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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

Seoul stocks slip on fragile US-Iran ceasefire

Seoul stocks fell Thursday as foreign investors turned cautious over lingering uncertainties surrounding a fragile ceasefire between the United States and Iran, with disagreements persisting over the scope of the truce. The benchmark KOSPI closed at 5,778.01, down 94.33 points, or 1.61 percent, from the previous session, after opening at 5,826.45 and extending losses as foreign investors led a broad sell-off. Foreign investors offloaded 873.4 billion won ($589.8 million), weighing on the index, while retail investors and institutions moved to cushion the decline, buying a net 296.1 billion won and 207.7 billion won, respectively. Market bellwethers also weakened. Samsung Electronics fell 3.09 percent to 204,000 won, while SK hynix dropped 3.39 percent to 998,000 won. A similar pattern played out on the tech-heavy Kosdaq, where the index opened at 1083.40, down 0.59 percent from the previous session, and extended losses to close at 1,076.00, down 1.27 percent. Investor sentiment remained on edge as the two-week ceasefire between the U.S. and Iran showed signs of strain following renewed Isr

Apr 9, 2026By Lee Hyo-jin
Seoul stocks slip on fragile US-Iran ceasefire
Banking & Finance

IBK workers uneasy over politicians' push to relocate bank to Daegu

A renewed push by politicians to relocate the headquarters of the state-run Industrial Bank of Korea (IBK) to the southeastern city of Daegu is raising concerns among bank employees, labor union officials said Thursday. The proposal has gained traction across party lines ahead of the June 3 local elections, as candidates in Daegu seek to appeal to voters with pledges to bring the bank's headquarters to the city. IBK, a major lender to small and medium-sized enterprises (SMEs), is currently headquartered in Seoul's Jung District and plays a key role in implementing government-backed financing programs. Kim Boo-kyum, a former prime minister and Daegu mayoral candidate from the ruling Democratic Party of Korea, has floated the relocation as a key campaign pledge. In a recent media interview, Kim said, "There are about 3,000 SMEs in Daegu. Since IBK was launched to support these businesses, it makes sense for it to be headquartered here." Similar calls have long been made by members of the main opposition People Power Party (PPP), which has traditionally enjoyed strong support in the city. Rep

Apr 9, 2026By Lee Hyo-jin
IBK workers uneasy over politicians' push to relocate bank to Daegu
Banking & Finance

Asset managers race to roll out space-themed ETFs ahead of SpaceX IPO

Korean asset managers are rushing to roll out U.S. aerospace-themed exchange-traded funds (ETFs) ahead of the widely anticipated initial public offering (IPO) of Elon Musk's SpaceX in June, industry officials said Wednesday. Shinhan Asset Management said it plans to launch SOL U.S. Space and Aerospace TOP 10 ETF later this month, which will invest exclusively in American companies closely tied to the space industry. An ETF is a basket of securities, such as stocks or bonds, that tracks a specific index. "Investor interest in the U.S. space and aerospace sector has grown on the back of developments such as SpaceX’s listing plans and recent progress in NASA’s Artemis program mission. The ETF will focus on commercial space companies, excluding defense firms," a Shinhan official said. Mirae Asset Global Investments is also preparing to launch a U.S. space technology-themed ETF this month, focusing on listed companies in the sector, while Korea Investment Management is planning a similar product. Unlike most ETFs that passively track an index, Korea Investment Management's fund is expected

Apr 9, 2026By Lee Hyo-jin
Asset managers race to roll out space-themed ETFs ahead of SpaceX IPO
Banking & Finance

KakaoBank targets Mongolia as next market in global expansion

KakaoBank is turning to Mongolia as the next step in its global strategy, building on the success of its expansion in Indonesia and Thailand, CEO Yun Ho-young said Wednesday. Speaking at a press conference in Seoul, Yun said the move is significant because it exports the bank's proven model of inclusive finance beyond Korea. "Mongolia represents a meaningful step in bringing KakaoBank's inclusive finance model, proven in Korea, to the global stage. We will use our achievements in Indonesia and Thailand as a springboard to expand further into global markets," he said. The country's largest internet-only bank plans to transfer its proprietary credit scoring system "KakaoBank Score" to a Mongolian financial institution, using nonfinancial data to improve credit assessment. The strategy in Mongolia builds on the bank's expansion in the Southeast Asian market. Indonesia's Superbank — KakaoBank's first overseas investment — debuted on the Indonesia Stock Exchange in December 2025 and has since emerged as a fast-growing digital bank in the country. In Thailand, KakaoBank is preparing to launc

Apr 8, 2026By Lee Hyo-jin
KakaoBank targets Mongolia as next market in global expansion
Banking & Finance

Seoul Fintech Lab launches XRPL-based startup program with Ripple

Seoul Fintech Lab has launched a three-month program aimed at helping turn digital asset ideas into businesses, offering funding opportunities and hands-on support through the XRP Ledger (XRPL) ecosystem. According to the city-backed fintech incubator on Tuesday, participants in the Korea Financial Innovation Program 2026 will receive support on business consulting, legal advisory and networking opportunities with industry partners. The program will also offer potential investment reviews and incubation opportunities at the lab. The program is backed by San Francisco-based fintech company Ripple as the main sponsor, with participation from partners including Industrial Bank of Korea, Hana Bank, Toss, DB Insurance and the Korea Fintech Industry Association. Applications, which opened on April 1, will be accepted through May 6. The program is open to individuals and teams with business ideas based on XRPL-powered digital asset services. Following a document screening process through May 13, a dozen teams will advance to the final round at a pitch event scheduled for June 25. During the proce

Apr 7, 2026By Lee Hyo-jin
Seoul Fintech Lab launches XRPL-based startup program with Ripple
Policy

