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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

Hana Bank to offer $104 mil. financing for SMEs in Jeolla region

Hana Bank said Tuesday it will provide 155.6 billion won ($104 million) in financing support for small and medium-sized enterprises (SMEs) in North and South Jeolla provinces in partnership with local authorities and state-backed guarantee agencies. The bank signed a memorandum of understanding the previous day with the Gwangju Metropolitan Government, the Gwangju Chamber of Commerce and Industry, the Korea Credit Guarantee Fund (KODIT) and the Korea Technology Finance Corporation (KOTEC) to support financing for SMEs in the Jeolla region. According to Hana officials, the initiative aims to help build sustainable growth momentum for businesses in the region while supporting the government's push for balanced national development and revitalizing the local economy. The bank will contribute a total of 4 billion won to guarantee funds run by KODIT and KOTEC, enabling up to 155.6 billion won in financing for companies in six strategic industries; artificial intelligence, biotechnology, content, defense, energy and smart manufacturing. The program will also provide a 0.6 percent guarantee fee

Mar 17, 2026By Lee Hyo-jin
Hana Bank to offer $104 mil. financing for SMEs in Jeolla region
Policy

Prolonged Iran crisis could drag Korea's growth rate toward 0%: report

The ongoing U.S.-Israel war against Iran could push Korea's economic growth rate toward zero percent if the conflict drags on for a year, a report showed Tuesday, underscoring the risks facing Asia's fourth-largest economy stemming from the Middle East crisis. According to a report by NH Financial Research Institute, if the Iran conflict persists, Korea could face rising inflation alongside contracting exports and consumption, raising the risk of stagflation. The report estimated that Korea's gross domestic product (GDP) growth this year would decline by about 0.3 percentage points if the war lasts three months, and that it could fall to the zero percent range if the conflict continues for a year. The forecast casts a shadow over the government's target of about 2 percent GDP growth for 2026, up from an estimated 1 percent in 2025. "Under a scenario of a prolonged conflict, mounting inflationary pressures and their side effects could shift the Bank of Korea's policy focus from cushioning the economic slowdown to curbing inflation, potentially leading to interest rate hikes and a prolonge

Mar 17, 2026By Lee Hyo-jin
Prolonged Iran crisis could drag Korea's growth rate toward 0%: report
Banking & Finance

Banks scramble to ensure safety of workers in Middle East

Korean banks with operations in the Middle East are rushing to secure the safety of their employees as the U.S.-Israel war against Iran spreads across the region, industry officials said Monday. No Korean financial institutions in the region have reported direct damage so far, but banks have begun relocating staff from conflict-affected areas and shifting operations to remote work, they said. Shinhan Bank's branch in Dubai currently has 11 employees, including three Korean staff members and eight locally hired workers, all working remotely. Families of the Korean employees have already returned to Korea. "The branch has remained closed and is currently conducting only non-face-to-face operations," a Shinhan Bank official said. "No employees have been injured or suffered damage, and we are checking the safety of our staff through real-time communication channels." Concerns intensified after buildings in the Dubai International Financial Centre were hit in an Iranian airstrike last Thursday, 500 meters from the building where Shinhan Bank's branch is located. Woori Bank, whose Dubai branch

Mar 16, 2026By Lee Hyo-jin
Banks scramble to ensure safety of workers in Middle East
Banking & Finance

Hana Financial to set up $340 mil. fund to back renewable energy, AI industries

Hana Financial Group will set up a 500 billion won ($340 million) infrastructure fund to invest in renewable energy and artificial intelligence (AI), the company said Monday. The fund will support major projects tied to national strategic priorities, including renewable energy and AI-related digital infrastructure. One of the key renewable energy investments will be an offshore wind power project in Wando, South Jeolla Province, one of the largest eco-friendly energy developments in Korea. Electricity generated from the wind farm is expected to supply power to AI data centers and advanced industrial facilities in the North and South Jeolla provinces. In the AI and digital infrastructure sector, the fund plans to invest in major AI hub centers in Bucheon, Gyeonggi Province, and in Incheon. The company said the infrastructure fund will go beyond simple equity investments by participating in projects at the early development stage. Through early investments, the group aims to secure high-quality assets and obtain financing arrangement rights when projects later require large-scale funding,

Mar 16, 2026By Lee Hyo-jin
Hana Financial to set up $340 mil. fund to back renewable energy, AI industries
Foreign Affairs

Operation Desert Shine: Military aircraft evacuates over 200 Koreans from Middle East

A Korean military aircraft evacuated more than 200 citizens stranded in the Middle East and brought them home from Saudi Arabia Sunday, amid the ongoing U.S.-Israeli war against Iran. Carried out jointly by the Ministry of National Defense and the Ministry of Foreign Affairs, the operation involved a KC-330 Cygnus multirole aerial tanker that landed at Seoul Air Base in Seongnam, Gyeonggi Province, around 6 p.m. It carried 204 Koreans and seven foreign nationals, including five family members of Korean citizens and two Japanese nationals. The Japanese nationals were included given the close ties between the two countries, officials said. The Cygnus military transport plane, which departed from Korea the previous day, arrived in Riyadh Saturday afternoon local time before departing for Korea hours later with passengers aboard. More than 140 of the evacuees had been in Saudi Arabia, while 24 came from Bahrain, 14 from Kuwait and 28 from Lebanon. Those staying in Kuwait traveled by bus to Riyadh under the guidance of embassy officials, while others in Lebanon caught commercial flights to th

