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Lee Kyung-min

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Economy

Korean adults' financial literacy declines amid poor inflation understanding: BOK

More Korean adults had a lower level of financial literacy in 2024 compared to two years ago, driven by difficulty in understanding how inflation affects real purchasing power, a central bank report showed Tuesday. People in the 50-59 age group and high-income earners had an improved understanding of financial issues, aided by greater interest in post-retirement planning and asset management. However, scores dropped for younger adults, the elderly and low-income earners, further deepening the gap between different social and economic classes. Still, Korean adults’ financial literacy was better than the OECD average. According to a survey by the Bank of Korea (BOK) and the Financial Supervisory Service, Korean adults aged 18 to 79 had an average financial literacy score of 65.7 in 2024, down from 66.5 in 2022. The OECD average was 62.7 in 2023. The score on financial knowledge came to 73.6 in 2024, down from 75.5 in 2022. The dip is explained by a sharp drop in the number of respondents who correctly understood whether and by how much inflation influences real purchasing power. The score fe

Apr 29, 2025By Lee Kyung-min
Korean adults' financial literacy declines amid poor inflation understanding: BOK
Banking & Finance

SK Telecom cyberattack fuels data breach concerns in finance sector

A growing number of commercial lenders, card companies, insurance firms and brokerages are strengthening user authentication systems in response to a recent cyberattack on SK Telecom, which partially exposed customers' universal subscriber identity module (USIM) data, market watchers said Tuesday. They say at least two additional steps beyond telecom carrier-mediated user verification are needed to authorize mobile financial transactions, including cash remittances. The USIM data will therefore not be enough to sign in or change personal information online, they added. Many financial companies are adding face recognition features for better data protection. Fraud detection systems are also being strengthened to identify unauthorized financial transactions. According to KB Kookmin, Shinhan, Hana and Woori banks, facial recognition will be required for SK Telecom users for ID verification. This will apply to users seeking to issue new digital certificates or attempt to complete mobile financial transactions on a new cellphone. “An attempt to wire money, for example, will be denied without

Apr 29, 2025By Lee Kyung-min
SK Telecom cyberattack fuels data breach concerns in finance sector
Economy

Korea to fall behind Taiwan in per capita GDP next year: IMF

Korea’s per capita gross domestic product is expected to come in lower than Taiwan's, constrained by low growth, extended political uncertainties, slow recovery in domestic demand and weaker currency relative to the U.S. dollar, according to a recent report by the International Monetary Fund (IMF). According to the Bank of Korea (BOK) on Monday, the IMF's latest World Economic Outlook report, released April 22 (local time), also projected that Korea’s per capita GDP will exceed $40,000 in 2029, an adjustment that came just six months after it forecast the level would be in reach by 2027. The global organization noted that Korea’s per capita GDP will likely reach $34,642 this year, down 4.1 percent from the previous year. Then, the figure is expected to come to $40,341 in 2029, following $35,880 in 2026, $37,367 in 2027 and $38,850 in 2028. This is a substantial downgrade from October 2023, when it said the figure for 2029 would be $44,347. Korea’s per capita GDP is expected to fall behind Taiwan’s next year, as Taiwan’s figure is projected to rise steadily from $33,437 last y

Apr 28, 2025By Lee Kyung-min
Korea to fall behind Taiwan in per capita GDP next year: IMF
Cryptocurrency

Bithumb earns $97 mil. in extra fees despite claiming 'lowest fees' in ad

Korea's leading crypto exchange, Bithumb, netted over 140 billion won ($97 million) in extra fees despite stating it offers the “lowest trading fees” in Korea, a ruling party lawmaker said Monday. The exchange is under suspicion that it deliberately did not inform users about the need to register and redeem a coupon to be charged the lowest rate possible. Users aged 50 and older were the most impacted, with this group of investors paying almost double the fees of their younger, more tech-savvy counterparts. According to data submitted by the Financial Supervisory Service to Rep. Kim Jae-sub of the ruling People Power Party, Bithumb made over 140.91 billion won in extra fees from February 2023 to February 2024. This amount is part of the total 672.7 billion won in trading fees collected during the same period. The lawmaker said Bithumb's advertisement claimed a trading fee of 0.04 percent, the lowest in the country. However, the actual rate charged averaged 0.051 percent. The difference of 0.011 percentage points was a result of Bithumb’s deliberate failure to inform users about how to

Apr 28, 2025By Lee Kyung-min
Bithumb earns $97 mil. in extra fees despite claiming 'lowest fees' in ad
Economy

Is Korea's weak currency emerging as bargaining chip in trade talks?

Speculation is mounting over the unexpected, last-minute inclusion of exchange rate policy in the upcoming "July Package" trade negotiations, which are aimed at mitigating the impact of U.S. tariff shocks, market watchers said Sunday. Many say the U.S. is seeking the Korean won's appreciation ahead of the release of the U.S. Treasury Department’s semiannual currency report in the first half. This move leverages months of a weak Korean currency relative to the U.S. dollar, the global reserve currency, as a key bargaining chip for Korea to address its sustained trade surplus with the U.S. Others say the won's loss of ground against the dollar was driven by political uncertainties, amplified by former President Yoon Suk Yeol’s Dec. 3 martial law declaration and the ensuing impeachment proceedings. This bolsters the argument against intentional market intervention by the Korean foreign exchange (FX) authorities. Bank of Korea Gov. Rhee Chang-yong said in Washington, Friday (local time), that the inclusion suggested by Treasury Secretary Scott Bessent has “a positive aspect,” since the

