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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

Seoul Fintech Lab launches XRPL-based startup program with Ripple

Seoul Fintech Lab has launched a three-month program aimed at helping turn digital asset ideas into businesses, offering funding opportunities and hands-on support through the XRP Ledger (XRPL) ecosystem. According to the city-backed fintech incubator on Tuesday, participants in the Korea Financial Innovation Program 2026 will receive support on business consulting, legal advisory and networking opportunities with industry partners. The program will also offer potential investment reviews and incubation opportunities at the lab. The program is backed by San Francisco-based fintech company Ripple as the main sponsor, with participation from partners including Industrial Bank of Korea, Hana Bank, Toss, DB Insurance and the Korea Fintech Industry Association. Applications, which opened on April 1, will be accepted through May 6. The program is open to individuals and teams with business ideas based on XRPL-powered digital asset services. Following a document screening process through May 13, a dozen teams will advance to the final round at a pitch event scheduled for June 25. During the proce

Apr 7, 2026By Lee Hyo-jin
Seoul Fintech Lab launches XRPL-based startup program with Ripple
Policy

7th consecutive rate hold looms as Middle East risks weigh on economy

The Bank of Korea (BOK) is widely expected to keep its interest rate unchanged at 2.5 percent at Friday's monetary policy board meeting, market watchers said Tuesday, as rising Middle East tensions add to inflation and foreign exchange risks. The central bank has held the benchmark interest rate steady for six consecutive meetings, and analysts view the current economic backdrop as leaving little room for a policy shift. With inflation and foreign exchange volatility rising amid increasingly prolonged conflict in Iran, the BOK faces a policy dilemma. A rate cut could fuel inflationary pressures, while a hike risks deepening the economic slowdown and clashing with the government’s expansionary fiscal policy, including a planned 26.2 trillion won ($17.3 billion) supplementary budget. Joo Won, a senior researcher at the Hyundai Research Institute, said the six members of the monetary policy board are likely to unanimously hold rates at Friday's meeting. "With liquidity expected to be injected through the supplementary budget, a rate cut could further fuel inflationary pressures," Joo said

Apr 7, 2026By Lee Hyo-jin
7th consecutive rate hold looms as Middle East risks weigh on economy
Economy

Blue chips lead market higher despite Trump's expletive-laden threats on Iran

Korea's benchmark KOSPI closed higher Monday, supported by institutional buying and gains in major tech shares, despite lingering uncertainty in the Middle East following U.S. President Donald Trump's escalating threats toward Iran. Investors positioned ahead of Samsung Electronics' preliminary earnings for the first quarter set for Tuesday, helping lift overall market sentiment. The KOSPI opened at 5,423.35, up 46.05 points, or 0.86 percent, from the previous session. It traded around the 5,430 level before briefly climbing above 5,500 at around 11:20 a.m., and closed at 5,450.33, up 1.36 percent. Institutional investors bought a net 837.1 billion won ($555.5 million), leading the market higher. Retail and foreign investors sold a net 1.05 trillion won and 156.3 billion won, respectively. Market bellwethers traded higher. Samsung Electronics rose 3.71 percent to 193,100 won ahead of its preliminary earnings release scheduled for Tuesday, with some market watchers expecting operating profit to surpass 40 trillion won for the first time on strong demand for premium memory chips. SK hynix g

Apr 6, 2026By Lee Hyo-jin
Blue chips lead market higher despite Trump's expletive-laden threats on Iran
Economy

BOK chief nominee's heavy overseas assets raise eyebrows

Bank of Korea (BOK) Gov. nominee Shin Hyun-song drew scrutiny Monday over his sizable overseas assets, which could raise potential conflicts of interest as he prepares to oversee foreign exchange policy. According to data submitted to the National Assembly ahead of his confirmation hearing, Shin reported total family assets of 8.24 billion won ($5.46 million), including his own holdings, along with those of his spouse and their son. Of that, 4.57 billion won, or 55.5 percent, are overseas financial assets and real estate. Excluding real estate, Shin's financial assets totaled about 4.6 billion won, with roughly 98 percent held abroad. The portfolio includes deposits in U.S. dollars, British pounds and euros, as well as U.K. government bonds. Shin's heavy ratio of foreign assets appears to stem from his decades-long career abroad, including academic posts at Oxford University, the London School of Economics and Princeton University, as well as his latest role as an economic adviser at the Bank for International Settlements. Still, the structure of his assets is expected to face close scru

Apr 6, 2026By Lee Hyo-jin
BOK chief nominee's heavy overseas assets raise eyebrows
Banking & Finance

Fraud-linked bank accounts surge despite regulator's warning

Bank accounts linked to financial fraud in the past three months have nearly doubled from a year earlier, underscoring persistent vulnerabilities despite increased regulatory warnings. Banking industry officials said Friday that efforts to prevent accounts from being used in crimes such as voice phishing and other scams have been intensified, but the number of suspicious accounts continues to rise. According to data from the Financial Supervisory Service (FSS), more than 7,700 accounts across nine major banks — KB Kookmin, Shinhan, Hana, Woori, NH NongHyup, iM Bank, KakaoBank, Kbank and Toss Bank — were linked to financial fraud in the first quarter, compared with 3,784 during the same period last year. Fraud-linked accounts were highest at iM Bank with 1,653, followed by Hana with 1,511, Woori with 1,404 and KakaoBank with 1,017. The surge comes despite heightened warnings over financial scams and intensified government efforts to curb financial crime. Since last year, authorities have been pushing legislation that would introduce a "no-fault liability" rule requiring financial insti

