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| Choi Si-young, one of three third-prize winners of the 11th English Economic Essay Contest hosted by The Korea Times, delivers his impressions on the contest and essay topics during an awards ceremony at the Plaza Hotel, Tuesday. / Korea Times photo by Shim Hyun-chul |
By Choi Kyong-ae
Financial technology and private banking dominated the themes of this year's English Economic Essay Contest hosted by The Korea Times as ways to help banks weather declining margins and find new growth engines.
Six winners of the 11th essay competition sponsored by Woori Bank and Korean Air Lines all emphasized the significance of new technologies and wealth management for banks in order to survive fiercer competition at home and compete with their global peers.
"The economic essay contest began 11 years ago when I served as editor-in-chief at this newspaper to encourage university students to write economic essays in English. Now, international students from distant countries such as Nigeria in Africa and Latin American countries send us their essays," Korea Times President-Publisher Lee Chang-sup said during the awards ceremony held at the Plaza Hotel in central Seoul.
Woori Bank and Korean Air have played a key role in sponsoring the annual event for the past decade, he said.
Woori Bank President and CEO Lee Kwang-goo said he was impressed by the award winners' keen interest in the integration of financial technology, or fintech, which is widely regarded as a new growth driver for lenders.
"We once had difficulties due to our heavy dependence on corporate banking, the same as other banks. But we are now seeking a more diversified portfolio by strengthening our mobile banking services and expanding overseas operations," the Woori Bank chief said.
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| Woori Bank President & CEO Lee Kwang-goo, third from right, and Korea Times President-Publisher Lee Chang-sup, third from left, stand together with winners of the 11th English Economic Essay Contest awarding ceremony held at the Plaza Hotel in central Seoul, Tuesday. From left are third-prize winner Choi Si-young; Jhung So-hyun who represents third-prize winner Lee Dong-min; Lee; Oh Yun-kyung who represents first-prize winner Tuneer De; Woori Bank's Lee; first-prize winner Lim Jee-soo; and third-prize winner Kim Hyeong-in. / Korea Times photo by Choi Won-suk |
Among the six winners, first-prize winner Lim Jee-soo and third-prize winners Kim Hyeong-in and Choi Si-young attended the event. Another first-prize winner Tuneer De and the last third-prize winner Lee Dong-min were represented by their acquaintances, Oh Yun-kyung and Jhung So-hyun, respectively. De studies economics at the University of Chicago and Lee majors in international studies and East Asian studies at Johns Hopkins University in the U.S.
The second-prize winner Princewill Udom didn't make it to Seoul, either. The Nigerian native studies economics at the Management Development Institute in the African country.
Lim is engaged in international studies at Yonsei University's Underwood International College, while Kim is a double major in political science and diplomacy at Ewha Womans University, and Choi is a master of law and Honorary Editor-in-Chief of Yonsei European Studies at Yonsei University.
The winners, mostly in their early 20s, said they watch developments in the financial industry carefully to find the right job amid the slowing global economy.
"I found out about the contest through a Facebook friend. As I am preparing for an exam to enter an investment banking company such as Goldman Sachs or Credit Suisse or work for a private equity fund, the rapidly evolving banking industry is one of my main concerns," Lim Jee-soo said.
The first-prize and third-prize winners were given two-way plane tickets on international and domestic routes, respectively. The second-prize winner received a laptop.
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