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Lee Kyung-min

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Banking & Finance

Shinhan Financial chair reiterates commitment to value-up drive in letter to shareholders

Shinhan Financial Group Chairman Jin Ok-dong said Sunday that the group was committed to the government's Corporate Value-up Program. In addition, the group is looking to bolster shareholder returns, promote the healthy growth of the country’s capital market and support viable postretirement plans for older adults. In a 16-page letter to shareholders, Jin stressed the importance of the value-up drive. “I have been and will continue to be adamant that the corporate value enhancement measures are needed,” he said. The chair also said financial investment will emerge as a new alternative to property investment in an age of pension reform. “The income replacement rate for Korea's state-run pension program subscribers is limited to the low 40 percent. This is far lower compared to the advanced peers of Korea including the U.S. where the rate is in the 60-percent range.” The group’s efforts to implement the value-up drive announced in July of last year will help investors seek a balanced source of income, he added. “[The] property market is often the go-to investment choice for man

Mar 30, 2025By Lee Kyung-min
Shinhan Financial chair reiterates commitment to value-up drive in letter to shareholders
Banking & Finance

Will Korean currency weaken to 1,500 won against US dollar?

The Korean won could weaken to 1,500 won against the U.S. dollar this week, unsettled by U.S. President Donald Trump's planned car tariffs of 25 percent and the anticipated ruling on the impeachment of President Yoon Suk Yeol, market watchers said Sunday. Many say the currency of the export-reliant Korean economy is extremely vulnerable to Trump's tariff policies, as evidenced by the currency plunge of over 6 percent in the past four months since the U.S. leader’s inauguration. This is far sharper compared to other major currencies, including the euro, the Japanese yen and the Chinese yuan. Their depreciations were limited to a range of between 0.84 percent and 2.25 percent. The won-dollar exchange rate is highly likely to register a year-to-date high of over 1,500 won in the April to June period, sparked by months of political turmoil taking an extended political turn if the Constitutional Court fails to impeach Yoon, they say. According to financial market data, the Korean won traded 1,466.5 against the dollar as of 3:30 p.m., Friday. This was the sixth consecutive day that the won re

Mar 30, 2025By Lee Kyung-min
Will Korean currency weaken to 1,500 won against US dollar?
Banking & Finance

How wealthy are financial regulators, central bankers?

Financial Services Commission (FSC) Chairman Kim Byoung-hwan, Financial Supervisory Service head Lee Bok-hyun and Bank of Korea Gov. Rhee Chang-yong hold assets worth approximately 733 million won ($500,580), 1.7 billion won and 4.4 billion won, respectively, government data showed Thursday. Kim Byoung-hwan's assets, valued at 733.5 million won, include a 500 million won leasehold deposit for an apartment in Seoul and a house in Busan worth 184 million won, which is owned by his mother. Additionally, he has a 233 million won loan from NH NongHyup Bank. Lee's assets grew by approximately 50 million won, mainly due to the increase in value of his apartment in Seocho, southern Seoul, which is jointly owned with his wife. He also has a combined debt of 300 million won from Shinhan Bank and KakaoBank. Rhee's increase in assets was partly due to over 15.6 million won in royalties from four books he authored for college freshmen majoring in economics. His properties, valued at over 2.3 billion won, include an apartment in Yeoksam, southern Seoul, and a leasehold deposit. The combined value of t

Mar 27, 2025By Lee Kyung-min
How wealthy are financial regulators, central bankers?
Banking & Finance

Hana Financial chair pledges assistance for struggling small businesses in Seoul

Hana Financial Group Chairman Ham Young-joo paid a visit to a small eatery in Seoul, where the business owner suffered significant damage due to a fire that broke out late last year, the group said Thursday. It was Ham’s first official customer engagement effort after having his term renewed with the overwhelming support of over 80 percent of shareholders on Tuesday. It shows the chairman’s commitment to a mutual growth drive with small- and medium-sized enterprises, a financially strained group burdened by high-interest costs and a stagnant economy, Hana said. The chair offered words of consolation and hope for the future. He visited a number of nearby businesses — their corporate borrowers — and stressed the importance of in-person, face-to-face time spent with customers. Ham also reiterated his commitment to customer-oriented financial services, as outlined under the “customer first” drive under the group’s overarching environmental, social and corporate governance (ESG) practices. Hana pledged to spend 10 billion won ($6.8 million) for 3,500 small businesses as part of t

Mar 27, 2025By Lee Kyung-min
Hana Financial chair pledges assistance for struggling small businesses in Seoul
Banking & Finance

Financial groups vow to fortify internal controls amid employee misconduct, loan scandals

The country’s three leading financial groups — KB Kookmin, Shinhan and Woori — vowed to strengthen internal control measures at their respective shareholders’ meetings Wednesday in a collective move to address brewing public criticism over a slew of employee embezzlement cases and poorly granted loans. Also among the groups’ efforts to restore investor confidence and shareholder returns were KB’s appointment of a woman outside director, Woori’s policy exempting shareholders from 15.4 percent financial income tax and Shinhan’s ethical management. According to KB Financial, the former head of KT Capital, Cho Wha-joon, was appointed chair of the group’s board of directors. The measures are part of bolstering diversity in the makeup of the group’s top decision-making body. Cho succeeds Kwon Seon-joo, a former CEO of the state-run Industrial Bank of Korea. KB Financial Chairman Yang Jong-hee said the group would improve its corporate structure and advance the business model for management efficiency and innovation. KB's wealth management and small- and medium-sized enterpri

