Interior Ministry Awards Cash Prizes for Contributions to Life Safety Laws The Ministry of the Interior and Safety announced on June 5 that it awarded the "2026 Second Special Achievement Award" to individuals who contributed to the enactment of the "Life Safety Basic Act" and the "Serious Crime Investigation Agency Organization and Operation Act" (Serious Crime Act) at the Government Sejong Center. The special achievement award was introduced this year following President Lee Jae-myung's directive to provide exceptional rewards for outstanding civil servants. Thi June 5, 2026

KB Financial Group Establishes $8.5 Million Cooperative Fund with Ministry of SMEs KB Financial Group announced on June 5 that it has established a cooperative fund worth 10 billion won (approximately $8.5 million) in collaboration with the Ministry of SMEs and Startups and the Korea Federation of Small and Medium Enterprises.The fund expands the previous focus on large corporate supply chains to include small and medium-sized enterprises (SMEs) and micro-enterprises.KB Financial plans to support the local economy through investments of 2 billion won in artificial intelligence June 5, 2026

Korea's Tidal Flats Expected to be Added to UNESCO World Heritage List Korea's tidal flats are expected to be added to the UNESCO World Heritage list. On June 5, the Cultural Heritage Administration and the Ministry of Oceans and Fisheries announced that the International Union for Conservation of Nature (IUCN), an advisory body for natural heritage to the UNESCO World Heritage Committee, has recommended the expansion of the World Heritage designation for "Korea's Tidal Flats Phase 2." The IUCN evaluated that "Korea's Tidal Flats Phase 2" meets the World June 5, 2026

Dormant Deposits Can Now Be Received as Toss Pay Money The Financial Consumer Agency has launched a service allowing individuals to receive dormant deposits and insurance payouts as Toss Pay Money. Users can now check their small dormant deposits directly through the Toss app and convert them into prepaid funds for payments. On June 5, the agency announced its collaboration with Toss to initiate this service, starting with dormant deposits and insurance payouts under 500,000 won. The program will be gradually expanded based on the payment tre June 5, 2026

Financial Authority Strengthens NPL Management System for Credit Unions Financial authorities are set to enhance the management system for non-performing loans (NPLs) within credit unions by specifying the scope of asset purchases and pricing criteria for credit union asset management companies. On June 5, the Financial Services Commission announced it will issue a legislative notice for the amendment to the Enforcement Decree of the Credit Union Act. The notice period will last until July 15. This amendment aims to establish detailed provisions mandated by t June 5, 2026

South Korea Expects Constructive Role from Xi Jinping's Visit to North Korea On June 5, the South Korean government expressed hope that Chinese President Xi Jinping's upcoming state visit to North Korea will play a constructive role in regional stability. The Blue House stated, "We are closely monitoring the situation and expect China to take a constructive role regarding the Korean Peninsula issues." The government added that it hopes exchanges between North Korea and China will contribute positively to peace and stability on the Korean Peninsula, emphasizing ongoing di June 5, 2026

APR Strengthens ESG Management with Release of First Sustainability Report APR announced on June 5 that it has published its 2025 Sustainability Management Report and is establishing an Environmental, Social, and Governance (ESG) management system.According to APR, the report includes key business and financial performance data from January 1 to December 31 of the previous year, along with strategies for promoting sustainable management across environmental, social, and governance areas.The report identifies key ESG issues based on a materiality assessment, which analy June 5, 2026

Han Dong-hoon Returns to National Assembly After Winning Busan By-Election Independent lawmaker Han Dong-hoon, who won the by-election for Busan's North District, made his first appearance in the National Assembly on June 5, stating, "I have returned here through the power of the citizens." He attended the plenary session, marking the beginning of his political journey as a first-term lawmaker. Immediately after entering the assembly, Han told reporters, "I was here on the night of December 3, 2024," referring to a pivotal moment in his political career. He adde June 5, 2026

Korean Party Leaders Song Eon-seok and Jeong Jeom-sik Resign, Call for New Beginning 6.3 local elections prompted the resignation of Song Eon-seok, floor leader of the People Power Party, and Jeong Jeom-sik, the party's policy chief.During a party meeting on June 5, Song announced, "I wish to resign from my position as floor leader." He added, "The results of this election clearly reflect the will of the people. It is a great victory for the wise citizens. The public did not give overwhelming power to any one party or faction, reminding us that the principles of checks and balan June 5, 2026

Korean Won Surpasses 1550 Against Dollar, Raising Market Concerns The exchange rate of the Korean won against the U.S. dollar has surpassed 1550 won, reaching its highest level since the global financial crisis. This surge has heightened market anxiety, with some online commentators suggesting that the government may have relaxed its currency management after the recent elections. In the Seoul foreign exchange market, the won-dollar rate exceeded 1550 during trading, marking the highest level since 2009, during the global financial crisis. Analysts attr June 5, 2026