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Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

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Banking & Finance

All-in-one apps emerge as new battleground among financial groups

Major financial groups are stepping up efforts to consolidate banking, securities, card and insurance services into single mobile platforms, intensifying competition to build all-in-one financial apps, industry officials said Thursday. The latest move came from Shinhan Financial Group, which on Wednesday unveiled its new integrated financial platform, Shinhan Super SOL, as part of a broader strategy to unify services across its banking, card, securities and insurance affiliates. According to the company, the upgraded platform allows customers to access banking, card, securities and insurance functions through one application, reducing the need to repeatedly log in or switch between apps. The launch reflects a broader industry trend as major financial groups seek to strengthen customer loyalty and increase user engagement within their digital ecosystems. Other financial groups are pursuing similar strategies. Earlier this year, Hana Bank overhauled its Hana One Q app to integrate deposits, loans, foreign exchange and card-related services into a single platform. Woori Bank has expanded the

1d agoBy Lee Hyo-jin
All-in-one apps emerge as new battleground among financial groups
Economy

US Fed's hawkish hold strengthens case for BOK rate hike in July

The U.S. Federal Reserve's hawkish signal has reinforced expectations that the Bank of Korea (BOK) will raise interest rates as early as next month, market observers said Thursday. With inflation concerns persisting in both countries, monetary officials in Washington and Seoul are increasingly focused on restoring price stability, potentially marking the start of a renewed tightening cycle in both economies. The Fed held its benchmark interest rate steady Wednesday (local time) in its first policy decision since Kevin Warsh became its chair. The U.S. central bank unanimously left the federal funds rate unchanged at 3.5 percent to 3.75 percent, marking its fourth consecutive pause. The latest dot plot showed that nine of the 19 Federal Open Market Committee participants expected interest rates to be higher than current levels for the rest of this year. Warsh did not submit a rate projection. The Fed's hawkish stance has added to pressure on the BOK to tighten its policy, as officials here seek to contain inflation and limit the impact of a wide interest rate gap with the United States. Mar

1d agoBy Lee Hyo-jin
US Fed's hawkish hold strengthens case for BOK rate hike in July
Economy

Inflation to remain above 3% in 2nd half despite US-Iran deal: BOK

Korea's consumer inflation is expected to remain around 3 percent in the second half of the year as the impact of elevated oil prices stemming from the Middle East conflict continues to filter through the economy, the Bank of Korea (BOK) said Wednesday. Although a ceasefire agreement between the United States and Iran has raised hopes for an end to the monthslong war, the BOK said price pressures fueled by higher energy costs are likely to spread beyond petroleum products to other goods and services in the coming months. "Although geopolitical tensions have eased somewhat following the ceasefire agreement between the U.S. and Iran, upside risks to inflation remain," BOK Gov. Shin Hyun-song said during a press briefing. "It could take considerable time for energy supply chains to normalize and for oil prices to stabilize. Higher energy costs could also gradually spill over into other goods and services," he said. Despite recent declines in oil prices as expectations rise that shipping through the Strait of Hormuz will normalize, Shin said the central bank would look beyond short-term mark

2d agoBy Lee Hyo-jin
Inflation to remain above 3% in 2nd half despite US-Iran deal: BOK
Economy

US-Iran peace deal unlikely to cool BOK's rate-hike bets

A tentative ceasefire agreement between the United States and Iran has fueled hopes of lower oil prices, but expectations for a Bank of Korea (BOK) rate hike remain largely unchanged as inflation risks persist, analysts said Tuesday. The BOK has maintained a hawkish tone in recent months, citing inflationary pressures fueled by the Iran conflict. The U.S.-Iran ceasefire agreement, announced Monday and expected to include plans to reopen the Strait of Hormuz, has eased immediate concerns over energy supply disruptions in the Middle East. Analysts cautioned, however, that the implications for Korea's inflation outlook remain uncertain and will require closer monitoring in the coming months. Even if shipping through the key waterway returns to normal, damaged energy infrastructure in the Middle East could take time to recover, and global supply chains may not immediately return to pre-Iran war conditions, they said. Analysts also noted that changes in oil prices typically take time to feed through to consumer inflation, meaning any easing in price pressures is unlikely to be immediate. Joo Wo

Jun 16, 2026By Lee Hyo-jin
US-Iran peace deal unlikely to cool BOK's rate-hike bets
Economy

BTS concert boosts foreign spending at Busan's traditional markets

Foreign tourist spending in Busan rose during the week of BTS' concert in the city, with traditional markets among the biggest beneficiaries, according to data released by BC Card Tuesday. The card company analyzed spending by about 54,700 foreign visitors who used overseas-issued payment cards at affiliated businesses in Busan during the June 7-13 concert week. BTS marked its 13th anniversary with a large-scale concert in Busan on Friday and Saturday, drawing about 55,000 fans to the stadium. City officials estimated that about 200,000 foreign visitors traveled to the city before and after the event. During the concert week, total foreign card spending in the city increased 5.7 percent from the previous week and 73.3 percent from the same period a year earlier. The number of transactions rose 38 percent from the previous week and 97.3 percent from a year earlier. Traditional markets saw particularly strong gains. Spending by foreign visitors at traditional markets nearly doubled from a week earlier, rising 99.8 percent, while the number of transactions increased 16.1 percent. These figure

