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Yi Whan-woo

Korea Times Politics & City Reporter

Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.

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KOMSCO to strengthen ICT collaboration with global security solutions firm SICPA

The Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) and global security solutions company SICPA agreed to enhance cooperation on information and communications technology (ICT), KOMSO said Thursday. The agreement comes as KOMSCO is accelerating efforts for a sweeping business transformation by linking decades of expertise as the country’s manufacturer of banknotes and circulating coins with ICT. Headquartered in Switzerland, SICPA is a global leader in security ink solutions applied to the majority of currencies worldwide. The company has recently expanded its ICT business by providing digital platforms based on data watermarking and data intelligence technologies, supporting digital identity security, online payments and real-time digital welfare subsidy distribution solutions. “Under the circumstances, the agreement is a testament to KOMSCO’s internationally recognized ICT capabilities and also its position as a reliable partner for SICPA to share its expertise in digital transformation,” KOMSCO CEO Sung Chang-hoon said. He also said KOMSCO is establishing it

Sep 4, 2025By Yi Whan-woo
KOMSCO to strengthen ICT collaboration with global security solutions firm SICPA
Economy

Tariff war pushes Korea to revive bid to join Japan-led CPTPP trade bloc

Korea is moving to revive a bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), an Asia-Pacific trade bloc led by Japan, as it grapples with a global tariff war. The renewed push comes in response to U.S. President Donald Trump’s sweeping global tariffs, which are exerting pressure on export-reliant economies such as Korea to secure alternative markets and supply chain partners. The Lee Jae Myung administration has repeatedly expressed interest in joining the CPTPP, and on Wednesday confirmed that a potential membership in the trade alliance is under review. “We’ll review the CPTPP in order to secure an economic alliance network with countries that share similar positions,” the Ministry of Economy and Finance said in a press release after a meeting of economy-related ministers, presided over by Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol. Trade Minister Yeo Han-koo also emphasized the need for a strategic overhaul of Korea’s trade policy. “It’s time to diversify our export markets and begin strategic revi

Sep 4, 2025By Yi Whan-woo
Tariff war pushes Korea to revive bid to join Japan-led CPTPP trade bloc
Others

Jefferies, KB Securities execs find momentum in Korea’s market reform drive

Structural reforms in Korea’s stock market are expected to improve global investor sentiment, supported by President Lee Jae Myung’s control over both the executive and legislative branches, as well as a rare policy shift toward strengthening minority shareholder rights, according to two senior executives from Jefferies and KB Securities Tuesday. Christopher Wood, global head of equity strategy at multinational investment banking company Jefferies, called the Lee administration a “catalyst” for market reforms, which could draw in more investors domestically and internationally. Peter Kim, head of the global business group at KB Securities, highlighted the empowerment of minority shareholders’ rights, calling it a “big breakthrough” that results from a rare three-way consensus among the government, companies and investors. Both executives tasked with global investment made their remarks on the opening day of 2025 KB-Jefferies Korea Conference, amid the Lee administration’s reform drive to tackle long-standing undervaluation of domestic stocks. “The election of a left-win

Sep 2, 2025By Yi Whan-woo
Jefferies, KB Securities execs find momentum in Korea’s market reform drive
Policy

Restructuring of public institutions gains momentum to curb soaring national debt

State-run enterprises and other public institutions may undergo sweeping restructuring, including possible mergers and shutdowns, as the government seeks to rein in mounting debt, experts said Monday. They said the national debt-to-GDP ratio is projected to climb sharply during President Lee Jae Myung’s term, from 49.1 percent in 2025 to 58 percent by 2029. The warning comes on the heels of the Lee administration’s record-breaking budget proposal on Friday, which would raise next year’s government spending by 54.7 trillion won to a total of 728 trillion won ($522.53 billion). The 54.7 trillion won is the largest year-on-year increase in history, surpassing the 49.7 trillion won increase in 2022 under the Moon Jae-in administration, which faced criticism for excessive fiscal expansion. Despite growing concerns over fiscal discipline, the Lee administration argues that aggressive government spending is necessary to support economic recovery. At the same time, it has pledged to cut costs in other areas, particularly through reforms targeting publicly run institutions, which Lee has cal

Sep 2, 2025By Yi Whan-woo
Restructuring of public institutions gains momentum to curb soaring national debt
Others

Duty free stores struggle with falling sales amid foreign tourists' shifting shopping trends

Duty free stores in Korea are struggling with declining sales due to shifting shopping behaviors among foreign tourists, who are increasingly turning to trend-setting retail chains offering affordable prices, data showed Monday. The sales downturn is particularly striking given the full recovery in inbound tourism and record-breaking numbers of international visitors, suggesting that traditional duty free goods — including luxury items — are fast losing their appeal. According to the Korea Duty Free Shops Association, duty free stores nationwide posted combined sales of 6.36 trillion won ($4.56 billion) in the first half of 2025, down from 7.39 trillion won in 2024 and 11.65 trillion won in 2023. Monthly sales also showed sluggish performance. After starting at 954.3 billion won in January, sales climbed to 1.18 trillion won in April but slipped back to 1.08 trillion won in June and declined further to 920 billion won in July. July sales fell 8.6 percent from a year earlier. To cope with declining sales, two leading duty-free operators — Shilla Duty Free and Shinsegae Duty Free —

Sep 1, 2025By Yi Whan-woo
Duty free stores struggle with falling sales amid foreign tourists' shifting shopping trends
Banking & Finance

