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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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Policy

Businesses wary as pro-Lee progressives take helm of key oversight agencies

Businesses are on edge as the heads of the Fair Trade Commission (FTC), Financial Supervisory Service (FSS) and National Tax Service (NTS) — powerful regulatory bodies overseeing corporate practices — are now occupied by progressives appointed by President Lee Jae Myung, signaling tighter corporate oversight, according to government and business officials Friday. The FTC imposes fines, pursues criminal cases and regulates corporate governance in response to unfair trade practices, while the FSS takes action against stock manipulation, insider trading and accounting irregularities. The NTS monitors corporate tax evasion and improper share transfers through special audits. All three watchdog chiefs are also known for their close ties to President Lee, and are considered both progressive and strong-willed. Ju Biung-ghi, the Seoul National University economics professor nominated to head the FTC, is known as Lee’s “economic mentor.” Given his emphasis on fairness and redistribution, Ju is expected to tighten regulations on unfair practices by conglomerates and large corporations on

Aug 15, 2025By Jun Ji-hye
Businesses wary as pro-Lee progressives take helm of key oversight agencies
Policy

Financial authority overhaul plan put on backburner

Discussions on the reorganization of financial authorities under the Lee Jae Myung administration are expected to be extended after the plan was omitted from the presidential committee’s announcement of the new government’s five-year blueprint, officials said Thursday. It had been widely anticipated that the plan would be unveiled during a public briefing by the State Affairs Planning Committee held Wednesday. However, the proposal was not announced at the event. A committee official noted that the focus will remain on the other 123 key state projects for now. According to government insiders, the committee has already submitted the restructuring plan to the presidential office, recommending that the Financial Services Commission’s (FSC) financial policy functions be separated from its supervisory responsibilities. Under the plan, the FSC’s role in financial policy would be absorbed by the Ministry of Economy and Finance, while oversight duties would be transferred to the Financial Supervisory Service (FSS), effectively dismantling the FSC, the country’s top financial regulator

Aug 14, 2025By Jun Ji-hye
Financial authority overhaul plan put on backburner
Policy

Ex-bureaucrat to head FSC, president's close aide to lead FSS as 1st financial leadership team

President Lee Jae Myung has nominated a Financial Services Commission (FSC) chief from the government bureaucracy and appointed a close aide as head of the Financial Supervisory Service (FSS). On Wednesday, Lee nominated Lee Eog-weon, former first vice finance minister, to head the FSC, the nation’s top financial regulator. On the same day, the FSC recommended lawyer Lee Chan-jin for the post of FSS governor, the country’s financial watchdog. The FSC chairmanship, a minister-level position, requires a confirmation hearing by the National Assembly, whereas the FSS governorship, a vice minister-level post, does not. The FSS governor is appointed by the president following a recommendation from the FSC chairman. Current FSC Chairman Kim Byoung-hwan convened a meeting on Wednesday to approve the recommendation of Lee Chan-jin, and the inauguration ceremony was held Thursday afternoon. FSC chairman nominee Lee Eog-weon is a veteran economic policymaker from the Ministry of Economy and Finance, recognized for his steady, pragmatic leadership and expertise in macroeconomics. He has held key

Aug 14, 2025By Jun Ji-hye
Ex-bureaucrat to head FSC, president's close aide to lead FSS as 1st financial leadership team
Companies

Homeplus to close 15 stores, offer unpaid leave amid corporate rehabilitation

Homeplus, Korea's second largest discount supermarket chain, currently undergoing corporate rehabilitation, plans to gradually close 15 stores where lease negotiations have stalled, the company said Wednesday. The firm also plans to accept applications for unpaid leave from employees at its headquarters who wish to participate. “We are moving into an emergency survival management mode,” a Homeplus official said. “The business environment has not improved over the five months since entering the rehabilitation process. This step is necessary to address the situation amid mounting financial pressures.” The retail chain will proceed with the phased closure of 15 of its 68 leased stores where lease negotiations have not progressed. The affected stores include Siheung, Gayang, Ilsan, Gyesan, Ansan Gojan, Suwon Woncheon, Hwaseong Dongtan, Cheonan Sinbang, Munhwa, Jeonju Wansan, Dongchon, Jangrim, Busan Gamman, Ulsan Buk-gu and Ulsan Nam-gu branches. Homeplus has operated more than half of its stores — 68 out of 126 — as leased locations. Following the closure of the Bucheon Sangdong

Aug 13, 2025By Jun Ji-hye
Homeplus to close 15 stores, offer unpaid leave amid corporate rehabilitation
Politics

Balanced growth plan aims to boost local autonomy, narrow inequality

The Lee Jae Myung administration is set to advance a national balanced development plan focused primarily on fostering five regional mega hubs across the country, while enhancing the autonomy of Gangwon and North Jeolla provinces and Jeju Island, a presidential committee announced Wednesday. As part of efforts to create “a nation where everyone prospers together,” the initiative also aims to narrow disparities between social groups, bridge the divide between large corporations and small businesses and foster cooperation between labor and management. This balanced growth approach is one of the five key national policy goals, outlined in the five-year state governance blueprint unveiled by the State Affairs Planning Committee. The so-called “five regional mega hubs and three special self-governing provinces” initiative is a centerpiece of the balanced growth strategy. The government has designated the greater Seoul area, southeast region, Daegu-Gyeongsang region, central region and Honam region as five major growth hubs. It also grants Gangwon and North Jeolla provinces and Jeju I

