Students honored for offering insights into inclusive banking
Woori Bank CEO Jung Jin-wan, right, poses with Korea Times President-Publisher Oh Young-jin, left, and the winners of the 21st English Economic Essay Contest during an award ceremony at Lotte Hotel Seoul, Wednesday. From left are Oh, Commendation Award winners Kim Tae-young, Marwuko Felix and Beata Viktoria Silfvernagel, Runner-up Award winners Hermayonie Centeno and Choi Yeong-ju, Grand Prize winners Lee Jae-hyeong and Dorothea Rosskopf, and Jung. Korea Times photo by Choi Won-suk
The Korea Times presented awards to seven winners of the 21st English Economic Essay Contest during a ceremony at Lotte Hotel Seoul on Wednesday.
Open to university undergraduate and graduate school students in Korea and abroad, the annual economic essay contest is sponsored by Woori Bank, an affiliate of Woori Financial Group.
The contest aims to help students deepen their understanding of the economy and finance while enhancing their English writing skills.
This year's contestants wrote on one of two subjects.
The first topic was: "Korea has become a super-aged society, prompting banks and other financial services firms to better cater to older customers. Unlike younger counterparts, it has been slower for older adults to adapt to digital banking services. Suggest tips for financial companies to attract and better serve older customers."
The second topic was: "The financial industry is moving quickly to rely on artificial intelligence (AI) technology to more efficiently and cost-effectively introduce financial products, as well as handle asset management, investment and other services. In the era of AI, suggest ways for the Korean government and companies to expand access to various financial services for foreign residents and visitors."
The winners of the Grand Prize are Dorothea Rosskopf, a German student at the University of Göttingen currently participating in an exchange program at Seoul National University, and Lee Jae-hyeong, a Korean student at Hanyang University.
Each received 3 million won ($2,202) in prize money and an award plaque.
The runners-up are Choi Yeong-ju, a Korean student at Kwangwoon University, and Hermayonie Centeno, a Panamanian student at Kyungpook National University.
Each received 2 million won in prize money and an award plaque.
Commendation awards went to Marwuko Felix, a Ghanaian student at Woosong University, Beata Viktoria Silfvernagel, a Swedish student at Ewha Womans University, and Kim Tae-young, a Korean student at Kyung Hee University.
Each received 1 million won in prize money and an award plaque.
Woori Bank CEO Jung Jin-wan speaks during the award ceremony for the 21st English Economic Essay Contest at Lotte Hotel Seoul, Wednesday. Korea Times photo by Choi Won-suk
The awards were presented by Woori Bank CEO Jung Jin-wan and Korea Times President-Publisher Oh Young-jin, who each delivered congratulatory speeches.
"Since 2015, Woori Bank has partnered with The Korea Times on this contest as part of our commitment to nurturing talent and engaging more actively with the next generation of global leaders," Jung said.
"The creative ideas and sincere thoughts you've shared are sure to offer fresh perspectives and valuable insights not only to readers of The Korea Times, but also to Woori Bank and the broader financial industry," he added.
This year’s contest achieved outstanding milestones across the board. A total of 552 participants from 66 countries took part, marking a 61 percent increase from last year. The contest recorded an intense competition ratio of roughly 80 to 1.
Oh attributed Korea's expanding global influence as a key driver of this growth.
"As global interest in K-content, such as K-pop and K-dramas, continues to grow, more people around the world are turning their attention to Korea, now recognized as a major economic power," Oh said. "This has led to a strong desire to engage with events taking place in the country."
He also emphasized that the contest's use of English, combined with its timely and thought-provoking themes, was instrumental in drawing international participation.
"Moving forward, we will continue to grow this contest into a global platform for engaging with young people around the world," Oh said.
Awards and flower bouquets are arranged in place ahead of the award ceremony for the 21st English Economic Essay Contest at Lotte Hotel Seoul, Wednesday. Korea Times photo by Choi Won-suk
Winners also shared their reflections on writing their essays.
"It was a challenge, but also fun to draw inspiration from my own country and think about how Korea and Sweden can help each other address their respective weaknesses. I believe both countries can learn a lot from each other, and I am grateful that this contest gave me that opportunity," Silfvernagel said.
"As an economics major, I’ve studied the subject more extensively than many students at other schools. However, much of that learning has remained theoretical, which I had always found a bit unsatisfying. Writing this essay finally gave me the opportunity to see how it applies in the real world," Kim said.
"These days, it's rare to have the chance to reflect deeply on a single topic. Through this contest, I was able to focus my thoughts, and consider what makes a good essay and how to write one. I hope this contest continues and offers opportunities to many more students," Lee said.