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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.

FSS to monitor financial firms with AI, big data

Financial Supervisory Service Governor Yoon Suk-heun / YonhapBy Kim Bo-eunThe Financial Supervisory Service (FSS) will beef up its monitoring of financial services companies with artificial intelligence (AI) and big data, FSS Governor Yoon Suk-heun said, Thursday.Utilizing AI and big data for around-the-clock supervision is part of the regulator's 2019 plans aimed at cracking down on securities crimes and financial fraud as well as strengthening consumer protection."We will utilize information and communications technology (ICT) to enhance the efficiency of supervisory and inspection tasks," FSS Governor Yoon Suk-heun said in a press conference the same day.A system employing AI will monitor financial firms, and the FSS will launch on-site inspections when the system tracks abnormalities.Using the system, the FSS plans to put private moneylenders under the microscope. The regulator also plans to set up a system based on big data that tracks mis-selling of insurance products through telemarketing.In addition, the FSS stated it would seek to expand the utilization of “regtech,&rd

Mar 14, 2019By Kim Bo-eun
FSS to monitor financial firms with AI, big data

Moon vows 'bigger trade' with Malaysia

President Moon Jae-in delivers his keynote speech at the start of 'South Korea-Malaysia Business Forum' held at the Mandarin Oriental Hotel, downtown Kuala Lumpur, Thursday afternoon. YonhapBy Kim Yoo-chulSouth Korea plans to expand the country's overall trade volume with Malaysia focusing on halal tourism, and hallyu-oriented industries, President Moon Jae-in said, Thursday.“Malaysia is one of the most important trading partners with South Korea and vice versa. South Korea and Malaysia have a long history within that context on multiple fronts and I think it's a sincere friendship,” Moon said during his keynote speech at the start of a business forum packed with executives from South Korean and Malaysian companies, Kuala Lumpur, Thursday afternoon, according to Cheong Wa Dae press pool reports.Moon said South Korea is hoping to complete the signing of a bilateral free trade agreement (FTA) with Malaysia within this year to provide a fresh impetus to further vitalize mutual trade.The two countries agreed “in principle” to sign the FTA on the sidelines of the M

Mar 14, 2019By Kim Yoo-chul
Moon vows 'bigger trade' with Malaysia

Police warn: Don't share unverified celebrity names involved in K-pop scandal

By Park Si-soo Police have urged people not to share texts containing the unverified names of female celebrities involved in a sex video scandal shaking the K-pop world, saying sharing such files is punishable. Seoul Metropolitan Police Agency issued the warning on Thursday. “Since the scandal surfaced, text messages containing the names of female entertainers, framed as victims in the scandal, have been spreading out of control through mobile chat apps,” the agency said. “It can cause serious secondary damage to the people listed.” K-pop singer Jung Joon-young, 30, admitted secretly filming himself having sex with “10 or more women” and sharing the footage with his celebrity friends in a mobile chat group in 2015-16. Rumors have it the victims include female entertainers. Under the Privacy Protection Law, people “creating” or “sharing” information defamatory to a specific person can face a prison term of up to seven years, license suspension for up to 10 years or a 50 million won fine ($44,000). A person sharing sex-related

Mar 14, 2019
Police warn: Don't share unverified celebrity names involved in K-pop scandal
  • PHOTOS K-pop sex scandal suspects face police probe
  • FULL TEXT Dirty talks among K-pop stars reconstructed

Korea to hold first fintech expo

The Financial Service Commission will hold Korea's first global fintech expo, Korea Fintech Week 2019, in May, the regulator said Wednesday. / gettyimagebank By Kim Bo-eunThe Financial Service Commission will hold Korea's first global fintech expo in May, the regulator said Wednesday.Korea Fintech Week 2019 will be held May 23 to 25 at the Dongdaemun Design Plaza in Seoul.The event, which invites global financial authorities, international organizations and global fintech companies, will discuss related policies.It also aims to help local fintech companies to expand their businesses globally, through connecting them to local and global investors.In addition, it will provide consulting services to university students and young jobseekers interested in the sector.Visitors will be able to get a hands-on experience with fintech at the event.The FSC aims to host the event annually, to develop it into a major fintech event in Asia.

Mar 13, 2019By Kim Bo-eun
Korea to hold first fintech expo

Ruling party seeks discipline for opposition floor leader

Rep. Kang Byung-won, left, spokesman of the ruling Democratic Party of Korea (DPK) submits a petition against main opposition Liberty Korea Party floor leader Rep. Na Kyung-won to the National Assembly Ethics Committee, Wednesday, asking it to investigate defamatory remarks she made against President Moon Jae-in during a speech at the National Assembly.  YonhapWrangling escalates over Na Kyung-won's speechBy Park Ji-wonThe ruling Democratic Party of Korea (DPK) referred Liberty Korea Party (LKP) floor leader Rep. Na Kyung-won to the National Assembly Ethics Committee, Wednesday, over “insulting” remarks she made about President Moon Jae-in. The move comes one day after Na described President Moon as the “chief spokesman” for North Korean leader Kim Jong-un in a speech at the Assembly while criticizing his policy toward North Korea.In a petition submitted to the committee, the DPK demanded stern disciplinary measures against Na, including depriving her of her Assembly seat. However, this would require support from the LKP.Responding to this, the LKP said i

Mar 13, 2019By Park Ji-won
Ruling party seeks discipline for opposition floor leader

