Korea's Financial Authority to Appoint Chief Inclusion Officer to Address Financial Exclusion The Financial Services Commission (FSC) is moving to designate Chief Inclusion Officers (CIFOs) within banks and financial institutions to address the issue of financial exclusion, which President Lee Jae-myung has described as a form of "predatory finance." The initiative aims to implement structural changes to remedy this problem. Additionally, to attract more foreign individual investors to the domestic stock market, the FSC plans to expand the scope of foreign integrated accounts to in May 21, 2026

South Korea's Financial Authority Shifts Toward Inclusive Finance The Financial Services Commission (FSC) is set to implement a structural shift toward inclusive finance. This initiative follows President Lee Jae-myung's criticism of predatory lending practices and Policy Chief Kim Yong-beom's concerns regarding interest rate stratification and the exclusion of mid- and low-credit borrowers. The FSC has identified financial sector reform as a key priority for the second half of this year. To this end, Chairman Lee Ok-yeon proposed the 'Three-Tiered Inclu May 21, 2026

KOSPI Surges Above 7800 as Foreign Investors Continue Selling The KOSPI index surged above 7800 for the first time since April 1, climbing more than 8% amid easing geopolitical tensions in the Middle East, a resolution in labor negotiations at Samsung Electronics, and strong performance from Nvidia. According to the Korea Exchange, the KOSPI closed at 7815.59, up 606.64 points (8.42%) from the previous trading day, marking the largest single-day gain in history. Kang Jin-hyuk, an analyst at Shinhan Investment Corp, stated, "The resolution of unce May 21, 2026

Domestic Insurers Provide War Insurance for 10 Ships in Hormuz Strait Ten domestic non-life insurance companies will jointly provide war insurance at the lowest applicable rates for ten vessels from small and medium-sized shipping companies operating in the Hormuz Strait. Eo Ik-yeon, chairman of the Financial Services Commission, announced on May 21 during a meeting with the shipping industry, policy finance institutions, and the insurance sector in Jongno, Seoul, that "domestic insurers will take responsibility for the return of the ten vessels from small a May 21, 2026

Intensified Pressure for Candidate Unification in Busan North Gap Election 6.3 National Assembly by-elections are heating up in Busan North Gap, where Hah Jung-woo of the Democratic Party and Han Dong-hoon, an independent candidate, are in a tight race. As pressure mounts for unification between Han and Park Min-sik of the People Power Party, the party is showing signs of division.According to political sources on May 21, Han has recorded a lead in support for the first time in the three-way race for the Busan North Gap by-election. Previously, Hah had consistently led May 21, 2026

KOSPI Soars as Market Reacts to Positive Developments It was a day filled with positive news. Following a dramatic resolution in negotiations involving Samsung Electronics, strong earnings from Nvidia, and hopes for progress in the Middle East ceasefire, the stock market saw a significant rebound on May 21. The KOSPI index rose by 606 points, marking an increase of 8.42%, the highest since April 1. The total market capitalization of the KOSPI surged nearly 500 trillion won, from 5904 trillion won the previous day to 6396 trillion won today. May 21, 2026

Seoul Mayoral Candidates Launch Campaigns Ahead of June 3 Election Jung Won-o of the Democratic Party and Oh Se-hoon of the People Power Party officially launched their campaigns for the Seoul mayoral election on May 21. The two candidates began a 13-day campaign across the city, engaging in a fierce contest for votes. On the first day of the official campaign, both candidates visited key locations at midnight. Jung went to the Dongseoul Postal Center in Gwangjin-gu, while Oh visited the Garak Agricultural and Marine Products Wholesale Market in Songpa-g May 21, 2026

Taiwan President Tsai Ing-wen Declares Taiwan a Sovereign Nation Tsai Ing-wen, the President of Taiwan, stated that "Taiwan is already a sovereign independent nation." Her remarks came as U.S. President Donald Trump mentioned the possibility of a call with her. Tsai reaffirmed her stance of rejecting China's claims of sovereignty while emphasizing the need to maintain the status quo across the Taiwan Strait. According to Reuters on May 20, during a press conference marking her second anniversary in office, Tsai declared, "The Republic of China, Taiwan, May 21, 2026

K-Art Takes Center Stage in May Auctions Following Record-Breaking Sales This year, the domestic art auction industry has set record prices, prominently featuring Japanese works. In May, however, it is showcasing 'K-Art'. According to the auction industry on May 21, several notable pieces representing Korean art, including the Daedongyeojido, works by Park Soo-keun and Seo Do-ho, will be auctioned this month. Japanese artists have garnered significant attention in the domestic auction market this year. Last month, at a Seoul Auction event, Yoshitomo Nara's 20 May 21, 2026

Alternative Holiday for Buddha's Birthday Raises Questions About Services As the alternative holiday for Buddha's Birthday approaches, there is growing interest in the operation of essential services. While government offices, schools, and financial markets typically close, the status of banks, hospitals, and delivery services varies by institution and requires prior confirmation. This year, Buddha's Birthday falls on Sunday, May 24. Since the holiday coincides with a Sunday, the following Monday, May 25, will be designated as an alternative holiday. This pract May 21, 2026