The Korea Times

From fuel discounts to fitness coverage, card issuers and insurers roll out everyday perks amid rising living costs

As inflation reshapes consumer priorities, Korea’s card and insurance sectors are rolling out more products tailored to everyday spending habits, industry officials said Monday. Rather than offering broad, one-size-fits-all benefits, these firms are sharpening their focus on customized products that reflect real-world consumption patterns — from fuel and transportation to fitness — as households grow more selective about where they spend. For card issuers, that has meant expanding discounts and rewards across essential spending categories such as gas and commuting. Amid prolonged concerns over global oil supply disruptions tied to the U.S.-Israeli war on Iran, Lotte Card introduced a fuel-focused card aimed squarely at drivers grappling with high energy costs. Customers who spend between 500,000 won ($333) and 1 million won on gas in a month receive a cashback up to 30,000 won, while those exceeding 1 million won receive one capped at 50,000 won. Hana Card has similarly strengthened its gas savings offerings through its MULTI Oil card, which provides a 10 percent discount up to 30,

May 19, 2026By Park Han-sol

From fuel discounts to fitness coverage, card issuers and insurers roll out everyday perks amid rising living costs

Banking & Finance

Woori Financial Group expands inclusive lending push for young adults, lower-credit borrowers

Woori Financial Group is ramping up efforts to expand support for young adults and lower-credit borrowers, positioning inclusive finance as a broader social safety net, the group said Monday. At its monthly council meeting at its headquarters in Seoul, Friday, Woori laid out plans to strengthen financial support for younger generations working to build economic independence, while broadening protections for low- and mid-credit consumers who remain underserved by traditional finance. Woori Bank has been at the forefront of that push. In the first quarter alone, the bank supplied 218.6 billion won ($160 million) in customized credit loans for lower-income and lower-credit borrowers, the highest level among major commercial banks. Since introducing a 7 percent annual interest rate cap on unsecured personal credit loans in January, Woori has reduced borrowing costs by roughly 1 billion won for 40,000 customers. In March, the bank also suspended debt collection for certain long-term small-scale distressed borrowers while granting 32.2 billion won in interest relief. To address more immediate fi

May 18, 2026By Park Han-sol

Woori Financial Group expands inclusive lending push for young adults, lower-credit borrowers

Economy

Brokerages hit jackpot as retail investors borrow more to chase Korea's stock rally

A single post uploaded May 8 by a Korean civil servant on Blind, the anonymous workplace community app, quickly set off a frenzy online. The post included a screenshot of his brokerage account showing he had poured a staggering 2.3 billion won ($1.7 million) into shares of semiconductor giant SK hynix, one of the key driving forces behind Korea’s roaring stock market. Even more striking, 1.7 billion won of that investment was financed through margin loans borrowed from his brokerage. “I believe the semiconductor market will continue its upward climb through 2028, but I’m taking a more aggressive approach to grow my assets faster,” he wrote. Four days later, on May 12, he returned with an update claiming he had already locked in 267 million won in profits. That same day, another Blind post surfaced — this time from a Seoul Metro employee in her 20s, who wrote that rather than missing out on the rally, she would “risk complete collapse,” adding that she had used 150 percent margin financing to fully leverage into stocks. As Korea’s bull market barrels ahead, more retail inve

May 17, 2026By Park Han-sol

Brokerages hit jackpot as retail investors borrow more to chase Korea's stock rally

Banking & Finance

BC Card strengthens customer protection through new security patents

BC Card is stepping up its consumer protection strategy through a series of new fintech patents aimed at strengthening the security of digital payments and asset verification, the company said Sunday. Its latest filing is a security technology designed to enable safer stablecoin transactions over public networks, as cross-border dealings with overseas digital wallet providers become more common. Until now, card payments and balance checks have largely relied on dedicated private networks with domestic wallet operators, which reduced the need for additional verification. But with global digital asset payments poised to expand in the near future, BC Card said stronger authentication systems will be essential. The newly filed patent centers on a one-time verification mechanism that authenticates external digital wallets whenever transaction requests are sent to a server. By validating both the source and legitimacy of each request, the system is designed to prevent tampering and reduce fraud risks. Separately, BC Card has also secured official state approval for its blockchain-based non-fun

May 17, 2026By Park Han-sol

BC Card strengthens customer protection through new security patents

Banking & Finance

More teachers turn to insurance for protection amid surge in assaults, parent complaints

As student violence against teachers and relentless parent complaints continue to make national headlines in Korea, a growing number of educators left with little practical recourse are turning to a last line of defense: insurance. According to Hana Insurance, the country’s sole provider of teacher rights protection coverage, 9,312 educators have enrolled in policies designed to guard against risks ranging from sexual harassment and physical assault to abusive complaints from students and parents. The number marks more than a sixfold increase from 2018. Although these policyholders account for just 1.8 percent of Korea’s 506,000 teachers from kindergarten to high school, the sharp rise signals that what was once a niche safeguard is steadily gaining broader relevance. Claims are rising in tandem. Paid insurance cases jumped from just eight in 2018 to 168 in 2025, with 53 claims already approved this year as of this month. The vast majority of claims — 81 percent — involved defamation, verbal abuse or refusal to comply with teachers’ disciplinary guidance. Sexual harassment and

May 15, 2026By Park Han-sol

More teachers turn to insurance for protection amid surge in assaults, parent complaints

Banking & Finance

Insurers should evolve into risk management platform from post-compensation model: report

