my timesThe Korea Times
lhj

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.

Go to Email

Read more

Economy

8% youth savings plan faces test as stock market booms

The appeal of a new government-backed savings program for young people, which opened for applications on Monday, is being put to the test as a stock market frenzy draws younger investors into equities. According to the Financial Services Commission (FSC), applications for the Youth Future Savings Plan will be accepted for two weeks through July 3 at 15 major banks. The program is available to individuals aged 19 to 34. Applicants must meet income requirements based on earnings from the previous year. The general tier is available to those who earn a salary of up to 60 million won ($39,000) a year, as well as small business owners with annual sales of up to 300 million won. The three-year savings product allows subscribers to deposit up to 500,000 won a month. It offers a base interest rate of 5 percent, which can rise to as much as 7 to 8 percent depending on the bank and eligibility for additional incentives. The government will provide contributions equivalent to 6 percent or 12 percent of monthly deposits, depending on income levels, while exempting interest income from taxation. The F

Jun 22, 2026By Lee Hyo-jin
8% youth savings plan faces test as stock market booms
Economy

Gov't wary of chip boom liquidity spilling into housing market

Policymakers are growing increasingly concerned that a wave of liquidity generated by the ongoing semiconductor boom could spill over into Korea's already overheated housing market, fueled by record-high bonus payouts and low-interest employee loans at Samsung Electronics and SK hynix. Industry estimates suggest that bonus payouts and employee housing loan programs at the two chipmakers could unleash as much as 53 trillion won ($34.6 billion) in liquidity by next year, raising worries about further pressure on the housing market. The figure includes about 23 trillion won in bonus-related cash and more than 30 trillion won in low-interest housing loans available to employees. The estimates come as both companies prepare to roll out large bonus packages driven by the global artificial intelligence-driven semiconductor boom. SK hynix, which allocates 10 percent of its annual operating profit to employee bonuses, is expected to set aside about 26 trillion won for incentive payments based on forecasts that it will post an operating profit of 260 trillion won this year. The company also offers

Jun 21, 2026By Lee Hyo-jin
Gov't wary of chip boom liquidity spilling into housing market
Banking & Finance

Woori Financial steps up productive finance with $6.5 bil. boost

Woori Financial Group will expand its productive and inclusive finance programs by a combined 10 trillion won ($6.5 billion), stepping up support for strategic industries while broadening assistance for vulnerable borrowers, the company said Sunday. The decision was made during a Friday meeting of senior executives from Woori's affiliates led by Chairman Yim Jong-yong, where participants reviewed progress under the group's productive and inclusive finance initiative, dubbed the Future Shared Growth Project. The financial group said it will add 9.4 trillion won in productive financing and 600 billion won in inclusive finance, bringing the project's total size to 90 trillion won. Most of the increase will be directed toward productive financing. Woori said it plans to provide the additional 9.4 trillion won over the next two years, including 5.7 trillion won this year and 3.7 trillion won next year, to support strategic industries, exporters and other sectors viewed as key drivers of future growth. The group also plans to significantly expand its inclusive finance programs this year. It will

Jun 21, 2026By Lee Hyo-jin
Woori Financial steps up productive finance with $6.5 bil. boost
Banking & Finance

All-in-one apps emerge as new battleground among financial groups

Major financial groups are stepping up efforts to consolidate banking, securities, card and insurance services into single mobile platforms, intensifying competition to build all-in-one financial apps, industry officials said Thursday. The latest move came from Shinhan Financial Group, which on Wednesday unveiled its new integrated financial platform, Shinhan Super SOL, as part of a broader strategy to unify services across its banking, card, securities and insurance affiliates. According to the company, the upgraded platform allows customers to access banking, card, securities and insurance functions through one application, reducing the need to repeatedly log in or switch between apps. The launch reflects a broader industry trend as major financial groups seek to strengthen customer loyalty and increase user engagement within their digital ecosystems. Other financial groups are pursuing similar strategies. Earlier this year, Hana Bank overhauled its Hana One Q app to integrate deposits, loans, foreign exchange and card-related services into a single platform. Woori Bank has expanded the

Jun 18, 2026By Lee Hyo-jin
All-in-one apps emerge as new battleground among financial groups
Economy

US Fed's hawkish hold strengthens case for BOK rate hike in July

The U.S. Federal Reserve's hawkish signal has reinforced expectations that the Bank of Korea (BOK) will raise interest rates as early as next month, market observers said Thursday. With inflation concerns persisting in both countries, monetary officials in Washington and Seoul are increasingly focused on restoring price stability, potentially marking the start of a renewed tightening cycle in both economies. The Fed held its benchmark interest rate steady Wednesday (local time) in its first policy decision since Kevin Warsh became its chair. The U.S. central bank unanimously left the federal funds rate unchanged at 3.5 percent to 3.75 percent, marking its fourth consecutive pause. The latest dot plot showed that nine of the 19 Federal Open Market Committee participants expected interest rates to be higher than current levels for the rest of this year. Warsh did not submit a rate projection. The Fed's hawkish stance has added to pressure on the BOK to tighten its policy, as officials here seek to contain inflation and limit the impact of a wide interest rate gap with the United States. Mar

Jun 18, 2026By Lee Hyo-jin
US Fed's hawkish hold strengthens case for BOK rate hike in July
Economy