Mar 26, 2025By Lee Kyung-min
Financial groups vow to fortify internal controls amid employee misconduct, loan scandals
Banking & Finance

'De-Seoulization' critical to tackling low birthrate: BOK, Statistics Korea

Korea should promote decentralization, granting fiscal and policy autonomy to municipalities with populations between 5 million and 10 million to enhance economic growth and administrative efficiency, according to the country’s central bank and statistics agency, Wednesday. The "de-Seoulization" efforts will be further solidified through improvements in living conditions for highly skilled workers in research and development, as well as region-specific policies that ensure a steady inflow of investments. This will help reduce the economic polarization between the Seoul metropolitan area and the rest of the country, a gap that has widened since the 2000s, as reflected in low birthrates and sluggish economic growth. These were the key findings of a study jointly conducted by the Bank of Korea (BOK) and Statistics Korea, presented at a conference hosted by the central bank. Officials from state-run think tanks and economists also shared their insights. The current balanced growth initiative fails to account for the rapid population declines taking place in a number of cities, according to

Mar 26, 2025By Lee Kyung-min
'De-Seoulization' critical to tackling low birthrate: BOK, Statistics Korea
Banking & Finance

Hana Financial chairman kicks off 2nd term with overwhelming shareholder support

Hana Financial Group Chairman Ham Young-joo secured a second term with an overwhelming shareholder support rate of 81.2 percent, thanks to its largest shareholder, the National Pension Service (NPS), and most offshore investors, the group said Tuesday. His extended term will last through March 2028. Shareholders recognized the group’s record performance under his leadership, largely quashing growing criticism from proxy voting advisories. The term extension was widely expected, as indicated by nearly 44 percent of the over 281.6 million offshore voting shares cast during the early online voting commissioned by the Korea Securities Depository. This, along with the state pension fund’s stake of 26.5 million shares — accounting for about 9.4 percent — helped the chair secure the yes votes by a comfortable margin. The offshore investors’ collective move was a major shift from three years ago. In 2022, a majority of offshore investors opposed Ham's appointment. Driving the support is the group’s net income of over 3.7 trillion won in 2024, up 9 percent from a year earlier. The group

Mar 25, 2025By Lee Kyung-min
Hana Financial chairman kicks off 2nd term with overwhelming shareholder support
Banking & Finance

INTERVIEW Korea's digital assets integrated into regulated financial markets: crypto expert

Korea’s pilot program on corporate investments in cryptocurrencies is a strong signal that digital assets are becoming integrated into regulated financial markets, according to a U.S.-based crypto expert with a background in certified public accounting and law. By allowing institutional crypto trading and recognizing tokenized securities, the government is setting a precedent for broader adoption, John Matheson, co-founder and managing director at Asset Token Ventures said in a recent interview with The Korea Times. The U.S. Virgin Islands-based firm has introduced various real-world asset (RWA) tokens. Its flagship product is the mortgage-backed securities-oriented MBSToken. This provides security, transparency and stability in the cryptocurrency market, he said. “The Korean government's approach demonstrates that digital assets can coexist with traditional finance under clear regulations, providing a blueprint for other nations,” Matheson said. “It also indicates that crypto trading will become more mainstream, increasing institutional participation and investor confidence.”

Mar 25, 2025By Lee Kyung-min
[INTERVIEW] Korea's digital assets integrated into regulated financial markets: crypto expert
Banking & Finance

Hanwha Life nurtures AI ecosystem in Vietnam

Hanwha Life continued its sponsorship of the Vietnam Informatics Olympiad, taking the lead in nurturing the next generation of experts and introducing an artificial intelligence (AI) track this year, company officials said Monday. This AI initiative goes beyond corporate social responsibility (CSR) as Hanwha Life aims to support the development of AI experts in Vietnam and drive sustainable innovation. The sixth Informatics Olympiad, sponsored by Hanwha Life, was held on Friday and Saturday at Vietnam-Korea University of Information and Communication Technology (VKU). As a premier IT competition, the Olympiad identifies and fosters outstanding students across Vietnam. The company has been sponsoring the event for two consecutive years, strengthening its commitment to regional technological advancement. This year, the competition garnered significant attention, with a record-breaking number of participants. The number of participating schools surged by 48.3 percent year-on-year to 525, while student participation increased by 19.5 percent, with 2,848 competitors — the largest turnout so f

Mar 24, 2025By Lee Kyung-min
Hanwha Life nurtures AI ecosystem in Vietnam
Policy

BOK head calls for painstaking reform to bolster low birthrates

Korea’s low birthrates will not see a major breakthrough unless long-term measures for a fundamental solution are introduced in spite of short-term challenges, the country’s top monetary policymaker said Friday. The country’s total fertility rate of 0.75 last year is a result of a combination of factors, including high population concentration in the Seoul metropolitan and surrounding Gyeonggi areas and fierce competition in education, as well as uncertainties in job prospects, housing and childrearing among the young generation, Bank of Korea Gov. Rhee Chang-yong said. Some of the most important challenges for the country’s more inclusive and sustainable future include immigration and foreign labor policies, coupled with the socio-economic integration of North Korean defectors, he added. “We are facing a birthrate crisis,” he said while delivering congratulatory remarks at Yonsei University. Korea’s population of 51 million will crash to around 30 million in 50 years if the current fertility rate continues. This in turn will lead to the country’s potential growth rate to

Mar 21, 2025By Lee Kyung-min
BOK head calls for painstaking reform to bolster low birthrates
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