Apr 4, 2026By Lee Hyo-jin
Fraud-linked bank accounts surge despite regulator's warning
Policy

Korea to exempt shipping surcharges from tariffs amid Hormuz disruptions

Korea will temporarily exempt additional shipping costs from tariffs on Middle East imports rerouted due to disruptions in the Strait of Hormuz, the government said Friday, as concerns mount over raw material shortages. The government will also fast-track customs clearance for key energy and raw materials to ease supply bottlenecks. The measures are part of a broader deregulatory package announced by the Ministry of Economy and Finance, in coordination with other agencies such as the industry ministry and Korea Customs Service, aimed at stabilizing supply chains without additional fiscal spending. "The government will exclude additional shipping costs caused by detours around the Strait of Hormuz from import duty calculations, easing the burden on importers," First Vice Finance Minister Lee Hyoung-il said during a briefing. Officials said the changes will be reflected in a planned revision to the enforcement decree of the Customs Act next week, and will be applied retroactively to shipments already affected by sharp increases in freight costs. The decision comes as freight rates have surg

Apr 3, 2026By Lee Hyo-jin
Korea to exempt shipping surcharges from tariffs amid Hormuz disruptions
Economy

Seoul stocks tumble as Trump threatens 'extremely hard' strikes on Iran

Seoul stocks tumbled Thursday after U.S. President Donald Trump warned of "extremely hard" strikes on Iran, rattling global markets and fueling risk-off sentiment among foreign investors. Trump's remarks dashed hopes for a de-escalation in the Middle East, sending the Korean won sharply lower. The currency closed at 1,519.7 won per dollar, down 18.4 won from the previous session. The benchmark KOSPI opened at 5,541.20, up 62.50 points, or 1.14 percent, from the previous session, but quickly turned lower as foreign investors led a broad sell-off. It fell 244.65 points, or 4.47 percent, to close at 5,234.05. Foreign investors and institutions were heavy net sellers, offloading 132.9 billion won ($87.6 million) and 1.4512 trillion won, respectively. Retail investors moved to cushion the decline, buying a net 1.2052 trillion won. Market bellwethers also came under pressure. Samsung Electronics fell 5.91 percent to 178,400 won, while SK hynix dropped 7.05 percent to 830,000 won. A sell-side sidecar was triggered around 2:46 p.m., according to the Korea Exchange, as KOSPI 200 futures fell 5.04

Apr 2, 2026By Lee Hyo-jin
Seoul stocks tumble as Trump threatens 'extremely hard' strikes on Iran
Economy

Questions rise over effectiveness of tightened driving rotation for public sector

The government's plan to impose a stricter driving rotation system across the public sector, aimed at curbing fuel consumption amid rising energy prices, is drawing skepticism over its effectiveness, according to industry watchers Thursday. Announced a day earlier, the measure will take effect next Wednesday and require public institutions to adopt a two-day rotation based on license plate numbers. Vehicle use will be correspond to calendar date. Cars with plates ending in odd numbers will be barred on odd-numbered days, while those with even-numbered plates will be restricted on even-numbered days. The policy will apply to around 11,000 public institutions — including central and local governments, state-run agencies, public schools and universities — and cover an estimated 1.3 million vehicles nationwide, officials said. For the private sector, the government plans to implement indirect curbs by limiting access to around 30,000 public parking lots under a five-day rotation system based on the last digits of license plates. The tightened rule on the public sector has prompted backlas

Apr 2, 2026By Lee Hyo-jin
Questions rise over effectiveness of tightened driving rotation for public sector
Policy

Will Korea's WGBI debut bring FX stability?

Korea's inclusion in the World Government Bond Index (WGBI) took effect Wednesday, raising expectations that fresh foreign inflows could help support the weakening won. According to financial authorities, the inclusion of Korean government bonds into the index operated by London-based FTSE Russell will be phased in over eight months through November. The WGBI currently comprises government bonds from 25 countries, and Korea's weighting is expected to reach around 2 percent, making it the ninth-largest among members. Inclusion in the index is expected to trigger investment from global institutional investors, including pension funds and asset managers that track the benchmark. The Ministry of Finance and Economy said it held a kick-off meeting for a task force the same day with the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service and the Korea Securities Depository to monitor WGBI-related capital inflows and promote further investment. Koo Yun-cheol, deputy prime minister and finance minister, said the inclusion to the global index is expected to help sta

Apr 1, 2026By Lee Hyo-jin
Will Korea's WGBI debut bring FX stability?
Economy

'Map for beggars' goes viral as Koreans seek cheap eats amid rising prices

A graduate student surnamed Jeong, living in Seoul's Seongbuk District, recently began using a crowdsourced map of cheap eateries to cope with rising dining costs. "I came across it on an online campus community and found a noodle place for 5,000 won ($3.30)," she said. "I got tired of cafeteria food, but eating out is expensive these days since most places cost 10,000 to 15,000 won. It's a burden for a student like me." The website, Geojimap, which translates to "map for beggars," has gone viral among young Koreans seeking budget meals as surging food prices take a toll on their wallets. The platform aggregates user recommendations of restaurants where a meal can be had for under 10,000 won, operating on what it describes as the "collective intelligence and strict evaluation of beggars." More than 2,500 restaurants and cafes across the country have been listed as of Wednesday. Users not only share locations but also post detailed reviews. One pork cutlet restaurant in Seoul's Seodaemun District, where a meal costs around 4,000 won, drew comments such as "It's worth 15,000 won" and "Port

Apr 1, 2026By Lee Hyo-jin
'Map for beggars' goes viral as Koreans seek cheap eats amid rising prices
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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.