The Korea Times

Samsung Wallet Money goes global with app-free payments

Samsung Wallet Money, a prepaid payment service jointly operated by Samsung Electronics and Woori Bank, has expanded overseas, allowing users to pay with their Galaxy smartphones worldwide without installing local payment apps, Woori Bank said Wednesday. Unlike other mobile payment services that require users to install and open a separate app and complete additional authentication steps at checkout, Samsung Wallet Money lets them pay by tapping their Galaxy phone on a contactless terminal. Launched in Korea last year, the service has since surpassed 3 million users. Customers link a domestic bank account to their Wallet Money account to top up their balance and make payments. The overseas rollout extends the service to Mastercard merchants worldwide and WeChat Pay merchants across China. “We take great pride in creating a new global payment experience with Samsung Electronics in Korea, a country with strengths in both smartphone manufacturing and digital finance,” Woori Bank CEO Jung Jin-wan said during a press conference at the lender’s headquarters in Seoul. He summed up the serv

Oct 28, 2026By Park Han-sol

Samsung Wallet Money goes global with app-free payments

Banking & Finance

Hana Financial opens digital vocational classroom for students with developmental disabilities

Hana Financial Group has opened a digital classroom at a special education school in Seoul to help students with developmental disabilities explore career options and practice workplace skills, the group said Wednesday. The classroom at Miral School in Gangnam District is designed to give students hands-on experience in settings modeled on real workplaces, such as restaurants and cafes. The space is equipped with a range of digital learning tools, including a humanoid robot that can interact through voice conversations, virtual reality devices for vocational training, multimedia kiosks, interactive LED whiteboards and tablets for design practice. The classroom is the first step in Hana Financial’s wider program to aid students with developmental disabilities prepare for working life through digital learning and vocational training. The group plans to establish similar facilities at two more special education schools in Incheon and Daejeon by the first half of next year. Hana is also offering support for teachers and other school staff, with programs aimed at strengthening their profess

Oct 28, 2026By Park Han-sol

Hana Financial opens digital vocational classroom for students with developmental disabilities

Society

Cold wave advisories take effect across Korea

Much of Korea will wake up to freezing temperatures Wednesday, as chilly air sweeping in from the northwest brings morning lows below zero in inland areas. Cold wave advisories are in effect across most of the country. Morning temperatures are forecast to range from minus 2 to 7 degrees Celsius nationwide. Parts of northeastern Gyeonggi Province, Gangwon Province, North Chungcheong Province and inland areas of the south are expected to see temperatures dip below freezing, with frost and icy conditions possible in places. Daytime highs will range from 11 to 17 degrees. Forecast lows and highs in major cities are 2 and 13 degrees Celsius in Seoul; 3 and 12 in Incheon; 1 and 13 in Daejeon; 3 and 15 in Jeonnam-Gwangju Special Metropolitan City; 1 and 14 in Daegu; 5 and 15 in Ulsan; and 7 and 17 in Busan. Strong winds will make it feel even colder, particularly in southern parts of the country. The cold spell is expected to last through Thursday, when morning lows will range from minus 1 to 8 degrees and daytime highs from 13 to 18. Temperatures are forecast to return to seasonal norms on Frida

Oct 27, 2026By Park Han-sol

Cold wave advisories take effect across Korea

Banking & Finance

Citibank Korea appoints new CEO in 1st leadership change in 6 years

Citibank Korea has appointed Kim Kyoung-ho, its head of corporate banking, as its new CEO, ending a six-year leadership run under his predecessor, the lender said Tuesday. Kim succeeds Yoo Myung-soon, who became the bank’s first female CEO in 2020. He will serve a three-year term. Kim joined Citibank Korea in 2001 and has held a series of senior positions in corporate banking, including large corporate banking and financial institutions coverage, before being promoted to executive vice president in 2021. On Sept. 22, the lender’s executive recommendation committee named him its sole candidate for the top post. His appointment comes as Citi continues to reshape its Korean operations following its exit from consumer banking. With corporate banking now at the core of its local business, Kim’s challenge as an incoming chief will be to build on that strategic shift and ensure its strong performance going forward.

Oct 27, 2026By Park Han-sol

Citibank Korea appoints new CEO in 1st leadership change in 6 years

Economy

Seoul stocks rebound as Anthropic IPO revives AI investment sentiment

Korean stocks rebounded Tuesday, led by gains in the country’s semiconductor heavyweights, as news of U.S. artificial intelligence (AI) company Anthropic’s planned blockbuster initial public offering (IPO) revived investor appetite after a recent pullback. The benchmark KOSPI opened at 5,658.65, up 3.46 percent from the previous close, according to the Korea Exchange. A buy-sidecar was triggered early in the session at 10:13 a.m., temporarily suspending program buy orders for five minutes after the market’s surge breached the volatility threshold. The index remained in positive territory throughout the session, closing at 5,638.34, up 3.09 percent. Foreign investors and institutions were net buyers of 835.9 billion won ($631.05 million) and 418.5 billion won, respectively, while retail investors sold a net 1. 4 trillion won. The rebound followed reports that Anthropic, the developer behind the Claude AI chatbot, had filed a registration statement with the U.S. Securities and Exchange Commission for a proposed IPO. The AI giant is seeking to raise as much as $100 billion, which woul

