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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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Cryptocurrency

1 in 5 Koreans invest in crypto assets: survey

Nearly 20 percent of Korea’s population invests in crypto assets, with those in their 30s and 40s accounting for more than half of investors, a survey showed Tuesday. The Financial Services Commission (FSC) survey showed 9.7 million traders across the 17 cryptocurrency exchanges nationwide in the second half of 2024. The figure represented about a 25 percent increase from the first half of 2024, according to the FSC. Of the 9.7 million, 9.67 million were from the top five domestic virtual asset exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax. Traders in their 30s accounted for 29 percent of all cryptocurrency exchange users, while those in their 40s were another 27 percent. “They accordingly made up more than half of the entire cryptocurrency investors,” the FSC explained. Those younger than 20 accounted for 19 percent, followed by those in their 50s at 18 percent, and those in their 60s or older at 7 percent. The survey also showed that the number of individuals whose investment exceeds 10 million won ($7,100) is increasing. A total of 1.21 million traders invested more than 1

May 20, 2025By Yi Whan-woo
1 in 5 Koreans invest in crypto assets: survey
Banking & Finance

KDB, HMM on edge as presidential candidates vow to move them to Busan

The Korea Development Bank (KDB) is in a dilemma over major presidential candidates’ pledges to move it and HMM, Korea's largest shipping firm, which it controls, to Busan, as politicians try to woo voters in the nation's second-largest city, according to industry officials, Tuesday. Lee Jae-myung, the presidential frontrunner from the liberal Democratic Party of Korea (DPK), pledged to relocate HMM headquarters from Seoul to Busan. Such a promise is aimed at bolstering Busan’s economic growth as the country’s largest port city, at a time when it struggles with a shrinking population and fewer jobs. Underlying Lee’s pledge is that KDB, a state-run lender, remains HMM’s largest stakeholder. Otherwise, the new government would not have adequate reasons to ask the company to move its headquarters. But KDB has sought to sell its 36.02 percent stake in HMM for years, after the shipper underwent court receivership, but it has fully normalized its operation. Unloading the stake has become increasingly crucial, as HMM’s stock price is on an upward trajectory and puts pressure on KDB

May 20, 2025By Yi Whan-woo
KDB, HMM on edge as presidential candidates vow to move them to Busan
Economy

Presidential candidates fuel hope for domestic market-oriented stocks

KOSPI-listed companies that rely on domestic consumers for sales of their goods and services are drawing attention from investors as major presidential candidates pledge to boost domestic demand once elected. Market analysts said Monday that stocks of domestic market-focused firms, including those in retail, food and beverage, shopping, cosmetics and entertainment sectors, are increasingly attractive. This came as 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), both underline the need to stimulate domestic demand. Central to their pledges is improving public livelihoods at a time when households increasingly struggle with the high cost of living and have been reducing household spending. The candidates also seek to help small businesses and self-employed individuals, many of whom have been hit hard by sluggish consumer spending. While domestic consumption and exports are two key drivers of Korea's economic growth, export-oriented companies have largely prevailed

May 20, 2025By Yi Whan-woo
Presidential candidates fuel hope for domestic market-oriented stocks
Banking & Finance

Busan-headquartered KSD steps up corporate responsibility in region

Korea Securities Depository (KSD) is stepping up efforts to enhance corporate social responsibility as a financial institution in Busan, a city that struggles with population decline and other economic difficulties, company officials said Monday. The institution is focusing on three areas — helping university students find jobs, operating a fund to revitalize the local economy and supporting poverty-stricken older adults. The KSD has been expanding its vocational program for university students across the city. The program aims to help candidates find jobs with the depository. It now operates at 12 universities, up from five in 2019. In addition, 1.98 billion won ($1.44 million) in scholarship funds have been distributed to more than 200 students over a 10-year period. Despite being the second-largest city in the country, Busan grapples with much of the same economic decline currently affecting rural areas, as the nation's GDP relies heavily on Seoul. To help the city overcome these challenges, the KSD donated 750 million won between 2018 and 2023 to the Busan ESG Fund, which was formed

May 19, 2025By Yi Whan-woo
Busan-headquartered KSD steps up corporate responsibility in region
Sports

Refugee athletes committed to values nurtured by taekwondo-inspired festival

AMMAN, Jordan — Dozens of Syrian youngsters were grinning from ear to ear as they got out of a line of buses to join Sports Day, held in central Amman from May 2 to 3. They chattered and gave organizers high fives, filled with excitement over the once-in-a-year chance to join the event outside the Azraq and Za’atari refugee camps — each a U.N.-designated enclosed area in the deserts of Jordan. Some had a serious look on their faces, reflecting intense focus and determination to show off the skills that they have honed, both physically and mentally, for the past year. Both groups were a part of an increased number of Syrian refugee athletes who enjoyed a day outside camps and also put into practice the values learned from sports at the third Hope and Dreams Sports Festival. A humanitarian initiative led by World Taekwondo (WT) President Choue Chung-won, the festival is co-organized by WT and Choue's Taekwondo Humanitarian Foundation (THF). Since 2023, it has fostered humanitarian values through taekwondo and other Olympic sports. Central to the third festival was Sports Day, a two-day

May 19, 2025By Yi Whan-woo
Refugee athletes committed to values nurtured by taekwondo-inspired festival
Sports