Unification Minister nominee in hot seat over past Facebook posts

Kim Yeon-chul, Unification minister nominee, answers questions at the Office of the Inter-Korean Dialogue, Seoul, Friday. / YonhapBy Park Ji-wonUnification Minister nominee Kim Yeon-chul deactivated his Facebook account Tuesday after being embroiled in a controversy over his past posts against politicians including President Moon Jae-in.Kim said that he temporarily deactivated his Facebook account as he was worried about being contacted by strangers and hacking. He also apologized for what he wrote on his social media account. “I used some inappropriate expressions when making political comments on North Korea policy and inter-Korean relations. I feel really sorry and I apologize. I will be more cautious when saying something in the future,” he said.His moves came after the main opposition Liberty Korea Party called for withdrawal of his appointment for his political stance on North Korea amid criticism claiming that he is not qualified as a high-ranking official for making blunt remarks.In March, 2015, the nominee criticized Moon, then leader of the main opposition party

Mar 13, 2019By Park Ji-won
Unification Minister nominee in hot seat over past Facebook posts

S. Korea, US to meet today to discuss NK handling

Foreign Minister Kang Kyung-wha speaks in a National Assembly seminar on March 7, organized to discuss the result of the recent summit between the U.S. and North Korea. / YonhapBy Lee Min-hyungSouth Korea and the United States will hold a working group meeting in Washington Thursday (local time) to seek a breakthrough in the nuclear impasse between Washington and Pyongyang, the South's foreign ministry said.Seoul and Washington plan to exchange up-to-date information on inter-Korean and Washington-Pyongyang relations during the meeting in response to the breakdown of the Hanoi summit between U.S. President Donald Trump and North Korean leader Kim Jong-un last month, according to the Ministry of Foreign Affairs.Rhee Dong-yeol, director-general of the ministry's Korean Peninsula peace regime bureau, will head the South Korean delegation for talks with his U.S. counterpart led by Alex Wong, deputy assistant secretary for North Korea.The meeting comes at a critical juncture when Washington and Pyongyang need to bring their now-suspended nuclear talks back on the right track for peac

Mar 13, 2019By Lee Min-hyung
S. Korea, US to meet today to discuss NK handling

South Korea, Malaysia agree to push for free trade deal

President Moon Jae-in, left, shakes hands with Malaysian Prime Minister Mahathir Mohamad at the start of their summit at PM's office in Putrajaya, Wednesday afternoon. YonhapBy Kim Yoo-chulPresident Moon Jae-in and Malaysian Prime Minister Mahathir Mohamad decided to push for a bilateral free trade agreement (FTA) at their meeting in Putrajaya, Wednesday.“The leaders of the two countries agreed to sign an FTA by the end of this year, at the earliest. With the increase in the volume of trade between South Korea and Malaysia, the consensus was establishing a fresh trading framework was needed,” the presidential office said in a press release.“Working-level discussions will begin soon. The leaders agreed in principle to sign the FTA on the sidelines of the Malaysian Prime Minister Mahathir's possible participation to a special South Korea-ASEAN summit later this year.” Moon planned to hold the summit later this year to mark the 30th anniversary of establishing diplomatic relations.Cheong Wa Dae officials said the FTA, if realized, would give people in South Korea

Mar 13, 2019By Kim Yoo-chul
South Korea, Malaysia agree to push for free trade deal

Hanoi summit was brand booster for SPC

A booth offering sandwich boxes and water bottles to international journalists covering the Hanoi summit inside the International Media Center in downtown Hanoi, Vietnam, is seen in this file photo. Courtesy of SPC GroupBy Kim Yoo-chulThough the failure of the U.S.-North Korea summit in Hanoi has been considered a major disappointment, the summit was a “brand booster” for South Korea's food giant SPC Group.During the Hanoi summit, SPC Group, which operates bakery franchise units of Paris Baguette and Paris Croissant, supplied 7,500 snack boxes, each of them holding handcrafted sandwiches made with specialty breads and rolls, and 10,000 water bottles to the International Media Center (IMC).“Events provide marketers like us with a number of great chances to actively engage with audiences, at the same time creating increased brand awareness,” Lee Yong-seok, chief of SPC's Vietnam subsidiary, said in an interview with The Korea Times.“Events that provide meaningful experiences with meaningful timing allow brands to forge emotional connections, creating deep

Mar 13, 2019By Kim Yoo-chul
Hanoi summit was brand booster for SPC

Ruling party refers opposition leader to ethics panel for 'insulting' Moon

Rep. Na Kyung-won of the main opposition Liberty Korea Party speaks with the party's key members at the National Assembly, Mar. 13. YonhapThe ruling Democratic Party (DP) requested the parliamentary ethics panel Wednesday punish the floor leader of the main opposition party over her derisive remarks about President Moon Jae-in's engagement with North Korea.In a parliamentary speech on Tuesday, Rep. Na Kyung-won of the main opposition Liberty Korea Party (LKP) called on Moon to behave in a way that would prevent "compromising talk that South Korea's president is Kim Jong-un's top spokesman."The DP filed a petition against Na with the special parliamentary committee on ethics alleging she violated parliamentary law that bans insulting remarks.Na's speech sparked political tension at a time when the National Assembly managed to open its extra session last week after a two-month hiatus.After Rep. Na Kyung won, bottom, criticized South Korean President Moon Jae-in by calling him "Kim Jong-un's top spokesman" in a parliamentary speeech on Tuesday, ruling Democratic Party's floor leader Hon

Mar 13, 2019
Ruling party refers opposition leader to ethics panel for 'insulting' Moon
  • 'Chief spokesman for Kim Jong-un': opposition leader attacks Moon
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