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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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Policy

Sociologist's 'library without walls' fights social isolation, depopulation

As social isolation and rural depopulation deepen amid Korea’s demographic crisis, sociologist Kim Seung-soo is transforming a simple book-sharing initiative into a nationwide community-building campaign. In 2012, Kim launched “Knock Knock Library,” an online platform that connects neighbors and allows them to knock on each other’s doors to borrow books in his neighborhood in Paju, Gyeonggi Province. Since then, the grassroots movement has evolved into a vibrant community platform fostering stronger neighborhood ties through shared activities. The platform currently has 30 to 50 daily users, and the range of shared items has expanded well beyond books to include seasonal treats like freshly boiled corn and kimchi, as well as children’s clothing, travel gear and more. It has also become a hub for community potlucks, drawing sessions, running clubs and other small-scale local gatherings. The idea has resonated far beyond Paju, inspiring residents in more than 130 cities and smaller towns to start their own versions of the network. Participants now include neighbors from Seoul, Dae

Aug 14, 2025By Yi Whan-woo
Sociologist's 'library without walls' fights social isolation, depopulation
Banking & Finance

Hana Bank, BIDV partner to expand cross-border QR payment services

Hana Bank said Wednesday it signed an agreement with Vietnam's largest state-owned commercial bank to promote cross-border QR payment services. The Korean bank said it signed a memorandum of understanding (MOU) with Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) during the Korea-Vietnam Business Forum in Seoul on Tuesday. The agreement outlines the terms of their expanded partnership, following Hana’s acquisition of a 15 percent stake in BIDV in 2019. Their digital finance collaboration has been managed by GLN International, Hana Bank’s fintech arm. For instance, GLN has operated a QR code-based cash withdrawal service in Vietnam since 2022, allowing users to withdraw cash from approximately 2,100 BIDV ATMs nationwide using the Hana One Q app — all without a physical card. “In this context, the new MOU is expected to further deepen digital financial cooperation between the two countries by enabling individuals and businesses to access financial services more easily and securely,” Hana Bank CEO Lee Ho-seong said. “We aim to establish a cross-border

Aug 13, 2025By Yi Whan-woo
Hana Bank, BIDV partner to expand cross-border QR payment services
Cryptocurrency

Dunamu to share crypto exchange expertise with Vietnamese bank

Dunamu, operator of Korea’s largest cryptocurrency exchange Upbit, said Wednesday that it signed a memorandum of understanding (MOU) with Vietnam’s state-controlled Military Bank to launch the Southeast Asian nation’s first domestic digital asset exchange. Dunamu said the MOU was formed Tuesday during the Korea-Vietnam Business Forum in Seoul. Under the MOU, Dunamu will serve as a key strategic partner to Military Bank, supporting the establishment of a digital asset exchange in Vietnam, the creation of regulatory and legal frameworks and the development of investor protection mechanisms. The Seoul-headquartered company also plans to share Upbit’s advanced technology. The cryptocurrency exchange, compliant with Financial Action Task Force (FATF) standards, reports annual trading volumes of $135 billion and is recognized as Korea’s leading digital asset exchange. It is ranked among the top three globally in trading volume, handling more than $1.1 trillion in trades and managing assets of over 15.3 trillion won ($11 billion). Founded in 1994, Military Bank is a financial instituti

Aug 13, 2025By Yi Whan-woo
Dunamu to share crypto exchange expertise with Vietnamese bank
Banking & Finance

Kbank posts record quarterly profit in Q2

Kbank said Wednesday that it posted a net profit of 68.2 billion won ($49.2 million) in the second quarter, a record high for quarterly earnings since its 2017 launch as Korea’s first internet-only bank. The April-June net profit represents a 96.3 percent increase from the same period last year. The bank said its deposit balance rose 22.5 percent year-on-year to 26.8 trillion won, while its loan balance grew 10.8 percent over the same period to reach 17.4 trillion won. “The record-high quarterly profit was made possible through the growth of customer banking, with a notable increase in loans to individual business owners and strong asset quality management,” the bank said. “We will continue to pursue stable growth and enhanced profitability by strengthening product competitiveness and implementing sophisticated credit risk management.” However, regarding its first-half performance, the bank said its net profit dipped 1.3 percent year-on-year to 84.2 billion won. In the first half of 2024, the bank posted a net profit of 85.4 billion won, which was the highest for any correspondin

Aug 13, 2025By Yi Whan-woo
Kbank posts record quarterly profit in Q2
Economy

Koreans tighten spending even during summer vacation

Kim Sang-choon, a man in his 50s who spent his summer vacation this year in Gangneung, Gangwon Province, said his family stayed at a budget-friendly guesthouse with a kitchen, bought groceries at a traditional market and made all three meals a day himself instead of dining out. Kim said this style of travel is somewhat unusual in Gangneung, a coastal city known for its vibrant restaurant scene, where many visitors eagerly open their wallets for gourmet dishes like raw fish, soft tofu stew, buckwheat noodles, potato dough soup and stuffed squid. “But considering the high cost of living, I really wanted to cut down on vacation expenses and I’m quite satisfied with this cost-effective way of traveling,” he said. Kim represents a growing number of budget-conscious travelers this year, as inflation shows no clear signs of slowing after a brief dip. According to Statistics Korea, consumer prices rose 2.2 percent in June from a year earlier and 2.1 percent in July, once again exceeding the Bank of Korea’s inflation target of 2 percent. This follows a brief slowdown to 1.9 percent in May,

Aug 13, 2025By Yi Whan-woo
Koreans tighten spending even during summer vacation
Cryptocurrency

