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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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Business

Korea Insurance Institute's AI joint venture draws industry scrutiny

An artificial intelligence (AI) joint venture pushed by the Korea Insurance Institute has drawn criticism from insurance industry officials, with questions raised over its legality and business rationale, according to officials, Wednesday. Since Ha Tae-keung, the former lawmaker, took over as president in 2024, the institute has developed three AI-based education tools: a sales coach for training insurance agents, a system that generates questions for insurance qualification exams and an AI-powered learning experience platform. The institute said that all questions on an insurance qualification exam held on Wednesday were generated by the AI system it developed. It initially sought to establish a subsidiary to commercialize the technology, but the Financial Services Commission (FSC) did not approve amendments to its articles of association that would have provided a legal basis for the new entity and its investment. Ha subsequently shifted to a joint venture model. The proposed venture would have 2.5 billion won ($1.77 million) in capital, with the institute and Taiwan-based WisdomGarden

Aug 12, 2026By Park Han-sol
Korea Insurance Institute's AI joint venture draws industry scrutiny
Economy

Property tax overhaul sparks fears of fewer rentals, higher rents

“If my property tax bill amounts to 50 million won ($35,300) a year, how much rent should I be charging?” That was the question posed by a homeowner in Korea on a real estate forum following the government’s latest tax overhaul proposal unveiled on Aug. 3. The writer said he owns a single apartment in Seoul’s affluent Seocho District worth around 5 billion won. Under the proposed changes, he estimated that he would have to pay up to 50 million won a year in property holding taxes if he rented it out. “This means 4 million won a month goes straight to the government, and anything above that is what I’d get to keep. Is it really possible for the landlord to shoulder the entire burden of this tax without passing it on to the tenant?” The post captures a growing concern since the Aug. 3 announcement: higher taxes on owners of multiple homes and proprietors of non-owner-occupied properties could ultimately be deflected to tenants as landlords seek to recoup some of the additional cost. There are already signs of such a shift in parts of southern Seoul. At Acro River Park in Seoch

Aug 12, 2026By Park Han-sol
Property tax overhaul sparks fears of fewer rentals, higher rents
Companies

Deloitte Consulting Korea names new CEO

Deloitte Consulting Korea has appointed Lee Seok-jang, who currently heads its marketing division, as its new CEO, the company said Monday. Lee spent nearly three decades at Hyundai Motor after joining the carmaker in 1988, including as an executive in its planning and coordination division. He later led the strategic planning team at Hyundai Engineering & Construction and served as CEO of Hyundai Engineering & Steel Industries. He holds degrees from Yonsei University and Ohio University’s College of Business. Since joining Deloitte Consulting Korea in 2021, Lee has advised clients in the automotive sector and emerging fields including hydrogen energy and aerospace. Deloitte Korea CEO Kil Ki-wan said Lee’s background in corporate management, strategy and operations would enable him draw on his practical experience as well as advances in artificial intelligence (AI). “As AI fundamentally reshapes industries and corporate management, what clients need is not AI technology itself, but the ability to apply it in ways that address real industry needs and deliver measurable results,” K

Aug 10, 2026By Park Han-sol
Deloitte Consulting Korea names new CEO
Economy

Gyeonggi Province calls for 'jeonse' fraud aid to cover foreign victims

As a wave of scams exploiting Korea’s unique “jeonse” rental system has left tens of thousands of tenants at risk, Gyeonggi Provincial Government is urging the central government to extend state assistance to foreign residents who are living in Korea legally, according to officials Monday. Under the jeonse system, tenants pay a large lump-sum deposit to their landlord instead of monthly rent. For decades, it was a relatively low-risk way to secure a home, while giving landlords access to a large pool of capital. But as the housing market became more volatile, it emerged as a major source of risk. When landlords fail to return deposits, whether due to fraud or sharp decline in property values, tenants can be left with losses running into hundreds of millions of won. As of July 31, the Ministry of Land, Infrastructure and Transport had officially recognized 40,278 people as victims under the Special Act on Support for Jeonse Fraud Victims and Housing Stability. Foreign nationals accounted for 544 cases, or 1.4 percent of the total. The special act does not bar foreign residents from

Aug 10, 2026By Park Han-sol
Gyeonggi Province calls for 'jeonse' fraud aid to cover foreign victims
Economy

Korea's inflation woes grow as heat wave drives up food prices

This summer’s prolonged heat wave is pushing up food prices, raising the prospect that a rebound in inflation could be more pronounced than expected in August, according to economists, Sunday. The concern comes as underlying price pressures remain firm, with core inflation picking up in July. Meanwhile, the government’s oil price cap, which has remained in place since March shortly after the U.S. and Israel began their war on Iran, is another variable clouding the outlook. Taken together, the result is a more challenging inflation picture, with a weather-driven supply shock adding to pressures that were already building beneath the surface. According to the Ministry of Data and Statistics, July consumer inflation eased to 2.8 percent, falling back into the 2 percent range for the first time in three months. One of the biggest wild cards for August, however, is the severe heat wave that has gripped the country this summer, with temperatures topping 40 degrees Celsius in some areas, including parts of Seoul. The extreme heat has hit supplies of everything from vegetables to meat and se

Aug 10, 2026By Park Han-sol
Korea's inflation woes grow as heat wave drives up food prices
Economy

