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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Crypto becomes gateway for money laundering amid investor craze

Concerns are growing that cryptocurrencies are increasingly being used as a means of money laundering and illegal foreign exchange (FX) transactions, a ruling party lawmaker said Monday. The development comes amid surging popularity of cryptocurrency investment, with the number of digital asset holders surpassing 10 million for the first time. This also increases the regulatory challenge of balancing innovation with investor protection, since a surge in suspicious transaction reports without timely crackdowns can fuel illicit cross-border activities involving Korean won-denominated stablecoins. According to data submitted to Rep. Jin Sung-joon of the ruling Democratic Party of Korea, the Korea Financial Intelligence Unit (KoFIU) received 36,684 reports of suspicious activity from virtual asset service providers from January to August. The figure has seen an explosive increase from 199 in 2021, surpassing 10,000 in 2022 and hitting nearly 20,000 in 2024. Over the same period, crypto-linked crimes referred for prosecution totaled sums of more than 9.5 trillion ($7.1 billion). Over 90 percent

Sep 22, 2025By Lee Kyung-min
Crypto becomes gateway for money laundering amid investor craze
Economy

Betting polarizes between buying and selling as KOSPI nears 3,500

A surge in both leveraged buying and short-selling underpinning the recent rally of the main bourse KOSPI is raising questions about sustainability, market watchers said Sunday. The leveraged buying is explained in large part by retail and institutional investors pouring borrowed funds into the stock market, buoyed by recent favorable macroeconomic conditions, including monetary easing cycle, as well as the Lee Jae Myung administration’s push for “KOSPI 5,000.” Also boosting investor confidence are semiconductor-led earnings growth and improving liquidity conditions — all of which may contribute to an extended bullish sentiment and increased equity holdings. However, equally strong is short-selling demand, propped up by skepticism that the recent short-term rapid surge in the KOSPI will undergo a correction that will be just as fast and sharp. Critics say leveraged borrowing seeking immediate gains will fuel speculation, leading to heightened volatility and investor losses on the signs of faltering economic conditions. According to Korea Financial Investment Association data, the

Sep 21, 2025By Lee Kyung-min
Betting polarizes between buying and selling as KOSPI nears 3,500
Banking & Finance

MBK's alleged cut to Lotte Card cybersecurity spending raises eyebrows after data theft

MBK Partners, the majority shareholder of Lotte Card, cut intangible investments in the card issuer, including cybersecurity spending, fueling criticism that the private equity fund prioritized profitability over cybersecurity while exposing millions of customers’ personal information and undermining its brand reputation, market watchers said Friday. The criticism comes amid pan-government investigations into the massive data breach at Lotte Card and unauthorized transactions at KT, a telecommunications firm. Financial regulators are raising concerns that the private equity firm may have deliberately curtailed IT and security investments in the Lotte subsidiary after acquiring it in 2019, in a move to boost margins ahead of a future sale. According to Financial Supervisory Service (FSS) data, investment in Lotte Card’s intangible assets — including software, digital infrastructure and IT system maintenance — dropped to 140.5 billion won ($100 million) in the first half of this year, down from 217.3 billion won in 2019. This is in contrast with Shinhan Card, Hyundai Card and KB Ko

Sep 19, 2025By Lee Kyung-min
MBK's alleged cut to Lotte Card cybersecurity spending raises eyebrows after data theft
Economy

Financial regulators to impose punitive fines over lax cybersecurity

A pan-government body vowed to roll out stricter regulations and oversight measures to bolster cybersecurity, prompted by two major cyberattacks targeting the country’s telecommunications and financial sectors. It pledged to revise relevant laws to impose punitive fines to ensure companies take responsibilities corresponding to the impact any incidents bring. According to the Ministry of Science and ICT and the Financial Services Commission (FSC), Friday, a public-private joint investigative body is looking into the incidents. The rare joint move by the science ministry and the top financial regulator followed a spike in public concern over two high-profile attacks. One was a breach of KT’s mobile network infrastructure and the other was a massive customer data leak from Lotte Card. The two events exposed critical vulnerabilities in Korea’s digital infrastructure and highlighted a lack of penalties for potential national security breaches. The briefing did not announce unified, detailed response plans. The government is expected to roll out a comprehensive cybersecurity strategy in

Sep 19, 2025By Lee Kyung-min
Financial regulators to impose punitive fines over lax cybersecurity
Banking & Finance

Woori Financial Group enhances consumer protection amid regulatory drive

Woori Financial Group has upgraded its consumer protection department under the direct supervision of its chairman, in a move to strengthen financial consumer rights amid intensifying regulatory scrutiny, it said Thursday. The development followed emphasis on consumer protection by the heads of the Financial Services Commission (FSC) and Financial Supervisory Service (FSS), prompted by a slew of personal data theft and mis-selling of products at financial entities. The newly established department will report directly to Chairman Yim Jong-yong, in a clear shift from the previous corporate governance model that had consumer protection oversight under its compliance division. The department will outline and execute group-wide policies, in addition to internal controls oversight. It will also manage and recommend best practices across subsidiaries. Yim presided over a meeting of a consumer protection council joined by chief consumer officers from the group’s 12 affiliates. They will monitor current practices and explore an employee evaluation framework based on consumer issues, in a step t

