The Korea Times

Shinhan, NongHyup, Kbank join experimental stablecoin initiative for global trade

Shinhan Bank, NH NongHyup Bank and Kbank have joined a Japan-led international project to create a blockchain-based system for cross-border payments aimed at fixing long-standing problems in global money transfers, the banks said Thursday. At the center of the initiative, called Project Pax, is the use of stablecoins — digital assets that try to keep a steady value by linking to government-issued currencies like the U.S. dollar or to physical assets like gold. Tether (USDT) and USD Coin (USDC), both pegged one-to-one to the U.S. dollar, are among the most widely used stablecoins. Project Pax is led by the three largest banks in Japan where stablecoins are already legal. Stablecoin-based transfers are expected to drastically cut fees and processing times compared to traditional cross-border payments. Major banks from multiple countries are collaborating to test stablecoins in remittances, currency exchanges and offshore settlements, with the goal of proving their speed and efficiency in simplifying global transactions. Participating Korean banks aim to assess the feasibility of using a wo

Apr 11, 2025By Jun Ji-hye

Shinhan, NongHyup, Kbank join experimental stablecoin initiative for global trade

Banking & Finance

Hahn & Co. emerges as likely buyer for SK Siltron

Korean private equity firm Hahn & Co. has emerged as a potential buyer of SK Siltron, as SK Group, the country’s second-largest conglomerate, seeks to divest its semiconductor wafer manufacturer, industry officials said Thursday. If the deal goes through, Hahn & Co. will have invested in 10 SK Group affiliates, further solidifying its position as a key strategic partner in the group’s ongoing restructuring efforts. According to sources in the investment banking industry, SK Corp., the holding company of SK Group, recently initiated talks with major private equity firms — including Hahn & Co. — to explore a potential sale of SK Siltron’s management rights. The stake under consideration reportedly includes 51 percent directly held by SK Corp. and an additional 19.6 percent secured through a total return swap agreement, bringing the total to 70.6 percent. The deal is expected to be valued at around 5 trillion won ($3.4 billion). The SK Siltron deal is seen as part of the group’s ongoing efforts to restructure its business portfolio. As the conglomerate continues to offload its no

Apr 10, 2025By Jun Ji-hye

Hahn & Co. emerges as likely buyer for SK Siltron

Policy

Korea to ease rules to boost securities firms’ overseas presence

Financial authorities will introduce institutional incentives to support the global expansion of securities firms, including relaxed liquidity and capital requirements for their overseas subsidiaries, in a bid to boost competitiveness while maintaining financial stability, officials said Wednesday. These measures are part of the government’s broader initiative to enhance the investment banking capabilities of the securities industry, aiming to enable it to provide comprehensive financial services and support the country’s innovation-driven economic growth. Kim Byoung-hwan, chairman of the Financial Services Commission, held a meeting with the CEOs of 10 comprehensive financial investment firms to discuss the new measures. “The key to sustaining momentum and achieving continued growth in Korea’s maturing economy lies in the capital market,” Kim said in his opening remarks. “Since the securities industry is at the core of building and advancing the capital market, we will implement a range of measures to help it play a larger role in corporate finance.” Although Korea’s sec

Apr 9, 2025By Jun Ji-hye

Korea to ease rules to boost securities firms’ overseas presence

Policy

Korea to enhance English language services in banking

The Financial Supervisory Service (FSS) will make banking easier for foreign nationals living in Korea through expanded language support in mobile applications, translated versions of essential documents and strengthened information services at bank branches tailored to foreign customers, the financial watchdog said Wednesday. The FSS said it reviewed ways to reduce the inconveniences experienced by foreign nationals when using financial services during its fair finance promotion committee meeting. The initiatives come amid growing demand for inclusive financial services, with the number of foreign residents in Korea reaching a record 2.65 million in 2024. The watchdog noted that many foreign nationals still face challenges due to insufficient language support and limited access to relevant information. They often struggle to understand key terms and important details during banking transactions, as translated versions of essential documents are either unavailable or only offered for in-person services. In addition, some banks do not provide multilingual support in their mobile apps or im

Apr 9, 2025By Jun Ji-hye

Korea to enhance English language services in banking

Economy

Retail investors turn away from Kiwoom after trading system failure

Investor frustration is growing as Kiwoom Securities has yet to present clear measures to prevent the recurrence of system errors that occurred over two consecutive days last week during a sharp decline in the domestic stock market. Some investors have even expressed their intentions to switch to other brokerages. Kiwoom Securities experienced system errors on Thursday during the first hour after the market opened — typically the busiest trading period — which delayed the execution of buy and sell orders. The issue was resolved about an hour later after causing significant inconvenience for many users. The disruption coincided with the U.S. announcement of new "reciprocal" tariffs, sending global markets into turmoil. On the brokerage’s website, clients expressed outrage over missed opportunities to act. The following day, Friday, just ahead of the Constitutional Court’s ruling on former President Yoon Suk Yeol’s impeachment case, similar issues resurfaced. Login failures, order placement delays and trade execution errors began at market open and persisted for about an hour and

Apr 8, 2025By Jun Ji-hye

Retail investors turn away from Kiwoom after trading system failure

Banking & Finance

Disruptions in dairy, rice supply to Homeplus raise concerns among farmers

Farmers are increasingly concerned about potential losses amid delays in dairy and rice deliveries to Homeplus, which is currently undergoing corporate rehabilitation, agriculture industry officials said Monday. The country’s No. 2 supermarket chain abruptly filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4 amid liquidity concerns following a credit rating downgrade. Fearing nonpayment, Seoul Milk, Korea’s largest dairy company, suspended deliveries to the retailer on March 20. Homeplus notified Seoul Milk of its plan to begin installment-based payment of unpaid deliveries incurred prior to entering a rehabilitation procedure starting in June. It also pledged to pay on time for products delivered after the court-led process began. Despite this, the dairy producer remains firm, calling for a one-time settlement of the overdue payments and requiring upfront cash payments for any future deliveries. The ongoing delivery halt by Seoul Milk is raising concerns about financial strain among its secondary partners — including raw milk suppliers, material vendors a

