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Jun Ji-hye

Korea Times Finance Reporter

Jun Ji-hye, a reporter at the finance desk of The Korea Times, focuses primarily on economic policy and government agencies, mainly covering the Ministry of Finance and Economy, the Ministry of Budget and Planning, the National Tax Service and the Korea Customs Service. She previously covered financial authorities, including the Financial Services Commission and the Financial Supervisory Service, and earlier worked on the political, city and business desks, reporting on a wide range of issues.

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Banking & Finance

Woori Bank's prepaid card for foreign visitors surpasses 10,000 issuances amid rising inbound tourism

Woori Bank’s specialized prepaid card for foreign visitors, dubbed the “NOL World Card,” reached the 10,000-issuance mark within just three months of its market debut, the bank said Wednesday. The card, jointly introduced by the bank, travel platform operator NOL Universe and fintech company Kona I, aims to make local financial transactions and daily shopping more convenient for international travelers amid the surge in inbound tourism and the corresponding need for easy-to-use local payment options. Data from the Ministry of Culture, Sports and Tourism show that foreign arrivals reached 10.71 million in the first half of this year, representing a 23.1 percent year-on-year increase. However, short-term visitors have long struggled with local financial barriers, as opening bank accounts or securing domestic credit and debit cards can be difficult, often leaving them reliant on cash exchanges or international payment methods. Designed to address these issues, the NOL World Card can be collected immediately upon landing at Woori Bank exchange counters at Incheon International Airport

Sep 16, 2026By Jun Ji-hye
Woori Bank's prepaid card for foreign visitors surpasses 10,000 issuances amid rising inbound tourism
Policy

Finance minister nominee sees 3% growth, $40,000 per capita income this year

Lee Hyoung-il, nominee for deputy prime minister and minister of finance and economy, presented an optimistic economic outlook, Tuesday, forecasting that Korea could achieve 3 percent growth this year and cross the $40,000 threshold in per capita national income, fueled by a thriving semiconductor sector amid the ongoing artificial intelligence surge. During his confirmation hearing at the National Assembly, Lee, currently the first vice finance minister, said the semiconductor boom is propelling key economic indicators such as exports and investment. “With domestic consumption and employment expected to follow suit after a brief lag, achieving 3 percent economic growth this year is becoming increasingly tangible, setting the stage for per capita income to advance into the $40,000 range,” he said. Lee vowed to closely monitor potential risk factors, including semiconductor market fluctuations, global interest rate shifts and capital movements, to ensure macroeconomic stability and mitigate market volatility. On the recent monetary tightening by the Bank of Korea, including consecutiv

Sep 15, 2026By Jun Ji-hye
Finance minister nominee sees 3% growth, $40,000 per capita income this year
Others

Data ministry explores AI-friendly global data standards with OECD, ADB

Korea is stepping up efforts to make official statistics and other public data more accessible to artificial intelligence (AI) and explore AI-friendly global data standards to develop data that AI can more accurately understand and use, the Ministry of Data and Statistics said Tuesday. Toward that end, in collaboration with the OECD and the Asian Development Bank (ADB), the ministry opened a three-day workshop in Seoul, Tuesday, bringing together more than 80 data experts from statistical agencies and central banks in 25 countries. A key focus is Statistical Data and Metadata eXchange (SDMx), an international standard that enables statistics and related information to be exchanged across different systems. Various sessions cover ways to standardize and manage data for AI and use AI tools to improve data quality and streamline data production and management. Experts in data standards and AI from major international organizations, including the OECD and the Bank for International Settlements, serve as instructors. On the final day, participants will take part in the SDMx + AI Innovation Ha

Sep 15, 2026By Jun Ji-hye
Data ministry explores AI-friendly global data standards with OECD, ADB
Banking & Finance

What drove KB to nominate Lee Jae-keun as next chairman?

The surprise nomination of KB Financial Group Vice Chairman Lee Jae-keun as its next chairman shows that the financial sector is under growing pressure from regulators to reform governance by strengthening board independence and improving fairness and transparency in leader selection procedures, according to observers in the industry. Current Chairman Yang Jong-hee, another contender, did not get the chance for a second term even though KB Financial had delivered record-high net profits of more than 5 trillion won ($3.7 billion) for two consecutive years under Yang’s leadership. Although the group cited a need for “transformation and generational renewal,” it is widely believed in the industry that the government's move is beginning to affect governance at financial holding companies. President Lee Jae Myung and financial authorities have long raised concerns over extended tenures of leaders at the holding companies. They have pointed out that incumbent heads have a relatively strong advantage in succession processes and that boards may not be able to provide adequate checks and b

Sep 14, 2026By Jun Ji-hye
What drove KB to nominate Lee Jae-keun as next chairman?
Banking & Finance

COVER STORY KB leadership change raises prospect of generational shift across financial sector

KB Financial Group’s surprise decision to nominate Vice Chairman Lee Jae-keun as its next leader instead of extending incumbent Chairman Yang Jong-hee’s term is expected to trigger a sweeping overhaul of its subsidiaries’ management, industry officials said Monday. The move has also fueled speculation over whether the push for generational change will spread to other major financial holding companies. With 54 subsidiary CEOs across the country’s five major financial groups facing term expirations by the end of this year, a major wave of executive reshuffles is expected. On Friday, KB Financial’s chairman recommendation committee officially nominated Lee as the final candidate for the chairmanship. Because Yang was widely anticipated to secure a second term following record-breaking financial results, market observers view the outcome as a dramatic leadership shift. Yang was born in 1961, while Lee was born in 1966, making the latter five years younger. Explaining its rationale, the committee noted, “This is a critical juncture to execute bold institutional reforms and genera

