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Lee Kyung-min

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Economy

Customs violations by Chinese visitors feared to surge amid visa waiver program

Concerns are mounting over a sharp increase in customs violations by inbound Chinese tourists, amid the government’s push to expand visa waiver program, according to lawmakers Tuesday. They warn that government efforts to promote visa waivers for Chinese nationals to boost domestic tourism come amid concerns that the current customs system remains ill-equipped to handle the rising volume of illegal imports and smuggling, posing a risk to national security and public safety. According to data provided by the Korea Customs Service to Rep. Lee In-seon of the main opposition People Power Party, Chinese nationals committed nearly 72,000 customs violations between 2020 and September this year. Over 17,000 violations occurred in the first nine months of this year. The violations included bringing goods into the country exceeding per-person duty-free limits, and importing banned items such as illegal pharmaceuticals and knives. Attempts to smuggle counterfeit products were also identified. In some cases, they were caught using tourist visas to bring large quantities of goods to sell in Korea. Th

Oct 21, 2025By Lee Kyung-min
Customs violations by Chinese visitors feared to surge amid visa waiver program
Economy

Binance urged to compensate GoFi victims after gov't approval of GOPAX takeover

Calls are growing for Binance, the world’s largest crypto exchange, to compensate victims of GoFi, a deposit service of Korean cryptocurrency exchange GOPAX, after a lawmaker raised the issue during a parliamentary committee, market watchers said Tuesday. Rep. Min Byung-dug of the ruling Democratic Party of Korea questioned Financial Services Commission (FSC) Chairman Lee Eog-weon Monday, citing the financial authority’s recent approval of Binance’s move to take over GOPAX. GoFi is an interest-paying product from GOPAX for investors who deposited cryptocurrencies. However, following the 2022 bankruptcy of the FTX crypto exchange, customer funds were frozen. Around 3,000 investors have a combined 150 billion won’s ($106 million) worth of funds frozen. The lawmaker said full compensation to victims was a key condition of the acquisition, but Binance has not yet submitted a plan. “This is a merger not backed by capital,” Min said during a National Policy Committee hearing. Binance had initially sought to enter the Korean market by acquiring GOPAX on the condition of assuming GoFi

Oct 21, 2025By Lee Kyung-min
Binance urged to compensate GoFi victims after gov't approval of GOPAX takeover
Economy

BOK head vows not to increase liquidity amid soaring home prices

Bank of Korea Gov. Rhee Chang-yong cautioned Monday that increasing liquidity could further fuel the real estate market craze, hinting the central bank will not cut the key interest rate any time soon. His comment came just three days before the central bank’s rate-setting meeting slated for Thursday and amid renewed signs of property overheating began in September. “Housing supply in Seoul will not be able to keep up if population inflows continue into the capital area,” Rhee said during a National Assembly Strategy and Finance Committee audit of the central bank. “Education systems including college admissions must be resolved to curb the population influx into the capital city, a prerequisite for stabilizing Seoul housing prices.” The issue of real estate overheating is too complex to be resolved by a single policy, he said. “Real estate prices are tied to income distribution, population concentration in the Seoul capital area and household debt. Structural changes are necessary, even though there is no silver bullet to satisfy everyone.” Challenges of policy reform will

Oct 20, 2025By Lee Kyung-min
BOK head vows not to increase liquidity amid soaring home prices
Banking & Finance

Risk-heavy bitcoin falls while gold soars

Gold is soaring, largely driven by investors flocking to safe-haven assets, while risk-filled bitcoin is taking a dive, market watchers said Monday. The precious metal is expected to continue its monthslong record-breaking rally, unlike cryptocurrencies, which are expected to tank to $70,000 amid a cyclical downturn. “Investors are turning to traditional safe-haven assets, prodded by global trade tensions and heightened geopolitical risks,” Standard Chartered Korea strategist Hong Dong-hee said. “Months of uncertainties involving U.S.-China trade relations have driven demand for gold. Further, central banks are increasing their gold reserves, indicating the precious metal’s strength as a hedge asset in times of uncertainty.” In addition, an increasing number of investors are attracted by the limited volatility of gold, Hong said. “Gold investors tend not to seek immediate short-term rapid gains, compared to equity or crypto investments, for example. Rather, an increase in holdings of gold signals that it is considered a reliable source of investment during unstable market co

Oct 20, 2025By Lee Kyung-min
Risk-heavy bitcoin falls while gold soars
Banking & Finance

KSD runs startup accelerator program to offer mentoring, investment opportunities

The Korea Securities Depository (KSD) is expanding its “K-Camp,” a startup accelerator program, in a move to promote balanced growth of the startup ecosystem across the country, the stock and bonds deposit service provider said Sunday. The program launched in 2019 seeks to provide mentorship and investment opportunities to budding startups located outside Seoul and Gyeonggi Province. It has created jobs and attracted investment, establishing itself as a model for sustainable startup development — one that balances capital mobilization, talent distribution and balanced regional economic growth, according to the KSD. "K-Camp's role will be expanded to identifying and fostering innovation-driven industry players. Its mission is to address the longstanding imbalance in Seoul-centralized startup investment landscape," the company said. It operates in five regions — Daejeon, Gwangju, Daegu, Gangwon Province and Jeju Island. Budding startups founded within the past six years are provided with tailored mentoring, investment matchmaking and post-program assistance. Over 308 startups have co

Oct 19, 2025By Lee Kyung-min
KSD runs startup accelerator program to offer mentoring, investment opportunities
Banking & Finance

