The Korea Times

Banks turn to rehiring retirees amid workforce restructuring

After retiring in 2024 from a three-decade career at Woori Bank, a 55-year old man surnamed Lee is back at the bank on contract as a specialist handling post-loan management. He was rehired in January to monitor loans and manage credit risk after disbursement. "I applied after hearing about the rehiring program because I wanted to put my experience to use in my second career," Lee said. "I worked my way up to branch manager, so I can share that experience with younger staff. I'm also learning a lot from them in this fast-changing banking environment." Korea's major banks are increasingly rehiring retired employees like Lee as they close branches and cut staff, tapping experienced workers to fill expertise gaps on the ground. According to industry data, released Monday, the five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — have rehired 5,458 retired employees on contract between 2021 and February this year, averaging about 1,000 a year. About 290 were rehired in the first two months of this year alone. These rehired bankers are increasingly

Apr 21, 2026By Lee Hyo-jin

Banks turn to rehiring retirees amid workforce restructuring

Banking & Finance

Banks expand services for foreign customers as migrant numbers rise

Korean banks are moving to better serve foreign residents as the migrant population grows, according to industry officials Monday. The number of foreign customers at five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — reached a combined 6.97 million as of March. Foreign customers now account for about 5 percent of total clients, reaching 6.91 million in 2025, up from 6.64 million in 2024 and 6.36 million in 2023. The trend mirrors the increase in the number of foreign residents in the country. According to the Ministry of Justice, the foreign population reached about 2.78 million at the end of 2025, a record high. Long-term residents surpassed 2 million. According to industry officials, foreign customers tend to open accounts with multiple lenders to access a wider range of services. Lenders are rolling out tailored services to capture this growing market. Hana Bank operates 17 branches in areas with large foreign populations that provide dedicated services. It also runs a mobile app, Hana EZ, offering multilingual, non-face-to-face services d

Apr 20, 2026By Lee Hyo-jin

Banks expand services for foreign customers as migrant numbers rise

Economy

Rising prices push consumers toward at-home leisure

An avid camper surnamed Cho, 32, who lives in Bucheon, Gyeonggi Province, has cut back on camping trips this spring despite the favorable weather. "I used to go camping with friends in Gangwon or Chungcheong provinces almost every other weekend," she said. "But fuel prices have risen so much that even driving out there feels like a burden, so I'm trying to avoid weekend road trips." Cho added that she has recently put some of her camping gear up for sale on secondhand marketplaces. Some people are canceling their travel plans for May, a month with several public holidays, and choosing to stay home instead. "I was thinking of traveling to Jeju Island, but I heard airfares are expected to jump in May. With prices so unpredictable, I'll probably just stay home and find things to do indoors," said an office worker surnamed Jeong, 27. Spring is typically a peak season for outdoor activities, but more people are now turning to at-home leisure, industry data showed Monday, as soaring oil and consumer prices driven by conflict in the Middle East are beginning to reshape consumers' behavior. Accord

Apr 14, 2026By Lee Hyo-jin

Rising prices push consumers toward at-home leisure

Cryptocurrency

Circle CEO rules out won-based stablecoin issuance, instead seeks local partnerships

Circle CEO Jeremy Allaire said Monday the U.S. stablecoin firm has no plans to issue a Korean won-based stablecoin, instead signaling a strategy focused on supporting local banks and fintech firms as they develop their own digital currencies. "I don't believe Circle would issue a Korean won stablecoin," Allaire said during a press conference in Seoul, when asked about the possibility, noting that such efforts would likely be led by a consortium of Korean banks, fintechs and digital asset companies. "However, we have built some of the most important and successful technology in the world for stablecoin operations that can be used to make them work across these blockchain networks," he added. "So we may find ways to partner with Korean won issuers, and to be supportive of these emerging consortiums as they look to build Korean digital currencies." Circle is the issuer of USDC, one of the world's largest stablecoins, which is pegged to the U.S. dollar. Allaire's visit to Seoul comes as the New York-based firm steps up efforts to expand partnerships in Korea. The CEO said the company is open t

