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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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Economy

Korea's GNI per capita to exceed $40,000 for 1st time in 2026: BOK

Korea's gross national income (GNI) per capita is likely to surpass $40,000 this year for the first time, helped by a sharp increase in national income driven largely by the semiconductor boom and a stronger won, the Bank of Korea (BOK) said Tuesday. The new prediction comes as the country's national income has posted strong growth in the second quarter. Nominal GNI rose 8.8 percent in the second quarter from the previous quarter and 26.4 percent from a year earlier. Real GNI, which strips out the effects of inflation, increased 3.1 percent on-quarter and 15.6 percent on-year, marking its fastest annual growth since the fourth quarter of 1988. Kim Hwa-yong, director of the BOK's production, expenditure and income division, said per capita GNI is on track to surpass $40,000 this year. "If there are no unexpected shocks in the remainder of the year and nominal GNI growth remains at its current pace while the exchange rate remains stable, per capita GNI in U.S. dollar terms is highly likely to exceed $40,000," Kim said during a briefing. Per capita GNI is calculated by dividing the total inc

Sep 8, 2026By Lee Hyo-jin
Korea's GNI per capita to exceed $40,000 for 1st time in 2026: BOK
Banking & Finance

Woori Bank leaps forward with improving credit ratings, rising foreigner ownership

Woori Bank is positioning corporate banking as a key driver of future growth, building on stronger capital fundamentals and growing confidence from global investors, industry officials said Monday. Fitch Ratings has recently upgraded Woori Bank's viability rating to "a" from "a-," citing improvements in capital adequacy and risk management. The bank's long-term issuer default rating was maintained at "A" with a stable outlook, while its short-term rating remained at "F1+." Fitch said Woori Bank's capital was less likely to come under pressure thanks to its consistent business model and improved risk profile, highlighting disciplined growth and contained asset-quality risks. The rating agency also raised the bank’s risk profile score to "a+" from "a," citing its prudent credit risk management and solid asset quality. The improved credit profile comes as Woori Bank CEO Jung Jin-wan emphasized strengthening the bank's capital base since taking office in December 2024. Woori Bank operates as a fully privatized commercial bank following the government's sale of its remaining stake in Woori F

Sep 7, 2026By Lee Hyo-jin
Woori Bank leaps forward with improving credit ratings, rising foreigner ownership
Banking & Finance

Hana Financial supports low-cost egg supply ahead of Chuseok

Hana Financial Group has teamed up with small business support organizations to supply cheaper eggs to supermarkets, seeking to ease food price pressures ahead of the Chuseok holiday, the group said Sunday. The financial group signed an agreement Friday with the Small Enterprise and Marketing Service and the Korea Federation of Micro Enterprise to support the supply of eggs at lower prices. Under the initiative, dubbed the "Good Egg Project," Hana Financial plans to work with 20 poultry farms and supply about 120,000 trays of eggs to some 4,000 supermarkets nationwide. A set of two trays, or 60 eggs, will be priced at 9,990 won ($7) at designated stores, starting Friday. Hana Financial will contribute funds to the project and cover costs related to washing, inspecting and sorting the eggs, as well as transportation expenses as part of efforts to reduce distribution costs and keep retail prices down. The Small Enterprise and Marketing Service will establish guidelines for price labeling and oversee the project, while the Korea Federation of Micro Enterprise will help secure distribution th

Sep 6, 2026By Lee Hyo-jin
Hana Financial supports low-cost egg supply ahead of Chuseok
Economy

Korea narrows current account surplus gap with Taiwan amid chip boom

Korea is rapidly closing the gap with Taiwan in its current account surplus as a share of gross domestic product, with some global investment banks expecting Korea to overtake Taiwan this year, analysts said Sunday. According to data from the Korea Center for International Finance, the average forecast from eight foreign investment banks for Korea's current account surplus as a share of GDP rose to 16 percent in August from 14.7 percent in July. The banks are Barclays, Bank of America Merrill Lynch, Citi, Goldman Sachs, JP Morgan, HSBC, Nomura and UBS. The increase came as several banks significantly raised their forecasts on stronger expectations for semiconductor exports. Nomura expects Korea's current account surplus to reach 19.7 percent of GDP, while Goldman Sachs projects 18.7 percent and Citi cites 18.2 percent. The ratio shows the size of Korea's current account surplus relative to the size of its economy, allowing for comparisons between economies of different sizes. Seven investment banks expect Taiwan's current account surplus to average 20.6 percent of GDP this year, unchanged

Sep 6, 2026By Lee Hyo-jin
Korea narrows current account surplus gap with Taiwan amid chip boom
Banking & Finance

Financial workers take to streets over state-run banks' potential relocation

Unionized workers in the financial sector took to the streets Friday to oppose the government's consideration of relocating state-run banks and other public financial institutions out of the capital. The Korea Financial Industry Union (KFIU), a major umbrella labor group, staged a strike in Gwanghwamun Square in central Seoul, drawing about 30,000 members, according to organizers. Police estimated the turnout at 14,000. The rally focused on the prospect of relocating state-run banks, including Industrial Bank of Korea (IBK), Korea Development Bank (KDB) and Export-Import Bank of Korea (Eximbank). KFIU Chairman Yoon Seok-gu said the union opposed relocating financial institutions for political reasons, arguing that Seoul already serves as a major financial hub. "Major financial centers such as New York, London, Tokyo and Hong Kong have their financial institutions concentrated in their cities, and Seoul is fully capable of serving the same role," Yoon said. "What kind of logic is it to simply tell us to go somewhere else without any clear reason or justification?" he said. The union's other

