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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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Cryptocurrency

Planned crypto tax rollout faces growing investor backlash

A planned taxation on digital assets set to take effect next year is facing growing backlash from crypto investors, who warn the measure could weaken Korea's digital asset market. According to the National Assembly's online petition portal, a petition calling for the abolition of the planned crypto tax had gathered more than 45,000 signatures as of 3 p.m., Wednesday, within a week of being posted on May 13. If the number surpasses 50,000 by June 12, the proposal will be referred to a parliamentary committee for review. Under the current tax law, gains from the transfer or lending of virtual assets will become taxable starting Jan. 1, 2027. Profits exceeding 2.5 million won ($1,650) will be taxed at 22 percent, including local taxes, with the first filings scheduled for May 2028. The measures were originally set to take effect in January 2025, but was delayed by two years following a bipartisan agreement reached in December 2024. Korea is estimated to have around 13 million virtual asset investors, making the country one of the world's largest retail crypto markets. Critics argue the move t

May 21, 2026By Lee Hyo-jin
Planned crypto tax rollout faces growing investor backlash
Banking & Finance

Moody's sees limited impact on banks from Korea's 'inclusive finance' push

The government's push to expand lending to small businesses and vulnerable borrowers is unlikely to have a significant impact on banks' profitability and capital adequacy, a Moody's analyst said Tuesday, as the agency maintained a stable outlook on Korea's banking sector. "Considering banks' responses and the current operating environment, the overall impact of the inclusive finance policy agenda does not appear to be as meaningful as we initially expected," Arlene Sohn, assistant vice president and analyst at Moody's Ratings, said during a media briefing in Seoul. Sohn said Moody's had initially expected the government's inclusive finance and productive finance initiatives to put downward pressure on banks' capital positions by increasing exposure to higher-risk corporate loans and lower-credit borrowers. "As banks move away from mortgage-focused business models toward corporate lending, particularly to small businesses and lower-credit borrowers, we expected average risk weights to rise and create downward pressure on capital," Sohn said. "We also expected profitability to weaken as l

May 19, 2026By Lee Hyo-jin
Moody's sees limited impact on banks from Korea's 'inclusive finance' push
Economy

Korea Securities Depository expands non-face-to-face shareholder services

Korea Securities Depository (KSD) is expanding non-face-to-face shareholder services, allowing retail investors to recover unclaimed stock-related assets online, the securities settlement agency said Tuesday. Through its website, shareholders can apply online to receive small-value unclaimed shares and payments that previously required in-person visits and paper documentation. The service covers stock dividends and bonus shares left undistributed because shareholders were unaware of them, as well as unpaid dividends that went uncollected following address changes or missed notifications. Under the system, users can apply via smartphone to receive unclaimed shares valued at up to 5 million won ($3,300) and unpaid balances of up to 1 million won after completing identity verification procedures, including mobile authentication, ID verification and bank account confirmation. The services are available only for companies that appoint KSD as their transfer agent, the agency noted. The development comes as Korea's financial sector pushes to digitalize investor services and reduce paper-based ad

May 19, 2026By Lee Hyo-jin
Korea Securities Depository expands non-face-to-face shareholder services
Banking & Finance

Hana Financial Group launches annual internship program linking social enterprises, job seekers

Hana Financial Group said Monday that it launched its annual internship program aimed at helping social enterprises hire job seekers who face barriers to employment. The launch ceremony was held at the group's headquarters in central Seoul, Friday, and was attended by about 100 people, including Hana Financial Group Chairman Ham Young-joo, Vice Labor Minister Kwon Chang-jun, Korea Social Enterprise Promotion Agency President Jung Sung-gug, representatives of participating companies and interns. The event featured an introduction to this year's internship program and exhibition booths showcasing participating social enterprises and their products. "The internship program is meaningful in that it gives job seekers an opportunity to prove their potential while helping innovative companies grow with talented workers. We will continue supporting sustainable growth and development by connecting people with opportunities," Ham said. The annual internship program, introduced in 2022, aims to support employment at social innovation companies by matching participating firms with job seekers who of

May 18, 2026By Lee Hyo-jin
Hana Financial Group launches annual internship program linking social enterprises, job seekers
Banking & Finance

Banks raise deposit rates as stock rally accelerates cash exodus

A woman surnamed Park in her 60s living in Seoul's Yangcheon District closed two time deposit accounts worth a combined 50 million won ($33,000) last month and invested the money in shares of Samsung Electronics and SK hynix, Korea's two chipmaking giants. "I've never really been into stocks and usually stick to safer savings products," she said. "But lately, everyone around me has been talking about making money in the stock market, so I decided to close the deposit accounts I had opened just a few months earlier at KakaoBank and NH NongHyup Bank." She added, "Stock prices have been a little volatile recently, but I still think the returns will be much higher than deposit interest rates, so I don't regret the decision." An office worker in her 30s surnamed Choi also recently canceled an installment savings account at KakaoBank to invest in stocks. "I had been automatically putting 500,000 won into the account every month, but with rates in the low-3 percent range, there's little to gain after taxes," Choi said. "I thought I'd rather put the money into stocks instead." Park and Choi are a

May 18, 2026By Lee Hyo-jin
Banks raise deposit rates as stock rally accelerates cash exodus
Economy

