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Lee Hyo-sik

Korea Times Finance Reporter

Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.

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Banking & Finance

Mirae Asset Securities wins Hong Kong license to offer retail digital asset trading

Mirae Asset Securities' Hong Kong unit has received final approval from the Securities and Futures Commission to offer digital asset trading services to retail investors, the company said Wednesday, becoming the first Korean brokerage to secure such a license in the city state. The company said it will launch a mobile trading system in June to provide individual investors in Hong Kong with access to digital asset trading, alongside traditional investments such as stocks and bonds. The platform will also allow Hong Kong-based clients to invest in Korean equities. The move marks a significant step beyond a simple service expansion as Mirae Asset Securities aims to transform its mobile platform into a one-stop retail investment hub, integrating both traditional and digital assets. Securing regulatory approval in Hong Kong is expected to serve as a springboard for expanding its digital asset business. The company also said it plans to extend its digital asset operations to major global markets, including Singapore and the United States, as part of its broader strategy to strengthen its platf

Apr 16, 2026By Lee Hyo-sik
Mirae Asset Securities wins Hong Kong license to offer retail digital asset trading
Law & Crime

Yakuza member arrested for smuggling 636 kg of marijuana into South Korea

An ethnic Korean member of a Japan-based yakuza syndicate has been arrested and indicted for smuggling into South Korea about 636 kilograms of marijuana — enough for roughly 1.27 million people to smoke at once, law enforcement authorities said Friday. The amount seized is the largest ever among narcotics imported for domestic distribution, officials said. The pan-government joint investigation unit on drug crimes said it detained and indicted the 53-year-old suspect, a member of the yakuza group, on charges of violating the Narcotics Control Act. Authorities have also identified four Vietnamese nationals who allegedly sold the drugs to the suspect, sought arrest warrants for them and plan to request Interpol red notices. The individual is accused of loading the marijuana into a shipping container departing from Thailand in early March and arranging for it to arrive at Incheon Port on March 23. Investigators said he conspired with a drug trafficking organization based in Ho Chi Minh City, Vietnam, intending to distribute part of the marijuana in South Korea through Vietnamese networks a

Apr 10, 2026By Lee Hyo-sik
Yakuza member arrested for smuggling 636 kg of marijuana into South Korea
Opinion

Will Seoul apartment prices fall after president’s social media blitz?

President Lee Jae Myung has turned to social media to denounce people who own multiple homes, calling them the main culprits behind soaring apartment prices and deepening supply shortages in Seoul and nearby areas. On Jan. 23, Lee declared a war on multi-home owners by posting a message on X, formerly Twitter, saying that the government will end the temporary suspension of heavy capital gains tax on them. As a result, people owning more than one house will face up to an 82.5 percent capital gains tax on houses sold after May 9. After multi-home owners, Lee went after those who hold a single house but do not reside in it, threatening to impose heavier property holding taxes. He also targeted registered landlords who rent homes below market rates in exchange for tax benefits, instructing his Cabinet to curb loan extensions for multi-home owners. The series of posts urging homeowners to sell caught many off guard, as Lee, a former governor of Gyeonggi Province, had previously said that tax policy should be used only as a last resort. During last year’s presidential campaign, he pledged

Feb 25, 2026By Lee Hyo-sik
Will Seoul apartment prices fall after president’s social media blitz?
Banking & Finance

Citi Korea provides K-SURE-backed financing for iMarketKorea’s US industrial complex project

Citi Korea has partnered with the Korea Trade Insurance Corporation to support iMarketKorea’s industrial complex development project in the United States, aimed at helping Korean companies establish local production bases and expand their global operations, the lender said Tuesday. Under the deal, Citi Korea acted as the sole coordinator for a $60 million syndicated loan, backed by K-SURE’s overseas project finance insurance program. The financing is expected to help ease initial investment costs and mitigate financial risks for Korean companies preparing to establish manufacturing facilities and business operations in the U.S. iMarketKorea, a B2B company providing maintenance, repair and operations services to corporate clients, plans to accelerate the development of an industrial complex in Taylor, Texas, using the funds. The site is located near clusters of global semiconductor, electric vehicle and other advanced manufacturing companies, and demand is expected to grow from Korean firms seeking to secure production bases in the U.S. A Citi Korea official said it has a long track re

Jan 27, 2026By Lee Hyo-sik
Citi Korea provides K-SURE-backed financing for iMarketKorea’s US industrial complex project
Companies

Woori Bank CEO vows to narrow gap with larger rivals

Woori Bank CEO Jung Jin-wan vowed to narrow the gap with rival banks this year, calling 2026 a critical period to deliver tangible results after laying the groundwork for growth, the lender said Sunday. Jung made the remarks at the bank’s 2026 management strategy meeting at Paradise City in Incheon Friday. The event was attended by about 900 executives, including senior managers, division heads and branch managers. “If 2025 was a year to build the foundation and strengthen our competitiveness, 2026 must be the year we prove ourselves through performance,” Jung said. “If we clearly define our direction and drive real change in the field, we can certainly narrow the gap with competitors and reshape the market landscape.” During the meeting, Jung reviewed the bank’s performance from the previous year and outlined strategic priorities for 2026, urging a shift in sales and customer engagement strategies based on the progress made in restructuring the bank’s operations. He said Woori Bank plans to enhance specialized channels in corporate banking and wealth management, improve pr

