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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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Stocks overtake real estate as favored investment for 1st time in 20 years

Koreans favor stocks most as a means of investment to generate wealth, marking a turnaround from the past 20 years when real estate was the No. 1 pick, according to a survey. A total of 31 percent of respondents picked stocks as the most advantageous means of investment, compared to 23 percent who preferred land, housing and other forms of property, in a survey taken by Gallup Korea of 1,000 adults aged 18 or older from Tuesday to Thursday. This is the first time since 2006 that stocks overtook real estate on the list of Koreans’ favored means of investment, at a time when President Lee Jae Myung is pushing to end a longstanding discount of valuation on the domestic stock market. “The result of the survey possibly reflects optimism toward Lee’s stock market drive and a corresponding bull market,” Jung Eui-jung, head of the Korean Stockholders’ Alliance, said. He noted that the benchmark KOSPI closed above the 3,000-point threshold for the first time in over three years on June 20 — just a little more than two weeks after Lee began his term. Also, the combined market capitaliza

Jul 20, 2025By Yi Whan-woo
Stocks overtake real estate as favored investment for 1st time in 20 years
Others

Bureaucrats rush to join private firms for higher salary

An increasing number of bureaucrats are finding jobs at private companies that want to capitalize on their expertise and proficiency to cope with fast-changing industry landscapes, according to government and company officials on Thursday. These public officials are widely spread across the central government, including the Ministry of Economy and Finance, the Ministry of Trade Industry and Energy, the Ministry of Employment and Labor, Fair Trade Commission (FTC) and Financial Services Commission (FSC). They are mainly mid- and senior-level officials, who reportedly sought a higher salary. They are said to be unsatisfied with their relatively lower earnings compared to their peers in the private sector, despite working overtime frequently. They have been quick to take job offers from top-tier companies that promise substantially higher compensation. The most recent case was a Grade 4 official from the Ministry of Economy and Finance, who retired in June after e-commerce giant Coupang offered him a high-ranking position. Civil service in Korea has a nine-grade structure, with Grade 1 being

Jul 17, 2025By Yi Whan-woo
Bureaucrats rush to join private firms for higher salary
Banking & Finance

Citibank Korea employees honored for preventing voice phishing scam

The recent arrest of a suspect in a voice phishing scam at a Citibank Korea branch in Incheon demonstrates countless days of effort by two of its employees, Lee Jeong-min and Yang Eun-ah, to prevent financial crimes. The two are among the branch’s 32 employees, who are especially alert to risks of voice phishing scams as many of the branch’s customers are seniors — a group frequently targeted for financial fraud. All 32 have participated in regular simulated training while prioritizing teamwork to better respond to financial crimes. Lee and Yang were honored by the police on July 10 for playing a central role in the arrest of a suspect in a voice phishing scam. “I am proud of preventing major financial damage, after keeping in mind that I am responsible for not only handling customers’ money but also for being the last line of defense for customers,” Lee said in a phone interview with The Korea Times this week. She was the first to deal with the suspect, who, as a “cash mule,” attempted to withdraw 16.4 million won ($11,810) in cash through a rarely used account on June 30

Jul 17, 2025By Yi Whan-woo
Citibank Korea employees honored for preventing voice phishing scam
Policy

NPS struggles to attract talented fund managers

The National Pension Service (NPS) is struggling to recruit highly-qualified fund managers after the NPS moved its headquarters from Seoul to Jeonju, North Jeolla Province, in 2015, according to industry officials and job data on Wednesday. The NPS manages 1,228.4 trillion won ($886.5 billion), as the country’s sole state-run pension operator, and that amount is expected to grow to 1,882 trillion won by 2040. While working with such a massive fund should be tempting for aspiring fund managers, the ratio of applicants to new jobs available this year is close to last year's ratio, which hit a record low. According to Alio, a state-run website offering statistics about the government and state-owned companies, the ratio was 3.57 to 1 in the first of the six rounds of job openings this year. The ratio means for each NPS fund management position available, a little more than three individuals submitted applications. In 2024, the ratio for the entire six rounds of job openings averaged 3.45 applications for one position. “Under the circumstances, this year’s ratio is not likely to get any

Jul 16, 2025By Yi Whan-woo
NPS struggles to attract talented fund managers
Economy

Finance minister nominee vows to use AI to transform Korean economy

Koo Yun-cheol, the nominee for deputy prime minister and minister of economy and finance, emphasized the need to capitalize on artificial intelligence (AI)-driven transformation to foster new industries, Tuesday, saying the “fate of Korea is at stake over AI and other advanced technologies.” “AI is not only essential to the competitiveness of individual industries, but also a critical foundation for enhancing productivity across the economy in the long term,” Koo said in a written answer submitted to the National Assembly for his confirmation hearing scheduled Thursday. “Therefore, it is necessary to build a robust AI industrial ecosystem through large-scale infrastructure investment, research and development (R&D) support, regulatory reform and other relevant efforts,” he added. Formerly a vice finance minister during the 2017-22 Moon Jae-in administration, Koo said the finance ministry has been passive toward widening support for these industries, an approach that should change. “With the global trade and industrial landscape changing rapidly, and major countries fiercely

