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Jun Ji-hye

Korea Times Finance Reporter

Hello, I am Jun Ji-hye, a reporter at The Korea Times. I primarily cover financial authorities and write articles on a wide range of topics related to finance and capital markets. If you have any information to share, feel free to email me at jjh@koreatimes.co.kr, and I will review it carefully. I am committed to always doing my best to communicate with readers through high-quality articles.

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Banking & Finance

Finance firms cut exam-related promotions as profits fall, interest rates rise

Financial promotions related to the national college entrance exam are largely absent this year compared to previous years, when companies rolled out a variety of events such as special high-interest savings products and card benefits, industry officials said Sunday. Among the country’s major credit card issuers — Shinhan, Woori, Samsung, Lotte, Hana, Hyundai, NH NongHyup, BC and KB Kookmin — only KB Kookmin Card is running a dedicated promotion for takers of the College Scholastic Ability Test (CSAT), held nationwide last Thursday. Kookmin Card’s event, which runs until Dec. 12, targets debit card users aged 18 to 24. Participants who spend a certain amount can win prizes such as an Apple Watch or wireless earbuds, and additional points are awarded for purchases of 30,000 won ($21) or more in categories like shopping, lodging, transportation and entertainment. KB Pay is running a separate event where test-takers can submit their stories to receive small prizes. “We ran a message-of-support campaign before the exam, and after the exam we created a promotion aimed at giving stud

Nov 16, 2025By Jun Ji-hye
Finance firms cut exam-related promotions as profits fall, interest rates rise
Banking & Finance

Auto insurance fraud rises despite tougher penalties

The amount of detected auto insurance fraud has continued to rise each year, reaching 570 billion won ($388 million) last year, despite tougher penalties for organizing or participating in insurance fraud under the amended Special Act on the Prevention of Insurance Fraud, according to the Financial Supervisory Service (FSS), Thursday. Fraudulent claims are increasing the insurance burden on honest policyholders, prompting the FSS to sign a memorandum of understanding with the National Police Agency, the Korea Road Traffic Authority and the General Insurance Association of Korea to enhance collaboration in combating the growing sophistication and organization of insurance fraud. “Auto insurance fraud is on the rise every year, with methods becoming more sophisticated and organized,” FSS Deputy Director Kim Seong-wook said. “To eliminate evolving fraud schemes, it is crucial for relevant agencies to share information efficiently and coordinate joint efforts that utilize each organization’s expertise and infrastructure.” The financial watchdog reported that the total value of det

Nov 13, 2025By Jun Ji-hye
Auto insurance fraud rises despite tougher penalties
Banking & Finance

Banks strive to stem client fund outflow to brokerages amid KOSPI rally

Banks are racing to raise deposit rates and launch products that combine savings with securities, in an effort to prevent outflows amid the KOSPI rally, which has driven a “rapid movement of funds” into the stock market, industry officials said Thursday. Demand deposit balances at the country’s five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — fell to 614.9 trillion won ($419 billion) as of Wednesday, down 33.4 trillion from the end of September and 12.6 trillion from the end of October. Daily withdrawals this month have averaged 1.14 trillion won. The decline in demand deposits, largely idle funds, is attributed to the stock market rally, as the KOSPI surged more than 20 percent in just over a month, drawing large amounts of liquidity from the banking sector. This prompted banks to raise deposit rates to retain customer funds, despite the Bank of Korea keeping its base rate at 2.5 percent since May. KB Kookmin Bank raised the interest rate on its one-year time deposit from 2.65 percent to 2.7 percent on Wednesday, while Shinhan Bank increased the same term

Nov 13, 2025By Jun Ji-hye
Banks strive to stem client fund outflow to brokerages amid KOSPI rally
Banking & Finance

Lotte Insurance, financial authorities head for courtroom showdown

Lotte Insurance has decided to launch a full-scale confrontation with financial authorities by pursuing legal action over the Nov. 5 decision to place the insurer under prompt corrective action, one of Korea’s most stringent regulatory measures for financial institutions, company officials said Wednesday. The insurer had faced repeated concerns over its financial stability, prompting the Financial Services Commission (FSC) to step in with disciplinary measures. Legal disputes between financial institutions, which operate under strict regulatory oversight, and their supervisory body are highly uncommon. The prompt corrective action system was introduced in 1997 during the Asian financial crisis to prevent the insolvency of financial institutions. It is designed to detect early signs of financial distress and guide companies toward management improvements before problems escalate. The system encourages authorities to intervene preemptively to contain potential risks, as the bankruptcy of a financial institution can trigger instability across the financial market. The system consists of t

Nov 12, 2025By Jun Ji-hye
Lotte Insurance, financial authorities head for courtroom showdown
Banking & Finance

Hanwha Life invites Vietnamese fintech talent for financial innovation program

Hanwha Life Insurance has invited 30 outstanding students from Vietnam for a five-day program focused on financial innovation, the firm said Wednesday. The program, which began Monday, is part of the insurer’s global corporate social responsibility initiative, FuturePlus. The selected participants include winners of the Vietnamese Olympiad in Informatics, top students from the fintech department at the Vietnam-Korea University of Information and Communication Technology (VKU) and scholarship recipients in finance and ICT from Ho Chi Minh City University of Technology. A welcoming ceremony was held Tuesday at the insurer’s headquarters at the 63 Building in Seoul. The participants then visited Hanwha Life’s open innovation hub, DreamPlus Gangnam, where they explored Korea’s dynamic startup ecosystem and observed fintech innovation firsthand. They also attended lectures organized by Hanwha Life’s artificial intelligence (AI) division and external experts on topics such as AI-driven innovation in insurance services. On Wednesday, the group visited Korea University and Sogang Univer

