Journalist

Lee Seo-young
  • Five Major Banks Increase Self-Rescue Efforts by 3.5 Times Amid Debt Management Changes
    Five Major Banks Increase Self-Rescue Efforts by 3.5 Times Amid Debt Management Changes President Lee Jae-myung praised the Financial Services Commission's achievements in inclusive finance as "remarkable" during a Cabinet meeting, highlighting a shift in how banks manage delinquent loans. Instead of selling off delinquent accounts to external collection agencies, banks are now focusing on internal debt adjustments and loan forgiveness to help borrowers recover. Documents obtained from the Cabinet meeting on May 11 reveal that the five major commercial banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—saw their internal debt adjustments rise from 989 cases in the first quarter of 2025 to 3,456 cases by the fourth quarter of the same year, a 3.5-fold increase. In contrast, the sale of delinquent loans plummeted from 35,000 cases in 2025 to just 11 in the first quarter of 2026. The Financial Services Commission views this as a transition from a "maximizing recovery" approach to one focused on "recovery and coexistence." Traditionally, the financial sector has relied on selling long-term delinquent loans to external collection agencies. While this allowed financial institutions to remove bad debts from their books, it often left borrowers facing prolonged collection efforts. The management of delinquent loans by banks is evolving. The five major banks have increased their efforts to write off old debts that are difficult to collect. Their performance in terms of debt expiration and write-offs rose from an average of 2,229 cases and 59.8 billion won over the past three years to 7,676 cases and 288.2 billion won in the first quarter of this year. This represents more than a threefold increase in the number of cases and nearly a fivefold increase in the amount, indicating a stronger trend toward internal adjustments rather than transferring delinquent loans externally or leaving them in prolonged collection. During the Cabinet meeting on May 6, President Lee remarked on the report from Financial Services Commission Chairman Lee Ok-won, stating, "The Financial Services Commission is achieving remarkable results. They are doing very well." He emphasized the need for a structural shift in finance, noting that the previous mindset of squeezing every last penny from borrowers was not acceptable. The effects of removing delinquency records are also becoming evident. Approximately 2.928 million individuals who repaid their delinquencies have received credit relief, with 154,000 of them resuming normal financial transactions, such as obtaining new loans or credit cards. Efforts to address old debts are also underway. Financial authorities are working on plans to forgive or write off long-term delinquent loans, specifically targeting 1.13 million individuals with debts under 50 million won that have been overdue for more than seven years, totaling 16.4 trillion won. This initiative aims to reintegrate borrowers who have been excluded from the financial system due to prolonged delinquency. The Financial Services Commission plans to institutionalize these improvements in delinquent loan management to ensure they are not one-time measures. Starting in the second quarter, it will disclose delinquent loan management performance across all sectors and establish incentive systems, including differential fees. This aligns with President Lee's comments regarding the potential for incentives and penalties through evaluations and management guidelines for financial institutions.* This article has been translated by AI. 2026-05-12 03:51:21
  • Financial Commission Investigates EMR Firms Refusal to Join Insurance Claim System
    Financial Commission Investigates EMR Firms' Refusal to Join Insurance Claim System The Financial Commission is investigating the collective refusal of certain electronic medical record (EMR) companies to participate in the digitalization of insurance claims, in collaboration with the Fair Trade Commission. This low participation from EMR firms, which play a crucial role in connecting hospitals and the Insured24 system, is seen as a delay in the system's expansion. At a meeting on May 11 in Jongno, Seoul, Kwon Dae-young, Vice Chairman of the Financial Commission, stated, "It is abnormal that, six months after the implementation of a system created after 14 years of discussion, the connection rate with hospitals remains at 29%, and some companies are collectively refusing to participate. The government will normalize this situation." The digitalization of insurance claims allows patients to submit invoices, receipts, detailed billing statements, and prescriptions to insurance companies through the Insured24 app without needing paper documents from hospitals. For this to work, the EMR systems used by medical institutions must be linked with Insured24. As of May 6, a total of 30,614 medical institutions were participating in the digital insurance claim system, including 827 hospitals, 3,573 public health centers, 12,875 clinics, and 13,339 pharmacies. The connection rate for Insured24, based on the total number of targeted medical institutions, stood at 29.0%. Approximately 3.77 million people are enrolled in the Insured24 service, with 2.41 million claims completed. The Financial Commission plans to monitor the progress of Insured24 monthly and aims to increase the connection rate to 80-90% in the