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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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Policy

BOK poised for rate hike Thursday as markets eye further tightening

The Bank of Korea (BOK) is widely expected to raise its benchmark interest rate on Thursday, with markets focusing on whether the central bank will signal further tightening, analysts said Monday. The BOK is anticipated to raise its policy rate by 0.25 percentage points, to 2.75 percent, at Thursday's Monetary Policy Board meeting, in what would mark its first rate increase since January 2023. Markets are increasingly eyeing another 0.25 percentage point hike as early as August or October. Citibank expects the central bank to raise rates unanimously this week. "We expect the BOK to hike its policy rate by 25 basis points to 2.75 percent without a dissenting opinion. We expect Gov. Shin Hyun-song's press conference will likely point to a gradual pace of hiking cycle for the second half of 2026, implying a 25 basis points hike per quarter," Citibank economist Kim Jin-wook wrote in a report. Citibank expects the BOK to continue its gradual tightening cycle, with additional 0.25 percentage point hikes in October, January and April in 2027, bringing the policy rate to a terminal rate of 3.5 pe

Jul 13, 2026By Lee Hyo-jin
BOK poised for rate hike Thursday as markets eye further tightening
Companies

Who will acquire troubled JoongAng Ilbo?

With JoongAng Ilbo entering a workout following a liquidity crisis, attention is turning to who will acquire one of Korea's leading newspaper publishers, with construction firms emerging as likely buyers, industry officials said Monday. As construction companies increasingly expand into the media sector to diversify their business portfolios and strengthen brand recognition, JoongAng Ilbo's decision to put management rights up for sale has fueled speculation that they may seek acquisition. Among the names most frequently mentioned are Hoban Group and Booyoung Group, both of which already have media holdings. Hoban is viewed as a potential purchaser as it acquired national daily Seoul Shinmun, technology newspaper Electronic Times and business news outlet EBN in 2021, though it later sold Electronic Times in 2023. Booyoung has also emerged as a potential buyer. The group owns regional newspapers Incheon Ilbo and Jeju-based Halla Ilbo through its affiliates, and holds a 5.5 percent minor stake in broadcaster TV Chosun. "Construction companies have increasingly viewed acquisition of media out

Jul 13, 2026By Lee Hyo-jin
Who will acquire troubled JoongAng Ilbo?
Economy

SK hynix's mega US listing set to revive chip rally

SK hynix's Nasdaq debut on Friday is expected to provide further momentum for the chipmaker's shares, according to market watchers. Investors are closely watching whether the listing can revive a broader appetite for artificial intelligence (AI)-driven semiconductor stocks amid mounting concerns that the sector's rally may have peaked. The KOSPI climbed more than 2 percent on the day to close back above the 7,400 mark, supported by improving investor sentiment toward semiconductor stocks. SK hynix is scheduled to begin trading on the Nasdaq on Friday (local time), under the ticker SKHY after pricing its American depositary receipts (ADRs) at $149 each. ADRs allow U.S. investors to trade foreign companies on U.S. exchanges without purchasing their underlying shares directly in overseas markets. The offering consists of 177.9 million ADRs, each representing one-tenth of a Seoul-listed common share, and is expected to raise about 40 trillion won ($26.6 billion), making it the largest U.S. listing by a foreign company, surpassing Alibaba's 2014 debut. SK hynix said it plans to use the proceeds

Jul 10, 2026By Lee Hyo-jin
SK hynix's mega US listing set to revive chip rally
Banking & Finance

KakaoBank CEO joins president's state visit to Mongolia

KakaoBank CEO Yun Ho-young attended the Korea-Mongolia Business Forum in Ulaanbaatar held on the sidelines of President Lee Jae Myung's state visit to Mongolia, the lender said Friday. Yun was the only CEO of a Korean commercial bank included in the president's business delegation during the three-day trip. At the forum held the previous day, Yun delivered a presentation titled "Beyond Banking, Into Every Life," introducing KakaoBank's digital banking model and its use of alternative credit scoring and artificial intelligence (AI) to broaden access to financial services. He said Korea's largest internet-only lender has lowered barriers to customers by reducing time, cost and credit constraints, citing its alternative credit assessment model as a key tool for extending loans to underserved borrowers. On the sidelines of the forum, KakaoBank signed a term sheet with Mongolia's MCS Holdings for a strategic investment in the latter's digital banking subsidiary, M Bank. KakaoBank plans to complete the investment in the Mongolian bank within this year after signing a final agreement and obtaini

Jul 10, 2026By Lee Hyo-jin
KakaoBank CEO joins president's state visit to Mongolia
Banking & Finance

Major bank CEOs face pivotal test for potential reappointment

Leadership changes are looming at Korea's major commercial banks as the terms of all five CEOs expire at the end of the year, setting the stage for closely watched potential reappointment decisions, industry officials said Thursday. The terms for the CEOs of KB Kookmin, Shinhan, Hana, Woori and NH NongHyup banks all expire in December. Under the financial authorities' corporate governance guidelines, succession procedures should begin at least three months before a CEO's term expires, meaning that the selection process is expected to begin around September. This year, industry officials say earnings results alone are unlikely to determine who stays and who goes, with governance standards and leadership changes at parent financial groups also expected to play a role in the decisions. Bank CEOs typically serve two-year terms, with an additional one-year extension granted based on management performance. KB Kookmin Bank CEO Lee Hwan-ju is considered well positioned for another term after delivering solid financial results. The lender posted a net profit of 3.862 trillion won ($2.6 billion) i

