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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

Korea to launch QR code payment service in Indonesia

Korea will launch an easy-to-use QR code payment service in Indonesia this year, as part of efforts to foster its advanced digital financial services in Asia, according to the head of the Korea Financial Telecommunications & Clearings Institute (KFTC), Thursday. Operating under the wing of the Bank of Korea (BOK), the KFTC is tasked with supporting efficient financial transactions across the relevant industries. KFTC President Park Jong-seok, who accompanied BOK Gov. Rhee Chang-yong at the Asian Development Bank (ADB) meeting in Milan this week, highlighted Indonesia as the first partner country in Asia for a QR code payment system. “We expect the service to start in Indonesia within this year, as we push to elevate the KFTC’s reputation and promote Korea's advanced financial system across Asia,” Park told reporters. The QR code payment service will be part of the KFTC's broader goal to establish a linked network among Korean financial services companies, including fintech firms, and overseas payment institutions. In particular, the institute seeks to build the network without using

May 9, 2025By Yi Whan-woo
Korea to launch QR code payment service in Indonesia
Policy

Korea introduces counter-tax evasion system using AI in Latin America-led meeting

National Tax Service (NTS) Commissioner Kang Min-su introduced Korea’s advanced system using artificial intelligence (AI) to crack down on tax evasion during a meeting of top tax officials mostly from Latin American countries, the NTS said Thursday. The tax agency said Kang was a special guest at the 59th general assembly of the Inter-American Center of Tax Administrations (CIAT) in Santiago, Chile, from Tuesday to Thursday. The center discussed tax authorities’ responsibility to respond to tax-related crimes among its 40 member states and relevant international organizations. Over 30 CIAT member states are from Latin America, while the United States, Canada and some countries from Europe, Africa and Asia are also part of the group. Kang highlighted Korea’s yearslong efforts to build a secure, reliable electronic tax administration, which grew large enough to amass big data and evolved to be used as a resource for an AI system aimed at detecting any attempts to dodge taxes. In particular, he addressed an AI-driven scientific approach to pinpoint targets for tax audits and verify whe

May 8, 2025By Yi Whan-woo
Korea introduces counter-tax evasion system using AI in Latin America-led meeting
Banking & Finance

Meritz’s bungled online stock trading adds to security concerns

Meritz Securities had suffered a technical problem in brokering U.S. stock trade, adding to concerns over repeated system failures reported in the domestic securities sector, according to industry officials, Wednesday. The brokerage arm of Meritz Financial Group had trouble taking online orders from customers to buy and sell stocks on the U.S. market right after the market opened at 10:30 p.m. Tuesday (KST). The company worked on troubleshooting and the service was normalized about an hour later. “The problem has been full resolved and orders for U.S. stock trade are being processed normally,” Meritz Securities said. “We deeply apologize for any inconvenience caused, and will take compensational measures promptly for customers who are affected by malfunction of the service." Despite its apology, industry officials expressed concerns in light of similar incidents recently. They cited a need for a comprehensive check-up on the online trading system across the domestic securities companies. “Such a check-up may be especially crucial at a time when more investors are trading shares on

May 7, 2025By Yi Whan-woo
Meritz’s bungled online stock trading adds to security concerns
Banking & Finance

Brokerages launch marketing blitz on YouTube to attract investors

Securities firms are intensifying marketing campaigns on YouTube by using all the creative means they can think of, in a bid to attract a wider range of investors and survive intensifying competition, according to industry officials, Wednesday. Some companies are capitalizing on the global boom of Korean pop culture. Samsung Securities created a music video, while Mirae Asset Securities produced a multi-part drama series. For NH Investment & Securities, it came up with a talk show featuring TV celebrity Jung Hyuk as a regular guest to share investment strategies. These companies and others also give out prizes like coffee coupons, movie tickets and gift cards — all for free — in their livestreamed lectures. “Marketing appears to be heating up in the brokerage sector, as brand awareness is becoming crucial in the industry with its widening wealth gap between bigger and smaller firms,” said Jung Eui-jung, head of the Korean Stockholders’ Alliance, which advocates for retail shareholders’ rights. “The bigger players try to enhance their brand image while the smaller ones are de

May 7, 2025By Yi Whan-woo
Brokerages launch marketing blitz on YouTube to attract investors
Economy

Construction firm closures reach 14-year high amid rising costs, sluggish demand

The number of construction companies that went out of business rose to a 14-year high in the first three months of this year, as more of them failed to withstand surging construction costs, a sluggish housing market and other unfavorable economic conditions, government data showed Tuesday. According to data from the government-run Knowledge Information System of Construction Industry (KISCON), a total of 160 construction companies shut down in the first quarter, up 19.4 percent from the same period last year. It also marked the highest number since the first quarter of 2011, when a total of 164 builders went out of business. “The data suggests an increasing number of builders are financially distressed at an unbearable level, as construction costs are rising and the housing market is unstable,” an industry official said. The official assessed that the months-long political turmoil, caused by now-ousted President Yoon Suk Yeol’s declaration of martial law on Dec. 3, further worsened the already unfavorable economic conditions. The pressing conditions for builders were also evidenced

May 7, 2025By Yi Whan-woo
Construction firm closures reach 14-year high amid rising costs, sluggish demand
Economy

