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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

AIA Life Korea hosts K-pop concert for customers, employees

AIA Life Korea held a K-pop concert for customers, employees, their families and business partners from Korea, Malaysia, the Philippines and Singapore, combining Korean cultural performances with charitable giving, the insurer said Sunday. The "K-Pop Together, Give Together" concert was held at KINTEX in Goyang, Gyeonggi Province, Saturday, drawing around 7,000 people. The lineup featured Korean singers Jinusean, ITZY, J.Y. Park, Chung Ha and PSY, with actor Park Jae-min and singer Tiffany Young serving as emcees. Participants included members of AIA Life Korea and AIA Premier Partners, as well as AIA members from Malaysia, the Philippines and Singapore. The event offered an opportunity for attendees from across the region to connect through Korean culture. International guests experienced Korean food and culture through catering and dedicated K-culture and K-beauty zones in the VIP lounge. Participants said they valued the opportunity to experience Korean culture beyond K-pop performances and enjoyed connecting with AIA members from other countries, according to the company. The concert a

Oct 25, 2026By Lee Hyo-jin
AIA Life Korea hosts K-pop concert for customers, employees
Economy

Korea's Q2 current account surplus tops Germany, Japan combined on chip boom

Korea’s current account surplus exceeded the combined total of manufacturing powerhouses Germany and Japan in the second quarter of this year for the first time since comparable data for all three countries became available in 1996, data showed Sunday. Booming semiconductor exports have pushed the trade surplus to record highs, while expanding overseas investments have boosted dividend and interest income. The International Monetary Fund (IMF) expects Korea's current account surplus to rank second globally behind China this year, with the largest increase among 190 countries. However, experts warned that a global slowdown in artificial intelligence (AI) investment or increased supply from rival chip exporters could threaten the gains, highlighting the need to diversify the country's industrial base. According to IMF data compiled by the Bank of Korea (BOK), Korea posted a current account surplus of $116.6 billion in the second quarter, ranking second behind China among 36 major economies for which data was available. Germany ranked third with $52.3 billion, followed by Japan with $50.6

Oct 25, 2026By Lee Hyo-jin
Korea's Q2 current account surplus tops Germany, Japan combined on chip boom
Economy

Korea-US Strategic Investment Corp. grilled over risk management

Korea-U.S. Strategic Investment Corp. was grilled by lawmakers from both ruling and opposition parties Tuesday during a National Assembly audit over its ability to manage risks associated with Korea's $350 billion U.S. investment commitment. The audit marked the first since the corporation's launch in June, as Korea has begun making payments under the investment agreement. "Had it not been for U.S. President Donald Trump's unusual tariff policies, this kind of investment would have been difficult to pursue," Rep. Jung Sung-ho of the ruling Democratic Party of Korea said. Jung questioned whether the corporation had sufficient legal expertise to manage the risks, pointing out that its risk management committee had only one American lawyer. Rep. Lee Jong-wook of the main opposition People Power Party criticized what he described as inadequate risk management, pointing to the corporation's handling of a $2.4 billion remittance for Project Star, a planned energy project in Texas selected as the first investment project. "The corporation had already remitted $2.4 billion for Project Star, but t

Oct 20, 2026By Lee Hyo-jin
Korea-US Strategic Investment Corp. grilled over risk management
Banking & Finance

Lending services for foreign nationals becomes next battleground for banks

Korean banks are expanding lending services to foreign residents as they seek to tap a growing customer base beyond traditional services such as bank accounts and overseas remittances, industry officials said Tuesday. The shift reflects intensifying competition for foreign customers, including migrant workers and international students, as lenders broaden their offerings to include loans. Major commercial banks have rolled out dedicated loan products for foreign borrowers in recent years. Hana Bank launched the Hana Foreigner EZ Loan in August for E-7 and E-9 visa holders, offering loans of up to 10 million won ($7,500) for terms of up to 30 months. Shinhan Bank introduced its SOL Global Loan with a maximum limit of 20 million won, while NH NongHyup Bank rolled out its K-Foreigner Credit Loan, which offers loans of up to 30 million won to foreign borrowers. Regional lenders have established an early foothold in the market. Jeonbuk Bank, based in North Jeolla Province, launched loan services for foreign customers in 2016 and introduced online lending services in 2023. Kwangju Bank, BNK Kyo

Oct 20, 2026By Lee Hyo-jin
Lending services for foreign nationals becomes next battleground for banks
Economy

CEOs of major banks grilled at Assembly audit over AI cyberattacks

The heads of five major commercial banks faced scrutiny at a National Assembly audit Monday over a series of recent artificial intelligence (AI)-assisted cyberattacks, with lawmakers raising concerns about cybersecurity and internal controls. KB Kookmin Bank CEO Lee Hwan-ju, Shinhan Bank CEO Jung Sang-hyuk, Hana Bank CEO Lee Ho-seoung, Woori Bank CEO Jung Jin-wan and NH NongHyup Bank CEO Kang Tae-young were summoned as witnesses to the parliamentary audit of the Financial Supervisory Service (FSS). It was the first time since October 2022 that the heads of all five lenders had been called to testify at the same audit. "I sincerely apologize to our customers and the public for the concern caused by a security incident at a financial institution built on trust," KB Kookmin Bank CEO Lee Hwan-ju said. "We will make every effort to prevent a recurrence by securing sufficient budgets and personnel and strengthening our security systems against AI-powered cyberattacks." "I deeply apologize for the incident," Shinhan Bank CEO Jung Sang-hyuk said in response to a question from Rep. Kim Jae-sub of