Sep 18, 2025By Lee Kyung-min
Woori Financial Group enhances consumer protection amid regulatory drive
Economy

Bank of Korea faces growing pressure to cut key rate in October after Fed easing

Expectation is growing that Bank of Korea (BOK) will lower its key rate next month, buoyed by the overnight U.S. Federal Reserve rate cut, the first in nine months, market experts said Thursday. Many say the central bank has greater room to maneuver, warranted by the interest rate differential between the U.S. and Korea narrowing to 1.75 percentage points, easing concerns over the weakening of the Korean won against the U.S. dollar and foreign capital outflows. Further fueling the optimism is the country’s real gross domestic product growth remaining below 1 percent for this year, prompting fast monetary easing to boost growth by stimulating consumption and investment. However, the central bank’s easing could be delayed, impeded by the sustained rise in Seoul housing prices and household loans, some observers said. According to the financial market, the Federal Open Market Committee meeting that ended Wednesday (local time) lowered its policy rate to 4-4.25 percent, down 25 basis points. Korea’s key rate stands at 2.5 percent. Chances of a rate cut in October are growing, according

Sep 18, 2025By Lee Kyung-min
Bank of Korea faces growing pressure to cut key rate in October after Fed easing
Economy

Hana Bank hosts financial education session for international students

Hana Bank recently hosted a financial education session for international students in Korea, in an effort to help them better understand and use Korea’s banking services, the lender said Wednesday. The collaborative event with the Seoul Global Center comes amid a steady rise in the number of international students in the country. The session was held in both Korean and English. During the event held at Yonsei University on Friday, Hana officials raised awareness of financial scams targeting non-Korean residents, including voice phishing and illegal remittance schemes. Previous sessions were held at Korea University and Dongguk University. The officials also shared how to recognize and avoid attempts to open accounts under their names that could be used for fraudulent transactions. The session also included a guide to basic financial services, including how to open a Korean bank account, use debit cards and ATMs and install mobile banking apps. Representatives from Hana Bank said many participants found the session helpful for using Korea’s financial system. “We hope that internationa

Sep 17, 2025By Lee Kyung-min
Hana Bank hosts financial education session for international students
Economy

Ruling party's 'mutual growth' push to strain financial sector

The ruling Democratic Party of Korea (DPK) is seeking to accelerate its push for “mutual growth” whereby banks and other financial services companies will bear greater social responsibility in the form of cash contributions and financial assistance packages, market watchers said Wednesday. The Lee Jae Myung administration is placing greater emphasis on lower interest rates and greater access to loans for low-income, low-credit borrowers, as well as debt forgiveness. The drive reflects a mounting political consensus that the financial industry must play a direct role in alleviating structural inequalities, since their all-time-high profits are underpinned by interest income. However, industry watchers say industry growth is losing momentum amid a monetary easing cycle and other economic challenges. "The drive is understandable given the growing social frustration due to years of postpandemic high interest rates and subsequent widened financial inequality," an industry official said. However, higher interest rates for low-income, low-credit borrowers and lower rates for financially secu

Sep 17, 2025By Lee Kyung-min
Ruling party's 'mutual growth' push to strain financial sector
Banking & Finance

Mirae Asset launches AI-powered ad campaign for retail government bonds

Mirae Asset Securities has released a new advertisement created using artificial intelligence (AI) technology on its YouTube channel, the company said Tuesday. The ad promotes the stability and long-term investment value of government bonds for retail investors, widely known as Korea Treasury Bonds (KTB). Mirae Asset is the exclusive distributor of retail government bonds. Using the concept of a Formula 1 racing competition, the ad conveys the key strengths of retail government bonds. During the race, the Mirae Asset Securities Retail Government Bond racer maintains a steady lead, highlighting advantages such as guaranteed principal, regular and stable interest income, compound interest upon maturity and tax incentives. AI technology was used throughout the entire video production process, not only for visual effects and editing, but also for sound design, narration and detailed animation. This is part of Mirae Asset’s continued efforts to integrate AI into its digital marketing strategy, expanding opportunities for customer engagement online. In June, the company launched an ad titled

Sep 16, 2025By Lee Kyung-min
Mirae Asset launches AI-powered ad campaign for retail government bonds
Banking & Finance

Hana Bank supports small exporters struggling with US tariffs

Hana Bank has launched a preemptive financial assistance package for small and medium-sized companies heavily dependent on the U.S. market to address the impacts of tariffs, the lender said Tuesday. The move comes as concerns grow over falling export volumes, tightened liquidity conditions and weakening credit profiles within Korea’s industrial base — especially in the automotive and manufacturing sectors. U.S. tariffs are expected to hit Korean businesses hard, since the world’s largest economy remains Korea’s second-biggest export destination, amplifying spillovers from trade uncertainties into employment, supply chains and investments. According to the company, CEO Lee Ho-seoung held a meeting with a group of CEOs from 10 export-reliant firms in Siheung, Gyeonggi Province. The province is where large industrial complexes are based, with many of their businesses tied to U.S. exports. The participants voiced concerns about potential credit downgrades, lowered loan limits and surging borrowing costs amid a bleak business outlook. Hana said it would ease credit evaluation criteria,

Sep 16, 2025By Lee Kyung-min
Hana Bank supports small exporters struggling with US tariffs
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