Jan 25, 2026By Lee Hyo-sik
Woori Bank CEO vows to narrow gap with larger rivals
Companies

Citibank Korea accelerates AI adoption in daily workflows, enhances employee productivity

Citibank Korea said Friday that it has begun the full deployment of Citi AI, Citi’s newly introduced artificial intelligence platform, across the organization. As part of this initiative, the bank hosted Citi AI Days on Wednesday and Thursday, as employees shared practical examples of how Citi AI can be applied in their day-to-day work. Citi AI is a purpose-built platform designed based on a human-led AI approach, which supports and enhances employees’ professional expertise and decision-making. With safety and responsible use as its core principles, the platform helps employees perform their work in a more efficient and consistent manner. Through Citi AI, Citibank Korea expects to more effectively leverage the data and expertise accumulated across Citi’s global network, while reducing the burden of repetitive tasks such as data analysis and document preparation. This will enable employees to focus on higher-value activities. The bank plans to systematically embed AI across client support, talent development and overall business operations. In addition, the bank is operating the Ci

Jan 16, 2026By Lee Hyo-sik
Citibank Korea accelerates AI adoption in daily workflows, enhances employee productivity
Companies

Hana Bank marks New Year with visits to military bases

Hana Bank marked the start of the new year by visiting military units across the country, including a frontline army division near the inter-Korean border, to deliver support for service members, the bank said Thursday. Hana Bank officials, led by CEO Lee Ho-seoung, visited Dorasan Observatory at the Army’s 1st Infantry Division in Paju, just south of the Demilitarized Zone, on New Year’s Day. The visit was part of a nationwide initiative by the bank to encourage troops serving in key security areas. The event coincided with Hana Bank taking on the role of operator for Korea’s government-backed "Nara Sarang Card" (Love of Country card) program for enlisted soldiers. It said the visits were intended to demonstrate appreciation for military personnel and highlight its commitment to supporting their welfare. About 100 employees from Hana Bank’s headquarters joined the visit, along with military officials from the 1st Division. Participants watched the year’s first sunrise together and later shared a traditional New Year’s breakfast of rice cake soup at the base dining hall. The

Jan 1, 2026By Lee Hyo-sik
Hana Bank marks New Year with visits to military bases
Opinion

Don’t blame retail investors for buying US stocks

Many individual investors are upset about the government’s recent move to force securities firms to stop offering cash incentives and trading fee reductions for those buying U.S. and other overseas stocks. The Financial Supervisory Service (FSS), the country’s financial watchdog, said Sunday that brokerage firms must comply with its directive to suspend all promotional events and ads for overseas stock investments through March next year, insisting this is necessary to protect retail investors amid growing market volatility. Mirae Asset, Samsung, Kiwoom, Toss and other securities firms quickly followed the order, telling customers that they no longer provide the benefits. But nobody buys the FSS’ argument that the latest market intervention is all about protecting investors. It is clearly part of Lee Jae Myung administration’s desperate efforts to help prop up the weakening Korean won against the greenback. Finance Minister Koo Yun-cheol and other government officials have often identified investment in U.S. stocks, along with companies that keep dollar earnings abroad, as the

Dec 24, 2025By Lee Hyo-sik
Don’t blame retail investors for buying US stocks
Opinion

Bank of Korea must cut interest rate

The Bank of Korea (BOK) is facing growing pressure to cut the key interest rate at its policy meeting later this month to prop up the sagging domestic economy, following the U.S. Federal Reserve’s 0.25 percent rate cut to 4-4.25 percent on Sept. 24. After making its first reduction since last December, the Fed is widely expected to lower the rate at least two more times by year’s end, easing concerns over the weakening of the Korean won against the dollar and rising import prices. However, BOK, which has maintained the key rate at 2.5 percent since May, appears to be reluctant to follow suit, citing the continued uptick in Seoul home prices. It said the interest rate cut will further fuel the already-hot housing market in the capital city and its adjacent municipalities. It called on the Lee Jae Myung administration to introduce more policy measures to tame soaring Seoul apartment prices before it reduces borrowing costs for businesses and individuals. It is rather absurd to see BOK blaming rising apartment prices in Seoul for not lowering the interest rate when Asia’s fourth larg

Oct 1, 2025By Lee Hyo-sik
Bank of Korea must cut interest rate
Opinion

Save struggling self-employed

It is not uncommon these days to see shuttered shops even in busy streets in Seoul. The problems are far more evident in traditional markets and residential neighborhoods, as the years of stagnant consumption continue to wreak havoc on millions of mom-and-pop stores. According to Statistics Korea, the number of self-employed totaled 5.61 million in April, down 6,000 from a year ago. This marked four consecutive months of decline since January, reflecting worsening conditions for small businesses. Even convenience stores and coffee shops, once-formidable businesses that defied the economic downturn, have begun showing signs of trouble as consumers go into recession mode. According to the National Tax Service, 95,337 cafes were in service in the first quarter of this year, down 743 from the same period last year. The number of convenience stores also slipped 455, down to 53,101 shops as of March. Self-employed individuals have long struggled as Asia’s fourth-largest economy entered into a phase of low economic growth. The COVID-19 pandemic dealt a harsh blow to restaurants and other offl

Jun 4, 2025By Lee Hyo-sik
Save struggling self-employed
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