Sep 4, 2026By Lee Hyo-jin
Financial workers take to streets over state-run banks' potential relocation
Economy

Gov't seeks infrastructure to tokenize traditional securities beyond fractional investments

The government plans to build infrastructure to tokenize traditional securities such as stocks, bonds and funds, expanding security token offerings (STOs) beyond fractional investment products ahead of the system's scheduled launch in February. The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) unveiled the policy direction on Friday, with the ultimate goal of laying the groundwork for stablecoin payment infrastructure. Tokenized securities are digital representations of securities issued and traded through blockchain-based distributed ledger technology. The term is frequently confused with fractional investing, but it actually describes the method used to issue a security, rather than a distinct category of investment. The technology can thus be applied far beyond fractional investment products, allowing conventional securities such as stocks, bonds and funds to be issued and traded in tokenized form using distributed ledger systems. The FSC, the country's top financial regulator, has been developing the regulatory framework for token securities since am

Sep 4, 2026By Lee Hyo-jin
Gov't seeks infrastructure to tokenize traditional securities beyond fractional investments
Economy

KOSPI ends slightly higher after intraday swings

The benchmark KOSPI closed slightly higher Thursday, following a choppy session in which the main index plunged nearly 2 percent during afternoon trading. The KOSPI opened 1.33 percent higher at 6,650.33 and initially extended its gains before reversing sharply around 2 p.m. It fell to the 6,400 range before rebounding to close at 6,579.48, up 16.76 points, or 0.26 percent, from the previous session. Retail investors led net selling with 955 billion won ($703 million), while foreign investors and institutions sold a net 423.4 billion won and 215.2 billion won, respectively. Corporations were the only major investor group to post net buying, purchasing nearly 1.6 trillion won and helping cushion the selling pressure from the other three groups. Ongoing share buybacks by Samsung Electronics and SK hynix have recently emerged as a buffer against the sell-off. Market bellwethers closed lower. Samsung Electronics closed at 250,000 won, down 0.2 percent from the previous session, while SK hynix fell 1.05 percent to 1.596 million won. The KOSPI's initial gains followed an overnight rebound on Wa

Sep 3, 2026By Lee Hyo-jin
KOSPI ends slightly higher after intraday swings
Economy

BOK stops disclosing Korea's FX reserve ranking to prevent ranking swings from distorting external sector fundamentals

The Bank of Korea (BOK) has decided to stop disclosing Korea's ranking among major countries by foreign exchange reserves on Thursday, ending a practice that had continued for more than 25 years. In its monthly report on foreign exchange reserves released Thursday morning, the central bank left out the section showing Korea's ranking among major countries, a figure it had routinely included in its releases. It was the first time since February 2001 that the BOK had omitted Korea's global ranking from its monthly report, ending a practice that began after the country recovered from the 1997-98 Asian financial crisis. The central bank first began publishing the names and reserve holdings of the world's top 10 countries in February 2001. Foreign exchange reserves have long been viewed as a key indicator of Korea's ability to meet external payment obligations, making the ranking a closely watched measure among market watchers both home and abroad. The decision to remove the data raised eyebrows, particularly as the central bank initially did not give any explanation for the change. "The rankin

Sep 3, 2026By Lee Hyo-jin
BOK stops disclosing Korea's FX reserve ranking to prevent ranking swings from distorting external sector fundamentals
Banking & Finance

Major banks shrink entry-level hiring amid AI shift

Korea's major banks are hiring fewer entry-level employees as they expand the use of artificial intelligence (AI) and continue to close branches, making the job market tougher for young people seeking careers in finance, industry officials said Wednesday. The banks have recently begun their open recruitment for the second half of the year. Woori Bank is accepting applications through Aug. 8. While it has not disclosed how many people it plans to hire, the bank is expected to recruit fewer than 100 new employees, down sharply from the 190 it hired in the second half of last year. KB Kookmin Bank is taking applications for about 160 entry-level positions through Sept. 9, while the Industrial Bank of Korea plans to hire 175 new employees, with applications open through Sept. 14. Other major banks are expected to announce their hiring plans soon, but industry officials say the overall number of positions is unlikely to increase. The trend is already evident in figures shown in the first half of this year. The country's four major banks — KB Kookmin, Shinhan, Hana and Woori — hired a combin

Sep 2, 2026By Lee Hyo-jin
Major banks shrink entry-level hiring amid AI shift
Banking & Finance

Foreign workers take on bigger roles in Korea's financial industry

Oleg Smagin's workday in Seoul looks much like that of his Korean colleagues. The 31-year-old Russian national works as a senior manager in JB Financial Group's AX Strategy Division at its Seoul office in Yeouido, the heart of Korea's financial district. His work involves market research, writing reports, attending meetings and keeping track of regulatory developments across the financial sector. He usually has lunch with his colleagues and joins after-work gatherings, a familiar part of Korean office culture. Having joined JB Financial in June 2025, Smagin focuses on finding new business opportunities related to digital assets. "My main task is to explore business strategies related to digital assets, particularly how assets such as stablecoins can be connected with existing financial services to create new products and services," Smagin said in a recent interview with The Korea Times, speaking in fluent Korean. Smagin first came to Korea as an exchange student in 2014 and eventually decided to settle here. His current role allows him to put his academic background in economics and previ

Sep 2, 2026By Lee Hyo-jin
Foreign workers take on bigger roles in Korea's financial industry
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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.