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SCMP, Korea Times sign agreement

Korea Times President-Publisher Lee Chang-sup, left, poses with South China Morning Post Chief Executive Officer Robin Hu at The Korea Times office in Seoul after signing an agreement to share articles and strengthen cooperation, Tuesday. / Korea Times photo by Shim Hyun-chulBy Choi Ha-youngThe Korea Times signed an agreement with the South China Morning Post, Tuesday, to share articles and strengthen cooperation.In the signing ceremony at The Korea Times office, central Seoul, Morning Post Chief Executive Officer Robin Hu emphasized the importance of the partnership with The Korea Times. “It’s very important to establish pan-Asia coverage, considering the rise of China and Asia,” Hu said.“We feel it’s important to have partnership with other media, and the partnership with The Korea Times is timely.”The Hong Kong-based daily newspaper has a 114-year history. Based on its reputation as a paper of record in Hong Kong, it has become a major international media player by expanding distribution through social network services.The Morning Post attracts

Nov 15, 2016
SCMP, Korea Times sign agreement

WeWork co-founder shares expansion story in Seoul

WeWork office in Gangnam, southern Seoul. / Courtesy of WeWorkBy Yun Suh-youngWeWork co-founder and Chief Creative Officer Miguel McKelvey/ Courtesy of WeWork Four months into opening the first branch of co-working space WeWork in Gangnam, southern Seoul, the workspace pioneer is already seeing substantial success, its 1,000 membership limit already surpassing 800 members. Early next year, it will open a second Seoul office north of the Han River at Daeshin Finance Center in downtown Seoul.To speak about its achievements, its next Seoul location and future plans, WeWork Co-founder and Chief Creative Officer (CCO) Miguel McKelvey visited Seoul Tuesday."Last time I was here was in July getting ready for the opening so it's amazing to be here now and see it open," he said at a meeting with reporters.The company, which six years ago had only two locations in New York, now has over 100 locations in 33 cities in 12 countries, staffed by 1,800 employees.“Our growth has been very fast but in every place we've gone, we've achieved great success,” he said. “In just

Nov 15, 2016
WeWork co-founder shares expansion story in Seoul

Commendation Award New role of banks as digital financial adviser

By Cha Jee-hongInnovative technology is prompting “a big blur” in the world of finance, blurring the existing boundaries between financial service companies and IT companies.Novel ways of paying services like Kakao Pay, Samsung Pay and Alipay, and emerging internet-only banks are examples of incorporating IT into financial services which have resulted in evolution of financial services that can be used without going through financial companies.The new business platforms incorporating financial technology are changing the way finance is viewed and conducted. By using social media or online platform, customers can exchange money directly for a lower transfer fee. Also, social funding and investment have enabled customers to participate in financial services more actively than ever before. Because of these changes, customers’ preferences toward online finance services have increased.To keep their dominant positions against the fast-growing financial services by non-financial companies, banks have been eager to adopt financial technology such as mobile applications

Nov 15, 2016
[Commendation Award] New role of banks as digital financial adviser

Runner-up Award Banks well-suited to lead changing financial environment

By Lee Joo-youngThe first Korean currency was issued more than a thousand years ago. Back then, not much money was in circulation because nobody had faith in the value of currency. People could trade goods instead, so there was no urge to start using cash.However, money has now become an essential part of our everyday lives. It has gained the trust of people to the extent that not many feel the need to possess actual bills and coins in their wallets.Starting in September next year, banks will even stop issuing paper bankbooks. This shows that money of today is meaningful simply as numbers in our bank accounts that we check on computers or smartphones. Now, the financial environment is about to undergo yet another change as internet-only banking enters the picture.The prolonged period of low interest rates has taken a toll on many local banks, leading them to reduce the number of offline branches and ATMs. In the first half of this year, 127 branches of 5 major banks closed down and 100 more are expected to follow suit in the second half.Accordingly, banks are looking for ways to chan

Nov 15, 2016
[Runner-up Award] Banks well-suited to lead changing financial environment

Grand Prize Korean investment banking industry in need of deregulation, consolidation

/Graphic by Cho Sang-wonBy Kyle HuntzberryKorea has been able to nurture and develop some of the largest and most profitable companies in the world. Samsung, LG, Kia, and Hyundai are brands that have influence all over the world. However, the one significant sector where Korean companies are lacking on the global stage is banking. Korea does not have a global investment bank like Goldman Sachs or J.P. Morgan. The IB industry in Korea is underdeveloped, especially in comparison to the United States and Europe. To develop a globally competitive IB, Korea must continue to pursue domestic reforms targeted at improving and streamlining the laws and regulations that govern the merger and acquisition (M&A) market.Research performed in 2012 by the Shorenstein Asia-Pacific Research Center and the Korea Capital Market Institute, revealed that in order for a Korean investment bank to grow into a global powerhouse, there needs to be more consolidation. Korean investment banks are severely lacking in capital reserves and leverage ratios, and with so many foreign IBs already flo

Nov 15, 2016
[Grand Prize] Korean investment banking industry in need of deregulation, consolidation

