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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

KakaoBank CEO joins president's state visit to Mongolia

KakaoBank CEO Yun Ho-young attended the Korea-Mongolia Business Forum in Ulaanbaatar held on the sidelines of President Lee Jae Myung's state visit to Mongolia, the lender said Friday. Yun was the only CEO of a Korean commercial bank included in the president's business delegation during the three-day trip. At the forum held the previous day, Yun delivered a presentation titled "Beyond Banking, Into Every Life," introducing KakaoBank's digital banking model and its use of alternative credit scoring and artificial intelligence (AI) to broaden access to financial services. He said Korea's largest internet-only lender has lowered barriers to customers by reducing time, cost and credit constraints, citing its alternative credit assessment model as a key tool for extending loans to underserved borrowers. On the sidelines of the forum, KakaoBank signed a term sheet with Mongolia's MCS Holdings for a strategic investment in the latter's digital banking subsidiary, M Bank. KakaoBank plans to complete the investment in the Mongolian bank within this year after signing a final agreement and obtaini

Jul 10, 2026By Lee Hyo-jin
KakaoBank CEO joins president's state visit to Mongolia
Banking & Finance

Major bank CEOs face pivotal test for potential reappointment

Leadership changes are looming at Korea's major commercial banks as the terms of all five CEOs expire at the end of the year, setting the stage for closely watched potential reappointment decisions, industry officials said Thursday. The terms for the CEOs of KB Kookmin, Shinhan, Hana, Woori and NH NongHyup banks all expire in December. Under the financial authorities' corporate governance guidelines, succession procedures should begin at least three months before a CEO's term expires, meaning that the selection process is expected to begin around September. This year, industry officials say earnings results alone are unlikely to determine who stays and who goes, with governance standards and leadership changes at parent financial groups also expected to play a role in the decisions. Bank CEOs typically serve two-year terms, with an additional one-year extension granted based on management performance. KB Kookmin Bank CEO Lee Hwan-ju is considered well positioned for another term after delivering solid financial results. The lender posted a net profit of 3.862 trillion won ($2.6 billion) i

Jul 10, 2026By Lee Hyo-jin
Major bank CEOs face pivotal test for potential reappointment
Policy

BOK chief says rate hike needed at appropriate time

Bank of Korea (BOK) Gov. Shin Hyun-song on Thursday reiterated the need to raise interest rates at an appropriate time, reinforcing expectations that the central bank could begin a rate-hiking cycle as early as next week's policy meeting. "Given that inflation remains above target, and considering improving economic growth and mounting financial stability risks, I believe it will be necessary to raise the base rate at an appropriate time," Shin said during a National Assembly meeting. He added that robust growth fueled by the semiconductor sector is expected to continue, while inflation is likely to remain above the BOK's target for a considerable period. "The timing of a rate hike will be determined after comprehensively assessing inflationary pressures and the pace of economic recovery," Shin said. The remarks were widely interpreted as his latest hawkish signal ahead of the Monetary Policy Board's rate-setting meeting scheduled for next Thursday. The central bank has kept its benchmark rate unchanged at 2.5 percent since May 2025. In recent months, the central bank chief has repeatedly

Jul 9, 2026By Lee Hyo-jin
BOK chief says rate hike needed at appropriate time
Banking & Finance

From K-pop concerts to Olive Young, new travel card taps foreign tourist spending

Korea's inbound tourism is booming, with the country on track to welcome a record 23 million foreign visitors this year after arrivals surpassed 10 million in June. Yet today's visitors are spending differently. Beyond traditional sightseeing, they are increasingly traveling to Korea for K-pop concerts, beauty shopping at Olive Young, bargain hunting at Daiso and convenience store snacks. As more travelers opt for independent travel over package tours, companies are redesigning payment products around the changing habits of foreign visitors. Woori Bank, travel platform NOL Universe and fintech company Kona I are among the latest to respond to that shift. The three companies jointly launched the NOL World Card in May, combining transportation, payments and tourism-related benefits into a single prepaid service for overseas visitors. During a recent interview with The Korea Times, officials who led the project said the goal was to create a product that simplifies the entire travel experience rather than merely offering another payment option. "We don't see it as simply a payment card," said

Jul 9, 2026By Lee Hyo-jin
From K-pop concerts to Olive Young, new travel card taps foreign tourist spending
Banking & Finance

Students honored for essays exploring AI use in finance, digital assets

Seven students from Korea and abroad were honored at the 22nd Korea Times English Economic Essay Contest award ceremony in Seoul, Wednesday. Open to undergraduate and graduate students in Korea and abroad, the annual contest is sponsored by Woori Bank, an affiliate of Woori Financial Group. The contest aims to help young people deepen their understanding of economics and finance while strengthening their English writing skills. The ceremony held at Lotte Hotel Seoul was attended by the awardees, as well as Woori Bank CEO Jung Jin-wan and Korea Times President-Publisher Oh Young-jin. The grand prizes went to Alexandra Maria Escobar Garay, a Salvadoran student at Busan University of Foreign Studies, and Ko Kyung-hwan, a Korean student at Hanyang University. Each received 3 million won ($1,970) in prize money. The runners-up were Khadizha Sultanova, a Kyrgyz student at Woosong University, and Said Jonathan Luviano-Lessie, a Mexican student at Ajou University, who each received 2 million won in prize money. Commendation awards went to Tran Minh Ngoc, a Vietnamese student at Hanoi Financial and