Apr 7, 2025By Jun Ji-hye

Disruptions in dairy, rice supply to Homeplus raise concerns among farmers

Economy

Korea to implement $68 bil. market stabilization program amid Trump tariff fallout

The government will thoroughly prepare a 100 trillion won ($68 billion) market stabilization program to ensure that liquidity is available at any time, in response to growing market uncertainty caused by U.S. President Donald Trump’s tariff policies, financial authorities said Monday. It will also ensure that previously announced and ongoing policies are carried out as planned to reinforce market confidence, they said. “The government is planning and will execute a market support program totaling 100 trillion won to ensure that necessary measures, including liquidity support, can be taken at any time depending on market conditions,” Kim Byoung-hwan, chairman of the Financial Services Commission (FSC), said during a financial market assessment meeting. The meeting was attended by Financial Supervisory Service Gov. Lee Bok-hyun, along with the chairmen of the country’s top five financial holding groups — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — as well as the heads of relevant institutions, including the Korea Financial Investment Association and the Korea Exchange. T

Apr 7, 2025By Jun Ji-hye

Korea to implement $68 bil. market stabilization program amid Trump tariff fallout

Economy

Restaurants slash soju, beer prices despite high inflation

A bank employee in Seoul surnamed Kim was surprised during a recent visit to a restaurant in Gaepo-dong, Gangnam District, where a bottle of soju was priced at just 3,000 won ($2.05). She said the restaurant, which serves mainly grilled pork, offered the alcoholic beverage at the steep discount to customers who ordered meat. “These days, with prices continuing to rise, it is common to see a bottle of soju priced at 5,000 won or 6,000 won at restaurants in Seoul. In expensive areas like Gangnam District, it’s not unusual to see prices go up to 7,000 won or even 8,000 won per bottle. So, seeing soju at 3,000 won was quite a surprise,” she said. Although inflation remains high, the prices for soju and beer at restaurants have been on a steady decline in recent months, according to Statistics Korea. This unusual trend in alcohol pricing is largely attributed to weakening domestic consumption. Facing a drop in the number of customers amid the economic slowdown, many restaurant owners are turning to discounted alcohol as a survival strategy. According to the agency's consumer price data f

Apr 6, 2025By Jun Ji-hye

Restaurants slash soju, beer prices despite high inflation

Banking & Finance

IMM PE urges Kyobo Life chairman to honor put option as ordered by Korean court, ICC

IMM Private Equity (IMM PE) is urging Kyobo Life Insurance Chairman and CEO Shin Chang-jae to fulfill his obligations to repurchase the insurer’s shares under a put option, citing the Korean court’s recent recognition of the International Chamber of Commerce's (ICC) arbitration ruling. A put option lets investors sell assets such as company shares at a fixed price by a certain date if they choose to. In the context of the Kyobo Life dispute, financial investors including IMM PE secured a put option that gave them the right to sell their shares back to Shin if Kyobo Life failed to go public by an agreed deadline. A yearslong legal dispute between IMM PE and Shin began in October 2018, when a consortium led by Hong Kong-based Affinity Equity Partners — and including IMM PE, EQT Partners and Singaporean sovereign wealth fund GIC — exercised its put option, demanding that the chairman repurchase their shares at 410,000 won ($280) per share after the insurer failed to go public. “The ICC International Court of Arbitration clearly acknowledged that Shin is obligated under the shareh

Apr 6, 2025By Jun Ji-hye

IMM PE urges Kyobo Life chairman to honor put option as ordered by Korean court, ICC

Politics

How will impeachment affect Yoon's upcoming criminal trial?

The Constitutional Court’s unanimous decision on Friday to impeach President Yoon Suk Yeol is drawing attention to how the ruling might influence upcoming criminal proceedings for his insurrection charges. As a constitutional trial is fundamentally different from a criminal trial, Friday’s ruling is unlikely to have a direct legal impact. Still, it may serve as a reference point in terms of factual finding or legal interpretations. A constitutional trial focuses on legal and constitutional issues, including the validity of laws and impeachment cases. In contrast, a criminal trial determines whether a defendant is guilty and, if so, imposes punishment. Therefore, it requires a far more rigorous standard of proof. For Yoon, both types of trials intersect on a critical question: whether his abrupt Dec. 3 martial law declaration amounts to rebellion. The Constitutional Court found that Yoon’s brief imposition of martial law could be subject to judicial scrutiny, rejecting his legal team’s long-standing claim that such a move falls under the president’s discretionary powers and shou

Apr 4, 2025By Jun Ji-hye

Jun Ji-hye

Read more

Shinhan, NongHyup, Kbank join experimental stablecoin initiative for global trade

Hahn & Co. emerges as likely buyer for SK Siltron

Korea to ease rules to boost securities firms’ overseas presence

Korea to enhance English language services in banking

Retail investors turn away from Kiwoom after trading system failure

Disruptions in dairy, rice supply to Homeplus raise concerns among farmers

Korea to implement $68 bil. market stabilization program amid Trump tariff fallout

Restaurants slash soju, beer prices despite high inflation

IMM PE urges Kyobo Life chairman to honor put option as ordered by Korean court, ICC

How will impeachment affect Yoon's upcoming criminal trial?

Top 5 stories