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Lee Kyung-min

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Economy

Korea to elevate service exports as source of high-quality jobs for young people

The government plans to spend 13 trillion won ($9 billion) this year to bolster service exports, a new source of sustainable, high-quality jobs for younger generations, the finance ministry said Wednesday. Advancing the move is a surge in jobs created by service exports over the past few years, especially in high-tech information technology (IT) and content-related services. Included are broadcasting, advertising, over-the-top (OTT) streaming platforms such as Netflix or Amazon Prime, IT system management and database services. The industry shows great promise, as evidenced by a Bank of Korea (BOK) study released Tuesday. It showed the annual growth of jobs created by IT and content services averaged 70 percent in the 2020-2022 period. This far outpaced general services and manufactured goods, where job growth was limited to 15.1 percent and 4.8 percent, respectively, over the same period. General services include transport, financial and insurance services. Experts say Korea — an export-reliant manufacturing and IT powerhouse — should outline a mid- to long-term strategy to ease reg

May 21, 2025By Lee Kyung-min
Korea to elevate service exports as source of high-quality jobs for young people
Banking & Finance

Korea’s strong investor engagement, tech-savvy user base draw global appeal: 24X CEO

The Korean online stock trading market will be able to grow immensely, underpinned by strong interest in trading U.S. equities among retail investors, a U.S.-based expert said Wednesday. Korea’s large number of active retail investors in U.S. equities presents a unique opportunity for global stock trading service providers, according to 24X National Exchange (24X) CEO Dmitri Galinov. The company is a regulated stock exchange that provides overnight trading in competition with Blue Ocean. Success in Korea will demonstrate the ability of platforms such as 24X to serve sophisticated retail and institutional clients outside the U.S., establishing a blueprint for expansion into Japan, Singapore, Hong Kong and beyond, he said. "Korean financial institutions have strong regional influence and partnerships, creating potential multiplier effects as 24X seeks to expand access and connectivity into other Asia-Pacific markets," he said in a recent interview with The Korea Times. “A key reason we are so optimistic about the potential of 24X in Korea is because of retail investor enthusiasm." This

May 20, 2025By Lee Kyung-min
Korea’s strong investor engagement, tech-savvy user base draw global appeal: 24X CEO
Banking & Finance

Hana Bank to roll out AI-powered irregularity monitoring system in H1

Hana Bank plans to adopt an artificial intelligence (AI) system to monitor signs of financial irregularities, including fraud and embezzlement, the lender said Tuesday. The system came amid criticism over internal control failures, as illustrated by over 7.4 billion won ($5.5 million) in improperly granted loans from 2021 and 2023. A Hana employee approved the loans for operation funds and management to corporate borrowers for bribes. The case was missed by both the lender and the Financial Supervisory Service (FSS), since most of their review concerned irregularities in mortgages. According to data submitted by Hana to Rep. Lee In-young of the main opposition Democratic Party of Korea, the lender is developing the AI system for real-time monitoring of lending practices. An automatic alert will be sent to the bank's audit department if the level of risk concerning the loan amount surpasses a predetermined standard. Hana will also strengthen document verification to identify attempted forgery and falsification. For example, on-site inspections by loan officers will be mandatory to ensure lo

May 20, 2025By Lee Kyung-min
Hana Bank to roll out AI-powered irregularity monitoring system in H1
Economy

Presidential hopefuls' 'policy funds' draw lukewarm response from investors

Skepticism lingers over the two major presidential hopefuls' move to introduce “policy funds,” a government-backed investment scheme financed by retail investors, businesses, publicly managed funds and pension funds, market watchers said Tuesday. They say the repetitive, short-term scheme regularly resurfacing as a key campaign pledge every election cycle undermines effective, rigorous review and management of capital, and fails to bring high returns. Under particular threat will be the healthy operation of the National Pension Service (NPS) whose priority should be bolstering returns for retirement security over advancing political agendas. “The drive is more likely than not to repeat the past, as evidenced by history,” said Lee In-ho, former chair of Korea Economic Association and an economist at Seoul National University. The popularity of the government-led investment funds soar at the beginning of any administration. However, it wanes quickly thereafter, according to the professor. “Almost all previous buyers of the funds were unable to generate strong income. They are to b

May 20, 2025By Lee Kyung-min
Presidential hopefuls' 'policy funds' draw lukewarm response from investors
Banking & Finance

KB Kookmin Bank's Indonesian subsidiary posts first quarterly profit after 5 years

KB Kookmin Bank’s Indonesian subsidiary, KB Bank, turned a profit in the first three months of this year, five years after the Korean lender acquired a controlling stake acquisition in 2020, the company said Monday. The Indonesian subsidiary, formerly PT Bank KB Bukopin Tbk, reported a profit of 342.2 billion rupiah (28.74 billion won) for the January to March period, ending a five-year stretch of losses despite KB Bank’s capital injection of 1 trillion won into the entity through 2022. The dramatic turnaround more than offset the Indonesian entity's annual net loss of over 802 billion won in 2022, followed by another significant net loss of 104.4 billion in the first quarter of last year. This is expected to help KB Kookmin Bank’s first quarter global net income turn a profit this year. In 2024, the Korean lender's global net income posted a net loss of about 2.56 billion won in the first three months, a significant contraction from the 96.2 billion won in net profit a year prior. According to the financial market, the Indonesian entity was able to turn a profit, aided by reduced

