Korea Times President-Publisher Oh Young-jin, left, and Woori Financial Group Deputy President Jang Gwang-ik, right, pose with the winners of the 19th English Economic Essay Contest during an award ceremony at Lotte Hotel Seoul, Thursday. From left are Oh, Commendation Award recipient Natasha Elyssa Gadjali, Grand Prize winners Jin Sung-kyu and Lee Jun-ho, father of runner-up Lee Seung-yup, Commendation Award winners Yoo Jae-young and Ha Ji-ung, runner-up Jung So-jin and Jang. Korea Times photo by Choi Won-suk

The Korea Times awarded seven winners of the 19th English Economic Essay Contest for university students, at the award ceremony held at Lotte Hotel Seoul, Thursday.

Open to university undergraduate and graduate school students in Korea and abroad, the annual economic essay contest is sponsored by Woori Bank, an affiliate of Woori Financial Group.

This year's contestants wrote on either of two subjects: how commercial banks may utilize generative Al in benefiting their customers, or business diversification ideas for banks.

The Grand Prize went to Jin Sung-kyu, a student at the University of Pennsylvania, and Lee Jun-ho, a student at Kookmin University.

The runners-up were Lee Seung-yup, an MBA student at the University of Michigan-Ann Arbor, and Jung So-jin, a student at Yonsei University.

Commendation awards went to Yoo Jae-young who is attending Korea National Open University, Natasha Elyssa Gadjali, a student at Yonsei University's Underwood International College and Ha Ji-ung, a student at Kyung Hee University.

Jin said, that as a business major, he found it intriguing to delve into Korean banks' perspective and devise novel ways of diversifying their business portfolio.

“While undoubtedly challenging, I found it enjoyable to research business concepts such as consumer behavior and legal hurdles and how they can be taken into account when formulating a business model. The process also served as a good opportunity to learn more about the Korean financial industry and the digitization of banking.” he said.

Korea Times President-Publisher Young-jin speaks during the 19th English Economic Essay Contest award ceremony at Lotte Hotel Seoul, Thursday. Korea Times photo by Choi Won-suk

Each of the seven received an award plaque and cash prize ― 3 million won for the Grand Prize, 2 million won for the runner-up award and 1 million won for the commendation award. The awards were presented by Woori Financial Group Deputy President Jang Gwang-ik and Korea Times President-Publisher Oh Young-jin who each gave congratulatory speeches.

Jang said the contest contributes to a deepening understanding of the economy among university students.

“The contest is a growth opportunity for both the contestants and Woori Financial Group. We are pleased to sponsor the contest from the beginning. I hope young people continue to ask challenging questions and try and overcome difficulties.”

Oh said a deep understanding of the economy is among key factors that determine the quality of life and the ability to verbalize thoughts in English is a significant asset.

“The contest for the past 19 years has provided an avenue for university students to explore their thoughts in the economy,” he said.

Woori Financial Group Deputy President Jang Gwang-ik speaks during the 19th English Economic Essay Contest award ceremony at Lotte Hotel Seoul, Thursday. Korea Times photo by Choi Won-suk

Ha said through this opportunity, he gained insights into how the advantages of AI can be seamlessly integrated with the needs of bank customers.

“Instead of hindering the advancement of artificial intelligence technology through careless misuse, I found it imperative to delve into precise usage and strategic approaches, aiming to identify ways that could be advantageous for both banks and consumers. I will continue my research on the impact of AI technology on finance,” he said.

Gadjali said the contest was not only a competition but also a great learning experience.

“It has profoundly deepened my understanding of the global economy's complex challenges, highlighting the potential for innovative solutions, especially in the banking sector,” she said.