Jun 16, 2026By Lee Hyo-jin
BTS concert boosts foreign spending at Busan's traditional markets
Banking & Finance

KIS makes its move into digital asset industry

Korea Investors Service (KIS) continues to monitor the digital asset landscape in Korea and is exploring the feasibility of market participation, subject to the establishment of a regulatory framework, according to CEO Patrick Yoon. KIS, one of Korea's leading credit rating agencies and an affiliate of Moody's, has established a dedicated digital assets team and is developing methodologies that could be used to assess Korean won-backed stablecoins once legislation is in place. "Once won-backed stablecoins are created, an ecosystem needs to be built to ensure they can be used effectively. They need to function well not only in Korea but also overseas for a proper stablecoin system to take shape. We believe there is a role that KIS can play in that process," Yoon said in a recent interview with The Korea Times. "If we can establish a stablecoin assessment system tailored to Korea, the digital asset market can be evaluated more transparently and various risks can be managed more effectively," he added. The preparations come as lawmakers and financial regulators continue discussions on a leg

Jun 16, 2026By Lee Hyo-jin
KIS makes its move into digital asset industry
Banking & Finance

Woori Bank, Hyosung sign $1.32 bil. financing deal for advanced industries

Woori Bank said Monday that it signed an agreement with Hyosung Group to provide up to 2 trillion won ($1.32 billion) in credit financing over the next five years to support investments in strategic industries. The agreement was signed at Hyosung Group's headquarters in Seoul, with Woori Bank CEO Jung Jin-wan and Hyosung Vice Chairman Lee Sang-woon attending the ceremony. Under the agreement, Woori Bank will provide up to 2 trillion won in financing over the next five years to major Hyosung affiliates, including Hyosung Corp., Hyosung Heavy Industries, Hyosung TNC and Hyosung Neochem, as the group expands investments in advanced industries. A key feature of the arrangement is a preapproved credit limit system, which allows financing capacity to be secured in advance of planned investments. The structure is intended to reduce the time required for companies to obtain funding when investment projects move forward. Under the arrangement, Hyosung will be able to draw on previously approved financing as investment plans are implemented, avoiding the need to repeat loan approval procedures for

Jun 15, 2026By Lee Hyo-jin
Woori Bank, Hyosung sign $1.32 bil. financing deal for advanced industries
Economy

Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data

Card companies and financial regulators in Korea are scrambling to respond to a wave of suspected fraud involving OpenAI's premium ChatGPT Pro subscription service, after hundreds of unauthorized charges were allegedly made using stolen card information. Consumer complaints and testimonies have surged on Instagram and other social media platforms, as well as in local media reports, with users saying they were charged 299,000 won ($196) per month for ChatGPT Pro despite never subscribing to the service. According industry data, a total of 1,368 ChatGPT Pro subscription payments worth about 400 million won were processed in Korea so far this month. Of those, 858 transactions, valued at around 250 million won, have been suspected of being fraudulent charges. These fraudulent transactions were identified across nine domestic card issuers. Cybersecurity experts said fraudsters likely used personal information obtained through phishing crimes or purchased on the dark web to create large numbers of ChatGPT accounts. Unlike domestic online payments, some overseas transactions can be authorized us

Jun 12, 2026By Lee Hyo-jin
Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data
Economy

Rate hike seen as strongest tool to support won as FX measures lose impact

Korea’s financial authorities appear to be running out of options to stem the continued weakening of the won, with analysts on Friday saying a benchmark rate hike is effectively the strongest tool left for policymakers. Despite repeated verbal warnings from authorities and a rare joint inspection of banks’ currency operations, the won has remained under pressure against the U.S. dollar, prompting market participants to look beyond conventional intervention measures. In recent weeks, the won-dollar exchange rate has hovered around the 1,500 level, putting the local currency at its weakest point since 2009 during the global financial crisis. Last Monday, the Ministry of Finance and Economy and the Bank of Korea issued a rare joint warning that they would respond firmly to excessive volatility and one-sided market moves. At the time, the currency opened at 1,555.2 won per dollar — its weakest level in 17 years and three months — before recovering to close onshore trading at 1,535 won, an improvement of 4.1 won from the previous session following the verbal intervention. However, it

Jun 12, 2026By Lee Hyo-jin
Rate hike seen as strongest tool to support won as FX measures lose impact
Economy

Weakening won emerges as hurdle to Korea's US investment package

Korea's weakening currency is emerging as a challenge to the country's planned $350 billion investment package in the United States, analysts said Thursday, as a senior finance ministry official prepares to travel to Washington for talks on foreign exchange market stability. Moon Ji-sung, deputy minister for international affairs at the Ministry of Finance and Economy, will meet senior U.S. Treasury officials in Washington on Friday (local time), according to government sources. Moon's trip is viewed as unusual, as senior officials overseeing foreign exchange policy rarely make separate visits to Washington outside regular consultation channels between the two countries' finance authorities. While the ministry declined to comment on the details of Moon's visit, market watchers expect the discussions to focus on ensuring that exchange rate volatility does not disrupt implementation of Korea's investment commitments in the U.S. The Korean won has remained under pressure in recent weeks, with the won-dollar exchange rate hovering around 1,500-level and trading near its weakest level since 2

Jun 11, 2026By Lee Hyo-jin
Weakening won emerges as hurdle to Korea's US investment package
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.