The Korea Times

Mirae Asset seeks further expansion into high tech-oriented China market

Mirae Asset Securities is increasingly eyeing China’s listed high-tech companies as securities firms seek to diversify their U.S.-centric investment portfolios and realize higher returns in the world's second-largest economy, according to company officials, Tuesday. The China-focused strategy comes as the country has drawn less attention than the United States from Korean stock investors despite its growth potential in the era of accelerated digital transformation. For instance, Korea Securities Depository data showed that U.S. stocks make up more than 90 percent of the outstanding account balance of Koreans who invest in overseas stocks. Under such circumstances, Mirae Asset Securities recently sent some of its private bankers to China on a field trip to Hangzhou, Guangzhou, Shenzhen and other manufacturing hubs. The companies they visited included e-commerce giant Alibaba and electric car makers BYD and XPENG. RoboSense and UBTECH, both AI-based robotics companies, and cloud software manufacturer Kingdee Software were also on the list of their destinations. A company PR official said t

Jun 10, 2025By Yi Whan-woo

Mirae Asset seeks further expansion into high tech-oriented China market

Policy

Finance sector may become first to implement Lee’s 4.5-day workweek pledge

Financial services workers are pushing to adopt a 4.5-day workweek as pledged by President Lee Jae-myung in a bid for a better work-life balance, according to industry officials, Monday. If implemented, the finance sector will be the first industry in Korea where salaried workers will work fewer than five days a week, a norm for full-time jobs over the years. Comprised of more than 100,000 workers from banking, credit card and other financial firms, the Korea Financial Industry Union (KFIU) said it is currently in talks with management over key labor issues for 2026. “And we want to newly address a possible 4.5-day workweek on the agenda list for negotiations, in addition to wage, employment benefit and welfare,” the union said. It noted that it has promoted a four-day workweek since 2019, and identified a 4.5-day workweek as “a transitional step to reach the central objective.” It said Lee “brings further momentum for us to fulfill the goal,” thanks to the newly-elected president advocating for a 4.5-day workweek and gradually shifting to a four-day workweek. Lee’s pledge co

Jun 10, 2025By Yi Whan-woo

Finance sector may become first to implement Lee’s 4.5-day workweek pledge

Banking & Finance

KRX opens independently run after-hours trading session for derivatives

The Korea Exchange (KRX) opened an after-hours trading session for derivatives, Monday, in a bid to enhance its global competitiveness and improve convenience for investors. The country’s sole bourse operator said the session runs from 6 p.m. to 6 a.m., after the regular session that runs from 8:45 a.m. to 3:45 p.m. The combined 19-hour trading session is part of the KRX’s broader plan for around-the-clock operations in selling and buying all tradable financial assets, such as stocks, bonds and derivatives. The KRX’s new after-hours trading session marks a departure from the one offered in partnership with Eurex, a leading European derivatives exchange. The derivatives linked the benchmark KOSPI and secondary bourse Kosdaq were traded at Eurex from 6 p.m. to 5 a.m., before the Eurex-based trading service ended last Thursday. “With the new system in place, investors will be able to engage in after-hours trading more easily than before,” the KRX said. It said its independent trading service is more simplified than the Eurex-based one. The KRX underlined its plan to expand its offeri

Jun 9, 2025By Yi Whan-woo

KRX opens independently run after-hours trading session for derivatives

Policy

Talk of reducing legal lending cap to gain ground

The new government is drawing attention over whether it will lower the yearly lending cap from 20 percent to make borrowing money more affordable for low-income, low-credit individuals. President Lee Jae-myung and the ruling Democratic Party of Korea (DPK) have been open to the idea of overhauling the maximum lending rate for years, although it was not included on the list of Lee’s election pledges. “Lee was believed to have deliberately excluded the issue due to its sensitivity, but as president, he is in a more favorable position to discuss and materialize the relevant reform,” said Shin Yul, a political science professor at Myongji University. Shin noted the dispute over whether to cut the legal lending cap centered on whether it would backfire on low-income, low-credit individuals, who often end up having fewer places to get a quick cash loan. When these financially vulnerable customers are refused loans from banks, credit card firms and other institutional lenders, they end up relying on private money lenders that offer high lending rates within legal boundaries. On the other h

Jun 8, 2025By Yi Whan-woo

Talk of reducing legal lending cap to gain ground

Economy

Can KOSPI reach 5,000-point milestone as new president pledges?

The Korean stock market is projected to trend upward under President Lee Jae-myung’s market reform initiatives, but whether the benchmark KOSPI can top the 5,000-point milestone will be an entirely different story, according to economists and analysts. The newly elected president pledged to achieve this unprecedented milestone during his term. The KOSPI will need to nearly double in size after mainly staying around 2,600 points since May. Also, Korea’s economy needs to nearly double in size, considering the closely connected relationship between stock market growth and the national economy, according to economic experts. But given that Korea’s GDP growth has been slowing down for years, it may be “overly optimistic that the country’s economy becomes large enough for the KOSPI to reach the 5,000-point mark,” said Shin Se-don, professor emeritus of economics at Sookmyung Women's University. “It’s hard to see that happening during Lee's single five-year presidency, although the KOSPI is gaining ground,” Shin indicated. Shin pointed out that the KOSPI went up 12.43 percent f

Jun 7, 2025By Yi Whan-woo

Can KOSPI reach 5,000-point milestone as new president pledges?