Financial firms sign partnerships in preparation for issuing stablecoins

Commercial banks in Korea are teaming up with digital finance firms, both domestic and international, in a bid to explore new business opportunities in the fast-growing stablecoin sector, industry officials said Tuesday. The partnerships come as the Lee Jae Myung administration accelerates discussions around legalizing a won-based stablecoin. A stablecoin is a type of cryptocurrency designed to maintain a stable value by pegging it to a fiat currency, such as the U.S. dollar. It is gaining traction for its potential to serve as a bridge between the decentralized world of cryptocurrency and the stability of traditional finance. Hana Bank, Korea’s third-largest lender, said Monday that it signed a memorandum of understanding (MOU) with Circle, the U.S.-based issuer of USDC, the world’s second-largest stablecoin firm by market capitalization. “We have not yet outlined concrete plans for our partnership with Circle,” a Hana Bank PR official said. “But we expect this collaboration to bring us a step closer to issuing stablecoins in Korea.” OK Savings Bank signed an MOU in July with

Aug 12, 2025By Yi Whan-woo
Financial firms sign partnerships in preparation for issuing stablecoins
Economy

80th Liberation Day Revival of 'Dynamic Korea' crucial for economic breakthrough

“Dynamism” was once a term that captured the essence of economic success for Korea, a nation that, after being liberated from the 1910-45 Japanese colonial rule, rose from the ruins of the 1950-53 Korean War and pressed forward with rapid development. Now, as Korea marks the 80th anniversary of its liberation, economists suggest that this sense of dynamism must be urgently rekindled to overcome the current economic headwinds. They say Korea’s vibrant spirit, resilience and forward-looking vision were vividly demonstrated at critical moments in its modern history — from the era of compressed industrialization from the 1960s to the 1980s, to its recovery from the 1997 Asian financial crisis, the 2008 global financial crisis and more recently the COVID-19 pandemic. However, they point out that Korea has gradually drifted away from this spirit of dynamism in recent years, citing sluggish economic growth, a shrinking and aging population, the absence of new growth engines and deepening social and economic polarization. These domestic challenges are further compounded by a shifting glo

Aug 12, 2025By Yi Whan-woo
[80th Liberation Day] Revival of 'Dynamic Korea' crucial for economic breakthrough
Others

Thawing Seoul-Beijing ties boost tourism, beauty, entertainment stocks

Shares of KOSPI-listed companies with products in high demand from Chinese tourists are rapidly gaining momentum as Korea and China work to restore ties following Beijing’s years-long ban on Korean pop culture, according to analysts Monday. The rally is being led by companies such as Paradise, Lotte Tour Development, Hotel Shilla, APR and HYBE, which operate in the tourism, hospitality, beauty and entertainment sectors. These sectors are closely tied to hallyu, the global cultural phenomenon of Korean pop music, films, and dramas. Paradise, a foreigner-only casino, hit an intraday high of 22,600 won ($16.27) Friday, marking a new 52-week high. It inched down 0.46 percent to close at 21,550 won Monday. Lotte Tour Development, the developer and operator of Jeju Dream Tower, saw its Friday stock price reach a three-year high of 18,840 won — a 167 percent surge from its yearly low of 7,060 won — although it dropped 2.82 percent to end at 17,240 won Monday. Located on Jeju Island, Jeju Dream Tower is the island’s largest and tallest integrated luxury resort and primarily targets Chine

Aug 11, 2025By Yi Whan-woo
Thawing Seoul-Beijing ties boost tourism, beauty, entertainment stocks
Economy

Finance ministry to set up hotline with biz lobby groups

The Ministry of Economy and Finance said Monday that it will establish a hotline with major business lobby groups in order to facilitate communication with entrepreneurs and provide prompt, tailored support. Deputy Economy and Finance Minister Yoon In-dae recently met with representatives from the Korea Chamber of Commerce and Industry, the Federation of Korean Industries and the Federation of Middle Market Enterprises of Korea to discuss how the government can better support businesses in driving growth and enhancing competitiveness. The meeting was part of a series of regular roundtable discussions between the public and private sectors under the Lee Jae Myung administration. “The deputy minister and other participants agreed on the need to establish a hotline between the ministry and the joint task force of business associations to ensure constant communication,” the ministry said in a press release. It added, “The hotline is expected to serve as an effective channel for collecting feedback from the field, particularly regarding regulations that hinder business growth.” A key c

Aug 11, 2025By Yi Whan-woo
Finance ministry to set up hotline with biz lobby groups
Others

Support program gains traction in motivating young people for employment

Neet People, a nonprofit organization for young Koreans who have given up on finding a job, is extending a helping hand at a time when the labor market is increasingly unwelcoming to younger generations. Established in 2019, the organization aims to motivate individuals classified as not in education, employment or training (NEET) to reenter the workforce by offering tailored programs. To date, more than 1,800 individuals, many of them in their 20s and 30s, have taken part in the programs, which have been conducted over 20 times. Each program spans 12 weeks and accommodates groups ranging from 20 to 100 participants. About 70 to 80 percent of the overall participants are from Seoul, Incheon and Gyeonggi Province. The program centers on a virtual, mock “Neet Company” which has no office, salary or boss. Participants “go to work” by engaging in activities that are personally meaningful. Some choose to draw, clean, write or read to build professional skills. A participant may keep a daily to-do list to develop discipline, while others may explore new career paths or personal goals.

Aug 9, 2025By Yi Whan-woo
Support program gains traction in motivating young people for employment
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