Oct 19, 2026By Lee Hyo-jin
CEOs of major banks grilled at Assembly audit over AI cyberattacks
Banking & Finance

Finda to become 1st fintech firm to acquire savings bank

Finda, a loan comparison platform, is set to acquire a savings bank, in what would be a first for a Korean fintech company as it looks to build an artificial intelligence (AI)-native bank, industry officials said Monday. The Financial Services Commission's subcommittee approved Finda's application to acquire Daewon Savings Bank on Friday. The regulator is set to make a final decision at its regular meeting Wednesday. Finda signed a deal in June to acquire all of Daewon Savings Bank's shares for about 12 billion won ($9 million). The acquisition would allow the company to move beyond matching borrowers with lenders and offer financial services directly, including loans and deposits. Once the deal receives final approval, Finda plans to appoint a new CEO through board and shareholder meetings. The fintech firm aims to turn the lender into an AI-native bank, relying on digital services rather than a traditional network of branches. It plans to draw on AI technology and loan-comparison data it has collected since 2019 to expand its online lending business nationwide, the firm said. The compan

Oct 19, 2026By Lee Hyo-jin
Finda to become 1st fintech firm to acquire savings bank
Economy

Samsung, SK hynix sell-off excessive as memory outlook stays strong: analysts

The recent steep sell-off in Samsung Electronics and SK hynix shares has been excessive, driven by a lack of buying support in the Korean market and weaker investor confidence rather than deteriorating earnings, market watchers said Friday. Shares of the two semiconductor giants have fallen sharply this month amid a broader rout in the benchmark KOSPI, despite rising earnings forecasts fueled by strong artificial intelligence (AI) demand and tightening memory supply. Samsung Electronics and SK hynix shares plunged 23.9 percent and 31.5 percent, respectively, over seven consecutive trading sessions starting Oct. 6, while KOSPI shed 1,449.52 points, or 21 percent. On Friday, the market recovered some ground, with Samsung rising 2.62 percent and SK hynix gaining 0.79 percent as KOSPI rebounded 2.05 percent, snapping a seven-session losing streak. Analysts say the widening gap between share prices and fundamentals has pushed valuations for the two chipmakers to relatively low levels. "The recent sharp declines in Samsung Electronics and SK hynix are an excessive correction driven more by a la

Oct 16, 2026By Lee Hyo-jin
Samsung, SK hynix sell-off excessive as memory outlook stays strong: analysts
Economy

National Pension Service sees losses mount as Korean stocks plunge

The National Pension Service (NPS) is facing growing scrutiny over its investment decisions as a sharp slump in the local stock market raises concerns about mounting valuation losses at the public pension fund. The main opposition People Power Party (PPP) demanded a parliamentary investigation into whether political considerations played a role in the fund’s decision-making. NPS Chairman Kim Sung-joo denied any political motivation, saying the fund management committee makes decisions through a democratic consensus process. According to financial data provider FnGuide, the estimated value of the NPS’ stakes in 287 listed companies stood at 333.53 trillion won ($249 billion) last Thursday, down from 515.93 trillion won at the end of June. The figures cover companies in which the pension fund disclosed holdings of at least 5 percent. The decline wiped 182.4 trillion won, or 35.3 percent, off those holdings in just three and a half months. It marked the first quarterly decline since the fourth quarter of 2024, following six consecutive quarters of gains, with the valuation losses estim

Oct 16, 2026By Lee Hyo-jin
National Pension Service sees losses mount as Korean stocks plunge
Banking & Finance

FSC's relocation to Sejong stirs unease across financial industry

The Financial Services Commission’s (FSC) planned relocation to the administrative city of Sejong next year is raising concerns across the financial industry about potential disruptions to communication with regulators and the resulting operational inefficiencies, industry officials said Thursday. Industry officials are particularly concerned that the move could make it harder for banks and securities firms, most of which are headquartered in Seoul, to consult financial authorities on regulatory matters. The country's top financial regulator, currently based in Seoul, plans to move to Sejong, about 110 kilometers to the south, in the second half of 2027. The move is part of a broader government plan to relocate 44 central government agencies and affiliated bodies from the Seoul metropolitan area to Sejong between 2027 and 2031, aiming to decentralize functions concentrated in the capital area and promote regional growth. Banks are weighing how to adapt, with some expecting to rely more heavily on remote communication. "We expect to establish ways to respond, including expanding the use

Oct 15, 2026By Lee Hyo-jin
FSC's relocation to Sejong stirs unease across financial industry
Banking & Finance

IBK launches Vietnamese subsidiary to expand support for SMEs

Industrial Bank of Korea (IBK) officially launched its Vietnam subsidiary in Hanoi, aiming to expand financial support for Korean companies operating in the country and serve as a bridge for financial cooperation between the two countries, the state-run lender said Wednesday. The launch ceremony, held in Hanoi on Tuesday, came after the lender completed the establishment process following final approval from the State Bank of Vietnam in April. The subsidiary began operations on Sept. 25. The subsidiary is Vietnam's 10th foreign-owned bank, according to IBK. IBK Vietnam Bank plans to build on the operating experience of IBK's branches in Hanoi and Ho Chi Minh City, as well as the state-run lender's more than six decades of expertise in policy financing for small and medium-sized enterprises (SMEs). The bank will expand its network around major industrial complexes to better serve Korean businesses operating in Vietnam and provide financing to support productive investment and economic cooperation between the two countries. "IBK Vietnam Bank's official launch marks a new chapter in our loca

Oct 14, 2026By Lee Hyo-jin
IBK launches Vietnamese subsidiary to expand support for SMEs
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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.