Inflation to remain above 3% in 2nd half despite US-Iran deal: BOK

Korea's consumer inflation is expected to remain around 3 percent in the second half of the year as the impact of elevated oil prices stemming from the Middle East conflict continues to filter through the economy, the Bank of Korea (BOK) said Wednesday. Although a ceasefire agreement between the United States and Iran has raised hopes for an end to the monthslong war, the BOK said price pressures fueled by higher energy costs are likely to spread beyond petroleum products to other goods and services in the coming months. "Although geopolitical tensions have eased somewhat following the ceasefire agreement between the U.S. and Iran, upside risks to inflation remain," BOK Gov. Shin Hyun-song said during a press briefing. "It could take considerable time for energy supply chains to normalize and for oil prices to stabilize. Higher energy costs could also gradually spill over into other goods and services," he said. Despite recent declines in oil prices as expectations rise that shipping through the Strait of Hormuz will normalize, Shin said the central bank would look beyond short-term mark

Jun 17, 2026By Lee Hyo-jin
Inflation to remain above 3% in 2nd half despite US-Iran deal: BOK
Economy

US-Iran peace deal unlikely to cool BOK's rate-hike bets

A tentative ceasefire agreement between the United States and Iran has fueled hopes of lower oil prices, but expectations for a Bank of Korea (BOK) rate hike remain largely unchanged as inflation risks persist, analysts said Tuesday. The BOK has maintained a hawkish tone in recent months, citing inflationary pressures fueled by the Iran conflict. The U.S.-Iran ceasefire agreement, announced Monday and expected to include plans to reopen the Strait of Hormuz, has eased immediate concerns over energy supply disruptions in the Middle East. Analysts cautioned, however, that the implications for Korea's inflation outlook remain uncertain and will require closer monitoring in the coming months. Even if shipping through the key waterway returns to normal, damaged energy infrastructure in the Middle East could take time to recover, and global supply chains may not immediately return to pre-Iran war conditions, they said. Analysts also noted that changes in oil prices typically take time to feed through to consumer inflation, meaning any easing in price pressures is unlikely to be immediate. Joo Wo

Jun 16, 2026By Lee Hyo-jin
US-Iran peace deal unlikely to cool BOK's rate-hike bets
Economy

BTS concert boosts foreign spending at Busan's traditional markets

Foreign tourist spending in Busan rose during the week of BTS' concert in the city, with traditional markets among the biggest beneficiaries, according to data released by BC Card Tuesday. The card company analyzed spending by about 54,700 foreign visitors who used overseas-issued payment cards at affiliated businesses in Busan during the June 7-13 concert week. BTS marked its 13th anniversary with a large-scale concert in Busan on Friday and Saturday, drawing about 55,000 fans to the stadium. City officials estimated that about 200,000 foreign visitors traveled to the city before and after the event. During the concert week, total foreign card spending in the city increased 5.7 percent from the previous week and 73.3 percent from the same period a year earlier. The number of transactions rose 38 percent from the previous week and 97.3 percent from a year earlier. Traditional markets saw particularly strong gains. Spending by foreign visitors at traditional markets nearly doubled from a week earlier, rising 99.8 percent, while the number of transactions increased 16.1 percent. These figure

Jun 16, 2026By Lee Hyo-jin
BTS concert boosts foreign spending at Busan's traditional markets
Banking & Finance

KIS makes its move into digital asset industry

Korea Investors Service (KIS) continues to monitor the digital asset landscape in Korea and is exploring the feasibility of market participation, subject to the establishment of a regulatory framework, according to CEO Patrick Yoon. KIS, one of Korea's leading credit rating agencies and an affiliate of Moody's, has established a dedicated digital assets team and is developing methodologies that could be used to assess Korean won-backed stablecoins once legislation is in place. "Once won-backed stablecoins are created, an ecosystem needs to be built to ensure they can be used effectively. They need to function well not only in Korea but also overseas for a proper stablecoin system to take shape. We believe there is a role that KIS can play in that process," Yoon said in a recent interview with The Korea Times. "If we can establish a stablecoin assessment system tailored to Korea, the digital asset market can be evaluated more transparently and various risks can be managed more effectively," he added. The preparations come as lawmakers and financial regulators continue discussions on a leg

Jun 16, 2026By Lee Hyo-jin
KIS makes its move into digital asset industry
Banking & Finance

Woori Bank, Hyosung sign $1.32 bil. financing deal for advanced industries

Woori Bank said Monday that it signed an agreement with Hyosung Group to provide up to 2 trillion won ($1.32 billion) in credit financing over the next five years to support investments in strategic industries. The agreement was signed at Hyosung Group's headquarters in Seoul, with Woori Bank CEO Jung Jin-wan and Hyosung Vice Chairman Lee Sang-woon attending the ceremony. Under the agreement, Woori Bank will provide up to 2 trillion won in financing over the next five years to major Hyosung affiliates, including Hyosung Corp., Hyosung Heavy Industries, Hyosung TNC and Hyosung Neochem, as the group expands investments in advanced industries. A key feature of the arrangement is a preapproved credit limit system, which allows financing capacity to be secured in advance of planned investments. The structure is intended to reduce the time required for companies to obtain funding when investment projects move forward. Under the arrangement, Hyosung will be able to draw on previously approved financing as investment plans are implemented, avoiding the need to repeat loan approval procedures for

Jun 15, 2026By Lee Hyo-jin
Woori Bank, Hyosung sign $1.32 bil. financing deal for advanced industries
previous page
45678
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.