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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Crypto, consumer protection legislation to take center stage at National Assembly

The National Assembly is expected to focus on digital assets, financial crime prevention and fintech platforms as part of a push to strengthen capital market regulations, according to market watchers Tuesday. Among key legislations are the establishment of security token offerings (STOs), legal frameworks and financial fraud responses powered by artificial intelligence (AI) technologies, and asset recovery in telecom-based financial fraud cases. Also included are measures to foster fintech, which would allow budding tech entities to issue and broker fractional investment securities on regulated trading platforms. The payment gateway (PG) industry will face tougher oversight following recent scandals such as the TMON and WeMakePrice settlement failure incidents, as well as the Lotte Card data leak. According to market sources, 20 out of the 224 key bills pushed by the ruling Democratic Party of Korea (DPK) will be discussed by the National Policy Committee. Of them, eight involve the financial sector. The ruling party said the drive comes amid a growing need to advance the capital market e

Sep 9, 2025By Lee Kyung-min
Crypto, consumer protection legislation to take center stage at National Assembly
Companies

AIA Korea concludes children’s football program with Tottenham coaches

AIA Korea has concluded the AIA-Spurs Children’s Health Football Program in collaboration with Tottenham Hotspur’s Global Football Development coaches, the life insurer said Monday. Now in its third year, this year’s four-day program, which began last Thursday, attracted more than 720 children of AIA customers as well as the firm’s master planners, partners and staff. The program provided a comprehensive football experience, with general sessions for beginners and advanced training for young footballers already in clubs. Participants received professional coaching in fitness, core skills, teamwork and sportsmanship. Each child was given a certificate of completion and a commemorative photo. In this year’s program, around 20 children earned the opportunity to join the AIA-Spurs Elite Football Camp based on their talent and potential. The camp will be held in December at the Maraleina Sports Resort in Koh Samui, Thailand, and will provide a weeklong world-class football development experience under Tottenham Hotspur coaches. The initiative is part of AIA Korea’s “AIA-Only Experi

Sep 8, 2025By Lee Kyung-min
AIA Korea concludes children’s football program with Tottenham coaches
Economy

Finance ministry split plan sparks concerns over policy coordination

The Lee Jae Myung administration’s plan to split the Ministry of Economy and Finance into two separate bodies is causing fears of diminished momentum, market watchers said Monday. Many say the overhaul, which would split off economic and policy oversight from budget and strategy planning, could undermine government policy efficiency, since policy goals cannot advance without a budget. This could lead to a lack of clear policy priorities and result in delays. At stake is Lee’s initiative to bolster artificial intelligence (AI), green growth and bioindustries, all part of a plan to raise Korea’s potential growth to 3 percent during his term, up from the current low of 1 percent. The Ministry of Economy and Finance will oversee economic policies and taxation. It will take over financial market policies and regulation functions from the Financial Services Commission, which is to be reorganized to merge with the Financial Supervisory Service. The new budget ministry to be established under the Prime Minister’s Office will take over budget planning, fiscal policy and long-term debt man

Sep 8, 2025By Lee Kyung-min
Finance ministry split plan sparks concerns over policy coordination
Companies

‘Korea Zinc complicit in SM Entertainment stock manipulation:’ MBK

Korea Zinc, Korea’s leading nonferrous metal manufacturer, had prior knowledge that one of its investment funds would be used to manipulate the stock price of K-pop powerhouse SM Entertainment, according to Youngpoong Group on Friday. The fresh allegation comes amid a prolonged battle as Youngpoong and private equity fund MBK Partners vie with Korea Zinc for control over management of the zinc smelter. Youngpoong claimed that the alleged manipulation highlights Korea Zinc’s lack of internal oversight and ethical standards. Market watchers and legal experts say Korea Zinc could be held criminally liable for violating the law governing capital markets, under which collusion and aiding and abetting in stock manipulation are subject to prosecution. Under the revised law governing the punishment of stock manipulation, penalties can be up to twice the total of illicitly gotten gains and the total of losses evaded. The private equity fund said its claims are backed by internal emails among senior Korea Zinc executives, obtained through court proceedings. According to Youngpoong and MBK, execu

Sep 6, 2025By Lee Kyung-min
‘Korea Zinc complicit in SM Entertainment stock manipulation:’ MBK
Economy

Banks face mounting financial strain over expanded industrial restructuring

Commercial lenders are coming under pressure over deteriorating profitability, exacerbated by concerns that they could be mobilized to provide financing support for the steel and petrochemical industries, market watchers said Friday. Further weighing them down are multiple government-ordered financial assistance plans, including contributions to launch a “bad bank,” a debt restructuring entity designed to purchase and manage long-term delinquent loans, primarily from financial institutions. The Lee Jae Myung administration says the drive of 400 billion won ($287 million) will help write off bad loans, restore financial stability and provide relief for heavily indebted noncorporate borrowers and small businesses. According to government ministries, a steel industry restructuring plan will be unveiled this month. The Ministry of Trade, Industry and Energy will announce the plan, expected to be similar to the petrochemical industry restructuring plan. It will include production cuts, curtailing production facilities and incentives for manufacturers that voluntarily reduce production capa

Sep 5, 2025By Lee Kyung-min
Banks face mounting financial strain over expanded industrial restructuring
Economy