Economy

OECD lowers Korea's 2025 growth outlook to 1%

The Organization for Economic Cooperation and Development (OECD) slashed its 2025 economic growth forecast for Korea to 1 percent, Tuesday, down from its earlier 1.5 percent announced in March. In its assessment, the OECD said that U.S. tariff-driven uncertainty is “set to hold back export growth and weaken business investment,” although domestic political uncertainty is expected to subside and, along with an increase in real wages, help private consumption pick up starting in late 2025. “Korea has considerable trade exposure to the U.S., directly and through its participation in global value chains,” the Paris-headquartered organization said, noting effective tariff rates applying to Korean exports to the U.S. have increased from 1 percent to 16 percent. It went on to say that business and consumer confidence is “tested by an uncertain environment” as the level of confidence is growing, but “uncertainty related to tariffs and international trade pulls in the opposition direction.” “A prolonged slowdown in key trading partners and spiraling protectionism could further s

Jun 3, 2025By Yi Whan-woo

OECD lowers Korea's 2025 growth outlook to 1%

Banking & Finance

KB, Shinhan to set up holding companies in Indonesia

The two largest financial groups in Korea — KB and Shinhan — will each create a holding company that will oversee their respective businesses in Indonesia, industry officials said Tuesday. KB Financial Group has nine subsidiaries in Indonesia, and Shinhan Financial Group has three. The holding companies will be set up according to guidelines from the Indonesian Financial Services Authority, also known as OJK. And the end of 2024, OJK implemented a regulation requiring foreign financial firms operating in Indonesia to establish a holding company if they meet certain criteria. The details concerning the criteria were not available. KB Financial Group and Shinhan Financial Group are subject to this regulation among the Korean businesses in Indonesia, industry officials explained. “OJK correspondingly asked the two Korean financial groups to submit a plan on establishment of a holding company by June 23,” an official said. He went on to say, “OJK will provide feedback within two months after it receives the plan, and once the plan is finalized, KB and Shinhan will be required to launc

Jun 3, 2025By Yi Whan-woo

KB, Shinhan to set up holding companies in Indonesia

Policy

Next gov't faces daunting task in curbing household debt

The new administration should not let unwarranted optimism for falling benchmark interest rate and growing investor interest in homes and stocks further increase household debt, economists and market analysts said Monday. The warning comes as outstanding household loans extended by five major commercial banks — KB Kookmin, Shinhan, Hana, Woori and NH NonghHyup — totaled 747.29 trillion won ($542.18 billion) as of Thursday. The amount marked the fourth month of consecutive increases in household debt, which has long been regarded as the “time bomb” for the Korean economy. This is because the ratio of such debt to gross domestic product (GDP) has been notably higher compared to other major economies. According to the most recent update from the Bank of International Settlements (BIS), the ratio for Korea stood at 91 percent in the second quarter of 2024. In comparison, the ratio averaged at 68.9 percent for advanced countries. The growing household debt was partly attributable to the Bank of Korea’s (BOK) monetary easing cycle, with the base rate falling to 2.5 percent on Thursday,

Jun 2, 2025By Yi Whan-woo

Next gov't faces daunting task in curbing household debt

Policy

Pet insurance market hopeful over next government's veterinary care policy

The pet insurance market is hopeful that the new government will help reverse the slower-than-expected growth in subscription rate despite a sharp increase in the number of Koreans living with companion animals. Lee Jae-myung, the presidential frontrunner from the liberal Democratic Party of Korea (DPK), and Kim Moon-soo, Lee’s opponent from the conservative People Power Party (PPP), all have pledged to standardize the costs of veterinary care. The costs vary greatly and thus place a significant financial burden on an estimated 15 million Koreans who own pets. A government-led cost policy is expected to improve transparency around premiums, coverage and other cost-related issues in pet insurance, as well as boost the number of subscribers, according to industry officials. They noted that a lack of consistency was a major reason why only a small percentage of pet owners opt for veterinary insurance. Since companion animals are not covered by national health insurance, owners must bear 100 percent of the medical costs. While private pet insurance is an option, uptake remains low, and veter

May 30, 2025By Yi Whan-woo

Pet insurance market hopeful over next government's veterinary care policy

Others

80% of bankrupt young Koreans use loans to pay debts

More than eight out 10 of young Koreans who filed for bankruptcy after being unable to service debts had taken out new loans to pay off existing debt, a survey showed Thursday. The survey, released by the Seoul Financial Welfare Counseling Center, indicates the serious nature of becoming indebted at a younger age, and the reliance on loans to pay existing debts increases their financial burdens rather than resolving them. The survey looked at 1,374 individuals aged 29 or younger who filed for bankruptcy last year and completed a financial rehabilitation program run by a counseling center. Of the respondents, 84 percent said they borrowed money from another financial institution after they had difficulty in paying off a debt stemming from bank loans, credit card expenses and other forms of financial activities. Borrowing additional cash was only made possible through higher interest rates, making it tougher for the respondents to pay off increasing principal plus interest in a timely manner. “The debts eventually reached the level that they no longer could control, leading to the decisio

May 30, 2025By Yi Whan-woo

Yi Whan-woo

Read more

Mirae Asset seeks further expansion into high tech-oriented China market

Finance sector may become first to implement Lee’s 4.5-day workweek pledge

KRX opens independently run after-hours trading session for derivatives

Talk of reducing legal lending cap to gain ground

Can KOSPI reach 5,000-point milestone as new president pledges?

OECD lowers Korea's 2025 growth outlook to 1%

KB, Shinhan to set up holding companies in Indonesia

Next gov't faces daunting task in curbing household debt

Pet insurance market hopeful over next government's veterinary care policy

80% of bankrupt young Koreans use loans to pay debts

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