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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

Medical tourism drives foreign card spending in Korea

Medical tourism has emerged as the fastest-growing category of foreign visitor spending in Korea during the first half of the year, as overseas travelers increasingly combined health care with leisure activities, according to data released by BC Card on Monday. Based on transaction data from approximately 3.3 million foreign-issued payment cards, BC Card found that spending on medical services rose 98 percent from a year earlier, the fastest growth among all spending categories. Other sectors also posted solid growth, including accommodation (50.2 percent), health and beauty stores (50.5 percent) and apparel (56.3 percent). Medical tourism remained heavily concentrated in Seoul, which accounted for 92.8 percent of all medical spending by foreign visitors nationwide. The data also pointed to a shift in treatment preferences, with demand expanding beyond the plastic surgery traditionally sought by overseas visitors to include dermatology, pharmacy purchases and traditional Korean medicine. "A new medical tourism ecosystem is taking shape, linking health care services with shopping and other

Aug 3, 2026By Lee Hyo-jin
Medical tourism drives foreign card spending in Korea
Economy

Stock market turmoil spills into political dispute

The political fallout from recent stock market turmoil deepened Monday, as presidential chief of staff for policy Kim Yong-beom faced a criminal complaint over the rollout of single-stock leveraged exchange-traded funds (ETFs). Lee Jong-bae, a former Seoul Metropolitan Council member of the main opposition People Power Party (PPP), said he filed a criminal complaint with prosecutors against Kim, accusing him of abuse of authority, coercion and obstruction of business. Lee alleged that Kim pressured financial regulators to approve the leveraged ETFs, arguing that the government encouraged excessive speculation in the stock market. "Had it not been for Kim's push, financial regulators would not have rushed to introduce single-stock leveraged ETFs ahead of the local elections despite the significant risks they posed," Lee said. The complaint came as opposition parties stepped up pressure on the Lee Jae Myung administration over the controversial products tied to Samsung Electronics and SK hynix. Unlike conventional leveraged ETFs that track broad market indexes such as KOSPI 200 or S&P 500,

Aug 3, 2026By Lee Hyo-jin
Stock market turmoil spills into political dispute
Banking & Finance

Hana Financial rolls out groupwide campaign ahead of Incheon HQ relocation

Hana Financial Group has launched a groupwide promotion campaign ahead of the relocation of its headquarters to Cheongna International City in Incheon next month, in a bid to strengthen its presence in the region. According to the group, Sunday, the campaign, which runs through Sept. 30, brings together the group's major affiliates including Hana Bank, Hana Securities, Hana Card and Hana Savings Bank. Hana Bank will issue 50,000 preferential interest rate coupons that raise the annual interest rate on its monthly savings product to as much as 7 percent. Customers who sign up for the product will be entered into prize draws for rewards including vouchers for cruises departing from Incheon, hotel stays and dining packages. Hana Securities will also offer a promotional event for the first 70,000 customers who purchase at least one domestic stock. Participants will be eligible for prize drawings offering airline vouchers and domestic stock trading coupons worth up to 5,000 won ($3). Hana Savings Bank will launch a special savings product for Incheon residents, offering an annual interest rat

Aug 2, 2026By Lee Hyo-jin
Hana Financial rolls out groupwide campaign ahead of Incheon HQ relocation
Economy

Improved dollar supply fuels won's strongest monthly gain since 2009

The Korean won posted its strongest monthly gain against the U.S. dollar last month since March 2009, fueling optimism that the currency could strengthen below 1,400 won per dollar. This marks a sharp reversal from just weeks earlier when markets were bracing for the currency to weaken toward the 1,600 won-per-dollar level. Analysts said Sunday that the rebound was fueled by an improving dollar supply, as SK hynix converted part of the proceeds from its American depositary receipt (ADR) Nasdaq offering into won, while exporters stepped up dollar sales. In the Seoul foreign exchange market, the won ended onshore trading at 1,424.0 per dollar on Friday, the last trading day of July. The currency strengthened by 125.4 won against the dollar in July, an improvement from its June 30 close of 1,549.4 won, gaining 8.81 percent against the dollar. This marks its strongest monthly performance since March 2009, when the won strengthened by 150.5 won against the dollar during heightened volatility from the global financial crisis. The won weakened to as low as 1,559.2 per dollar on July 1, briefly

Aug 2, 2026By Lee Hyo-jin
Improved dollar supply fuels won's strongest monthly gain since 2009
Economy

Banks struggle with coin-filled vaults in cashless Korea

As Korea becomes increasingly cashless, banks are grappling with a problem — too many coins piling up in their vaults. The loose change, now rarely used, has become a growing logistical burden as lenders must store and eventually return it to the Bank of Korea (BOK). Industry officials say that handling coins is more burdensome than banknotes because they are heavier and more challenging to process. To cope with the growing volume of coin deposits, many bank branches accept coins only during designated hours. Customers feed the change into coin-counting machines, which sort and package the coins before exchanging them for banknotes or depositing the equivalent amount into their accounts. The packaged coins are then stored in branch vaults until they are transported to the BOK. "Banknotes move in and out, but coins are the real problem. Once they come in, they rarely leave. They take much longer to sort and count and are much heavier," said an official at a commercial bank branch in Gyeonggi Province. Branches in Seoul send collected cash to the BOK headquarters, while branches elsewhere

Jul 31, 2026By Lee Hyo-jin
Banks struggle with coin-filled vaults in cashless Korea
Banking & Finance