Apr 27, 2025By Lee Kyung-min
Is Korea's weak currency emerging as bargaining chip in trade talks?
Banking & Finance

4 major financial groups post record quarterly net income on robust loan growth

Korea’s four major financial groups — KB, Shinhan, Hana and Woori — posted a record 5 trillion won ($3.7 billion) in combined first-quarter profits, despite heightened domestic and global uncertainties, market watchers said Sunday. KB, Shinhan and Hana each posted record first-quarter earnings, while Woori’s profit dropped 25 percent, partly due to base effects from last year’s compensation related to problematic sales of Hong Kong index-linked equity-linked securities. The four groups face more challenging conditions this year. Their loan growth will not be as rapid, constrained by the government’s tight household lending regulations amid the prolonged economic downturn. According to financial market data, KB posted the highest first-quarter net income at 1.7 trillion won, up 62.9 percent from a year earlier. Its loan growth and a subsequent rise in its interest income offset the impact of declining market rates. Shinhan also reported a record net income of 1.49 trillion won, up 12.6 percent from a year earlier. Hana’s 1.13 trillion won in net income in the first three months

Apr 27, 2025By Lee Kyung-min
4 major financial groups post record quarterly net income on robust loan growth
Economy

Banks flip-flop on lending to small firms amid deepening economic downturn

A growing number of commercial lenders are curbing loans to small- and medium-sized enterprises (SMEs). Critics say this marks a flip-flop on their earlier pledge to expand assistance to financially strained companies, market watchers said Thursday. They say the banks are quick to outline financial packages to the tune of trillions of won for the tariff-hit small manufacturers, prompted by calls from Financial Services Commission Chair Kim Byoung-hwan. However, their liquidity crunch easing measures were mostly about lowering borrowing costs and postponing payment deadlines for export bills that are late and are highly likely to default. Lenders say they are not able to provide assistance to the point where their financial soundness is put in jeopardy. They also say that small borrowers are more vulnerable to defaults. The delinquency rate for SME loans extended by local banks came to 0.62 percent as of December 2023, up from 0.48 percent a year earlier. The country’s top five commercial lenders saw their combined principal with late interest payments rising to over 4 trillion won ($2.7

Apr 25, 2025By Lee Kyung-min
Banks flip-flop on lending to small firms amid deepening economic downturn
Economy

Korean economy shrinks 0.2% in Q1, hit by weak consumption, exports

Korea's economy shrank 0.2 percent in the first quarter compared to the previous quarter, impacted by prolonged domestic political instability, rising global trade uncertainty — fueled by Donald Trump's tariff provocations — and weakened consumer spending, according to the Bank of Korea (BOK) Thursday. The figure is 0.4 percentage points lower than the previous forecast of 0.2 percent made in February. The last time Korea experienced a quarter-on-quarter GDP contraction was the second quarter of 2024 when the economy contracted by 0.2 percent. It then grew by 0.1 percent in both the third and fourth quarters, before shrinking again. The contraction in the first quarter came even before the full impact of the U.S. tariff policy was felt, raising concerns that Korea’s growth for all of 2025 may fall well below the current projection of 1.5 percent — potentially not even reaching 1 percent. “Extended domestic political instability and U.S. tariff uncertainties have hit consumer and investor sentiment hard,” a BOK official said. Softening semiconductor demand, a drop in constructi

Apr 24, 2025By Lee Kyung-min
Korean economy shrinks 0.2% in Q1, hit by weak consumption, exports
Tech & Science

Korea's user-driven, viral digital pop culture ideal for AI development: Blockchain expert

Korea is known for highly enthusiastic retail investors. It has one of the most active retail investment communities, and Koreans are optimistic and willing to support innovative projects. This culture fosters early adoption and significant traction for new blockchain and digital asset initiatives, a blockchain expert based in the United Arab Emirates said Wednesday. Also of significant note is Korea’s community-driven spread of trends, as evidenced by the unmatched power of its digital communities. Further bolstering this is Korea’s creator-driven culture, where platforms like Cyworld, AfreecaTV and Kakao have long thrived. “Korea’s viral digital culture aligns perfectly with gamified and social elements,” said Ani, head of global marketing at SNPIT, a blockchain tech firm with a focus on photography, in a recent interview with The Korea Times. “When a project gains momentum, communities amplify its reach organically, leading to rapid adoption and mainstream visibility. This aspect is critical," he said. Creator-driven culture Korea has a long-standing history of creator-driven

Apr 23, 2025By Lee Kyung-min
Korea's user-driven, viral digital pop culture ideal for AI development: Blockchain expert
Economy

Real estate agent license loses luster amid market downturn

High borrowing costs and tight property lending regulations amid the deepening economic downturn in the post-pandemic years is creating a perfect storm for business closures among realtors. “The property market is going down and so am I,” said a real estate agent surnamed Kim in Seoul. “The only thing that keeps me from quitting is that I’m not the only one finding it hard to make ends meet in the years of market slump,” he said. The frustration comes as the number of newly opened real estate offices plunged in March. According to the Korea Association of Realestators, the figure stood at 924, falling below 1,000 for the first time since the government began compiling the data in 2015. The spring season approaching is not helping, either, Kim said. “March through May usually brings a lot of homebuyers and renters, but I don’t see how anyone would risk having no business upon earning a new license." “New realtors, I think, are taking tests to be licensed, expecting market rebound not in the near future, but in a couple of quarters," he added. The association data showed that

Apr 22, 2025By Lee Kyung-min
Real estate agent license loses luster amid market downturn
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