Banks to launch automatic interest rate cut service for enhanced transparency

Commercial lenders are in talks with financial authorities to introduce a service whereby borrowers will be notified of eligibility for borrowing rate cuts without making requests, market watchers said Thursday. The service will significantly enhance transparency in how banks set the rates, an undisclosed opaque process long criticized as the easiest way of “profiteering” by arbitrarily defending profit margins at the expense of borrowers. Under a law enforced since 2019, borrowers have a right to seek interest rate cuts with lenders if their credit improves due to increases in assets, salary or promotions. They must file the request in person, but many had been denied without explanation other than “approval criteria is not subject to public disclosure.” According to industry sources, leading commercial lenders and the Financial Services Commission (FSC) are moving to launch the service as part of MyData, Korea’s data-sharing initiative introduced in 2023. The drive allows consumers to view and manage financial data scattered across different service providers on a single, uni

Sep 4, 2025By Lee Kyung-min
Banks to launch automatic interest rate cut service for enhanced transparency
Economy

Lotte Card launches around-the-clock customer hotline following cyber breach

Lotte Card will operate an around-the-clock hotline center to help relieve customer concerns over personal data protection and extend service hours to assist them, the card issuer said Wednesday. The measure comes after the country's financial watchdog directed the company to immediately implement support for customers affected by a cybersecurity breach in mid-August. An estimated 1.7 gigabytes of customer data were compromised. The card firm said the breach happened at 7:21 p.m. on Aug. 14, when hackers first infiltrated its online payment server. The attack went on for two more days, during which files were exported twice. Another hacking attempt was made Aug. 16, but was reportedly unsuccessful. However, the company was not aware of the breach until Sunday, 17 days after the initial attack. Criticism mounted after it only notified the Financial Supervisory Service (FSS) on Monday, more than 24 hours after internally discovering the incident. Lotte Card said it began operating an automated system at the call center to respond to data breach inquiries, and help customers set new passwords

Sep 3, 2025By Lee Kyung-min
Lotte Card launches around-the-clock customer hotline following cyber breach
Economy

Top 5 financial groups to provide $68 bil. in funding for tariff-hit firms through 2026

The country’s top five financial holding groups will provide 95 trillion won ($68 billion) for businesses hit by the Trump administration’s tariff policies, mostly in the form of low interest rate loans, assistance in exports and promotion of innovation-led growth, industry officials said Wednesday. The collective move was prompted by continued downside risks from the U.S. tariffs, despite recent trade negotiations. Korea managed to negotiate the blanket tariff to 15 percent on key industrial goods, down from as high as 25 percent. However, more than 400 items, including steel and aluminum, are subject to levies of up to 50 percent. According to the Financial Services Commission (FSC), the country’s top five financial holding groups — KB, Shinhan, Hana, Woori and NH NongHyup — attended a meeting presided over by FSC vice chairman Kwon Dae-young. It was organized to outline a comprehensive financial assistance package to help manufacturers strengthen their fundamentals and weather external shocks. Also in attendance were state-run entities including Korea Development Bank, Expor

Sep 3, 2025By Lee Kyung-min
Top 5 financial groups to provide $68 bil. in funding for tariff-hit firms through 2026
Economy

Competition heats up between card, tech firms over easy pay services

Competition is intensifying between card firms and big tech companies over simpler, faster pay services, accelerated by tech giants Naver and Kakao which have solidified their lead over traditional card issuers, market watchers said Sunday. Easy-access, fintech-driven payment platforms deeply integrated in everyday life are redefining financial services, prompting closer strategic partnerships across the industry to better meet the growing needs of consumers prioritizing faster, easier services, as well as cash and mileage rewards. According to a report by the Hana Institute of Finance on simple, easy-access payments in everyday life, tech firms now take up about half of Korea’s simple pay services market. In contrast, the share of traditional financial services providers plunged to 26 percent last year, down from 57 percent in 2016. Simple pay transactions per day averaged 954.5 billion won, equal to 30 percent of the country’s private consumption last year. Among younger users, the report showed, 90 percent in the 20-39 age group have used the services. The payment subsidiaries of Ka

Sep 1, 2025By Lee Kyung-min
Competition heats up between card, tech firms over easy pay services
Economy

Shinhan Financial chair stresses stronger digital drive as long-term growth strategy

Shinhan Financial Group Chairman Jin Ok-dong has reaffirmed the company’s commitment to leading financial service innovation, as part of the group’s digital transformation as a future growth strategy to build long-term sustainable services powered by emerging technologies, company officials said Sunday. The drive was unveiled during Shinhan Financial Group Analyst Day, a key event attended by domestic and global financial analysts on Jeju Island from Thursday through Saturday. The three-day event was part of the group’s efforts to expand its engagement with investors beyond institutional investors. It was the first financial group in Korea to host an official briefing for retail investors in the April-June period of last year. In his opening remarks, Jin said digital transformation and changes in the regulatory environment are major trends that redefine the core competitiveness of financial entities. “Shinhan Financial would take a proactive stance, advancing not only as a resilient player in times of crisis but also as a leader on the global stage,” he said. “We will continu

Aug 31, 2025By Lee Kyung-min
Shinhan Financial chair stresses stronger digital drive as long-term growth strategy
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