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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

Insurers turn to AI to speed up claim settlement, boost customer trust

Insurance companies are increasingly adopting artificial intelligence (AI) in their claims processes to help in analyzing medical documents, accelerating payouts and enhancing the accuracy and reliability of claim evaluations, industry officials said Wednesday. They noted that claims processing is considered a crucial factor in shaping consumer satisfaction and trust in the insurance sector. Prompt payouts allow policyholders to realize the value of their coverage, while complicated or cumbersome procedures can reduce demand for insurance. This has sparked growing interest in whether AI-based assessments can help strengthen consumer confidence. Kyobo Life Insurance reported that its average claims payout time was just 0.24 days in the second half of 2024, the fastest among life insurers. This means claims were processed and paid in about two hours. The industry average stands at 0.67 days for life insurers and 0.69 days for non-life insurers, making Kyobo Life about three times faster. The company’s claim denial rate — the proportion of claims not paid — was also below 1 percent, t

Sep 3, 2025By Jun Ji-hye
Insurers turn to AI to speed up claim settlement, boost customer trust
Politics

Rival parties clash over potential FSC dismantling at chairman nominee hearing

Ruling and opposition party lawmakers sparred over the potential dismantling of the Financial Services Commission (FSC) during the confirmation hearing for chairman nominee Lee Eog-weon Tuesday. Main opposition People Power Party (PPP) lawmakers insisted that the hearing was pointless for what they described as a “10-day chairman,” citing government and ruling party discussions on breaking up the country’s top financial regulator. But ruling Democratic Party of Korea (DPK) lawmakers argued that the reorganization has not yet been decided and that the hearing should continue. The opposition’s backlash came after reports that DPK lawmakers had discussed a government reorganization plan with the presidential office and related ministries on Monday. The plan reportedly includes dismantling the FSC and is expected to be put to a National Assembly vote on Sept. 25. The presidential State Affairs Planning Committee, which set out the Lee Jae Myung administration’s five-year governance blueprint, earlier reviewed a proposal to separate the FSC’s financial policy functions from its su

Sep 2, 2025By Jun Ji-hye
Rival parties clash over potential FSC dismantling at chairman nominee hearing
Banking & Finance

Hanwha Life launches AI-powered cancer insurance with global health care firm

Hanwha Life has launched an artificial intelligence (AI)-powered cancer insurance product in collaboration with global healthcare firm Need, the Korean insurer said Tuesday. The product offers not only tailored coverage through a package of riders for cancer treatment but also comprehensive, personalized care throughout the treatment journey. Need is an AI health care startup founded in 2019 by Harvard Medical School graduates Will Polkinghorn and Petros Giannikopoulos. Its cancer protection system uses AI to provide insights on cancer prevention, treatment and recovery. The system connects and analyzes patients’ health checkup data while offering a dedicated AI platform for physicians to support treatment planning. Its credibility is reinforced through validation by a global network of cancer specialists. The new product features a simplified enrollment plan that allows nearly anyone to sign up as long as they do not meet three specific conditions. The three criteria are hospitalization, surgery or additional test recommendations for confirmed or suspected diseases within the past thre

Sep 2, 2025By Jun Ji-hye
Hanwha Life launches AI-powered cancer insurance with global health care firm
Companies

MBK faces renewed scrutiny over Homeplus fiasco under new financial leadership

The Financial Supervisory Service (FSS) has launched formal disciplinary proceedings against MBK Partners, the majority owner of Homeplus, as part of an expanded probe following the appointment of new Gov. Lee Chan-jin on Aug. 14, industry and government officials said Monday. Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4 after a credit rating downgrade, drawing criticism from the private equity firm for recklessly placing the nation’s second-largest supermarket chain under corporate rehabilitation after acquiring it through a leveraged buyout. The FSS recently sent an inspection opinion to MBK, detailing findings, proposed sanctions and legal rationale based on its review, marking the formal start of disciplinary proceedings. This followed a March on-site inspection of the company by the watchdog. Prosecutors have already been investigating allegations that Homeplus raised 600 billion won ($430 million) through short-term bonds while concealing its corporate rehabilitation plans from investors. Thus, the ongoing FSS proceedings are believed to

Sep 1, 2025By Jun Ji-hye
MBK faces renewed scrutiny over Homeplus fiasco under new financial leadership
Banking & Finance

Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses

Banks are enhancing preventive measures against voice phishing, including upgrades to monitoring systems powered by artificial intelligence (AI), as the government moves to require financial institutions to compensate phishing victims, industry officials said Monday. The efforts come as the government plans to legislate a no-fault liability rule, which would require financial institutions to compensate victims of voice phishing even when transfers were made directly to criminals by the victims and even if the banks are not at fault. This measure is a core element of the comprehensive anti-voice phishing plans prepared by a pan-government task force led by the Office for Government Policy Coordination, with participation from the Ministry of Science and ICT, the Financial Services Commission (FSC) and other agencies. In announcing the plans on Thursday, the government said it will set detailed requirements, limits and procedures in consultation with financial firms as early as this year. Accordingly, the country’s major banks plan to focus their follow-up measures on strengthening defen

Sep 1, 2025By Jun Ji-hye
Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses
Politics

Financial regulator nominee embroiled in controversies ahead of confirmation hearing