Banking group CEOs under pressure to reassure foreign investors over stock decline

The leaders of four major banking groups in Korea are facing pressure to reassure foreign investors as domestic banking stocks experience a significant downturn, according to industry officials Friday. The urgency comes ahead of potential meetings in September between the CEOs of KB, Shinhan, Hana and Woori Financial Groups and representatives from global investment banks JP Morgan and Morgan Stanley during their visits to Seoul. In addition, each CEO is scheduled to embark on overseas investor relations trips in October, coinciding with the 2025 Annual Meetings of the World Bank Group and International Monetary Fund. These global gatherings are expected to draw investors, economists and policymakers from around the world, intensifying the need for transparent communication on corporate strategy and shareholder value. “These occasions intensify the need for clear communication to restore investor confidence, especially as banking stock prices remain on a downward trajectory,” said Jung Eui-jung, head of the Korean Stockholders’ Alliance. According to bourse operator Korea Exchange,

Aug 29, 2025By Yi Whan-woo
Banking group CEOs under pressure to reassure foreign investors over stock decline
Economy

Korea to more than triple AI budget to $7.27 bil. in 2026

The government has proposed to spend 10.1 trillion won ($7.27 billion) on artificial intelligence (AI) initiatives in 2026 — more than triple the 3.3 trillion won allocated for 2025, according to officials, Friday. The planned spending is in line with President Lee Jae Myung’s vision to position Korea as one of the world’s top three AI powerhouses, alongside the United States and China. The 10.1 trillion won is part of the record-high 728 trillion won budget for 2026, which marks an 8.1 percent increase from 2025 and is projected to raise the national debt-to-GDP ratio to 51.6 percent. Although exceeding the 50 percent threshold is often viewed as a warning sign for fiscal health, the government sees aggressive spending as unavoidable to revitalize the sagging economy. “Our economy faces two simultaneous challenges: innovating the commercial sector with new industries and overcoming an export-dependent economy vulnerable to external shocks,” Lee said as he presided over a Cabinet meeting, Friday. The president added, “The budget proposal discussed at today’s Cabinet meeting

Aug 29, 2025By Yi Whan-woo
Korea to more than triple AI budget to $7.27 bil. in 2026
Economy

Newborn numbers rise in 2024 for 1st time in 9 years

The number of babies born in Korea increased for the first time in nearly a decade in 2024, according to data released Wednesday, raising hopes for the country that has long struggled with accelerated population decline. According to Statistics Korea, a total of 238,317 babies were born in 2024, up from 230,028 the previous year. This marked the first year-on-year increase since 2015 when births rose by 0.69 percent to 438,420. The number of births has declined every year since. Of the babies in 2024, 5.8 percent were born out of wedlock, a 1.1 percentage point increase from the previous year. Last year’s rise in births also led to a rebound in the total fertility rate, the average number of children a woman is expected to have in her lifetime. The rate was 1.24 in 2015 and declined steadily to reach 0.72 in 2023, but rose to 0.75 in 2024. The total fertility rate varied significantly by region. South Jeolla Province and Sejong City had the highest rate at 1.03, while Seoul had the lowest at 0.58, followed by Busan at 0.68 and Gwangju at 0.7. The stats agency projected that the total fer

Aug 27, 2025By Yi Whan-woo
Newborn numbers rise in 2024 for 1st time in 9 years
Banking & Finance

NongHyup Bank enhances partnership on stablecoin-based K-pop copyright investment

NH NongHyup Bank is strengthening a three-way partnership with pioneering companies in blockchain-based payment systems and music copyright investment using blockchain technology. The bank signed a third memorandum of understanding (MOU), Monday, with fintech security firm Aton and music copyright investment platform Musicow, it said Tuesday. This agreement builds on their initial MOU from December 2021, focusing on developing an integrated business model that enables investors to purchase copyrights for k-pop and other Korean cultural content. The model facilitates ownership through the integration of stablecoins and security token offerings (STO). Stablecoin is a cryptocurrency designed to maintain a stable value by pegging it to fiat currencies. They are issued and exchanged on blockchain networks, which securely and transparently record all digital asset transactions. STO is a blockchain-based digital token that allows companies to raise capital by investing and owning rights in real-world assets, offering regulatory compliance and enhanced investor protection. The project centers on a

Aug 27, 2025By Yi Whan-woo
NongHyup Bank enhances partnership on stablecoin-based K-pop copyright investment
Policy

Banks may face expanded liability to compensate voice phishing victims

Commercial banks may be asked to compensate victims of voice phishing scams even when the victims themselves transferred money, according to financial authorities, Tuesday. This move goes beyond the current practice of banks compensating only for deceptive or unauthorized withdrawals by scammers, implying broader responsibility for lenders to protect customers from financial crimes. “The Financial Services Commission (FSC), in a special task force involving other relevant financial organizations, is discussing the appropriate level of compensation when victims themselves send money to scammers,” a government official said, asking not to be named. “Nothing has been finalized yet, as discussions are still in the early stages, but various options are on the table,” he added. The discussion comes as voice phishing scams grow more organized and sophisticated, taking an increasing toll on consumers. Data compiled by the National Police Agency (NPA) indicates financial losses from voice phishing scams are expected to surpass 1 trillion won ($718.02 million) for the first time this year. L

Aug 26, 2025By Yi Whan-woo
Banks may face expanded liability to compensate voice phishing victims
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