10 winners share hope, courage at award ceremony

Gender Equality and Family Minister Kang Eun-hee smiles with grand prize winner Ban Jun-hwi, a fifth grader at Yeongil Elementary School in Seoul./ Korea Times photo by Choi Won-sukBy Kim Se-jeongLate autumn drizzle ushered the 10 winners of the fifth Korea Multicultural Youth Awards organized by The Korea Times, into the awarding ceremony at the Korea Press Center in Seoul, Monday, where they were lauded for their academic performance, language proficiency and exceptional behavior among other traits.They were from all over Korea ― Seoul, Incheon, Daejeon, Mokpo and Goheung, and South Jeolla Province.The award ceremony, which lasted about an hour, included messages of congratulation and encouragement, and applause from family members, foreign diplomats and other dignitaries.“Congratulations to all you winners. You can do anything as long as you keep your confidence up,” Kang Eun-hee, minister of gender equality and family, said. Besides awarding the top prize winner, she congratulated each winner personally after the ceremony and accepted photo requests as if they we

Nov 14, 2016
10 winners share hope, courage at award ceremony

Commendation Award Banks' strategies towards development of fintech

By Lee In-hyungThe prima facie analysis of the rise of financial technology, or fintech, has altered the financial environment in the traditional banking industries by providing alternative strategies and business models in financial sectors.Fintech has risen primarily in the sectors of payment/transfer and financial software, triggering more active collaboration.With a well-established IT infrastructure and the immense influx of customers seeking technological innovations, the Korean market has unlimited potential in the development and use of fintech.Statistically, transaction value is expected to grow over 1.04 billion won by 2020, with the compounded annual growth rate of 19.9 percent. Consequently, the new generation of payment/transfer transaction services, led by strong brands with a large customer base - such as Samsung Pay, Kakao Pay and Bank Wallet Kakao - has successfully emerged within the market.Although the influence of fintech in Korea is still somewhat limited in certain banking sectors, the analytical approach in the current competitive environment requires banks to

Nov 14, 2016
[Commendation Award] Banks' strategies towards development of fintech

Commendation Award Don't change for the best; be best at change

By Lee Won-hyongModern banking has come a long way since the days of 17th century goldsmiths earning storage fees off people who just wanted a safe place for their precious metals.Needless to say, those who prospered during the transformation of the profession ironically did not succeed by mastering their craftsmanship. Rather, initiatives to operate in a manner that was against norms and conventions became the engines for early banks.Bankers of today now face similar volatilities. A pre-2008-crisis level of return on equity cannot be sought after using the same business methods under the convergent disruption.Harsher regulations and remnant instabilities are tumbling over behemoth players like Deutsche Bank, while nimble newcomers are quickly taking over customers’ changing preferences. Consequently, analysts at Accenture expect full-service banks to globally lose as far as 35 percent of the market share by 2020.At this point, enhancing efficiency through simply cutting costs is still important, but cannot be the fundamental solution. Banking of tomorrow ultimately requires cr

Nov 14, 2016
[Commendation Award] Don't change for the best; be best at change

Grand Prize Challenges of banks facing the next wave of technology innovation

Woori Bank CEO Lee Kwang-goo, third from left, cuts rice cake with Small and Medium Business Administration Minister Joo Young-sup, second from left, during an opening ceremony for the WiBee Fintech Lab in Yeongdeungpo-gu, Seoul, Aug. 10. / Courtesy of Woori BankBy Kim Hong-ilThe growth of technology has significant implications for banks. The traditional interaction model between bank and customer has been rapidly transformed as mobile phones get equipped with more and better functionality, and this trend seems to even accelerate its speed as the technology is developed at faster pace than ever.Sleek-looking branches and fancy websites will no longer be enough, and customers will expect more sophisticated and intricate services through various channels. Such trend can be epitomized by the recent advent of internet-only banks, and Korea’s banking industry is once again expecting its largest cataclysm in decades.So how should banks welcome this drastic wave of change?The answer lies in taking full advantage of the cutting-edge technology and cherishing human interactio

Nov 14, 2016
[Grand Prize] Challenges of banks facing the next wave of technology innovation

Ginseng effective for Parkinson's treatment: PNU prof.

Kim Seung-tae, PNU professorBy Lee Min-hyungA renowned Oriental medicine professor has found out scientific mechanisms that ginseng is effective in treating Parkinson’s disease.Pusan National University (PNU) professor Kim Seung-tae and his research team said Monday ginseng extracts help prevent neurons in the brain from deteriorating. This is a major achievement in the research history of the deadly disease, as scientists here and abroad have so far failed to unveil the exact cause behind why dopamine-producing cells in the region of the brain die off due to Parkinson’s disease, according to the research team.Kim studied Oriental medicine at Kyung Hee University, receiving his bachelor’s, master’s and doctoral degrees there. He has since been recognized for his research results, winning the Young Research Award in 2007 at the 11th International Conference on Oriental Medicine. The following year, he also received the Poster Award at the 4th Symposium on Acupuncture and Meridian Studies. He is currently serving as the Oriental medicine professor at the PNU.Kim

Nov 14, 2016
Ginseng effective for Parkinson's treatment: PNU prof.
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