The insurance sector is evolving beyond its traditional role as a provider of post-accident compensation, repositioning itself as a more risk management platform, according to a report released Thursday. In its “Next in Insurance 2030” report, Samil PwC, Korea’s largest accounting firm by revenue, said insurers face growing structural uncertainty fueled by global pressures, including geopolitical instability and extreme climate events. In this environment, future competitiveness will depend on insurers’ ability to harness data and artificial intelligence (AI), build stronger external partnerships and fundamentally reshape how they engage with customers. Rather than relying on piecemeal adaptation, the report argues, insurers must rethink their entire value chain. PwC outlined four stages of industry transformation. The first describes insurers that maintain largely traditional business structures while making only limited, reactive improvements despite external disruption. The second stage focuses on leveraging AI and advanced data capabilities to improve operational efficiency wh

May 14, 2026By Park Han-sol

Insurers should evolve into risk management platform from post-compensation model: report

Trends

Seoul's young singles are redefining home through 'co-living'

When Enock Kim lived alone in a small one-room apartment, her remote job as a product manager sometimes left her going for days without speaking to anyone in person. “It did get lonely at times,” the 29-year-old Seoulite said. Seeking more connection without giving up privacy, Kim, who uses her English name professionally, found herself drawn to Mangrove Sinchon, a new kind of “co-living” residence that combines furnished private studios with intentionally designed shared spaces like communal kitchens, libraries, study rooms, home theaters and fitness centers. “What I liked was the flexibility,” she said. “I can be alone when I want, but if I feel like socializing, connection can happen naturally.” Since moving in last June, one of her favorite parts has been the resident community programs, particularly seasonal food gatherings where neighbors sample fresh produce ranging from heirloom tomatoes to different varieties of watermelon and share homemade dishes. “It almost feels like a gourmet club,” Kim said with a laugh. “We eat, talk and discover new combinations toge

May 14, 2026By Park Han-sol

Seoul's young singles are redefining home through 'co-living'

Banking & Finance

Banks, card issuers turn baseball fandom into financial products

As the Korea Baseball Organization (KBO) continues its record-breaking boom, drawing more than 10 million fans annually since 2024, Korea’s financial sector is racing to tap into the country’s sports fever with a growing lineup of tailored financial products, according to industry officials Wednesday. Banks and card issuers are rolling out interactive products that tie customer rewards to team performance and fan engagement. In the banking sector, team-linked savings products are emerging as a particularly popular strategy. Shinhan Bank offers a KBO-themed savings account that provides interest rates of up to 5 percent annually, depending on a supported team’s KBO season performance. Additional perks can also be earned through prediction events within the bank’s mobile app. Regional lenders are also leveraging hometown loyalty. NH NongHyup Bank has introduced a product tied to the NC Dinos, with annual rates climbing as high as 7 percent based on team performance and customers’ success in prediction programs. Busan Bank and Kwangju Bank have launched similar offerings linked to t

May 13, 2026By Park Han-sol

Banks, card issuers turn baseball fandom into financial products

Arts & Theater

From K-pop idol to CEO, exhibition puts unlikely quartet behind camera

At Storage by Hyundai Card in Seoul, four individuals from markedly different worlds gather under one roof, bound by a single shared passion: a deeply personal devotion to photography. The group exhibition, titled “Our [Moving] Images,” brings together the visual practices of Hyundai Card CEO Ted Chung, fashion photographer Ahn Joo-young, singer-actor Kim Do-yeon and commercial director Ray Yi — figures whose professional paths may differ, but whose images reveal a common instinct to observe and preserve the world through the lens. Most of the works on view were not created for commercial ends. Instead, they read more like spontaneous traces of daily life — fragments of passing moments that emerged quietly between the demands of career and routine. Rather than approaching the show in search of neatly defined messages, visitors may find greater reward in simply moving with its flow, allowing the textures and sensibilities of each artist’s perspective to wash over them. To highlight the distinct visual identities of its four participants, the exhibition unfolds across Storage’s

May 12, 2026By Park Han-sol

From K-pop idol to CEO, exhibition puts unlikely quartet behind camera

Economy

Financial firms brace for broader tax scrutiny after surprise probes into Hana, Meritz

Korea’s financial industry is bracing for wider tax scrutiny after the National Tax Service (NTS) launched a string of surprise investigations into Hana Financial Group and Meritz Securities, according to officials, Monday, fueling concerns that regulatory pressure on the sector is escalating. Over the weekend, tax authorities opened an unscheduled probe into Meritz Securities after reportedly detecting possible signs of tax evasion. Officials from the agency’s infamous Investigation Bureau 4 raided the company’s Seoul headquarters to secure accounting records and materials tied to the inquiry. Widely known in corporate circles as the “grim reaper,” Bureau 4 is the agency’s elite special investigations unit, tasked with pursuing major corporations and high-income individuals suspected of serious offenses such as tax evasion. Its probes are rare and often carry the threat of steep penalties or criminal prosecution. Meritz Securities has earned a reputation for its aggressiveness in investment banking and real estate project financing, but that rapid growth has also been accom

May 12, 2026By Park Han-sol

Park Han-sol

Read more

From fuel discounts to fitness coverage, card issuers and insurers roll out everyday perks amid rising living costs

Woori Financial Group expands inclusive lending push for young adults, lower-credit borrowers

Brokerages hit jackpot as retail investors borrow more to chase Korea's stock rally

BC Card strengthens customer protection through new security patents

More teachers turn to insurance for protection amid surge in assaults, parent complaints

Insurers should evolve into risk management platform from post-compensation model: report

Seoul's young singles are redefining home through 'co-living'

Banks, card issuers turn baseball fandom into financial products

From K-pop idol to CEO, exhibition puts unlikely quartet behind camera

Financial firms brace for broader tax scrutiny after surprise probes into Hana, Meritz

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