Jul 15, 2025By Yi Whan-woo
Finance minister nominee vows to use AI to transform Korean economy
Banking & Finance

Kbank runs senior call center to meet needs of aging population

Kbank is running a new call center exclusively for senior customers to improve their accessibility to the online lender’s services based on digital technology, the company said Tuesday. It said the call center for older adults opened in early June, as they increasingly make up a larger share of customers in the asset management market amid longer life expectancy. The bank said the number of senior customers is estimated to be 1.3 million, many of whom are still not accustomed to online customer service, and prefer phones and other offline channels. Failure to serve their needs would mean missing a business opportunity in the long term, the company said. “Against this backdrop, we’re proud to say that the call center is a timely, tailor-made service for customers aged 65 or older who may find digital consultations challenging,” Kbank said. The call center operates from 9 a.m. to 6 p.m. daily, including weekends. The customers are provided with a phone number to help consultants identify them when receiving a call and promptly respond to their requests. With the phone number, a custom

Jul 15, 2025By Yi Whan-woo
Kbank runs senior call center to meet needs of aging population
Economy

No. of young entrepreneurs diminishes at steepest pace in 8 years

Kim Youn-mi, 29, is now helping her parent as a cashier at a small, family-run cafe in Seoul after closing her own, which she opened after the end of the COVID-19 pandemic but shut down about a year later. Kim, a four-year college graduate, says she had opened her own business because she was not interested in a low-paying job at a small or medium-sized enterprise (SME) but was not experienced enough to get a high-paying job at a large conglomerate. “At that time, I thought being self-employed would be far better off than being a SME employee in terms of earnings,” she said. “It did not take long for me to realize that there is a slim chance to create revenue and survive while managing a business from A to Z.” Kim represents many Koreans in their 20s who opened their own business, as many of their peers fail to get suitable salaried jobs. Many of these young entrepreneurs, however, shut their businesses down as they struggle to make money. According to the National Tax Service’s (NTS) statistics website, the number of business owners who were aged below 30 averaged 354,672 per m

Jul 14, 2025By Yi Whan-woo
No. of young entrepreneurs diminishes at steepest pace in 8 years
Banking & Finance

Telecom companies urged to work closer with banks against phishing scams

Telecommunications companies are urged to take a more active role in countering voice phishing scams, as commercial banks have a limited ability to prevent the financial crimes, with a broader level of cooperation essential across industry borders, critics said Friday. They noted that multiple lenders have been offering insurance, free to their customers, to help victims of voice phishing scams make up losses. These companies include Shinhan Bank, which compensates up to 20 million won ($14,540), and Woori Bank, which compensates up to 10 million won, to each victim based on a police-issued report that shows the amount lost to a scam. Additionally, Shinhan Bank has adopted artificial intelligence (AI) to more thoroughly monitor any suspected financial transactions via its ATMs nationwide, while Woori Bank has been awarding outstanding employees who prevent voice phishing scams. “Despite all these efforts in the financial sector, voice phishing scams continue to persist as banking customers are still exposed to crimes that begin with a phone call,” a researcher at an advocate group fo

Jul 11, 2025By Yi Whan-woo
Telecom companies urged to work closer with banks against phishing scams
Others

KOSPI soars to yearly high again

An electronic board shows the benchmark KOSPI closing at 3,183.23 points, up 49.49 points from the previous session, at the main lobby of the Korea Exchange (KRX) in Seoul's financial district of Yeouido, Thursday. The main index climbed to the highest level since Sept. 7, 2021, when it closed at 3,187.42 points. The market capitalization of the country's stock markets, including Kosdaq and KONEX, surpassed 3,000 trillion won ($2.18 trillion) mark for the first time. Yonhap

Jul 10, 2025By Yi Whan-woo
KOSPI soars to yearly high again
Banking & Finance

Securities firms expand into currency exchange

Securities firms are rushing to attract customers other than stock traders in the currency exchange sector as they compete with commercial banks, which have long dominated the sector, according to industry officials on Thursday. The officials said Kiwoom Securities and Shinhan Securities will begin exchanging foreign currencies for a wider range of customers this year, while preparation for the service is underway for Samsung Securities, NH Investment & Securities and Mirae Asset Securities. Previously, securities firms were only allowed to exchange foreign currencies for the purposes of securities investment. The restriction limited them from serving a wider variety of customers, including travelers, international students and those running a business abroad. As a result, currency exchange was considered the exclusive domain of banks. The Ministry of Economy and Finance then revised the policy on foreign exchange transactions in 2023, opening the door wider for brokerage houses and other financial services companies to serve general customers if they meet certain criteria. Multiple secur

Jul 10, 2025By Yi Whan-woo
Securities firms expand into currency exchange
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