The Korea Times

Banks eye deposit gains as multi-bank model for crypto exchanges resurfaces

Banks are pinning their hopes on regulatory easing as discussions resurface over loosening rules that limit cryptocurrency exchanges to partnering with only one bank for deposit and withdrawal accounts, industry officials said Tuesday. Banks tied to smaller cryptocurrency exchanges are particularly hopeful, as allowing multiple banking partners per exchange could help boost demand deposit balances and attract new customers. The existing framework has drawn criticism for applying a uniform regulation that overlooks differences in scale and business models among exchanges, ultimately intensifying market concentration. The won-based cryptocurrency market is effectively dominated by two players, Upbit and Bithumb. Last year, Upbit accounted for 68.87 percent of the market, while Bithumb held 28.26 percent, giving the two a combined share of 96.93 percent. As a result, deposit funds have also become heavily concentrated in the banks partnered with these dominant platforms, while smaller exchanges share only a marginal portion of the market. Since Korea introduced a real-name system for crypto

Jan 27, 2026By Jun Ji-hye

Banks eye deposit gains as multi-bank model for crypto exchanges resurfaces

Banking & Finance

Banks cut dollar deposit rates amid gov't push to defend won

Banks are slashing foreign currency deposit rates to near-zero levels in a bid to disincentivise dollar deposits, in line with the government’s efforts to curb the won's weakness, industry officials said Monday. The move is already driving a sharp pullback in dollar deposit balances, they said. Shinhan Bank will cut its special foreign currency deposit rates starting Friday, lowering the annual interest rate on dollar deposits to 0.1 percent from 1.5 percent. Hana Bank is set to follow suit the same day, reducing the interest rate on its U.S. dollar deposits to 0.05 percent from 2 percent. Woori Bank moved earlier, trimming its dollar deposit rate to 0.1 percent from 1 percent on Jan. 15. Dollar deposit rates are typically tied to the U.S. federal reserve rate and have traditionally exceeded those on won-denominated time deposits, reflecting the interest rate gap between Korea and the United States. Despite this structure, commercial banks have pushed rates down to near-zero territory, a step widely seen as a response to government pressure to curb dollar demand. At such low rates, holdi

Jan 26, 2026By Jun Ji-hye

Banks cut dollar deposit rates amid gov't push to defend won

Banking & Finance

Deloitte Korea names Kil Ki-wan as next CEO

Deloitte Korea has chosen Kil Ki-wan, who currently heads its consulting division, as the group’s next CEO following approval from its partners, the company said Monday. Kil’s four-year term will begin on June 1, marking the start of the group’s new fiscal year. He will oversee the growth and management of the group’s affiliated entities, including Deloitte Anjin, one of the four major accounting firms in Korea, and Deloitte Consulting Korea. Kil entered the Department of Economics at Hanyang University in 1990 and passed the Korean certified public accountant examination in 1995. He joined Deloitte Anjin the same year and has since held a series of senior leadership roles, including audit partner, head of the restructuring group, head of financial advisory and head of consulting. The incoming CEO presented the two-pillar growth strategy as the central blueprint for Deloitte Korea’s medium- to long-term development, emphasizing the need for swift responses to the rapid transformation of the accounting and consulting industry driven by the spread of artificial intelligence (AI)

Jan 26, 2026By Jun Ji-hye

Deloitte Korea names Kil Ki-wan as next CEO

Cryptocurrency

Crypto exchanges turn to dollar stablecoins as FX volatility grows

Cryptocurrency exchanges are stepping up marketing efforts centered on dollar-pegged stablecoins, which have seen rising demand amid a sharp increase in the won-dollar exchange rate, industry officials said Sunday. While the benchmark KOSPI, along with commodities such as gold and silver, has surged to historic levels, cryptocurrencies have been widely viewed as being left out of the rally, leaving exchanges struggling overall. Against this backdrop, the recent rise in the value of the U.S. dollar has boosted demand for stablecoins, prompting exchanges to capitalize on the trend and increase trading volumes. Korbit began waiving all trading fees for the dollar-pegged stablecoin USD Coin (USDC) last week. Issued by Circle, USDC is a stablecoin backed by the U.S. dollar, with each token designed to maintain a value of one dollar. In addition to the fee exemption, Korbit has launched a USDC trading campaign that will run through March. Users who record at least 10 million won ($6,900) in cumulative weekly USDC trading volume are eligible to share a reward pool totaling 25,000 USDC, with al