Mar 15, 2026By Lee Hyo-jin
Operation Desert Shine: Military aircraft evacuates over 200 Koreans from Middle East
Foreign Affairs

Trump’s request to send warships to Hormuz puts pressure on Korea

Korea faces a strategic dilemma after U.S. President Donald Trump publicly called on Seoul and several other countries to send warships to the Strait of Hormuz to support a U.S.-led effort to secure the vital Gulf shipping route. The request forces Seoul to weigh its alliance with Washington and its reliance on Middle Eastern energy supplies against the risks of being drawn into an escalating conflict involving Iran, analysts said Sunday. On Saturday, Trump urged five countries, including Korea, to send warships to the region as the United States seeks to reopen the key maritime passage that Iran has effectively blockaded. "Many Countries, especially those who are affected by Iran's attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe," Trump wrote on social media. "Hopefully China, France, Japan, South Korea, the UK, and others, that are affected by this artificial constraint, will send Ships to the area so that the Hormuz Strait will no longer be a threat by a Nation that has been totally d

Mar 15, 2026By Lee Hyo-jin
Trump’s request to send warships to Hormuz puts pressure on Korea
Foreign Affairs

Prospects for Trump-Kim meeting around China trip appear low

Prospects for a meeting between U.S. President Donald Trump and North Korean leader Kim Jong-un around the former's planned visit to China in April appear low as Washington remains focused on conflicts in the Middle East, diplomatic sources said Thursday. Earlier in the day, Chung Eui-hae, deputy foreign minister for political affairs, held talks with Michael DeSombre, U.S. assistant secretary of state for East Asian and Pacific affairs, during his visit to Seoul. The two officials touched on North Korean issues but did not delve deeply into the topic, as the allies focused primarily on implementing their bilateral joint fact sheet on trade and security cooperation, according to a foreign ministry official familiar with the matter. "North Korea remains an important issue, but the United States is currently dealing with a number of pressing matters, including developments in the Middle East," the official said on condition of anonymity. "My impression was that while Washington continues to pay attention to North Korea, it is not an atmosphere in which the U.S. is putting forward new plans

Mar 12, 2026By Lee Hyo-jin
Prospects for Trump-Kim meeting around China trip appear low
Foreign Affairs

Foreign ministry cautious about 'North Korean-born citizens' as new term for defectors

The Ministry of Foreign Affairs appears cautious about adopting the English term "North Korean-born citizens" for North Korean defectors after the Ministry of Unification said it will begin using the new expression in its English materials. "As various opinions have been raised regarding the official term, we will review the matter while monitoring the process of gathering public opinion on whether the official term should be changed," a foreign ministry official said Thursday. The official added that the term used in relevant laws remains "North Korean defectors," which has generally been used in English in official communications and international contexts. The ministry also confirmed that the unification ministry had informed the foreign ministry that it plans to begin using "North Korean-born citizens" in its English materials. Issues related to North Korean defectors are primarily handled by the unification ministry. However, they are also addressed within the foreign ministry in units dealing with Korean Peninsula policy and international human rights. The foreign ministry appears h

Mar 12, 2026By Lee Hyo-jin
Foreign ministry cautious about 'North Korean-born citizens' as new term for defectors
Global Community

Foreign residents should be included in state cash handouts, human rights watchdog says

The state human rights watchdog said Wednesday that the government should consider expanding eligibility for state relief funds to be more inclusive of foreign residents, citing concerns about discrimination. The National Human Rights Commission of Korea (NHRCK) said it had conveyed its opinion to the Ministry of the Interior and Safety and other relevant agencies, urging them to gradually broaden the scope of foreign nationals eligible for government support programs aimed at aiding households coping with economic hardship. The issue was raised in a complaint filed July last year by migrant worker groups, which argued that the government's voucher-based cash assistance program treated foreign residents unequally depending on their visa status and household composition. Last year's cash handouts were part of the government's emergency response to sluggish domestic spending. Under the scheme, all citizens and some foreign residents were eligible to receive 150,000 won ($100), with additional benefits for low-income households. Non-Korean citizens were in principle excluded from the initia

Mar 11, 2026By Lee Hyo-jin
Foreign residents should be included in state cash handouts, human rights watchdog says
Global Community

Korea's truth commission to open new bureau for overseas adoption cases

Korea’s truth-seeking commission plans to establish a dedicated bureau to investigate alleged human rights abuses linked to the country’s overseas adoption program and residential facilities, its chair said Wednesday, as complaints from adoptees continue to mount. Song Sang-kyo, chairperson of the newly launched third Truth and Reconciliation Commission (TRC), said the body will also step up efforts to help people living abroad submit complaints through Korean diplomatic missions. Complaints related to overseas adoption have flooded the commission. A total of 311 applications alleging misconduct in intercountry adoptions were filed on Feb. 26, the commission’s launch day, and officials expect the number to rise as more adoptees living overseas learn about the process. "There have been continued calls, both within and outside the commission, to establish Investigation Bureau 3 dedicated to cases involving human rights abuses at institutional care facilities and in overseas adoptions," Song said at a press conference, his first since taking office on March 4. Legislation passed in Fe

Mar 11, 2026By Lee Hyo-jin
Korea's truth commission to open new bureau for overseas adoption cases
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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.