BOK expected to lower key rates this month amid deepening economic downturn

The Bank of Korea (BOK) is widely expected to deliver a rate cut later this month to counter the deeper-than-expected economic downturn as evidenced by a 0.2 percent GDP contraction in the first quarter of the year, economists said Tuesday. They said the benchmark interest rate is likely to be lowered from the current 2.75 percent to 2.5 percent at the BOK’s monetary policy meeting on May 29. They also expect a possible 0.25 percentage cut will materialize in tandem with the government’s latest supplementary budget worth 13.8 trillion won ($9.9 billion). “Timing plays a crucial role in reversing the economic downward spiral, and the BOK’s rate cut will be inevitable this month,” Hanyang University economics professor Ha Joon-kyung said. The professor pointed out Korea’s economy contracted for the first time in nine months in the January to March period. “Such downward momentum may last in the remaining three quarters of 2025 if corresponding measures are not taken in a timely manner.” Shin Se-don, professor emeritus of economics at Sookmyung Women's University, assessed th

May 6, 2025By Yi Whan-woo
BOK expected to lower key rates this month amid deepening economic downturn
Banking & Finance

'US domestic demand-focused ETFs worth buying amid global trade uncertainties'

Blue-chip companies that primarily make profits in the United States are recommended when buying an exchange-traded fund (ETF), in order to mitigate risks from global economic uncertainties heightened by the widening trade war. At the same time, companies that are highly competitive in the global artificial intelligence (AI) race are also worthy in the ETF market even if they are from outside the U.S., namely China. Pedro Palandrani, head of Global X's Product Research & Development, made the recommendations as he provided a set of guidelines for leveraging opportunities in the U.S. ETF market amid a challenging investment environment. An ETF is a collection of securities, such as stocks or bonds, that trade on an exchange like a regular stock. Based in New York, Global X is one of 13 overseas ETF subsidiaries of Mirae Asset Global Investments. Others are found in Australia, Canada, Hong Kong, India and Japan, among other locations. “We wake up and there is new news around trade policies, and given that uncertainty in the geopolitical environment, we’re finding clients who are micro-t

May 5, 2025By Yi Whan-woo
'US domestic demand-focused ETFs worth buying amid global trade uncertainties'
Economy

Calls grow for aggressive fiscal spending to prop up faltering economy

Calls are growing for more aggressive fiscal spending to spur the faltering economy as Asia's fourth-largest economy contracted in the first three months of the year due to sluggish consumption and falling exports, economists said Thursday. The Ministry of Economy and Finance has been criticized for its stimulus plan allocating a supplementary budget worth 12.2 trillion won ($8.53 billion), which many economists deemed insufficient in the middle of the nation's bleak growth outlook. The amount is anticipated to increase the country’s GDP growth rate this year only by 0.1 percentage point, according to Second Vice Minister of Economy and Finance Kim Yoon-sang, who gave a briefing when the stimulus plan was unveiled on April 18. Many experts say that the positive effect of the 12.2 trillion won was already offset as Korea’s GDP growth shrank faster than expected, while the stimulus plan awaits the National Assembly’s approval to take effect. “The economic contraction makes it crystal clear that the finance ministry was wrong in estimating the size of the adequate extra budget to re

Apr 24, 2025By Yi Whan-woo
Calls grow for aggressive fiscal spending to prop up faltering economy
Economy

Koreans decide to spend less, save more as they live longer

An increasing number of Koreans are choosing to spend less and save more as they live longer, driven by the need to secure funds for their personal wellbeing after retirement, a report showed Wednesday. The report, released by the Korea Development Institute (KDI), showed that life expectancy in Korea rose to 84.3 years in 2024, up from 77.8 years in 2004. Over the same time period, the average propensity to consume, a statistical term for the rate of income that an individual spends in proportion to saving or investing, declined to 48.5 percent from 52.1 percent. “Simply put, life expectancy increased by approximately 6.5 years over two decades, while tendency to spend decreased by 3.6 percentage points,” the KDI report said. The state-run think tank also found that for every one-year increase in life expectancy, the consumption propensity decreased by about 0.48 percentage points. Asked about the reason behind the reduction, the KDI pointed out that the legal retirement age remains unchanged at 60, regardless of life expectancy. “More people still need to work even after their reti

Apr 24, 2025By Yi Whan-woo
Koreans decide to spend less, save more as they live longer
Banking & Finance

Asset managers eye hotels amid inbound travel boom

Asset management companies are returning to the hospitality sector — specifically hotels — after avoiding it during the COVID-19 pandemic, as surging demand from foreign tourists now exceeds the available supply, industry officials said Wednesday. The number of international tourists visiting Korea is expected to reach 17.5 million in 2025, up from 16.37 million in 2024 — a figure that represented 93.5 percent of pre-pandemic levels, according to the Korea Culture and Tourism Institute. The institute said inbound tourism is recovering faster than domestic hotels can accommodate, noting that the current number of hotel rooms available in Seoul is less than half of what was available during the pandemic. Given the circumstances, several asset management companies have recently added hotels to their post-pandemic business portfolio restructurings. Some others, already involved in the hotel business, have decided to retain their buildings for accommodation purposes after initially converting them into office space. BlueCove Investment, a real estate management firm, is in the final stag

Apr 23, 2025By Yi Whan-woo
Asset managers eye hotels amid inbound travel boom
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