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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

'Dr. Guinness' never stops learning

Lee Wang-yulBy Choi Kyong-ae“Know something of everything and everything of something!” is the advice given by Lee Wang-yul, the Guinness World Record holder for having the highest number of diplomas and certificates at 116.“I have had some difficulties to complete each academic course as it took a lot of money, time and energy, the 74-year-old told The Korea Times. “But now I feel proud of my past achievements of earning seven regular diplomas and 109 non-regular diplomas over the past four decades.”In December 1993, Lee was awarded a Guinness certificate with the greatest number of diplomas and certificates ever, 61. Afterwards, he made it a rule to enroll in and complete a new course all through his life.He was born in 1942 in Gumi, South Gyeongsang Province, and couldn’t have a regular school education from elementary to high school due to a lack of tuition money. He later passed a school qualification examination for high school and college entrance.To finance his tuition fees, he worked during the day and studied at night, mainly taking eveni

Nov 12, 2015
'Dr. Guinness' never stops learning

University presidents' forum

Lee Young-moo, seventh from left in the first row, president of Hanyang University, poses with presidents of Korean and Chinese universities during the 7th Korean-Chinese University Presidents Forum at the school’s campus in Seoul, Tuesday. Those in the front row are Jee Byung-moon, fifth from right, president of Chonnam National University; Choi Kyung-hee, sixth from right, president of Ewha Womans University; Li Yuanyuan, sixth from left, president of Jilin University in Jilin, China; and Piao Yonghao, fourth from left, president of Yanbian University in Jilin, China. / Courtesy of Hanyang University

Nov 11, 2015

ROK-US soldiers play ball on joint team

By Kim Hyo-jin Baseball is strengthening unity among South Korean and U.S. soldiers of the ROK-U.S. Combined Forces Command (CFC), who have formed a joint team. “About 20 military personnel working on base formed a joint baseball team last month,” a CFC official said Wednesday. “Its inauguration ceremony will be held soon.” The team was named “We Go Together,” a phrase that has long been used in the CFC to underline the bond between South Korea and the United States. U.S. Ambassador to South Korea Mark Lippert also tweeted the phrase to offer assurance to concerned South Korean citizens after he was attacked by a knife-wielding man in March. The idea of forming a joint baseball team was first suggested by a South Korean officer. He wrote a post on the CFC website expressing his hopes of creating a team. It drew the attention of many U.S. officers and soldiers who often played baseball during leisure time. With an active response, they managed to put together the first joint sports team between Korean and U.S. military personnel in CFC history. The

Nov 11, 2015

'Coloring books are about healing'

Illustrator SuwaBy Kwon Ji-younTaeyeon, the lead vocalist of Girls’ Generation, is hooked on coloring books. One of her favorites is “Look” by illustrator and designer Suwa, and, more so since Suwa appeared alongside the idol on an entertainment show, the book has been flying off the shelves.“I’m very grateful for, and a bit startled by, all the interest in my book and myself,” Suwa said in a recent interview with The Korea Times.“Shooting the show was definitely a new and fun experience. And Taeyeon had prepared so much for the shooting, and her willingness to learn was very moving. Also, more fans have followed me on SNS, including a good number of Taeyeon’s fans abroad.”Suwa began drawing at age five, and has always had a thing for fashion. She interned at a design company while studying at the Parsons School of Design, which was also when she began working as a freelance illustrator.After graduating, she worked as a women’s wear designer at big name brands including Michael Kors, Nautica and Tommy Hilfiger.“Bu

Nov 10, 2015
'Coloring books are about healing'

Honorary doctorate

Iceland’s President Olafur Ragnar Grimsson, right, poses with Kookmin University President Yu Ji-soo after receiving an honorary doctorate in politics at the school’s campus in Seoul, Monday. The university said it has recognized Grimsson’s contribution to promoting friendly international relations and raising awareness about climate change and issues facing the Arctic. / Courtesy of Kookmin University

Nov 9, 2015

Wealth management emerging as growth driver for banks

By Choi Si-youngAdvances in technology have generated a more sophisticated approach to examine the patterns of information, simple or complex. Understanding such “big data” or gigantic data sets has enriched daily lives from preventing diseases to combatting crimes. Financial sectors remain no exception. Banks now better understand their clients’ financial motives and interests through reviewing their consuming as well as saving habits. Traditionally, Korean banks primarily profit from differing rates in lending and borrowing.  However, banks and customers will enjoy more wealth with more aggressive practices, for from small to large, they altogether share the same interests in downsizing expenditures and multiplying savings. Administering wealth management for larger segments of people and establishing a new online “platform”, erected by banks, where “peers” or a group of “clients” conduct their financing will deliver a new source of revenue. Initiated years ago in the name of “private banking”, banks h

