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Park Han-sol

Korea Times Finance Reporter

Park Han-sol reports on Korea's financial regulators, along with fintech and insurance. She previously wrote about the art world, from biennales and exhibitions to fairs and auctions, with a focus on Seoul and the figures shaping the scene. Before joining The Korea Times, she spent a year at ABC News' Seoul bureau, contributing to coverage of major Asia-Pacific events.

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Economy

Watchdog launches probe into Mirae Asset Securities over SpaceX IPO allocation debacle

The fallout from the SpaceX “zero shares” fiasco has prompted authorities to investigate Mirae Asset Securities and several other investment management firms. This comes after a Korean allocation of 2.31 million shares was withdrawn without explanation June 12, just hours before the Elon Musk-led company’s blockbuster initial public offering (IPO). Financial Supervisory Service (FSS) Gov. Lee Chan-jin said Monday that authorities are reviewing both the circumstances surrounding the disputed allocation process and possible safeguards to prevent a similar episode when future high-profile listings such as OpenAI or Anthropic come to market. The remarks come as the watchdog sifts through a growing number of investor complaints linked to the offering. Ahead of SpaceX’s June 11 IPO, Mirae Asset Securities marketed $500 million worth of stock to local investors. Regulatory filings it had published before subscriptions opening showed that the brokerage had secured an allocation of over 2.31 million shares, giving investors a rare chance to participate in the offering at the $135 issue p

22h agoBy Park Han-sol
Watchdog launches probe into Mirae Asset Securities over SpaceX IPO allocation debacle
Banking & Finance

Foreigner stakes in KB Financial exceed 80% as chairman seeks 2nd term

Foreign ownership in KB Financial Group has surpassed 80 percent for the first time since the holding company was established in 2008, as aggressive share cancellations and expanded shareholder returns continue to attract global investors, company officials said Friday. The development has fueled speculation over whether strong backing from overseas shareholders could bolster Chairman Yang Jong-hee's prospects for another term after his mandate expires later this year. As of Thursday, overseas investors held 80.12 percent of KB Financial's shares, equivalent to more than 284.1 million shares, according to the Korea Exchange. Its foreign ownership far exceeds that of its major peers, including Shinhan Financial (61.59 percent), Hana Financial (68.37 percent) and Woori Financial (45.28 percent). Global investors' stakes in Korean banks largely faded after the 2008 global financial crisis, with ownership levels across the sector largely settling into the 40 to 60-percent range for much of the past decade. The surge in overseas ownership has also drawn attention to the future of Yang, whose

Jun 19, 2026By Park Han-sol
Foreigner stakes in KB Financial exceed 80% as chairman seeks 2nd term
Banking & Finance

Card issuers turn to small-business lending as consumer loan curbs squeeze growth

As Korea’s financial authorities continue tightening their grip on household debt, card issuers are looking beyond personal card loans for growth, with many expanding into lending for sole proprietors and small-business owners, according to industry officials Thursday. In recent years, card companies have relied on card loans to offset slowing growth in their transaction fee incomes. Carrying higher interest rates than bank loans but requiring no collateral, these have become a popular source of quick funding for borrowers with limited access to mainstream credit. That appeal has also made them a target of regulators. Authorities regard card loans as a significant contributor to household leverage and have sought to restrain their growth as part of a broader campaign to curb debt accumulation and cool speculative demand in the property market. Pressure on the sector intensified this week after several major card issuers exceeded regulatory targets for outstanding card loan balances. The Financial Supervisory Service summoned the companies on Monday and urged them to strengthen interna

Jun 19, 2026By Park Han-sol
Card issuers turn to small-business lending as consumer loan curbs squeeze growth
Banking & Finance

Mirae Asset Group crosses $1 tril. mark in client assets

Mirae Asset Group's client assets have surpassed the $1 trillion mark, a milestone that reflects the firm's transformation from a domestic financial company into a global investment player, according to company officials Thursday. As of the end of May, the group's domestic assets totaled 1,140 trillion won ($757.1 billion), while overseas balances reached 390 trillion won. Mirae Asset Securities accounted for roughly 800 trillion won of the total, followed by Mirae Asset Global Investments with 680 trillion won. Mirae Asset Life Insurance and other affiliates managed a combined 50 trillion won. The growth trajectory has accelerated markedly in recent years. Customer assets climbed from 666.5 trillion won in 2022 to 777.9 trillion won in 2023, 906 trillion won in 2024 and 1,158.7 trillion won in 2025. In the first five months of this year alone, the increase exceeded the gain recorded during all of last year. The group's capital base has expanded in tandem. Its equity capital stood at 26.3 trillion won at the end of March, up 2,630-fold from the 10 billion won with which the company was f

Jun 18, 2026By Park Han-sol
Mirae Asset Group crosses $1 tril. mark in client assets
Banking & Finance

AI-generated complaints create new headaches for insurers

A recent customer complaint filed with one of the top three life insurers in Korea appeared convincing at first glance. It cited what seemed to be relevant laws and argued that the company had misinterpreted them. There was one problem: The law did not exist. "Sometimes customers cite statutes that simply aren't real," a company official said. "Other times the law itself exists, but the interpretation is completely off. We're seeing more grievances that sound plausible on the surface but don't hold up under scrutiny." At another big-name non-life insurance firm, claims handlers encountered a different telltale sign of artificial intelligence (AI). One submission still contained the asterisks that ChatGPT typically uses for emphasis. "People can put a few details into ChatGPT and ask it to draft a complaint for them. We are definitely seeing cases like that," an official at the insurance firm said. These episodes illustrate a growing challenge for the country's insurance sector as more consumers turn to generative AI tools to draft complaints and appeals. While chatbots can help explain com