Jan 25, 2026By Jun Ji-hye

Crypto exchanges turn to dollar stablecoins as FX volatility grows

Banking & Finance

Short sellers caught off guard by KOSPI’s 5,000-point breakthrough

Heo, an office worker in Seoul, watched his losses mount after short-selling Samsung Electronics stocks starting in the middle of last year on expectations of an earnings slowdown. The 38-year-old built his short position at an average price of 142,000 won ($98), but as the stock climbed past the 150,000-won level, he was asked to post additional margins and ultimately closed the position earlier this month, locking in his losses. “I expected a short-term correction, but I didn’t anticipate the index rising this quickly,” Heo said. “As the stock price rose, my losses grew, which was psychologically very stressful.” Short selling involves borrowing shares and selling them first, then buying them back later at a lower price to return them to the lender. As the benchmark KOSPI has surged past the 5,000-point mark amid a historic rally, losses have widened for investors who bet on falling share prices. According to the Korea Exchange Sunday, eight of the 10 KOSPI-listed stocks with the highest short selling ratios this year were trading above their average short selling prices as o

Jan 25, 2026By Jun Ji-hye

Short sellers caught off guard by KOSPI’s 5,000-point breakthrough

Banking & Finance

Banks race to win over military customers to secure lifelong clients

Shinhan Bank, Hana Bank and the Industrial Bank of Korea (IBK), selected as operators for the third phase of the government-backed Nara Sarang Card program for enlisted soldiers, have recently rolled out their respective benefit schemes, kicking off a new round of competition, industry officials said Thursday. The banks aim to reach young soldiers during their first meaningful exposure to formal financial services during mandatory military service and retain them as long-term customers after discharge. The Nara Sarang Card, literally translated as the “Love of Country Card,” is issued to all conscription-eligible men as part of the military enlistment process and functions as both a payment and salary card throughout their service. For banks, securing the mandate means gaining access to around 200,000 new customers annually through a highly stable channel, making the program one of the most sought-after opportunities in the retail banking sector. Shinhan Bank served as the sole operator during the first phase, while the second phase adopted a two-bank model involving KB Kookmin Bank

Jan 23, 2026By Jun Ji-hye

Banks race to win over military customers to secure lifelong clients

Banking & Finance

KakaoBank teams up with SCBX to launch virtual bank in Thailand

KakaoBank has entered into a joint venture agreement with SCB X Public Company Limited (SCBX), one of Thailand’s leading financial holding groups, to establish a virtual bank in the Southeast Asian country, the Korean lender said Thursday. The agreement was signed in Bangkok on Wednesday by SCBX CEO Arthid Nanthawithaya and KakaoBank CEO Yun Ho-young, paving the way for the launch of a joint venture that will provide digital-only banking services in Thailand. The virtual bank model, introduced by the Bank of Thailand, allows banks to operate entirely through digital platforms without physical branches, similar to Korea’s internet-only banking system. While Thailand has seen rapid digital adoption, with smartphone penetration exceeding 90 percent and real-time payment services widely used, large segments of the population remain underbanked, underscoring unmet demand for accessible financial services. Against this backdrop, the virtual bank to be launched by KakaoBank and SCBX is designed to deliver innovative, mobile-first financial solutions. Korea’s largest internet-only bank will