May 19, 2025By Lee Kyung-min
KB Kookmin Bank's Indonesian subsidiary posts first quarterly profit after 5 years
Economy

Presidential contenders differ over labor-related issues

Major presidential hopefuls expressed differing opinions on key labor issues, setting the stage for a heated, politically charged discussion about the deep-rooted influence of labor unions, which many call a major impediment to Korean industry's competitive edge, market watchers said Monday. The main opposition Democratic Party of Korea’s Lee Jae-myung called for policies and legislative efforts to bolster labor power, a stance staunchly opposed by the ruling People Power Party’s Kim Moon-soo. Most contentious was the drawn-out enactment of the "yellow envelope" bill. The much-disputed bill would restrict employers from pursuing damage claims against unions for losses from workers' strikes. It also allows subcontracted workers to engage in labor and working condition talks directly with parent firms, granting them greater negotiating power for claims of on-site worker accidents. The main opposition-controlled National Assembly passed the bill only for it to be vetoed twice by former President Yoon Suk Yeol. Lee said the bill should be enacted to align with Supreme Court precedents and

May 19, 2025By Lee Kyung-min
Presidential contenders differ over labor-related issues
Economy

Will Korea-US FX talks fuel further won gains against dollar?

The Korean won is likely to undergo moderate fluctuation relative to the U.S. dollar, influenced by mixed market expectations over talks by foreign exchange (FX) authorities of Korea and the U.S., market watchers said Friday. The Korean currency registered sharp gains in intraday and overnight highs over the past few days, buoyed by market expectations that Korea will allow for a stronger won at the request of the world’s largest economy. The won's trajectory included a slight weakness after Bloomberg reported that U.S. officials “seeking to negotiate trade deals around the world are not working to include currency policy pledges in the agreements.” However, many market participants focused more on the fact that the discussions are happening at all, rather than whether currency issues are officially on the agenda. According to the FX market, the Korean currency strengthened to an intraday high of 1,391.5 won against the U.S. dollar on Wednesday. This was a further gain from the opening price of 1,410.9 won, 9.3 won stronger from the previous session. The currency slid back to the 1,4

May 16, 2025By Lee Kyung-min
Will Korea-US FX talks fuel further won gains against dollar?
Economy

Watchdog beefs up monitoring of volatile election-themed stocks

The Financial Supervisory Service and the Korea Exchange announced strengthened joint measures on Friday. The move was prompted by growing equity market volatility, with retail investors suffering losses. Over 70 percent of politics-themed stocks have plunged more than 30 percent from recent highs. Central to the measures are close market monitoring and penalty enforcement ahead of the upcoming June 3 presidential election. They will identify signs and attempts of speculative trading triggered by misinformation and disinformation, as well as unusual price swings. According to the two government bodies, their second working-level meeting took place Friday, to coordinate regulatory measures, including investor protection. The two agreed to bolster around-the-clock monitoring of politics-themed stocks, especially those with wild swings unrelated to corporate performance or price-sensitive disclosures. They also plan to crack down on rumors spread via social media and message boards frequented by minority shareholders. Identified speculative behaviors will be followed by corporate information

May 16, 2025By Lee Kyung-min
Watchdog beefs up monitoring of volatile election-themed stocks
Economy

Legalization of spot ETFs takes center stage as key presidential campaign pledge

Cryptocurrencies are emerging as a central voting issue in the upcoming June 3 presidential election, reflecting investor enthusiasm for virtual assets, market watchers said Thursday. Central to the issue is the legalization of spot cryptocurrency exchange-traded funds (ETFs), a long-stalled initiative under the previous administration due to concerns over speculation-dominated market volatility and subsequent declines in the soundness of crypto trading and custody service providers. If legalized, institutional and retail investors will be able to invest in the virtual assets using only brokerage accounts, without the time-consuming and cumbersome registration with the crypto exchanges. Also expected are increased crypto holdings by pension funds and asset managers. Currently, Korean financial entities are not allowed to hold cryptocurrencies, meaning their ETF issuance is not possible. Embracing spot ETFs Leading presidential candidates of both the ruling People Power Party (PPP) and the main opposition Democratic Party of Korea (DPK) maintain that spot trading should be allowed. Candidat

May 15, 2025By Lee Kyung-min
Legalization of spot ETFs takes center stage as key presidential campaign pledge
Tech & Science

Calls grow to prevent Google from transferring Korea's high-precision map data abroad

Calls are growing for the government to deny Google’s request to transfer Korea’s high-precision map data abroad. Scholars and industry analysts say Google’s move will come at the expense of data sovereignty, competitiveness and growth potential of budding Korean platform players whose innovation drives can be sourced from detail-oriented pools of high-quality geospatial information. The concerns follow Google's request made in February to provide 1:5,000-scale digital map data covering the entire country. Currently only lower-resolution 1:25,000-scale map data of Korea is available on Google, so the U.S. platform provides lower-quality mapping services than domestic map service providers here. The National Geographic Information Institute, a land ministry-supervised organization, will decide whether to approve the request by August. Experts note the high market value of high-precision data-reliant advanced innovation industries, estimated at 342 trillion won ($241 billion). This could soar to 796 trillion won by 2030 when including autonomous driving, smart city infrastructure an

May 13, 2025By Lee Kyung-min
Calls grow to prevent Google from transferring Korea's high-precision map data abroad
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