Jun 18, 2026By Park Han-sol
AI-generated complaints create new headaches for insurers
Economy

Weak won fuels demand for dollar-denominated insurance, but FX risks persist

When a life insurance agent recommended a dollar-denominated annuity earlier this month as a way to benefit from strong U.S. currency, a Seoul office worker immediately signed up, attracted by the prospect of tax-free returns and potential foreign exchange gains. Soon after, however, the worker found himself scouring online forums, questioning whether undisclosed fees and future currency swings could erode the promised benefits. “Since the first premium has not yet been collected, I’d like to cancel the policy if there are major drawbacks that weren’t fully explained to me," he wrote on Blind, an anonymous community app. His concerns highlight the double-edged nature of dollar-denominated insurance products: A stronger greenback can enhance returns, but currency fluctuations can also magnify costs and reduce eventual payouts. Demand for U.S. dollar-denominated insurance products has jumped this year as the Korean won continues to trade at historically weak levels against the dollar. Under these policies, both premiums and payouts are made in dollars. They typically offer higher retu

Jun 16, 2026By Park Han-sol
Weak won fuels demand for dollar-denominated insurance, but FX risks persist
Banking & Finance

Citi becomes 1st to launch tokenized depositary receipt service for private shares

Citi has become the first to launch a blockchain-based depositary receipt service for shares in private companies, aiming to make it easier for issuers to reach investors and for investors to access private market opportunities, the company said Tuesday. The launch comes as private companies remain unlisted for a longer period of time, prompting many to seek alternative ways to provide liquidity to shareholders without relying on often fragmented secondary markets. The new offering, called the Digital Depositary Receipts, applies Citi’s traditional depositary receipt framework to private company shares. Using blockchain infrastructure operated by SIX, a Swiss financial market operator and one of the world’s first fully regulated digital central securities depositories, the service tokenizes depositary receipts backed by private market equity. Under the model, Citi acts as both issuer and custodian of the digital receipts, handling issuance, settlement and safekeeping. The company said the structure is designed to simplify transfers of ownership and broaden investor access while allo

Jun 16, 2026By Park Han-sol
Citi becomes 1st to launch tokenized depositary receipt service for private shares
Economy

Seoul stocks surge as US-Iran breakthrough boosts risk appetite

Korean stocks surged Monday after the United States and Iran reached a preliminary agreement over the weekend that includes the reopening of the Strait of Hormuz, removing one of the biggest sources of uncertainty that had weighed on global markets for more than three months. The agreement effectively brings an end to the 106-day conflict that began on Feb. 28, with a formal signing ceremony scheduled for Friday in Switzerland. “The Deal with the Islamic Republic of Iran is now complete,” U.S. President Donald Trump wrote on Truth Social before Asian markets opened. “I hereby fully authorize the toll free opening of the Strait of Hormuz ... Ships of the World, start your engines. Let the oil flow!” On the news, international crude prices fell back toward the $80 range as fears of supply disruptions eased. Brent crude, the global benchmark, and U.S. West Texas Intermediate crude both dropped over 4 percent to $83.53 and $80.58 per barrel, respectively. While still well above pre-Iran war levels, prices have retreated sharply from the peaks above $110 reached during the height of t

Jun 15, 2026By Park Han-sol
Seoul stocks surge as US-Iran breakthrough boosts risk appetite
Banking & Finance

Citibank Korea marks community day with neighborhood clean-up

Citibank Korea employees, their families and staff from client companies took part in a volunteer program on Saturday as part of Citi’s annual Global Community Day initiative, the lender said Monday. Launched in 2006, Global Community Day is Citi’s flagship volunteer campaign, bringing together employees worldwide for community-based service projects. More than 1.2 million volunteers have participated since its inception. Citibank Korea CEO Yoo Myung-soon joined employees in a neighborhood clean-up around Jeong-dong in central Seoul, home to the bank’s headquarters. The group picked up litter near historic sites and took part in a guided walk exploring the district’s cultural and historical significance. “Citibank Korea is committed to supporting local communities through Citi’s global volunteer initiatives,” Yoo said. “It was especially meaningful to have not only employees and their families, but also staff from our client companies, join us this year.” This year’s campaign began with the outdoor Harmony Concert on May 27 and has since expanded into a monthlong seri

Jun 15, 2026By Park Han-sol
Citibank Korea marks community day with neighborhood clean-up
Economy

Mirae Asset Securities fails to secure SpaceX IPO shares, frustrating Korean investors

Korean investors were shut out of SpaceX's record-breaking initial public offering (IPO) after domestic underwriters, including Mirae Asset Securities, failed to receive any shares in the final allocation process, according to industry officials Sunday. Shares in the Elon Musk-led aerospace and satellite company surged more than 19 percent from their IPO price in their Nasdaq debut on Friday, closing at $161.11. The gain gave SpaceX a market value of $2.1 trillion and made Musk the world's first trillionaire on paper. For domestic investors, securing shares through the IPO would have provided a chance to buy the stock at its $135 offering price before its sharp first-day rally. Instead, they were left empty-handed. SpaceX had initially earmarked 2.31 million shares for Mirae Asset Securities out of the 555.6 million common shares sold in the offering. But Goldman Sachs, the lead underwriter, ultimately allocated no saleable shares to any Korean members of the underwriting syndicate. Market participants attributed the move to stronger-than-expected demand from institutional investors, pro

Jun 14, 2026By Park Han-sol
Mirae Asset Securities fails to secure SpaceX IPO shares, frustrating Korean investors
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