Nov 9, 2015
Wealth management emerging as growth driver for banks

Integration key to survival in fintech market for banks

By Kim Hyeong-in Brunch, voluntourism and webisode. There is one common thing among these words. They are newly listed compound words in the Oxford English dictionary as the need for explaining them has arisen. Banks are no exception.Fintech, the compound word of finance and technology, has become a common way of payment in many developed countries such as the UK and US. People want faster, lighter and more convenient method to pay for anything.They don’t want to waste time waiting for a cashier to calculate their change, nor fill their wallets with ‘heavy’ coins. Simply put, they feel inconvenient to have their wallets in their back pockets. As the word Fintech itself is the integration of two different words, banks have no choice but to ‘integrate’ to survive in this new and fierce market.In the internet bank market, which is most likely to be a battlefield for banks to maintain their presence in transition to Fintech, they alone cannot stand as main actors. This is because banks cannot be the largest stakeholders of any internet bank in Korea due

Nov 9, 2015
Integration key to survival in fintech market for banks

Banks urged to embrace new technology to move forward

By Lee Dong-min Expounding upon South Korea's remarkable economic growth that pushed its status from a poor post-war country to one of the Asian Tigers now serves as a cliché; the rags to riches story of the country has been one recounted too often.In the new era where South Korea has already reached into the atmosphere of stability, the importance of the service sector beyond that of the primary and secondary sectors is rising. From that aspect, the role that South Korean banks must play in order to keep up the stability is indeed heavy.Contrary to the importance of such a role, South Korean banks have been lagging behind the past few years. In the second quarter of 2012, the combined profit of South Korean banks 59 percent from a year earlier. In a 2013 survey by The Banker, the competitiveness of Korean banks was ranked 83rd out of 93 nations.Moreover, the current benchmark interest rate set by the central bank is at a low 1.5%, further restricting future profit prospects of Korean banks. To ensure the financial health of Korean banks and raise their future competitive

Nov 9, 2015
Banks urged to embrace new technology to move forward

Regulation, inefficiency, lack of expertise are hurdles for banks

By Princewill Udom Customers and clients are the mainstay of the Korean banks. This means that there is a direct correlation between the performance of the banks and the confidence of the users in the banks.Sadly, there is a crisis of confidence between the banks and the people whom they serve. The bond of trust between the banks and their customers is apparently weakening and this scenario may become pervasive.The users’ waning enthusiasm for the banks may indicate the need for a new model of banking practices. The evidence of sagging confidence in the banks includes growing wariness by both the banks and their users, looming economic downturn and possible political fallouts.To be sure, it would be unfair and misguided to attribute culpability to the banks only, albeit the banks have a critical role to play. This essay identifies three important instruments available for use by the banks to reinvent themselves. These are banking regulations, efficiency gains and specialization.Firstly, the proliferation of banking regulations, although enacted in good faith, is probably h

Nov 9, 2015
Regulation, inefficiency, lack of expertise are hurdles for banks

SeoulTech appoints president

Kim Jong-hoBy Park Jin-haiKim Jong-ho has been appointed president of Seoul National University of Science and Technology (SeoulTech), the university said Monday.Kim, a professor of mechanical systems and design engineering at SeoulTech, will serve his four-year tenure from Monday, succeeding Namkoong Keun.  A Seoul National University graduate majoring in mechanical engineering, Kim earned a master’s degree in mechanical engineering and a PhD in industrial engineering at Korea Advanced Institute of Science and Technology.He has been a professor at SeoulTech since 1985.He previously worked as an organizing committee member for the Korea Institute of Industrial Technology technicians’ training program, and strategic technology development project adviser under the Knowledge Economy Ministry (now Ministry of Trade, Industry and Energy).Kim won a majority in the first vote from the recommendation committee in July. After further evaluation of his research ethics, he was recommended for the post to the Minister of Education.“I will create an environment where more

Nov 9, 2015By Park Jin-hai
SeoulTech appoints president
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