Oct 27, 2026By Park Han-sol

Seoul stocks rebound as Anthropic IPO revives AI investment sentiment

Banking & Finance

Korea's insurance associations prepare for leadership shake-up

As the terms of the heads of Korea’s two major insurance associations come to an end in December, former private industry executives are emerging as potential successors, industry officials said Monday. The Korea Life Insurance Association represents 20 life insurers, while the General Insurance Association of Korea represents 17 non-life insurers. Their respective chairmen, Kim Chul-ju and Lee Byung-rhae, are due to leave office on Dec. 8 and Dec. 22. Both incumbents could seek another term, but observers expect the associations to consider new leaders with direct experience running insurance businesses. The prospect comes as private sector executives have increasingly taken the helm of other financial industry bodies. Oh Hwa-kyung, chairman of the Korea Federation of Savings Banks, secured a second term last year, becoming the first leader from the private sector to do so. Kim Ki-hwan, who heads the Korea Fire Protection Association, previously served as president of KB Insurance. Lee Dong-chul, a former vice chairman of KB Financial Group, became chairman of the Credit Finance Asso

Oct 26, 2026By Park Han-sol

Korea's insurance associations prepare for leadership shake-up

Banking & Finance

Financial industry heavyweights compete to head banking lobby

With the Korea Federation of Banks (KFB) set to appoint its next chairman, several former financial executives and regulators are emerging as potential candidates to take the helm of the country’s leading banking lobby, according to industry officials on Friday. The federation represents 23 full members — commercial, regional and internet-only lenders — as well as 33 associate members, comprising branches of foreign banks. The incumbent, Cho Yong-byoung, is due to leave office on Nov. 30. Yoon Jong-kyoo, former chairman of KB Financial Group, has long been viewed as a front-runner. He served as a vice chairman at accounting firm Samil PwC and president of KB Kookmin Bank before leading KB Financial from 2014 to 2023, overseeing major acquisitions including LIG Insurance and Hyundai Securities. But the prospect of another KB Financial veteran taking a top post at a financial industry association has drawn growing resistance. The concern has intensified after Lee Dong-chul, a former KB Financial vice chairman, took the helm of the Credit Finance Association this year, followed by Kim

Oct 23, 2026By Park Han-sol

Financial industry heavyweights compete to head banking lobby

Banking & Finance

KSD channels $1.17 mil. funding this year into regional talent, startups in Busan

The Korea Securities Depository (KSD) has directed funding toward social welfare and innovative businesses, contributing 1.55 billion won ($1.17 million) this year after providing an annual average of around 1.78 billion won from 2023 to 2025, the state-run agency said Friday. Headquartered in Busan, KSD focuses much of its social contribution work on developing local talent, helping young people become financially independent and strengthening the regional economy. Its programs range from scholarships and job training to funding for social enterprises, startups and small and midsize businesses. One such effort is the Open Campus, which introduces university students to KSD’s work and career opportunities in the securities industry. Participants learn about its core functions, including securities settlement, get information on recruitment and speak with current employees. Launched in 2019 with 35 students from five universities, it has grown to 60 students from 12 universities this year. Since 2025, the program has been part of a wider initiative to strengthen Busan’s financial-sect

Oct 23, 2026By Park Han-sol

KSD channels $1.17 mil. funding this year into regional talent, startups in Busan

Economy

BOK keeps rate steady at 3%, but further hikes remain on table

The Bank of Korea (BOK) held its benchmark interest rate steady at 3 percent on Thursday, describing the decision as the “payoff” from preemptive rate hikes in July and August that gave policymakers greater room to maneuver based on domestic economic conditions, rather than react to market pressures. The central bank stressed, however, that it is maintaining a hawkish stance as both economic growth and inflationary pressures strengthened further from August levels. The timing and pace of any further rate hikes would depend on incoming data, including third-quarter gross domestic product and October consumer price figures. “In August, I said we were using a hoe to tackle a problem while it was still small, before it escalated into one that would require a shovel. The October rate freeze can be seen as the fruits of that ‘hoe work,’” BOK Gov. Shin Hyun-song said during a press conference following the Monetary Policy Board meeting. “By raising rates preemptively in July and August, we secured greater room to maneuver that allowed us to set monetary policy in line with domest

Oct 22, 2026By Park Han-sol

BOK keeps rate steady at 3%, but further hikes remain on table

Banking & Finance

KB Life CEO joins campaign against illegal lending

KB Life Insurance CEO Jeong Mun-cheol has joined a nationwide campaign against illegal private lending, pledging to help protect the financially vulnerable and promote financial inclusion, the insurer said Wednesday. Launched in July by the Korea Inclusive Finance Agency, the “Finance That Saves Lives” campaign brings together financial institutions, government agencies and local governments. It follows a relay format, where participants share a message raising public awareness of inclusive finance and nominate the next person to carry it forward. The initiative aligns with the Lee Jae Myung administration’s push for inclusive finance, which includes expanding access to financial services, easing the burden on delinquent borrowers and cracking down on illegal lending. Jeong was nominated by KB Kookmin Bank CEO Lee Hwan-ju on Sept. 28. In a campaign photo, Jeong held a sign reading, “Finance that saves lives will protect people from being driven into illegal lending,” before nominating Korea Life Insurance Association Chairman Kim Chul-ju as the next participant. “I strongly i

Oct 21, 2026By Park Han-sol

Park Han-sol

Read more

Samsung Wallet Money goes global with app-free payments

Hana Financial opens digital vocational classroom for students with developmental disabilities

Cold wave advisories take effect across Korea

Citibank Korea appoints new CEO in 1st leadership change in 6 years

Seoul stocks rebound as Anthropic IPO revives AI investment sentiment

Korea's insurance associations prepare for leadership shake-up

Financial industry heavyweights compete to head banking lobby

KSD channels $1.17 mil. funding this year into regional talent, startups in Busan

BOK keeps rate steady at 3%, but further hikes remain on table

KB Life CEO joins campaign against illegal lending

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