Debate over national AI dividend premature: Nobel-winning economist

The proposed introduction of a “national dividend” system, aimed at redistributing excess tax revenue generated from windfall profits earned by companies during the artificial intelligence (AI) boom, is premature, Nobel Prize-winning economist Peter Howitt said Friday. The proposal surfaced earlier this week after Kim Yong-beom, top presidential policy adviser, suggested using excess tax revenues generated from the country’s booming AI and semiconductor industries, led by companies such as Samsung Electronics and SK hynix, for citizens under the name of national dividend. The proposal, rooted in the idea that the country’s AI infrastructure was built through decades of nationwide investment and support, immediately sparked controversy. Howitt said Korea’s fiscally responsible growth policies have been supported in part by rising tax revenues from highly profitable large corporations, which help fund government programs benefiting the broader public. He added that while some are questioning whether this is sufficient and whether redistribution should go further, it is still “

May 15, 2026By Lee Hyo-jin
Debate over national AI dividend premature: Nobel-winning economist
Banking & Finance

Fitch analyst warns SME borrower risks biggest threat to Korean banks

Small- and medium-sized enterprises (SMEs) and self-employed borrowers, whose repayment capacity may weaken under prolonged economic pressure stemming from the Iran war, remain the biggest weak spot for Korean banks, according to Fitch Ratings analyst Matt Choi. In an interview with The Korea Times in Seoul, Thursday, Choi said Korean banks are expected to maintain relatively stable earnings this year, but warned that risks tied to vulnerable borrowers should be closely monitored. "We expect Fitch-rated banks, particularly the large commercial banks, to maintain resilient credit profiles and deliver broadly stable near-term performance, given their ability supported by steady net interest margin and also the moderate loan growth for the sector overall," Choi said, adding that he expects Korea's policy rate to remain broadly stable, helping banks preserve interest margins. Choi is a director of financial institutions at Fitch Ratings. Based in Hong Kong, he covers bank credit ratings in Korea and Hong Kong. In a recent report, Fitch maintained an A+ operating environment score for Korea's

May 15, 2026By Lee Hyo-jin
Fitch analyst warns SME borrower risks biggest threat to Korean banks
Banking & Finance

Financial groups flag risks from gov't-led 'inclusive finance' in US filings

Korea's major financial groups have pointed to the government's push for easier financial access for low-income borrowers and funding for small businesses as a potential management risk in their U.S. regulatory filings, according to industry officials Thursday. The remarks, which were not included in domestic regulatory disclosures, appeared to reflect concerns within the industry over policy-driven lending initiatives and their potential impact on profitability and asset quality. According to industry officials, KB Financial Group, Shinhan Financial Group and Woori Financial Group recently submitted annual reports for fiscal year 2025 to the U.S. Securities and Exchange Commission (SEC), as their American depositary receipts (ADRs) are listed on the New York Stock Exchange. Hana Financial Group was excluded, as it does not have ADRs listed in the United States. These developments come as the Lee Jae Myung government has pushed local financial institutions to expand inclusive finance initiatives aimed at improving financial access for low-income and vulnerable borrowers, while also prom

May 14, 2026By Lee Hyo-jin
Financial groups flag risks from gov't-led 'inclusive finance' in US filings
Economy

Trump-Xi summit looms over Korea’s chip rally

A high-stakes summit between U.S. President Donald Trump and Chinese President Xi Jinping set for Thursday is putting Korea's semiconductor rally in the spotlight, market watchers said Wednesday. As the leaders of the world's two largest economies prepare to meet in Beijing, investors are closely watching whether the talks, expected to focus heavily on trade and economic issues, could affect Korea's export-driven stock market, particularly semiconductor shares that have powered recent gains. Market attention is centered on whether Washington and Beijing could reach agreements related to rare earth supplies and semiconductor trade restrictions. In recent years, Korean chipmakers have emerged as major beneficiaries of escalating U.S.-China tensions, as global customers increasingly turned to Korean suppliers viewed as less exposed to the trade and technology conflict. Analysts said a possible U.S.-China thaw in semiconductor tensions could undermine some of the advantages Korea's two chip giants — Samsung Electronics and SK hynix — have enjoyed during the prolonged trade dispute. From K

May 13, 2026By Lee Hyo-jin
Trump-Xi summit looms over Korea’s chip rally
Banking & Finance

Woori Bank targets foreign tourists with prepaid card issued at airport

Woori Bank said Wednesday that it has begun issuing a prepaid card tailored for foreign tourists at Incheon International Airport, as the bank looks to expand services for Korea's growing inbound tourism market. The NOL World Card, launched in partnership with travel platform Nol Universe and fintech firm Kona I, is designed to allow foreign visitors to exchange currency, make payments and withdraw cash immediately upon arrival in Korea. The rollout at Incheon airport marks the first on-site distribution of the card since the three companies signed a business agreement in March to develop financial services targeting foreign travelers, Woori said. The prepaid card, which offers preferential exchange rates for tourists, also allows them to reload or withdraw funds through multiple channels, including the bank's branches, ATMs, unmanned exchange machines and kiosks operated by partner companies nationwide. The bank said the card service was aimed at improving financial accessibility for short-term foreign visitors, who often face high exchange fees or payment limitations when using oversea

May 13, 2026By Lee Hyo-jin
Woori Bank targets foreign tourists with prepaid card issued at airport
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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.