Winners of the 21st Economic Essay Contest

Dorothea Rosskopf, left, and Lee Jae-hyeong

The Korea Times is pleased to announce the winners of its 21st English Economic Essay Contest for university students.

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 of the winners will be awarded 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 will receive 2 million won 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 will receive 1 million won and a plaque.

The contestants wrote essays addressing 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 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 will receive their awards at a ceremony on July 2 at Lotte Hotel Seoul. Their essays will be published in the same day's edition of The Korea Times.