Lee Eog-weon, the nominee for chairman of the Financial Services Commission (FSC), is facing a series of qualification controversies ahead of his confirmation hearing, including earning billions of won from multiple corporate board memberships after retiring as vice minister of economy and finance, according to opposition lawmakers Friday. Other issues include his failure to pay income and local taxes on time and reaping huge gains from a redevelopment investment. Lee, who previously served as the first vice finance minister, was nominated on Aug. 13 as the first chairman of the country’s top financial regulator under the Lee Jae Myung administration, with his confirmation hearing scheduled for Tuesday. Rep. Choo Kyung-ho of the main opposition People Power Party (PPP) revealed that the nominee failed to meet the deadline for paying his 2020 income and local taxes, only making the payments after being nominated as FSC chief. Records obtained by Choo showed that Lee settled 760,140 won ($547) in income tax and 81,440 won in local income tax on Aug. 17, four days after his nomination, al

Aug 30, 2025By Jun Ji-hye
Financial regulator nominee embroiled in controversies ahead of confirmation hearing
Cryptocurrency

Coinone launches Korea’s first flexible bitcoin staking service

Coinone has become the first cryptocurrency exchange in Korea to launch a bitcoin staking product, the company said Friday. Staking is an investment method in which digital assets are locked in a blockchain network for a period of time in exchange for rewards. With Coinone’s flexible bitcoin staking product, users can delegate their bitcoin to the Babylon protocol blockchain to support network security and earn Babylon’s utility token, BABY, as a reward. The service allows users to deposit, withdraw and trade their bitcoin at any time without restrictions, even during the staking period. To mark the launch of its bitcoin staking service, Coinone is hosting a special event running until Sept. 7. Participants can enter by registering an event code on Coinone’s website, agreeing to the staking terms and purchasing at least 100,000 won’s ($72) worth of bitcoin. The 10 participants with the highest purchase amounts will receive a total of 2 million won in bitcoin, distributed according to their ranking, while the remaining participants will equally share 8 million won in bitcoin. “Wi

Aug 29, 2025By Jun Ji-hye
Coinone launches Korea’s first flexible bitcoin staking service
Policy

FSS chief prioritizes consumer protection in 1st meeting with bank CEOs

Financial Supervisory Service (FSS) Gov. Lee Chan-jin on Thursday stressed the role of banks in safeguarding financial consumers and restoring public trust, pledging to make consumer protection the top priority in all future supervisory and inspection activities. Lee urged the establishment of a preventive protection system to avoid a recurrence of large-scale losses, such as those from Hong Kong-tied equity-linked securities (ELS). He also called for stronger internal controls powered by artificial intelligence (AI) to prevent incidents such as personal data breaches and employee embezzlement. He made the remarks during a meeting with the heads of 20 domestic banks, where he discussed key challenges facing the banking sector and the direction the financial institutions should pursue. It was his first official move since taking office earlier this month. “From now on, the FSS will place consumer protection at the forefront of all supervisory and inspection activities, making it a core and unwavering principle,” he said. “Banks can achieve sustainable growth only when financial cons

Aug 28, 2025By Jun Ji-hye
FSS chief prioritizes consumer protection in 1st meeting with bank CEOs
Society

Cafes no longer just for young people as 50-plus spending surges

Kim, a 58-year-old housewife living in Mapo District, Seoul, meets her friends at neighborhood cafes two to three times a week. “In the past, we used to gather only at restaurants, but now it has become routine to spend a couple of hours chatting over a cup of coffee,” she said. “Although the prices are a bit higher, I visit cafes more often because of their atmosphere and comfort.” She also enjoys what she calls “cafe tours” with her husband on weekends, visiting new spots together. “With so many unique cafes around, it feels like taking a small trip,” she added. The leading consumer group in Korea’s cafe market is shifting rapidly from people in their 20s and 30s to those in their 50s and 60s. Finda, a Seoul-based fintech company, analyzed nationwide cafe spending data for the first half of each year from 2019 to 2025 using its artificial intelligence-powered commercial district analysis platform. The results show that consumers aged 50 and above now make up 31 percent of total cafe payments, up from 17.3 percent in the first half of 2019, before the COVID-19 pandemic.

Aug 28, 2025By Jun Ji-hye
Cafes no longer just for young people as 50-plus spending surges
Politics

Korea Inc. braces for 3rd Commercial Act revision mandating treasury share cancellations

Tension is rising in the business community as the ruling Democratic Party of Korea (DPK) plans to push forward a third amendment to the Commercial Act next month that would make the cancellation of treasury shares compulsory, following the passage of two earlier revisions, industry officials said Wednesday. Business leaders are concerned that while the previous amendments already pose a significant challenge to management rights, the forced cancellation of treasury shares could fundamentally disrupt companies’ strategies for maintaining management control and managing capital. On July 3, the DPK, which holds a majority in the National Assembly, pushed through the first amendment to the Commercial Act, expanding directors’ fiduciary duties to cover not only the company but also its shareholders. On Monday, the party also led the passage of the second revision, requiring listed companies with assets exceeding 2 trillion won ($1.4 billion) to adopt cumulative voting. The ruling party is now advancing a third amendment, which will require treasury shares to be canceled within a certain

Aug 27, 2025By Jun Ji-hye
Korea Inc. braces for 3rd Commercial Act revision mandating treasury share cancellations
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