KB Financial explores support strategies for advanced industries, startups at GITEX Global 2025

KB Financial Group dispatched a delegation to GITEX Global 2025, the world’s largest ICT exhibition hosted by the Dubai Digital Authority, from Monday to Friday at the Dubai World Trade Centre, the group said Sunday. In attendance were over 6,500 firms, investors and institutions from more than 180 countries. They showcased next-generation technologies and industry trends, sharing strategies for driving digital innovation and securing future growth engines. The group’s participation sought to strengthen commercialization and global expansion of startups, as mediated by the KB Starters program, the group’s initiative to foster budding, high-potential industry players. The delegation led by Lee Chang-kwon, KB Financial’s head of digital & IT, met with local venture capital firms and government-affiliated organizations to discuss digital finance corporation. They visited the booths of autonomous driving startups to explore growth strategies for high-tech industries and startups. KB officials focused on gaining deeper insights into industry dynamics across artificial intelligence (AI)

Oct 19, 2025By Lee Kyung-min
KB Financial explores support strategies for advanced industries, startups at GITEX Global 2025
Economy

Surging food prices, housing costs exacerbate burden on consumers

Kim Soo-jin, 41, mother of two, said she feels grocery shopping is increasingly becoming stressful for her. “I find myself worrying about how I’m going to make meals with all [of the] ingredient prices [being] so high,” she said. “A pack of fried chicken used to be 8,000 won ($5.6), now it’s well over 12,000 won. Fruits and vegetables are so expensive now. I spend well over 200,000 won for a week to feed my family." Park Sang-woo, 33, an office worker, shares a similar sentiment. He lives in a studio apartment in Gangseo District, western Seoul. “My monthly rent hasn’t changed, but utility fees are higher. Electricity, gas and everything else,” he said. “I remember the monthly management fees I paid to the apartment operator used to be under 150,000 won, but now it is close to 200,000 won. This is something I can’t cut back on. So I have to spend less on other things such as clothing, which seem to be getting more expensive.” They are among many who feel that the cost of living — including housing, food and clothing — has been rising at a pace that outstrips the

Oct 17, 2025By Lee Kyung-min
Surging food prices, housing costs exacerbate burden on consumers
Banking & Finance

Hana Financial to spend $70 bil. on AI, exports, inclusive finance

Hana Financial Group plans to spend 100 trillion won ($70 billion) over five years to strengthen artificial intelligence (AI) financing and assist exporters, small businesses and low-income groups, it said Thursday. The initiative is part of the group’s efforts to advance what it has termed a “Korea Premium” era where finance is elevated as a national growth driver beyond profit-seeking. The drive is one of the largest private-led financial projects in Korea, with a focus away from household mortgage financing and toward more productive, inclusive and innovation-driven investments. The group’s bank, brokerage, capital, insurance and venture capital subsidiaries will be mobilized for the unified growth strategy. Woori Financial announced a similar plan on Sept. 29. “This is more than setting a target — this is a statement of future direction,” said Hana Financial Group Chairman Ham Young-joo. “We are committed to reshaping finance into a vehicle that truly supports people and progress.” Of the total planned expenditure, 84 trillion won will be spent to bolster “productiv

Oct 16, 2025By Lee Kyung-min
Hana Financial to spend $70 bil. on AI, exports, inclusive finance
Banking & Finance

Korea's digital economy, advanced payment systems bolster global crypto leadership

Asia is moving fast to turn stablecoins from niche payment tools into core financial infrastructure. Japan has already launched pilots where yen-backed stablecoins are used for securities settlement, with Singapore and Hong Kong laying down clear rules for bank-issued tokens. According to Maghnus Mareneck, co-CEO of Cosmos Labs, a U.S. blockchain firm, Korea has the right foundations to follow this path, boasting a highly digitized economy, advanced payment systems and consumers who are comfortable using digital wallets. “The opportunity for Korea is to extend its leadership in digital payments by positioning the Korean won as a trusted, valuable settlement currency in Asia’s digital economy, not limited to Korea, but integrated across the region,” Mareneck said in a recent interview with The Korea Times. “Cross-border pilots with Japan show that regional adoption is moving from theory to practice.” He expects stablecoins to become a key future settlement infrastructure for the Korean financial system in the next five years. “It is realistic and within reach. Over the next fiv

Oct 16, 2025By Lee Kyung-min
Korea's digital economy, advanced payment systems bolster global crypto leadership
Economy

Gold, silver bars sell out as popular 'safe' asset

Lee Jong-won, an office worker in his 30s, visited a bank branch in Seoul last week to buy gold bars, only to be shocked that they had all sold out. “I wasn’t looking to get rich fast. I just wanted something safe,” he said. Lee said he would settle for silver, but they were unavailable as well. “Gold made sense given everything — the economy, still-high borrowing costs and prices of everything going up. I thought silver might be the next best choice. But apparently, I wasn’t the only one thinking that.” Lee is among many who are rushing to buy gold and silver to protect their assets in an uncertain economic environment. The collective move has led to demand outpacing the supply, and as a result many commercial lenders are experiencing a shortage of gold and silver bars. Also surging are gold banking balances at the commercial lenders. Gold banking is a process whereby customers can buy and sell gold using their bank accounts. According to the banking sector, both gold bars and silver bars are selling out, and some banks are reporting delivery delays of over 10 days due to in

Oct 15, 2025By Lee Kyung-min
Gold, silver bars sell out as popular 'safe' asset
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