7th consecutive rate hold looms as Middle East risks weigh on economy

The Bank of Korea (BOK) is widely expected to keep its interest rate unchanged at 2.5 percent at Friday's monetary policy board meeting, market watchers said Tuesday, as rising Middle East tensions add to inflation and foreign exchange risks. The central bank has held the benchmark interest rate steady for six consecutive meetings, and analysts view the current economic backdrop as leaving little room for a policy shift. With inflation and foreign exchange volatility rising amid increasingly prolonged conflict in Iran, the BOK faces a policy dilemma. A rate cut could fuel inflationary pressures, while a hike risks deepening the economic slowdown and clashing with the government’s expansionary fiscal policy, including a planned 26.2 trillion won ($17.3 billion) supplementary budget. Joo Won, a senior researcher at the Hyundai Research Institute, said the six members of the monetary policy board are likely to unanimously hold rates at Friday's meeting. "With liquidity expected to be injected through the supplementary budget, a rate cut could further fuel inflationary pressures," Joo said

Apr 7, 2026By Lee Hyo-jin
7th consecutive rate hold looms as Middle East risks weigh on economy
Economy

Blue chips lead market higher despite Trump's expletive-laden threats on Iran

Korea's benchmark KOSPI closed higher Monday, supported by institutional buying and gains in major tech shares, despite lingering uncertainty in the Middle East following U.S. President Donald Trump's escalating threats toward Iran. Investors positioned ahead of Samsung Electronics' preliminary earnings for the first quarter set for Tuesday, helping lift overall market sentiment. The KOSPI opened at 5,423.35, up 46.05 points, or 0.86 percent, from the previous session. It traded around the 5,430 level before briefly climbing above 5,500 at around 11:20 a.m., and closed at 5,450.33, up 1.36 percent. Institutional investors bought a net 837.1 billion won ($555.5 million), leading the market higher. Retail and foreign investors sold a net 1.05 trillion won and 156.3 billion won, respectively. Market bellwethers traded higher. Samsung Electronics rose 3.71 percent to 193,100 won ahead of its preliminary earnings release scheduled for Tuesday, with some market watchers expecting operating profit to surpass 40 trillion won for the first time on strong demand for premium memory chips. SK hynix g

Apr 6, 2026By Lee Hyo-jin
Blue chips lead market higher despite Trump's expletive-laden threats on Iran
Economy

BOK chief nominee's heavy overseas assets raise eyebrows

Bank of Korea (BOK) Gov. nominee Shin Hyun-song drew scrutiny Monday over his sizable overseas assets, which could raise potential conflicts of interest as he prepares to oversee foreign exchange policy. According to data submitted to the National Assembly ahead of his confirmation hearing, Shin reported total family assets of 8.24 billion won ($5.46 million), including his own holdings, along with those of his spouse and their son. Of that, 4.57 billion won, or 55.5 percent, are overseas financial assets and real estate. Excluding real estate, Shin's financial assets totaled about 4.6 billion won, with roughly 98 percent held abroad. The portfolio includes deposits in U.S. dollars, British pounds and euros, as well as U.K. government bonds. Shin's heavy ratio of foreign assets appears to stem from his decades-long career abroad, including academic posts at Oxford University, the London School of Economics and Princeton University, as well as his latest role as an economic adviser at the Bank for International Settlements. Still, the structure of his assets is expected to face close scru

Apr 6, 2026By Lee Hyo-jin
BOK chief nominee's heavy overseas assets raise eyebrows
Banking & Finance

Fraud-linked bank accounts surge despite regulator's warning

Bank accounts linked to financial fraud in the past three months have nearly doubled from a year earlier, underscoring persistent vulnerabilities despite increased regulatory warnings. Banking industry officials said Friday that efforts to prevent accounts from being used in crimes such as voice phishing and other scams have been intensified, but the number of suspicious accounts continues to rise. According to data from the Financial Supervisory Service (FSS), more than 7,700 accounts across nine major banks — KB Kookmin, Shinhan, Hana, Woori, NH NongHyup, iM Bank, KakaoBank, Kbank and Toss Bank — were linked to financial fraud in the first quarter, compared with 3,784 during the same period last year. Fraud-linked accounts were highest at iM Bank with 1,653, followed by Hana with 1,511, Woori with 1,404 and KakaoBank with 1,017. The surge comes despite heightened warnings over financial scams and intensified government efforts to curb financial crime. Since last year, authorities have been pushing legislation that would introduce a "no-fault liability" rule requiring financial insti

Apr 4, 2026By Lee Hyo-jin
Fraud-linked bank accounts surge despite regulator's warning
Policy

Korea to exempt shipping surcharges from tariffs amid Hormuz disruptions

Korea will temporarily exempt additional shipping costs from tariffs on Middle East imports rerouted due to disruptions in the Strait of Hormuz, the government said Friday, as concerns mount over raw material shortages. The government will also fast-track customs clearance for key energy and raw materials to ease supply bottlenecks. The measures are part of a broader deregulatory package announced by the Ministry of Economy and Finance, in coordination with other agencies such as the industry ministry and Korea Customs Service, aimed at stabilizing supply chains without additional fiscal spending. "The government will exclude additional shipping costs caused by detours around the Strait of Hormuz from import duty calculations, easing the burden on importers," First Vice Finance Minister Lee Hyoung-il said during a briefing. Officials said the changes will be reflected in a planned revision to the enforcement decree of the Customs Act next week, and will be applied retroactively to shipments already affected by sharp increases in freight costs. The decision comes as freight rates have surg

Apr 3, 2026By Lee Hyo-jin
Korea to exempt shipping surcharges from tariffs amid Hormuz disruptions
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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.