Youth loan defaults raise questions about Korea's policy lending model

“I defaulted twice on 3 million won ($2,120) Youth Sunshine Loans. The government ended up covering everything, so all my debts were settled with no problem,” read a post shared in July on an online forum for recipients of basic livelihood assistance. As stories like this are becoming more common in Korea, questions are being raised whether government-backed lending for young people is addressing the root cause of financial hardship or merely delaying it. While the programs are intended to help young borrowers bridge temporary cash shortages, experts warn that the worsening employment and income conditions are leaving more young adults unable to repay their debts. One of the clearest signs is the Youth Sunshine Loan, a state-backed program that provides living expenses to job seekers, entry-level workers and young entrepreneurs aged 19 to 34 with annual incomes below 35 million won. According to the Korea Inclusive Finance Agency, the share of these loans that had to be repaid by the state-run guarantee agency after borrowers failed to make payments rose from 4.8 percent in 2022 to

Aug 7, 2026By Park Han-sol
Youth loan defaults raise questions about Korea's policy lending model
Economy

Financial regulator chief faces criminal complaint as leveraged ETF backlash widens

Financial Services Commission Chairman (FSC) Lee Eog-weon became the latest senior government official, Thursday, to face a criminal complaint over the rollout of single-stock leveraged exchange-traded funds (ETFs) tied to Samsung Electronics and SK hynix, as criticism continues to grow over the high-risk products’ impact on recent market volatility. Rep. Lee Jong-bae, a former Seoul Metropolitan Council member from the main opposition People Power Party, said he had filed the complaint with prosecutors, accusing the FSC chief of dereliction of duty and abuse of authority. Lee alleged that the regulator approved the high-risk products without conducting sufficient due diligence, including stress tests designed to assess how they would perform under extreme market conditions. “There is a possibility that Chairman Lee instructed FSC officials not to carry out stress tests. Had thorough testing been conducted, it might have revealed serious risks that would make it difficult to introduce the products before the local elections,” he said. Single-stock leveraged ETFs, which allow invest

Aug 6, 2026By Park Han-sol
Financial regulator chief faces criminal complaint as leveraged ETF backlash widens
Companies

MBK-Young Poong alliance slams Korea Zinc's criminal complaint over US project name

Korea Zinc on Wednesday filed a criminal complaint against its largest shareholders, MBK Partners and Young Poong, over the alleged unauthorized use of the name of “Project Crucible,” the integrated smelter project the company is pursuing in partnership with the U.S. government. MBK and Young Poong immediately pushed back, accusing Korea Zinc of undermining legitimate shareholder activities and calling the complaint a “serious infringement” of shareholder rights. The project, which involves a planned $7.4 billion investment in Tennessee, aims to begin trial operations in 2029 to produce critical minerals and semiconductor-grade sulfuric acid. The complaint marks another escalation in the protracted ownership battle between Korea Zinc and the MBK-Young Poong alliance. Korea Zinc alleges that the alliance registered a domain name combining the project name with the state of Tennessee on June 27 and distributed invitations in early July for a reception attended by Tennessee government officials that featured the Project Crucible name. The company claims those actions created the imp

Aug 5, 2026By Park Han-sol
MBK-Young Poong alliance slams Korea Zinc's criminal complaint over US project name
Banking & Finance

KakaoBank posts record $230 mil. H1 profit on loan, fee income growth

KakaoBank posted a record first-half net profit of 328 billion won ($230 million), up 24.4 percent from a year earlier, as steady loan growth and higher fee and platform income continued to lift earnings, the internet-only lender said Wednesday. Operating revenue rose 5.5 percent on-year to 1.65 trillion won during the January-June period. Non-interest income — including investment services offered through its platform, debit card fees and bond interest — accounted for 36 percent of the total, underscoring the bank’s efforts to diversify its revenue streams. Its loan portfolio stood at 48.2 trillion won at the end of the second quarter. While maintaining tight control over household lending, the bank continued extending credit to borrowers with low and mid-range credit scores, as well as self-employed workers and small business owners. Loans to sole proprietors accounted for 48 percent of net loan growth in the first half. The company said its customer base expanded to 27.63 million, with roughly 1 million new users joining during the first six months of the year. The lender expec

Aug 5, 2026By Park Han-sol
KakaoBank posts record $230 mil. H1 profit on loan, fee income growth
Banking & Finance

Hana Financial Group steps up financial inclusion push for 2nd half of year

Hana Financial Group is stepping up its financial inclusion efforts after already deploying 60 percent of its 3.1 trillion won ($2.18 billion) budget for 2026 in the first half of the year, the group said Wednesday. To spearhead the effort, it appointed Vice Chairman Lee Seung-lyul as its first chief inclusive finance officer, responsible for coordinating relevant strategies across the organization. The group’s second-half road map focuses on four pillars: broadening support for young people and small business owners, embedding financial inclusion more deeply into the group’s operations, strengthening protections for borrowers and combating financial crime, and expanding financing for the social economy. One of the flagship initiatives targets young adults struggling with housing. The group plans to introduce a support program built around rental fraud insurance to help protect tenants from losses linked to the country’s recurring “jeonse” deposit scams. Hana Bank has also stationed dedicated advisers at branches near universities and other locations popular with younger custom

Aug 5, 2026By Park Han-sol
Hana Financial Group steps up financial inclusion push for 2nd half of year
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