The Korea Times

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

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

Tech & Science

AI-fueled rally at Samsung, SK hynix faces sustainability test: Harvard economist

Samsung Electronics and SK hynix have led Korea’s recent stock market rally on the back of surging global demand for advanced artificial intelligence (AI) chips, but the broader AI industry must ultimately prove it can translate technological promise into scalable and sustainable profit models for current lofty valuations to hold over the long term, according to a Harvard economist. In a recent exclusive interview with The Korea Times and its sister publication, the Hankook Ilbo, at the Korea Capital Market Institute in Seoul, John Y. Campbell, a professor of economics at Harvard University, noted that earlier waves of the tech economy justified massive valuations because dominant platforms — Google in search, Amazon in e-commerce and Meta’s social media empire — captured highly lucrative markets through powerful network effects, effectively securing near-monopolistic positions. The AI industry, however, may not follow the same trajectory, as relatively low switching costs and the rapid emergence of competing models raise uncertainty over whether sustainable market dominance ca

May 10, 2026By Park Han-sol

AI-fueled rally at Samsung, SK hynix faces sustainability test: Harvard economist

Arts & Theater

As Korea rethinks animal welfare, artist's paintings resonate with new force

A young wolf named Neukgu became an overnight sensation last month when his escape from a theme park in Daejeon set off a nine-day search that kept the entire country on edge. When he was finally captured alive, his story became something more than just a miraculous rescue. Just eight years earlier, a puma that broke free from the same facility was swiftly shot and killed, its death largely accepted as a necessary public safety measure. Neukgu’s live capture, by contrast, signaled a change in public ethos — one shaped by a deeper recognition of animal rights and preservation. And this week, it prompted the government to take a harder look at the country’s zoo management and animal welfare standards. It is within this shifting social landscape that artist Koh Sang-woo’s haunting animal portraits resonate with particular force. Through luminous blue-toned paintings of creatures scarred by human exploitation, Koh explores the shared vulnerability of beings forcibly pushed to society’s margins. In his latest exhibition, “Still Breathing,” at the Savina Museum of Contemporary Ar

May 7, 2026By Park Han-sol

As Korea rethinks animal welfare, artist's paintings resonate with new force

Policy

Gov't to launch $412 mil. state-backed fund for retail investors in AI, chip industries

Retail investors will soon be able to invest in a government-backed investment fund aimed at fostering next-generation industries such as artificial intelligence (AI), semiconductors and biotechnology, officials said Wednesday. Of the broader 150 trillion won ($ 103.4 billion) state-backed Public Growth Fund — one of President Lee Jae Myung’s key economic initiatives targeting 12 strategic industries — 600 billion won annually over the next five years will be set aside for direct public participation. The subscription period will run from May 22 to June 11. According to the Financial Services Commission (FSC), retail investor money will be pooled into a fund of funds, or master fund, which will then allocate capital across subfunds operated by 10 selected asset management firms. To enhance returns, investors will receive tax incentives, including income deductions of up to 40 percent and separate taxation on dividends. Each sub-fund must invest at least 60 percent of its assets in companies tied to sectors such as semiconductors, secondary batteries, future mobility and AI. Within

May 6, 2026By Park Han-sol

Park Han-sol

Read more

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

AI-fueled rally at Samsung, SK hynix faces sustainability test: Harvard economist

As Korea rethinks animal welfare, artist's paintings resonate with new force

Gov't to launch $412 mil. state-backed fund for retail investors in AI, chip industries

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