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Lee Yeon-woo

Korea Times Finance Reporter

Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.

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Banking & Finance

Lotte Card's business outlook dims as data breach sparks financial, regulatory strain

Lotte Card is confronting heightened operational risks after a recent cyberattack compromised the personal information of nearly 3 million customers, analysts said Sunday. The incident is expected not only to drive up short-term costs, but also to heighten credit downgrade risks and regulatory exposure. The most immediate concern is the near-term cost burden as the company scrambles to contain fallout from the incident. At a press conference on Thursday addressing the data breach, Lotte Card announced customer support measures — including card reissuance, annual fee waivers and interest-free services — which are projected to cost the company several billion won. "Even excluding these one-off costs, the planned investment of 110 billion won ($79.2 million) over the next five years in information security is expected to pose a medium- to long-term financial burden," said Ahn Tae-young, an analyst at Korea Ratings. "The customer data breach is expected to serve as a significant obstacle to the company's performance recovery." Meanwhile, Korea's three major credit rating agencies — Korea

Sep 21, 2025By Lee Yeon-woo
Lotte Card's business outlook dims as data breach sparks financial, regulatory strain
Banking & Finance

Lotte Card apologizes for data breach affecting nearly 3 mil. customers

Lotte Card said Thursday that a recent cyberattack led to the leak of personal information belonging to 2.97 million customers, nearly one-third of its total customer base, and pledged full compensation for any losses resulting from the breach. "We sincerely apologize for the concern caused to our customers and relevant institutions," Lotte Card CEO Cho Jwa-jin said during a press conference Thursday. "Lotte Card will take full responsibility for the damage caused by this incident and fully compensate the affected amounts." The compromised data, totaling 200 gigabytes, included information generated and collected during online payment processes, such as connection details, resident registration numbers, virtual payment codes and internal identification numbers. Of the affected customers, approximately 280,000 had particularly sensitive data exposed, including card numbers, expiration dates and security codes, raising concerns over the potential risk of fraudulent use. "There is a possibility of fraudulent use in cases where card data is manually entered into terminals, but as of now, no

Sep 18, 2025By Lee Yeon-woo
Lotte Card apologizes for data breach affecting nearly 3 mil. customers
Companies

Hanwha Life's AI services recognized as innovative financial services

Hanwha Life said Thursday that its artificial intelligence (AI)-powered services, including a translation tool and AI agent for insurance planning, were recently designated as innovative financial services by the Financial Services Commission. Innovative financial services aim to improve consumer convenience and support job creation. Designations are based on innovation, consumer benefits and consumer protection measures. Hanwha Life's AI translation service was recognized for its role in breaking down language barriers between insurance planners and customers. By enabling multilingual document translation, the tool is expected to improve operational efficiency and enhance competitiveness. Hanwha Life anticipates that the service will be widely used in consultations with its non-Korean financial planners, as Korea's foreign resident population continues to grow. By providing insurance-related materials in multiple languages, planners will gain a clearer understanding of products and procedures, strengthening their sales capabilities and customer service skills. Foreign customers, in turn,

Sep 18, 2025By Lee Yeon-woo
Hanwha Life's AI services recognized as innovative financial services
Economy

Toss Bank becomes Korea's 1st NextGen Tech 30 firm

Toss Bank on Wednesday became the first Korean company named in NextGen Tech 30, a region-wide initiative recognizing Asia's most innovative and high-potential growth companies. The program, organized by Singapore-based investment platform Granite Asia, is supported by global strategic partners including Amazon Web Services, Google, NVIDIA and MUFG. This year's ceremony was held Tuesday at the Singapore Exchange. Toss Bank said it also participated in a networking event, engaging with global investors and leading Asian tech companies to explore potential partnerships. The judging panel included Scott Beaumont, former president of Google Asia Pacific, a partner from the private equity firm KKR Asia, a managing director from Temasek, an adviser from the private wealth fund GIC and the head of equities at the Singapore Exchange. Selection criteria for the list focused on three pillars: innovation, growth potential and regional relevance. Toss Bank was recognized for its rapid growth and product innovation in Korea's financial sector. The company has introduced a number of standout services,

Sep 17, 2025By Lee Yeon-woo
Toss Bank becomes Korea's 1st NextGen Tech 30 firm
Banking & Finance

Planned investment entity for southeastern region triggers interagency tensions

Despite initiating steps to launch a policy finance institution called "southeast investment corporation" in Busan, the government is facing stalled progress due to clashing institutional interests, industry officials said Wednesday. At a Cabinet meeting Tuesday, Oceans and Fisheries Minister Chun Jae-soo told President Lee Jae Myung that consensus had been reached on moving forward with the southeast investment corporation rather than the investment bank Lee had pledged during his campaign. "If we were to establish it as a bank, it would be difficult to secure funding quickly and stably. So we've decided to issue corporate bonds instead to meet the original purpose," Chun said, adding that the bank would be subject to more stringent financial regulations. After being briefed, Lee said, "Let's do that, then." Establishing a new investment bank in Busan was one of Lee's campaign pledges, aimed at reviving industrial competitiveness in South Gyeongsang Province. The proposal comes amid internal resistance and continued debate over relocating the Korea Development Bank (KDB). Busan has long

Sep 17, 2025By Lee Yeon-woo
Planned investment entity for southeastern region triggers interagency tensions
Banking & Finance