Banks scramble to respond to autonomous AI hacking threats

Banks and other financial companies are strengthening their cybersecurity by deploying artificial intelligence (AI)-powered security tools as the emergence of autonomous AI agents raises concerns over sophisticated cyberthreats, industry officials said Wednesday. Officials say that the financial sector is entering an "AI versus AI" era, where AI is increasingly being used not only to launch cyberattacks but also to detect vulnerabilities in advance and strengthen defenses. Major financial groups and their affiliated banks have recently accelerated the adoption of AI-based cybersecurity tools. Woori Financial Group launched its AI-powered penetration testing platform Xint in May. Xint uses AI to identify complex security vulnerabilities by replicating the techniques of ethical hackers. The platform has reduced security assessments that previously took about two weeks to less than 12 hours, enabling continuous testing, the company said. "Rather than simply scanning for known vulnerabilities, the platform uses AI trained on the attack methods and analytical techniques of ethical hackers to i

Jul 29, 2026By Lee Hyo-jin
Banks scramble to respond to autonomous AI hacking threats
Economy

BOK chief signals additional rate hikes to tame inflation

Bank of Korea (BOK) Gov. Shin Hyun-song reaffirmed the central bank's rate-hike stance Wednesday, reinforcing market expectations that another rate increase could come as early as August. "I believe it is most reasonable to maintain the rate-hike stance to bring down core inflation," Shin said during a National Assembly session in response to a lawmaker's question on whether the BOK plans to raise its benchmark interest rate one or two more times this year. "The timing and pace of any further rate hikes will depend on incoming economic data and overall economic conditions," he added. The remarks have reinforced expectations that the Monetary Policy Board could deliver a second consecutive rate hike at its next rate-setting meeting set for Aug. 27. The central bank raised its benchmark interest rate by 0.25 percentage points to 2.75 percent at its July 16 policy meeting, marking its first rate increase in three and a half years. At the time, the central bank cited persistent inflationary pressures alongside stronger-than-expected economic growth driven by robust semiconductor exports. Shin

Jul 29, 2026By Lee Hyo-jin
BOK chief signals additional rate hikes to tame inflation
Economy

'Black Tuesday': Seoul stocks crash over 10% as chip rout deepens

Korea's benchmark KOSPI plunged more than 10 percent Tuesday as a global semiconductor sell-off and concerns over intensifying competition from China's ChangXin Memory Technologies (CXMT) hammered chip stocks. KOSPI closed at 6023.63, down 10.84 percent from the previous session. It opened at 6400.27, or 5.26 percent lower, and extended losses throughout the session, briefly falling below the 6,000-point mark in afternoon trading. Heavy selling triggered a sell-side sidecar on the main bourse at 9:06 a.m., according to the Korea Exchange, marking the 22nd such sidecar this year. As losses deepened, a circuit breaker was activated at 10:14 a.m., halting trading for KOSPI-listed shares for 20 minutes. Foreign investors led the sell-off, offloading a net 4.98 trillion won ($3.41 billion) worth of shares. Retail investors were net buyers of 4.32 trillion won, while institutional investors purchased a net 638.7 billion won, but their buying was insufficient to offset the heavy foreign selling. Chipmakers bore the brunt of the sell-off. SK hynix plunged 14.65 percent to 1.55 million won, while

Jul 28, 2026By Lee Hyo-jin
'Black Tuesday': Seoul stocks crash over 10% as chip rout deepens
Economy

Foreign population tops 4% as Korea grapples with aging workforce

The share of foreign residents in Korea's population exceeded 4 percent for the first time in 2025, government data showed Tuesday, as growth in the foreign population offset a decline in Korean nationals and kept the country's overall population from shrinking. According to the annual census released by the Ministry of Data and Statistics, the number of foreign residents stood at 2.11 million as of November 2025, up 66,000, or 3.2 percent, from a year earlier. They accounted for 4.1 percent of Korea's total population of 51.82 million. Their share has risen steadily from 3.2 percent in 2021 to 3.4 percent in 2022, 3.7 percent in 2023 and 3.9 percent in 2024. The figures cover registered foreign residents who have stayed in Korea for more than three months. While the number of Korean nationals fell by 54,000, or 0.1 percent, to 49.71 million, growth in the foreign population kept the country's total population from shrinking. The overall population rose by 12,000, or 0.02 percent, from a year earlier. "The increase in the overall population was driven by growth in the foreign population d

Jul 28, 2026By Lee Hyo-jin
Foreign population tops 4% as Korea grapples with aging workforce
Economy

KOSPI ends slightly higher after intraday swings

Korea's benchmark KOSPI closed nearly 1 percent higher Monday after a choppy session, as semiconductor stocks remained volatile following the Shanghai debut of China's ChangXin Memory Technologies (CXMT). KOSPI ended at 6,755.75, up 0.97 percent from the previous session, according to the Korean Exchange. The index opened at 6,806.27 before falling to as low as 6,557.39 during the session, but recovered in afternoon trading. Foreign investors were net sellers of 2.89 trillion won ($1.97 billion), while retail and institutional investors were net buyers of 1.98 trillion won and 862.4 billion won, respectively. Market bellwethers ended higher, with Samsung Electronics rising 1.8 percent to 254,000 won and SK hynix gaining 3.41 percent to 1.816 million won. Notably, shares of Naver surged 8.43 percent to close at 225,000 won after Nvidia announced earlier in the day that it would acquire a 4.5 percent stake in the company through a $1 billion strategic investment. Investors welcomed a $950 billion Korea-U.S. artificial intelligence (AI)-related partnership announced on Saturday during Presid

Jul 27, 2026By Lee Hyo-jin
KOSPI ends slightly higher after intraday swings
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