Jul 10, 2026By Lee Hyo-jin
Major bank CEOs face pivotal test for potential reappointment
Policy

BOK chief says rate hike needed at appropriate time

Bank of Korea (BOK) Gov. Shin Hyun-song on Thursday reiterated the need to raise interest rates at an appropriate time, reinforcing expectations that the central bank could begin a rate-hiking cycle as early as next week's policy meeting. "Given that inflation remains above target, and considering improving economic growth and mounting financial stability risks, I believe it will be necessary to raise the base rate at an appropriate time," Shin said during a National Assembly meeting. He added that robust growth fueled by the semiconductor sector is expected to continue, while inflation is likely to remain above the BOK's target for a considerable period. "The timing of a rate hike will be determined after comprehensively assessing inflationary pressures and the pace of economic recovery," Shin said. The remarks were widely interpreted as his latest hawkish signal ahead of the Monetary Policy Board's rate-setting meeting scheduled for next Thursday. The central bank has kept its benchmark rate unchanged at 2.5 percent since May 2025. In recent months, the central bank chief has repeatedly

Jul 9, 2026By Lee Hyo-jin
BOK chief says rate hike needed at appropriate time
Banking & Finance

From K-pop concerts to Olive Young, new travel card taps foreign tourist spending

Korea's inbound tourism is booming, with the country on track to welcome a record 23 million foreign visitors this year after arrivals surpassed 10 million in June. Yet today's visitors are spending differently. Beyond traditional sightseeing, they are increasingly traveling to Korea for K-pop concerts, beauty shopping at Olive Young, bargain hunting at Daiso and convenience store snacks. As more travelers opt for independent travel over package tours, companies are redesigning payment products around the changing habits of foreign visitors. Woori Bank, travel platform NOL Universe and fintech company Kona I are among the latest to respond to that shift. The three companies jointly launched the NOL World Card in May, combining transportation, payments and tourism-related benefits into a single prepaid service for overseas visitors. During a recent interview with The Korea Times, officials who led the project said the goal was to create a product that simplifies the entire travel experience rather than merely offering another payment option. "We don't see it as simply a payment card," said

Jul 9, 2026By Lee Hyo-jin
From K-pop concerts to Olive Young, new travel card taps foreign tourist spending
Banking & Finance

Students honored for essays exploring AI use in finance, digital assets

Seven students from Korea and abroad were honored at the 22nd Korea Times English Economic Essay Contest award ceremony in Seoul, Wednesday. Open to undergraduate and graduate students in Korea and abroad, the annual contest is sponsored by Woori Bank, an affiliate of Woori Financial Group. The contest aims to help young people deepen their understanding of economics and finance while strengthening their English writing skills. The ceremony held at Lotte Hotel Seoul was attended by the awardees, as well as Woori Bank CEO Jung Jin-wan and Korea Times President-Publisher Oh Young-jin. The grand prizes went to Alexandra Maria Escobar Garay, a Salvadoran student at Busan University of Foreign Studies, and Ko Kyung-hwan, a Korean student at Hanyang University. Each received 3 million won ($1,970) in prize money. The runners-up were Khadizha Sultanova, a Kyrgyz student at Woosong University, and Said Jonathan Luviano-Lessie, a Mexican student at Ajou University, who each received 2 million won in prize money. Commendation awards went to Tran Minh Ngoc, a Vietnamese student at Hanoi Financial and

Jul 8, 2026By Lee Hyo-jin
Students honored for essays exploring AI use in finance, digital assets
Banking & Finance

Woori Financial Group unveils $4.5 bil. investment road map to support startups

Woori Financial Group on Tuesday unveiled a road map to invest 7 trillion won ($4.5 billion) in innovative companies, detailing a financing system that supports startups from seed funding through initial public offerings (IPOs) as part of its broader productive finance initiative. Under the plan, Woori will finance startups throughout their life cycle, providing funding from the seed stage to public listings through its banking, securities and venture investment units. The announcement came during a press conference hosted by the Woori Finance Research Institute, where the financial group outlined its startup investment strategy and broader vision for productive finance. Early-stage startups will receive backing through DinnoLab, the group's startup incubation platform, with funds of less than 50 billion won. Companies entering the growth stage will be funded through the group's corporate venture capital funds of up to 100 billion won. Businesses preparing for large-scale expansion or IPOs will be supported by Woori Venture Partners and Woori Investment & Securities, which manage funds e

Jul 7, 2026By Lee Hyo-jin
Woori Financial Group unveils $4.5 bil. investment road map to support startups
Banking & Finance

Hana Financial taps new student ambassadors to reach younger generations

Hana Financial Group has appointed 50 university students as its new brand ambassadors to help promote the group's social initiatives and expand outreach to the younger generations, the financial group said Sunday. The 20th class of the group's SMART student ambassadors was appointed in a ceremony attended by Hana Financial Group Chairman Ham Young-joo at the group's headquarters in central Seoul Thursday. The students will serve as ambassadors for two months, taking part in brand promotion campaigns and volunteer activities. Under the slogan "Ha. Ha. Ha.," the students will participate in three main programs — Happy Hana, focused on online and offline brand promotion, Harmony Hana, which involves volunteer activities, and H.Q. Hana, centered on field programs at the group's future headquarters in Incheon's Cheongna International City. As part of expanded on-site activities, participants will tour the Cheongna headquarters site and develop promotional ideas in collaboration with local residents and small business owners. The students will also participate in domestic and overseas volunt

Jul 5, 2026By Lee Hyo-jin
Hana Financial taps new student ambassadors to reach younger generations
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