Apr 13, 2026By Lee Hyo-jin

Circle CEO rules out won-based stablecoin issuance, instead seeks local partnerships

Global Community

Foreign residents partly eligible for Korea's fuel relief program

Some foreign residents in Korea will be eligible for government cash handouts, ranging from 100,000 won ($67) to 600,000 won, to be distributed later this month under a supplementary budget aimed at offsetting high fuel costs amid the prolonged Middle East conflict, the Ministry of the Interior and Safety said Sunday. The ministry said non-Korean nationals are in principle excluded from the subsidy program, but exceptions will be made for those deemed to have "close ties" to Korean citizens. Foreign nationals are eligible if they are listed on a resident registration record alongside at least one Korean citizen and are enrolled in the national health insurance system, either as subscribers or dependents. Entirely foreign households may also qualify if they include permanent residents (F-5 visa holders), marriage migrants (F-6 visa holders) or refugees (F-2-4 visa holders), as long as those members are enrolled in the national health insurance system or are recipients of state medical aid. Korean nationals residing overseas will be eligible if they returned to the country between March 30

Apr 12, 2026By Lee Hyo-jin

Foreign residents partly eligible for Korea's fuel relief program

Policy

Oil price cap freeze raises concerns over market distortions, fiscal strain

The government’s decision to keep the third-round oil price cap unchanged from the previous level is raising concerns over potential market distortions and mounting fiscal strain amid ongoing volatility in global oil prices linked to the Middle East crisis, analysts said Sunday. By capping prices, the policy weakens the link between domestic fuel prices and global benchmarks, adding pressure on refiners’ margins, they warned. The government introduced the fuel price cap system on March 13 to curb a surge in domestic oil prices. It adjusts ceilings on fuel prices supplied by refiners to gas stations and distributors biweekly, based on movements in global oil prices. The Ministry of Trade, Industry and Resources maintained the third round of price ceilings on gasoline, diesel and kerosene, leaving them unchanged levels for the next two weeks, effective from Friday, aiming to ease the burden of price volatility for consumers. Under the measure, the maximum prices were kept at 1,934 won ($1.30) per liter for gasoline, 1,923 won for diesel and 1,530 won for kerosene. The latest decision ra

Apr 12, 2026By Lee Hyo-jin

Oil price cap freeze raises concerns over market distortions, fiscal strain

Economy

Seoul stocks slip on fragile US-Iran ceasefire

Seoul stocks fell Thursday as foreign investors turned cautious over lingering uncertainties surrounding a fragile ceasefire between the United States and Iran, with disagreements persisting over the scope of the truce. The benchmark KOSPI closed at 5,778.01, down 94.33 points, or 1.61 percent, from the previous session, after opening at 5,826.45 and extending losses as foreign investors led a broad sell-off. Foreign investors offloaded 873.4 billion won ($589.8 million), weighing on the index, while retail investors and institutions moved to cushion the decline, buying a net 296.1 billion won and 207.7 billion won, respectively. Market bellwethers also weakened. Samsung Electronics fell 3.09 percent to 204,000 won, while SK hynix dropped 3.39 percent to 998,000 won. A similar pattern played out on the tech-heavy Kosdaq, where the index opened at 1083.40, down 0.59 percent from the previous session, and extended losses to close at 1,076.00, down 1.27 percent. Investor sentiment remained on edge as the two-week ceasefire between the U.S. and Iran showed signs of strain following renewed Isr