Nov 12, 2025By Jun Ji-hye
Hanwha Life invites Vietnamese fintech talent for financial innovation program
Banking & Finance

Korean startup Crosshub wins CES award in fintech category

Korean startup Crosshub has been named the winner of the Best of Innovation Award in the fintech category at the CES 2026, the company said Tuesday. The firm, established in May 2024, earned the accolade for its blockchain-based digital identity verification service, IDBlock, and its global cross-border payment platform, B-Pay. The awards, organized by the Consumer Technology Association, recognizes companies demonstrating outstanding technological innovation and leadership across industries. Winners are announced ahead of the world’s largest consumer electronics and IT exhibition, held every January in Las Vegas. IDBlock combines artificial intelligence (AI)-driven facial recognition with passport eKYC (electronic Know Your Customer) verification to deliver a secure blockchain-based digital identity solution. The service underpins B-Pay, which allows international users to access Korean domestic services, including food delivery, public transportation, accommodations and reservations, providing seamless cross-border payment experiences. Since its founding, Crosshub has achieved a cumul

Nov 11, 2025By Jun Ji-hye
Korean startup Crosshub wins CES award in fintech category
Banking & Finance

Travel cards gain popularity as new foreign exchange investment tool

Choi, an IT startup employee in her 40s, recently began using her travel card not just for overseas trips but also as an investment tool to profit from currency fluctuations. In September, when the won traded at around 1,320 won against the U.S. dollar, she preloaded dollars onto her Travlog card issued by Hana Card. When the rate later rose to the 1,390-won range, she converted the remaining balance back into won, earning about a 5 percent gain. “I used to use my travel card only when traveling abroad, but with exchange rates fluctuating so much lately, I’ve started treating it as a small-scale investment,” she said. “It’s convenient because I can check rates in real time. I’ve even set up alerts in the app so I don’t miss the right timing.” Travel cards are specialized payment tools for foreign currency transactions jointly offered by card companies and banks. They typically waive currency exchange fees or offer preferential exchange rates when converting won into foreign currencies. As the won-dollar exchange rate has become increasingly volatile in recent months, swin

Nov 11, 2025By Jun Ji-hye
Travel cards gain popularity as new foreign exchange investment tool
Banking & Finance

Major financial groups to commit $350 bil. to Lee's productive finance drive

Korea’s five major financial groups — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — plan to inject a combined 508 trillion won ($350 billion) by 2030 to expand productive and inclusive finance, industry officials said Monday. The move aligns with President Lee Jae Myung’s pledge to launch a major financial transformation, aimed at channeling market capital into more productive sectors. Lee has called on financial companies to redirect funds previously tied to real estate or reliant on interest income toward small and medium-sized enterprises (SMEs) and investments in high-tech industries to revitalize the economy. Woori Financial Group was the first to announce an 80 trillion won investment plan in September, followed by Hana Financial Group with 100 trillion won, NH NongHyup Financial Group with 108 trillion won and both KB and Shinhan Financial Groups with 110 trillion won each. Part of these commitments will go toward the government’s 150 trillion won National Growth Fund, aimed at fostering key strategic industries such as artificial intelligence, semiconductors, biot

Nov 10, 2025By Jun Ji-hye
Major financial groups to commit $350 bil. to Lee's productive finance drive
Banking & Finance

Card firms on edge as young consumers shift to cardless payments

Kim, a 20-something office worker at a telecommunications company in Seoul, recently began using a payment service powered by facial recognition technology. She said that although the registration process was a bit lengthy, once completed, it was very convenient since she could make payments simply by showing her face, without needing a wallet or smartphone. “I was surprised by how fast it was. It was so quick that I even doubted whether the payment had actually gone through,” she said. The trend of making payments without physical cards is rapidly gaining momentum as younger consumers like Kim increasingly move away from traditional card payments, driven by the growing adoption of facial recognition systems such as Toss Face Pay and simple payment services like Kakao Pay. This shift has raised concerns within the credit card industry about losing younger customers, who are viewed as key drivers of future consumption. Data from the Financial Supervisory Service shows that the total card spending by eight major issuers — Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Hana, Woori and B

Nov 8, 2025By Jun Ji-hye
Card firms on edge as young consumers shift to cardless payments
Policy

STO market set for takeoff amid 3-way race for trading platform license

The race for licenses to operate over-the-counter trading platforms for fractional investments has narrowed to three contenders, with financial authorities working to select two winners by the end of this year, officials said Friday. As the National Assembly moves forward with legislation on security token offerings (STOs), which has garnered bipartisan support, the market is expected to officially take off next year. Fractional investment refers to dividing ownership of real-world assets such as real estate or artwork, or the rights associated with them, into multiple shares, allowing investors to co-own and share profits collectively. An STO applies blockchain technology to digitize ownership or profit rights of both tangible and financial assets in the form of securities. In essence, STOs integrate fractional investments into the formal financial system through blockchain infrastructure, for example, enabling a single property to be divided into several ownership units, each issued as a tradable token. The STO sector is considered one of the most promising markets for future growth. A

Nov 7, 2025By Jun Ji-hye
STO market set for takeoff amid 3-way race for trading platform license
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