Yeouido, Seoul, Wednesday. Courtesy of KB Financial GroupBy Yoon Ja-youngKB Financial Group signed an MOU with two of the country's leading law firms ― Shin & Kim and Bae, Kim & Lee ― to bolster its legal consulting service for its wealthy customers.According to KB, the MOU aims at upgrading its Family Office Service provided to KB Gold&Wise the First customers. Under the Family Office Service program, KB has been offering total consulting services for individuals, families and businesses, where they can get tailored solutions based on lifecycles and business operation stages.Following the MOU, KB Kookmin Bank and KB Securities will be offering in-depth legal services for the whole span of asset management, including inheritance of business from father to son, M&A and livi

Apr 13, 2023By Yoon Ja-young
KB signs MOU with law firms to bolster legal support for wealthy customers
Economy

More companies adopt electronic voting amid increase in shareholder activism

gettyimagesbankBy Yoon Ja-youngAs shareholder activism becomes the hottest talking point in shareholder meetings, a record-high number of companies are expected to introduce electronic voting systems this year.According to the Korea Securities Depository (KSD), which provides the electronic voting system known as K-VOTE, the number of firms that are using K-VOTE in their shareholders' meetings so far this year has already surpassed the last year's figure. Currently, local companies use the electronic voting system of either KSD or Samsung Securities, enabling investors to exercise their voting rights through computers or smartphones. Since 483 firms used K-VOTE at their shareholders' meetings in 2018, the figure has been continuously rising, standing at 564 in 2019, 659 in 2020, 843 in 2021 and 974 last year. In the case of Samsung Securities, a total of 820 companies, including KCC, HD Hyundai and GS, have signed up to use its electronic voting system. The figure has been rising steeply since 2019 when it launched the service ― from 278 in 2020 to 466 in 2021 and 640 last year.Most

Mar 24, 2023By Yoon Ja-young
More companies adopt electronic voting amid increase in shareholder activism
Banking & Finance

Hana Financial Group, CHA Medical Center to jointly tackle low birth rate

Hana Financial Group Chairman Ham Young-joo, second from left, poses with Cha Kwang-yul, third from left, leader of global research at CHA Medical Center, after signing a memorandum of understanding to jointly tackle Korea's low birth rate problem at CHA Bio Complex in Seongnam, Gyeonggi Province, Tuesday. With them are researchers of CHA Medical Center egg bank. Courtesy of Hana Financial GroupBy Yoon Ja-youngAmid the low birth rate pushing the country toward a demographic cliff, Hana Financial Group announced that it will tackle the problem jointly with CHA Medical Center, a globally known institute in the field of infertility treatment. Hana Financial Group said it signed a strategic business agreement with CHA Medical Center at the CHA Bio Complex in Seongnam, Gyeonggi Province, Tuesday.Through the agreement, the financial group and the medical center will expand cooperation in diverse areas, including bolstering support for the group's female employees undergoing fertility treatments, special checkups or egg freezing.The support is scheduled to be expanded to include not only Ha

Mar 22, 2023By Yoon Ja-young
Hana Financial Group, CHA Medical Center to jointly tackle low birth rate
Economy

FSS governor vows to boost market accessibility for foreign investors

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, center, speaks at the meeting with foreign investors held at FSS headquarters in Seoul, Wednesday. Courtesy of FSSBy Yoon Ja-youngFinancial Supervisory Service (FSS) Governor Lee Bok-hyun held a meeting with foreign investors on Wednesday, explaining the service's consistent and effective supervision directions to encourage investment in Korean financial companies.Attending the meeting held at the FSS headquarters in Seoul were experts from leading asset management companies including J.P. Morgan.FSS Governor Lee Bok-hyun / Yonhap“Last year, we saw sharp rate hikes and growing market uncertainty across the globe. We of course felt the effect at home as well,” he said.“In response, the Korean government took active measures to ensure calm and stability. And thanks to the effort, we have been able to maintain a stable market environment. And the financial industry as a whole remains sound,” he added, stressing the FSS's efforts to ensure stability in financial system given that the road ahead still seems

Feb 22, 2023By Yoon Ja-young
FSS governor vows to boost market accessibility for foreign investors
Companies

Former BMW Group Korea chief to lead ADeKo

By Yoon Ja-youngKim Hyo-joon, an advisor for BMW Group Korea, has been elected to lead the network of Koreans who have studied in Germany.BMW Group Korea Advisor Kim Hyo-joonADeKo (Alumninetzwerk Deutschland-Korea), a Germany-Korea network, announced on Sunday that Kim was elected as the next chief of its board at its general meeting, held at the Goethe Institute in Seoul on Friday. His term will last for three years.Launched in 2006, AdeKo comprises around 20,000 alumni who have lived, studied and researched in Germany. Around 5,000 of them hold a Ph.D. and are working in diverse fields. AdeKo became registered as a corporation in 2013 following approval by the foreign ministry, and has been contributing to the mutual development of Korea and Germany through exchange programs. Among those who have served as chief are Hyundai Motor Group Advisor Kwon Moon-sik, former Prime Minister Kim Hwang-sik, former Korea University President Lee Ki-su, and former Ewha Womans University President Kim Sun-uk.Having served as BMW Group Korea chairman, Kim Hyo-joon has been contributing to friendshi

Feb 19, 2023By Yoon Ja-young
Former BMW Group Korea chief to lead ADeKo
Banking & Finance

Mirae Asset Global Investments' solid performance highlighted amid economic slump

Employees of Global X, Mirae Asset's subsidiary managing exchange-traded funds in the U.S. / Courtesy of Mirae Asset Global InvestmentsBy Yoon Ja-youngDespite the deteriorating economic outlook worldwide, Mirae Asset's global business has proven its competitiveness especially in times of crisis. The total assets under management (AUM) of Mirae Asset Global Investments stand at 248 trillion won ($200 billion) as of the end of 2022. Forty percent of them, or 103 trillion won worth, are managed overseas. Despite the global economic crisis triggered last year by a series of negative factors such as inflation, key rate hikes and Russia's invasion of Ukraine, the Korean asset manager had slightly more assets managed overseas than in 2021 when the figure stood at 102 trillion won, reflecting its competence in the global market. This year marks the 20th anniversary since Mirae Asset's advancement into the global market, when it was the first to do so. It took its first step into the global market in 2003, launching its Hong Kong operation. The industry had an overall negative outlook on Mira

Jan 25, 2023By Yoon Ja-young
Mirae Asset Global Investments' solid performance highlighted amid economic slump
Banking & Finance

Financial sector New Year's greeting

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, fourth from left, talks with Korea Federation of Banks Chairman Kim Gwang-soo, third from left, at the New Year's meeting of the financial sector leaders held at Lotte Hotel in downtown Seoul, Tuesday. At the meeting, Choo asked the finance industry to play an active role to lessen difficulties faced by the working class and SMEs amid an economic downturn. To his right are Financial Services Commission (FSC) Chairman Kim Joo-hyun and Bank of Korea Governor Rhee Chang-yong. Yonhap

Jan 3, 2023By Yoon Ja-young
Financial sector New Year's greeting
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