Korea-Japan stablecoin remittance trial succesfully concludes 1st phase

Korean participants in Project Pax said Tuesday that they had successfully completed the first phase of technical verification for a cross-border stablecoin remittance initiative between Korea and Japan. On the Korean side, participants included major banks such as Shinhan Bank, Kbank and NH NongHyup Bank, alongside Web3 companies including Fair Square Lab and Korea Digital Asset Custody. The Japanese side was represented by Shoko Chukin Bank and fintech firms such as Progmat and Datachain. The organizations held a project completion briefing in Tokyo on Sept. 10 to share the outcomes of the initiative. The verification process involved converting Korean won into a Korean won-pegged stablecoin domestically, transferring it via blockchain infrastructure, and then converting it into Japanese yen upon arrival. The stablecoin was applied only to the cross-border segment of the remittance, while the existing domestic banking network was retained. Kbank reported that the stablecoin-based transactions were processed faster and at a lower cost compared to traditional international remittance sys

Sep 16, 2025By Lee Yeon-woo
Korea-Japan stablecoin remittance trial succesfully concludes 1st phase
Economy

Why Korean won struggles to gain despite foreign buying, soft dollar

Despite a globally weakening U.S. dollar and increased foreign investment in Korean equities, the won continues to struggle to rise in value, analysts said Tuesday, citing Korea’s weak economic fundamentals and growing capital outflows. The won-dollar rate rose to as high as 1,401.50 against the dollar on Aug. 21, before falling to the 1,390 range. As of Tuesday, it hovered in the 1,380 range before closing at 1,378.40, having stayed locked between 1,380 and 1,402 since early August. This comes even as expectations mount for the U.S. Federal Reserve to begin cutting interest rates this month and foreign investors pour funds into Korean equities — developments that would typically bolster the won’s value. At the heart of the underperformance lies the structural fragility of the Korean economy. Korea’s growth is forecast to remain between 0.8 percent and 1 percent this year, compared to roughly 2 percent for the U.S. economy. While domestic demand has shown signs of recovery aided by government-issued consumption vouchers, overall sentiment remains weak. "Korea’s currency is ultim

Sep 16, 2025By Lee Yeon-woo
Why Korean won struggles to gain despite foreign buying, soft dollar
Banking & Finance

Real estate companies seek funding from foreign private lenders as banks tighten loan standards

Real estate companies in Korea are increasingly seeking financing from global asset managers and alternative lenders as domestic banks scale back lending to riskier businesses to beef up their financial soundness, industry officials said Friday. "The current market dislocation, marked by high levels of domestic corporate debts, challenges facing local lenders and subdued real estate sentiment, has opened a strategic window for foreign private credit investors," said Matthew Sohn, CEO of CapitaLand Investment Korea. Private credit is a lending structure involving privately negotiated loans between borrowers and non-bank lenders. It offers faster execution and more flexible terms than traditional bank financing. "In addition to development funding, investors are drawn to other credit tools such as loan refinancing and capital structure optimization," Sohn added. The shift comes as Korea’s real estate market continues to falter. Weak buyer demand, a glut of unsold apartment units and surging construction costs have deepened the slump. While Korean banks have historically dominated corporat

Sep 13, 2025By Lee Yeon-woo
Real estate companies seek funding from foreign private lenders as banks tighten loan standards
Banking & Finance

Lithuanian delegation courts Toss Bank for EU entry

A Lithuanian economic delegation highlighted the potential for Toss Bank to expand into Europe via Lithuania, committing to a favorable regulatory environment and active support for attracting investment, the internet-only bank said Friday. According to Toss Bank, Marius Skuodis, a board member of the Bank of Lithuania, along with representatives from Invest Lithuania and the Lithuanian Embassy in Korea, visited its headquarters in Seoul Thursday. The visit marked the third consecutive year of such meetings, following their initial engagement in November 2023. The delegation praised Toss Bank for its innovation, commitment to inclusive finance and its achievement of turning a profit just three years after its launch. They also highlighted Lithuania’s potential as a strategic base for Toss Bank’s expansion into Europe. "Europe is home to 500 million potential customers, with diverse market players driving innovation," Skuodis said. "Lithuania is one of Europe’s leading countries in digital finance and fintech. We hope Toss Bank will join us as an innovative partner, and we will spar

Sep 12, 2025By Lee Yeon-woo
Lithuanian delegation courts Toss Bank for EU entry
Economy

BOK, FSC underperform in green initiatives despite economic capacity

The Bank of Korea (BOK) and Financial Services Commission (FSC) are facing criticism for lagging behind in green finance initiatives, despite Korea's economic clout and significant historical contribution to climate change, a report showed Thursday. In its latest report, Positive Money, a London-based nonprofit, ranked Korea eighth among the 13 ASEAN Plus Three economies in its Green Central Banking Scorecard. The report evaluated how central banks and regulators incorporate environmental objectives into monetary and financial policies. Korea scored just 24 out of a possible 130 points. The evaluation encompassed four categories: research and advocacy (10 points), monetary policy (50), financial policy (50) and leading by example (20). Korea received 5, 13, 3 and 3 points, respectively. China, Malaysia, Singapore, Indonesia, the Philippines, Japan and Thailand — in that order — ranked ahead of Korea. The report said weaker performances from countries like Vietnam, Cambodia, Laos, Brunei and Myanmar reflected limited capacity and resources, while calling Korea's showing "underwhelming

Sep 12, 2025By Lee Yeon-woo
BOK, FSC underperform in green initiatives despite economic capacity
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