Jan 22, 2026By Jun Ji-hye

KakaoBank teams up with SCBX to launch virtual bank in Thailand

Banking & Finance

Burford Capital strengthens Asia footprint with senior hire in Korea

Burford Capital, a global finance and asset management firm focused on law, has appointed Elizabeth J. Shin as senior vice president and head of Korea, signaling a further expansion of its Asia footprint, the company said Thursday. The appointment marks Burford’s first senior hire in Korea. Shin will be based in Seoul and lead the firm’s initiatives in the country. The strategic move underscores Burford’s commitment to supporting clients across the Asia-Pacific region and reflects growing demand for sophisticated legal finance solutions in Korea’s rapidly evolving dispute resolution market. “Korea’s dynamic legal market, particularly its prominence in high-value patent disputes and complex commercial arbitration, presents significant opportunities for Burford,” said Quentin Pak, managing director for Asia at Burford Capital. “Korean companies are at the center of major cross-border commercial and global IP (intellectual property) matters, driving strong momentum across the Asia-Pacific region for innovative and flexible dispute finance.” Pak added, “With Shin on the g

Jan 22, 2026By Jun Ji-hye

Burford Capital strengthens Asia footprint with senior hire in Korea

Politics

Lee expects Korean won to ease to 1,400 level in 1-2 months

President Lee Jae Myung vowed Wednesday to deploy all available policy tools to stabilize the Korean currency, sharing financial authorities’ projection that the won-dollar exchange rate is likely to fall to around the 1,400 range within the next month or two. The president’s remarks triggered an immediate rebound in the won in the foreign exchange market, with the exchange rate closing lower for the first time in four trading days. “The government has been steadily implementing effective policy measures, and financial authorities expect the exchange rate to ease toward 1,400 won per dollar within one or two months,” Lee said during a New Year’s press conference at Cheong Wa Dae. The exchange rate had climbed above 1,480 won per dollar earlier in the session but plunged to the high 1,460s soon after the president’s comments. The rate closed at 1,471.3 won, down 6.8 won from the previous session. Lee’s direct reference to authorities’ outlook and his firm pledge to stabilize the market were seen as unusual, immediately fueling an appreciation of the local currency. Lee said

Jan 21, 2026By Jun Ji-hye

Lee expects Korean won to ease to 1,400 level in 1-2 months

Others

Retail investors' US stock holdings hit record highs despite weak won

Korean retail investors are continuing to pour money into U.S. equities, pushing holdings to record levels even as the won remains weak against the dollar, data from the Korea Securities Depository showed Tuesday. As of last Friday, domestic investors held $171.8 billion worth of U.S. stocks, equivalent to about 253 trillion won, up from $163.6 billion at the end of 2025. Holdings of U.S. equities stood at about $44.2 billion at the end of 2022 and climbed sharply to $112.1 billion by the end of 2024 and further to $163.6 billion by the end of 2025. Tesla tops the list of U.S. stocks held by domestic investors, with holdings valued at $27.5 billion, followed by Nvidia at $17.8 billion, Alphabet at $7.2 billion, Palantir at $6.3 billion and Apple at $4.2 billion. As the surge in overseas stock investments by retail investors has been cited as one of the major factors contributing to the elevated exchange rate, financial authorities are rolling out a range of measures to promote domestic investment and help stabilize the foreign exchange market. On Dec. 24, the Ministry of Economy and Finan

Jan 21, 2026By Jun Ji-hye

Jun Ji-hye

Read more

Banks eye deposit gains as multi-bank model for crypto exchanges resurfaces

Banks cut dollar deposit rates amid gov't push to defend won

Deloitte Korea names Kil Ki-wan as next CEO

Crypto exchanges turn to dollar stablecoins as FX volatility grows

Short sellers caught off guard by KOSPI’s 5,000-point breakthrough

Banks race to win over military customers to secure lifelong clients

KakaoBank teams up with SCBX to launch virtual bank in Thailand

Burford Capital strengthens Asia footprint with senior hire in Korea

Lee expects Korean won to ease to 1,400 level in 1-2 months

Retail investors' US stock holdings hit record highs despite weak won

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