Apr 9, 2026By Lee Hyo-jin

Seoul stocks slip on fragile US-Iran ceasefire

Banking & Finance

IBK workers uneasy over politicians' push to relocate bank to Daegu

A renewed push by politicians to relocate the headquarters of the state-run Industrial Bank of Korea (IBK) to the southeastern city of Daegu is raising concerns among bank employees, labor union officials said Thursday. The proposal has gained traction across party lines ahead of the June 3 local elections, as candidates in Daegu seek to appeal to voters with pledges to bring the bank's headquarters to the city. IBK, a major lender to small and medium-sized enterprises (SMEs), is currently headquartered in Seoul's Jung District and plays a key role in implementing government-backed financing programs. Kim Boo-kyum, a former prime minister and Daegu mayoral candidate from the ruling Democratic Party of Korea, has floated the relocation as a key campaign pledge. In a recent media interview, Kim said, "There are about 3,000 SMEs in Daegu. Since IBK was launched to support these businesses, it makes sense for it to be headquartered here." Similar calls have long been made by members of the main opposition People Power Party (PPP), which has traditionally enjoyed strong support in the city. Rep

Apr 9, 2026By Lee Hyo-jin

IBK workers uneasy over politicians' push to relocate bank to Daegu

Banking & Finance

Asset managers race to roll out space-themed ETFs ahead of SpaceX IPO

Korean asset managers are rushing to roll out U.S. aerospace-themed exchange-traded funds (ETFs) ahead of the widely anticipated initial public offering (IPO) of Elon Musk's SpaceX in June, industry officials said Wednesday. Shinhan Asset Management said it plans to launch SOL U.S. Space and Aerospace TOP 10 ETF later this month, which will invest exclusively in American companies closely tied to the space industry. An ETF is a basket of securities, such as stocks or bonds, that tracks a specific index. "Investor interest in the U.S. space and aerospace sector has grown on the back of developments such as SpaceX’s listing plans and recent progress in NASA’s Artemis program mission. The ETF will focus on commercial space companies, excluding defense firms," a Shinhan official said. Mirae Asset Global Investments is also preparing to launch a U.S. space technology-themed ETF this month, focusing on listed companies in the sector, while Korea Investment Management is planning a similar product. Unlike most ETFs that passively track an index, Korea Investment Management's fund is expected

Apr 9, 2026By Lee Hyo-jin

Asset managers race to roll out space-themed ETFs ahead of SpaceX IPO

Banking & Finance

KakaoBank targets Mongolia as next market in global expansion

KakaoBank is turning to Mongolia as the next step in its global strategy, building on the success of its expansion in Indonesia and Thailand, CEO Yun Ho-young said Wednesday. Speaking at a press conference in Seoul, Yun said the move is significant because it exports the bank's proven model of inclusive finance beyond Korea. "Mongolia represents a meaningful step in bringing KakaoBank's inclusive finance model, proven in Korea, to the global stage. We will use our achievements in Indonesia and Thailand as a springboard to expand further into global markets," he said. The country's largest internet-only bank plans to transfer its proprietary credit scoring system "KakaoBank Score" to a Mongolian financial institution, using nonfinancial data to improve credit assessment. The strategy in Mongolia builds on the bank's expansion in the Southeast Asian market. Indonesia's Superbank — KakaoBank's first overseas investment — debuted on the Indonesia Stock Exchange in December 2025 and has since emerged as a fast-growing digital bank in the country. In Thailand, KakaoBank is preparing to launc

Apr 8, 2026By Lee Hyo-jin

Lee Hyo-jin

Read more

Banks turn to rehiring retirees amid workforce restructuring

Banks expand services for foreign customers as migrant numbers rise

Rising prices push consumers toward at-home leisure

Circle CEO rules out won-based stablecoin issuance, instead seeks local partnerships

Foreign residents partly eligible for Korea's fuel relief program

Oil price cap freeze raises concerns over market distortions, fiscal strain

Seoul stocks slip on fragile US-Iran ceasefire

IBK workers uneasy over politicians' push to relocate bank to Daegu

Asset managers race to roll out space-themed ETFs ahead of SpaceX IPO

KakaoBank targets Mongolia as next market in global expansion

Top 5 stories