Sep 14, 2026By Jun Ji-hye
[COVER STORY] KB leadership change raises prospect of generational shift across financial sector
Cryptocurrency

Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback

The nominee to head the Ministry of Finance and Economy expressed his intention on Sunday to implement the cryptocurrency tax next January as scheduled, despite pushback from both industry players and opposition lawmakers. In written materials submitted to the National Assembly ahead of a confirmation hearing slated for Tuesday, Lee Hyoung-il, who currently serves as first vice finance minister, noted that specific tax rules would be finalized through a National Tax Service public notice by year-end, ensuring taxpayers face no confusion when filing. He also defended classifying crypto asset income as miscellaneous income under the current tax framework, calling it an “appropriate” approach to applying taxpayer-friendly measures, such as a basic deduction and a single tax rate. “Given that stock trades involving major shareholders, foreign equities and unlisted shares, along with transaction taxes, are already subject to taxation, extending tax rules to crypto assets is essential for tax fairness,” he said. The crypto tax regime treats profits from transferring or lending digital

Sep 13, 2026By Jun Ji-hye
Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback
Banking & Finance

Blackstone invests in major logistics center with ESR

Blackstone, a New York-based asset management firm, has teamed up with ESR to invest in a major logistics center development project in the Seoul metropolitan area, the company said Thursday. The move highlights Blackstone’s growing focus on logistics real estate as a key investment market in Korea. The firm said funds managed by Blackstone Real Estate Partners have invested in a majority interest in Sanha Logistics Park II, a prime dry-storage logistics development in Anseong, Gyeonggi Province, through a primary share issuance. ESR will retain its investment in the project while continuing to oversee its development and asset management through ESR Kendall Square, its local platform in Korea. Construction is underway on Sanha Logistics Park II, which covers 334,000 square meters and is slated for completion in 2028. The logistics facility is located along the Gyeongbu Expressway, a major transportation route linking Seoul and Busan, in a well-established industrial and distribution area home to operations of major Korean conglomerates. The facility is being developed with significant p

Sep 10, 2026By Jun Ji-hye
Blackstone invests in major logistics center with ESR
Society

Soaring dining costs, wellness culture are reshaping lunch in Korea

An office worker in Seoul surnamed Lee, 43, started packing her own lunches a month ago, as eating out for lunch had become an unsustainable financial burden. A basic lunch paired with an afternoon coffee routinely cost more than 20,000 won ($15), quietly eating into her monthly budget. “Tracking down quality, low-cost eateries every single day is not easy,” Lee said. “A standard bowl of pork and rice soup that once cost about 8,000 won now costs nearly 15,000 won. On top of the rising cost, I was also getting tired of the heavy, salty food at restaurants.” Many white-collar workers in Seoul are turning away from restaurants in favor of homemade and ready-made meals. The shift is being driven by two factors: rising restaurant prices and a growing focus on health and wellness. Growing demand for lunch boxes is reflected in online product searches. According to 29CM, a fashion platform operated by Musinsa, searches for "insulated cooler bags" surged 656 percent year-over-year in August. During the same period, searches for “lunchbox cutlery sets” and “thermal lunchboxes” inc

Sep 9, 2026By Jun Ji-hye
Soaring dining costs, wellness culture are reshaping lunch in Korea
Others

Won rally clouds earnings outlook for automakers, chipmakers

A sharp rise in the Korean won’s value against the dollar is clouding the earnings outlook for the nation’s major exporters, including automakers and chipmakers, according to market analysts Tuesday. In broad terms, a stronger local currency offers welcome relief to the broader economy by easing inflationary pressures and lowering import costs. The main concern, however, is the speed of the change. A rapid rise in the won can lead to unexpected earnings losses for export-dependent companies as they have limited time to adjust product prices or production plans in response to foreign exchange swings. On top of that, they may have to reverse the benefits of a weaker won that were previously factored into their earnings forecasts. The recent decline in the exchange rate, driven by a stronger won, has been unusually steep. Data released Monday by the Bank of Korea showed that the won-dollar exchange rate fell 8.09 percent in July alone, marking the sixth-largest monthly decline since the market average exchange rate system was introduced in March 1990. It was the sharpest one-month drop

Sep 8, 2026By Jun Ji-hye
Won rally clouds earnings outlook for automakers, chipmakers
Companies

Homeplus buyer search clouded by debt, labor challenges

Homeplus, which had been on the brink of liquidation, cleared a major legal hurdle with the court’s approval of its rehabilitation plan earlier this month. But while finding a new owner to continue the business is essential to Homeplus’ long-term recovery, it remains uncertain whether the company can attract a buyer given its substantial liabilities, labor-related challenges and a structural slump in traditional retail, industry officials said Monday. The decision by the Seoul Bankruptcy Court on Sept. 2, following a creditors’ meeting, formally allowed the retailer, controlled by private equity firm MBK Partners, to carry out the debt repayment and restructuring measures outlined in the plan. “After selling closed stores, we will pursue a merger and acquisition of the company itself to repay the remaining debt,” MBK Vice Chairman and Homeplus co-CEO Kim Kwang-il told the meeting. The retailer plans to divest 19 company-owned properties out of its 54 defunct locations by February 2028 to satisfy its outstanding debt obligations, and then push for a full company sale to fulfill

Sep 8, 2026By Jun Ji-hye
Homeplus buyer search clouded by debt, labor challenges
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