Aug 13, 2025By Jun Ji-hye
Balanced growth plan aims to boost local autonomy, narrow inequality
Banking & Finance

Card issuers wary of government's bad bank plan amid rising delinquency rates

Credit card issuers are voicing concerns that the government’s debt relief program, called the bad bank initiative, could further weigh on their profitability as they are already facing higher credit costs due to rising delinquency rates, industry officials said Tuesday. But some in the industry say the plan could aid in clearing nonperforming loans, depending on the cost-sharing arrangements. The state-run Korea Asset Management Corp. is moving forward with plans to set up a bad bank worth 800 billion won ($576 million), aimed at restructuring debt for financially vulnerable individuals. A bad bank is an entity that purchases nonperforming assets or loans at a discounted rate to facilitate their resolution. This initiative focuses on individuals holding unsecured debts of up to 50 million won that have been delinquent for over seven years. Half of the 800 billion won funding — 400 billion won — is expected to come from contributions by financial institutions. The government initially planned for banks to shoulder the full 400 billion won, but later expanded the burden to include se

Aug 12, 2025By Jun Ji-hye
Card issuers wary of government's bad bank plan amid rising delinquency rates
Banking & Finance

Korean banks ramp up QR payment push in Southeast Asia

Korean banks are actively expanding their QR code payment services, allowing customers to pay by scanning QR codes with their smartphones, industry officials said Tuesday. In particular, they view the Southeast Asian market as a promising new source of revenue, given that QR payments have become common there amid relatively low credit card usage. By targeting not only Korean tourists visiting Southeast Asia but also the region’s 700 million local users, the lenders aim to secure an early lead in the market and capture transaction fee revenues. Hana Bank’s fintech subsidiary GLN International, which spun off in 2021 to develop a global payment and settlement network, recorded QR payment transactions worth 31.8 billion won ($23 million) in the first half of this year, about 10 times the 3.2 billion won posted in the same period of 2022. GLN’s QR payment services mainly focus on Southeast Asia, with Thailand accounting for more than 60 percent of the total transaction volume. Other key markets include Laos, which accounts for 24.1 percent of transactions, Japan with 11.6 percent and V

Aug 12, 2025By Jun Ji-hye
Korean banks ramp up QR payment push in Southeast Asia
Others

Why pear prices are falling: It's not about oversupply, it's about hoarding

Pear prices have plummeted, with the wholesale price of 15 kilograms of 2024-harvested pears averaging 31,597 won ($23) last month, more than 80 percent lower than the average of 169,763 won a year earlier, according to a Korea Rural Economic Institute report released Monday. Retail prices have also dropped to less than half of last year’s levels. Data from the Korea Agro-Fisheries & Food Trade Corp. showed that the retail price for 10 pears was 36,026 won as of Friday, a 52.6 percent decrease from 76,077 won the previous year. This falling price is not solely due to oversupply. The pears currently available in the market are from the 2024 harvest, and production that year was significantly low. Moreover, the new season’s pears have yet to be widely distributed. According to data from Statistics Korea, pear production in 2024 amounted to 178,000 tons, the smallest volume in four years since 133,000 tons in 2020. The real reason for the price crash lies in the attempt of pear farmers to repeat the strategy they used after the poor harvest in 2023 — storing pears to sell later at hig

Aug 12, 2025By Jun Ji-hye
Why pear prices are falling: It's not about oversupply, it's about hoarding
Banking & Finance

Banks race to win over Gen Alpha with teen-only financial services

Banks and credit card companies are aggressively introducing financial platforms and mobile content targeting Generation Alpha, defined as those born from 2010 onward, in a bid to capture teenage customers, industry officials said Monday. Mindful of a demographic that comprises over 8 million potential future consumers, Toss Teens — a dedicated financial service for users aged 7 to 18 — has taken the lead in the market, reaching over 3 million users as of May, just 3 years and 9 months after its debut. Viva Republica, operator of the mobile financial service Toss, said Teens is designed to address financial inconveniences faced by teenagers in areas such as money transfers, payments, transportation and shopping. The USS Card, one of the key Teens services, is a prepaid top-up card that helps teens develop independent financial habits. More than 3.2 million USS Cards have been issued since its launch in December 2021. Teens also provides dedicated financial education for youth, as well as a mock stock investment service that allows teenagers to practice investing in both domestic and

Aug 11, 2025By Jun Ji-hye
Banks race to win over Gen Alpha with teen-only financial services
Banking & Finance

Korea’s digital insurers disappearing amid regulatory hurdles, structural challenges

Digital insurance companies in Korea have been shrinking amid steep regulatory hurdles and structural challenges, leaving only two insurers — Kyobo Lifeplanet Life Insurance and Kakao Pay Insurance — as the main players, industry officials said Sunday. According to the Insurance Business Act, an insurance company is classified as a digital insurer if at least 90 percent of its total insurance contracts and premiums are obtained through methods such as telephone and computer communications. In the first quarter of this year, only Kyobo Lifeplanet and Kakao Pay Insurance met these standards, as they each generated 100 percent of their sales through online channels. The figure for Carrot General Insurance, the nation’s first digital non-life insurer, stood at 89.1 percent. On Sept. 10, Hanwha General Insurance is set to absorb its subsidiary, Carrot General Insurance. Established in 2019, Carrot has faced ongoing losses and worsening financial health, leading to the decision to merge it back into its parent company. Hana General Insurance and Shinhan EZ General Insurance, which once po

Aug 10, 2025By Jun Ji-hye
Korea’s digital insurers disappearing amid regulatory hurdles, structural challenges
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