FISU president to elevate cooperation with taekwondo for humanitarian efforts

AMMAN, Jordan — The 10th anniversary of Taekwondo Humanitarian Foundation (THF) next year will be an opportunity to take cooperation between international governing bodies of university sports and taekwondo to a higher level for humanitarian efforts, according to International University Sports Federation (FISU) President Leonz Eder. He said discussions have been underway with World Taekwondo (WT) President Choue Chung-won, who also serves as THF chairman, to introduce online learning for young Syrian refugees and help broaden their learning opportunities. “The 10th anniversary of THF seems to me to be a very appropriate and welcome opportunity to actually turn ideas into action,” the FISU president said in an exclusive interview with The Korea Times during the third Hope and Dreams Sports Festival. Eder was a first-time guest to the festival, which was held from April 30 to May 3 as a humanitarian initiative co-organized by WT and THF since 2023. The 2025 gathering was the largest to date, featuring a record-breaking six sports and more than 1,000 athletes in Jordan’s Azraq and

May 19, 2025By Yi Whan-woo
FISU president to elevate cooperation with taekwondo for humanitarian efforts
Economy

Economic effectiveness of extended holiday called into question

A government policy broadly aimed at stimulating economic growth by increasing the number of public holidays is facing renewed scrutiny after exports dropped sharply in the first 10 days of May. The decline has been attributed to a reduced number of working days compared to previous years. The policy involves designating regular workdays as additional days off, aligning them with weekends, national holidays, Seollal (Lunar New Year), Chuseok (the mid-autumn harvest festival) and other public holidays, thereby giving workers more consecutive days of rest. However, the policy has been criticized for failing to effectively boost domestic demand, as many people choose to travel abroad during the extended holidays and spend their money overseas. “Under the circumstances, the decline in exports possibly suggests that the holiday is not helping much to revitalize the economy,” said Inha University economics professor Shin Il-soon, highlighting exports and domestic demand as two key drivers of economic growth. He also referred to data from the Korea Customs Service, which showed that exports

May 17, 2025By Yi Whan-woo
Economic effectiveness of extended holiday called into question
Economy

New gov’t to face tricky task of addressing US tariff fallout, possible extra budget

The new government that takes power after the June 3 presidential election is expected to face the tricky task of addressing the negative consequences of both the U.S tariff policy and a possible extra supplementary budget to counter their effects. The adverse effect of the U.S. duties imposed on Korean imports is already being felt, even before the implementation of a 25 percent "reciprocal" tariff that is at the center of Washington’s hostile trade policies against Seoul. According to the Ministry of Trade, Industry and Energy, Korea’s exports to the U.S. fell 6.8 percent in April from a year earlier, in contrast to the country's worldwide exports that rose 3.7 percent over the same time period. The year-on-year decrease rate in outbound shipments for semiconductors was 31 percent, 16.6 percent for cars and 22.6 percent for machinery. The declines came even as the U.S. has limited its levies to a 10 percent base tariff and item-specific tariffs since last month. Korea Customs Service data showed that Korea’s outbound shipments worldwide dropped 23.83 percent year-on-year in the fi

May 15, 2025By Yi Whan-woo
New gov’t to face tricky task of addressing US tariff fallout, possible extra budget
Sports

Taekwondo Humanitarian Foundation outpaces founder's expectations ahead of 10th anniv.

AMMAN, Jordan — A shocking image of a drowned Syrian boy, Alan Kurdi, in September 2015 was a driving force for World Taekwondo (WT) President Choue Chung-won to establish Taekwondo Humanitarian Foundation (THF) in the following year to help Syrian refugees worldwide. The foundation has moved forward since then — at a faster pace than Choue expected — leading to his hope of nearly doubling the number of sports in the THF-organized festival to 10 for the foundation’s 10th anniversary next year. “It’s developing at a faster pace than I expected when I gave a speech at the United Nations,” Choue, also THF chairman, said during an exclusive interview with The Korea Times on the occasion of the third Hope and Dreams Sports Festival in Jordan from April 30 to May 3. “Accordingly, our goal is to give children and youth opportunities in at least 10 sports by THF’s 10th anniversary, and preparations are getting underway,” he added. Choue publicly declared a plan to launch the foundation to use taekwondo as a tool to empower Syrian refugees during his U.N. International Day of

May 14, 2025By Yi Whan-woo
Taekwondo Humanitarian Foundation outpaces founder's expectations ahead of 10th anniv.
Sports

Taekwondo-inspired festival lives up to its name for Syrian refugees

AMMAN, Jordan — A taekwondo-inspired festival has flourished to spread a greater message of hopes and dreams for young Syrian refugees, passing its third anniversary as a humanitarian initiative led by World Taekwondo (WT) President Choue Chung-won. The 2025 edition of the Hope and Dreams Sports Festival was the largest to date after it originated from a namesake taekwondo competition in 2022 and evolved into a multi-sports festival afterward. Taekwondo Humanitarian Foundation (THF), founded and chaired by Choue, has organized the festival jointly with WT to empower refugees through sports, starting with taekwondo and baseball5 in 2023 and then adding basketball and badminton in 2024. This year, it featured record-breaking six sports by including handball and weightlifting, as it ran from April 30 to May 3 for Syrian children and youth who are sheltered at the Azraq and Za’atari refugee camps in Jordan. The festival took place at the two camps and in central Amman. For more athletes to enjoy and practice their favorite sport, larger areas of land at the outdoor training ground of the

May 14, 2025By Yi Whan-woo
Taekwondo-inspired festival lives up to its name for Syrian refugees
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