Jul 8, 2026By Lee Hyo-jin
Students honored for essays exploring AI use in finance, digital assets
Banking & Finance

Woori Financial Group unveils $4.5 bil. investment road map to support startups

Woori Financial Group on Tuesday unveiled a road map to invest 7 trillion won ($4.5 billion) in innovative companies, detailing a financing system that supports startups from seed funding through initial public offerings (IPOs) as part of its broader productive finance initiative. Under the plan, Woori will finance startups throughout their life cycle, providing funding from the seed stage to public listings through its banking, securities and venture investment units. The announcement came during a press conference hosted by the Woori Finance Research Institute, where the financial group outlined its startup investment strategy and broader vision for productive finance. Early-stage startups will receive backing through DinnoLab, the group's startup incubation platform, with funds of less than 50 billion won. Companies entering the growth stage will be funded through the group's corporate venture capital funds of up to 100 billion won. Businesses preparing for large-scale expansion or IPOs will be supported by Woori Venture Partners and Woori Investment & Securities, which manage funds e

Jul 7, 2026By Lee Hyo-jin
Woori Financial Group unveils $4.5 bil. investment road map to support startups
Banking & Finance

Hana Financial taps new student ambassadors to reach younger generations

Hana Financial Group has appointed 50 university students as its new brand ambassadors to help promote the group's social initiatives and expand outreach to the younger generations, the financial group said Sunday. The 20th class of the group's SMART student ambassadors was appointed in a ceremony attended by Hana Financial Group Chairman Ham Young-joo at the group's headquarters in central Seoul Thursday. The students will serve as ambassadors for two months, taking part in brand promotion campaigns and volunteer activities. Under the slogan "Ha. Ha. Ha.," the students will participate in three main programs — Happy Hana, focused on online and offline brand promotion, Harmony Hana, which involves volunteer activities, and H.Q. Hana, centered on field programs at the group's future headquarters in Incheon's Cheongna International City. As part of expanded on-site activities, participants will tour the Cheongna headquarters site and develop promotional ideas in collaboration with local residents and small business owners. The students will also participate in domestic and overseas volunt

Jul 5, 2026By Lee Hyo-jin
Hana Financial taps new student ambassadors to reach younger generations
Policy

BOK joins warnings over Samsung, SK hynix leveraged ETFs

The Bank of Korea (BOK) warned Sunday that single-stock leveraged exchange-traded funds (ETFs) tied to Samsung Electronics and SK hynix could amplify market volatility, joining growing regulatory concerns over the high-risk products. The rare warning is expected to add momentum to financial authorities' efforts to tighten investment requirements for the products. In a written response to Rep. Park Sung-hoon of the main opposition People Power Party, the BOK said leveraged ETFs tracking Samsung Electronics and SK hynix could exacerbate the market's heavy concentration in the two major chipmakers, which account for more than half of the Korean stock market by market capitalization and trading value. "The domestic stock market has become increasingly concentrated in a handful of semiconductor stocks amid improving earnings in the sector," the BOK said. "Single-stock leveraged ETFs could further intensify one-way trading as investors pour money into or pull out of the products in response to changes in market expectations or the business environment." The central bank warned that a sharp decl

Jul 5, 2026By Lee Hyo-jin
BOK joins warnings over Samsung, SK hynix leveraged ETFs
Business

Airbility bets on high-speed drones as Iran war reshapes counter-drone market

The recent U.S.-Israeli war against Iran underscored an increasingly costly reality of modern warfare: Shooting down a low-cost drone can require an interceptor missile worth more than 100 times as much. As inexpensive drones become more common on the battlefield, militaries are searching for more cost-effective ways to defend against them. That shift is creating new opportunities for companies developing next-generation counter-drone technologies. One of them is Airbility, a Korean startup developing an artificial intelligence (AI)-powered counter-drone system built around a reusable high-speed unmanned aircraft system. Its CEO believes the company's platform could offer a more economical alternative to conventional air defense systems by deploying interceptor drones from the air, rather than relying solely on costly ground-based missile systems. "In modern conflicts, such as the war in Ukraine and the recent U.S.-Iran conflict, we've repeatedly seen militaries fire interceptor missiles costing more than 100 times as much as the low-cost drones they are trying to shoot down," Airbility

Jul 2, 2026By Lee Hyo-jin
Airbility bets on high-speed drones as Iran war reshapes counter-drone market
Banking & Finance

Woori relocates microcredit bank to better support small businesses

Woori Financial Group said Wednesday it has relocated the headquarters of its Woori Smile Microcredit Bank from Seoul's Euljiro to Changsin-dong in Dongdaemun District, aiming to improve access to financial services for small business owners and low-income borrowers. The move marks the first step in the group's plan announced in March to strengthen its microfinance network. Changsin-dong, home to traditional markets and a garment manufacturing cluster, was chosen to bring financial counseling and support closer to small business owners. Woori said microcredit bank employees will also visit business sites to provide on-site consultations for people who have difficulty visiting branches during business hours. Woori Financial plans to expand the microcredit bank's regional network from eight branches to 12, adding offices in cities including Jeonju, North Jeolla Province, and Cheongju, North Chungcheong Province. The relocation ceremony was attended by Woori Financial Group Chairman Yim Jong-yong, Kim Eun-Kyung, president of the Korea Inclusive Finance Agency, Woori Bank CEO Jung Jin-wan and

Jul 1, 2026By Lee Hyo-jin
Woori relocates microcredit bank to better support small businesses
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