second half of the year. Initially, they will examine whether the collective refusal of some EMR companies constitutes unfair practices in collaboration with the Fair Trade Commission. To encourage direct participation from medical institutions, the Financial Commission will introduce features such as displaying the number of claims per hospital on Insured24, allowing institutions to see the benefits of using the service. They will also launch a public campaign in collaboration with Naver and Toss, urging insurance policyholders to request connections with medical institutions. However, the Financial Commission anticipates that the connection rate will rise to 52% next month, following a recent decision by a major EMR company to join Insured24. Vice Chairman Kwon emphasized, "For the public to fully enjoy the benefits of digital insurance claims, the connection rate must approach 100%."* This article has been translated by AI. 2026-05-11 16:25:18
  • Korea Deposit Insurance Corporation Resumes Sale of MG Insurance
    Korea Deposit Insurance Corporation Resumes Sale of MG Insurance The Korea Deposit Insurance Corporation has initiated the process to resell MG Insurance, previously known as MG Non-Life Insurance. Following a failed auction last month where Korea Investment Holdings was the sole bidder, Heungkuk Fire & Marine Insurance is reportedly considering participation in the bidding, potentially altering the dynamics of the sale. On May 11, the Korea Deposit Insurance Corporation announced that it would conduct a re-announced public bidding for MG Insurance. This bidding process will take place from today until June 30. Interested potential buyers will undergo due diligence for about seven weeks before submitting their final acquisition proposals. The corporation has been gauging the interest of potential buyers since the previous auction failed. The earlier public sale of MG Insurance, which took place on April 16, ended without a successful bid as Korea Investment Holdings was the only participant. For a valid competitive auction, at least two bidders must participate. Heungkuk Fire & Marine Insurance is also reviewing its options to join the bidding for MG Insurance. If Heungkuk decides to bid, it could create a competitive environment that was previously absent with only Korea Investment Holdings involved. However, the final decision will depend on the results of the due diligence and the terms of acquisition. If valid competition is established in this re-announced bidding, the Korea Deposit Insurance Corporation plans to select a preferred bidder by mid-July. They may also consider a negotiated contract if necessary. Conversely, if no bids are received, the insurance contracts of MG Insurance will be transferred to five other insurance companies: Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, KB Insurance, and Meritz Fire & Marine Insurance. 2026-05-11 13:56:57
  • Half of Female Drivers Report Driving Five or More Times a Week
    Half of Female Drivers Report Driving Five or More Times a Week Nearly half of female drivers, or 49.8%, reported that they drive five or more times a week, indicating a trend toward becoming more routine drivers. While driving has expanded to include commuting, childcare, shopping, and leisure activities, many still face significant challenges due to a lack of information regarding vehicle maintenance, insurance, and selling used cars. Hanwha General Insurance released the results of its "2026 Female Driver Survey" on May 11, which included responses from 4,922 female auto insurance customers. The survey found that 23.9% of respondents drive one to two days a week, while 20.4% drive three to four days. Only 5.9% reported that they rarely drive. Additionally, 90% of respondents owned a vehicle in their name. The most stressful driving situation for respondents was adverse weather conditions, with 82.9% identifying rain or snow as particularly challenging. Notably, drivers with over ten years of experience reported feeling more burdened by driving in bad weather compared to novice drivers. This may be attributed to their heightened awareness of potential risks associated with sudden weather changes, even as they become more accustomed to parking and lane changes. There was also a significant information gap in vehicle maintenance. About 54.5% of respondents found it difficult to determine when to replace consumables, and 52.1% struggled to assess the appropriateness of maintenance costs. Among those who felt inconvenienced during the insurance application and renewal process, 71.4% cited the overwhelming number of policy options as a burden. Additionally, 49.6% found it challenging to choose an insurance company, while 47.4% had difficulty understanding the scope of coverage. When it comes to selling used cars, price negotiation emerged as the most significant source of stress. Among those who had experience replacing vehicles, 85% reported that negotiating prices for used cars was difficult, and 44% expressed distrust toward dealers. The primary reason for vehicle replacement was aging, with 75.6% citing this as their motivation.* This article has been translated by AI. 2026-05-11 09:42:23
  • Myeongdong Saemaul Geumgo Partners with Punggi Saemaul Geumgo for Cooperative Growth
    Myeongdong Saemaul Geumgo Partners with Punggi Saemaul Geumgo for Cooperative Growth Myeongdong Saemaul Geumgo is collaborating with Punggi Saemaul Geumgo in Gyeongbuk to create a cooperative growth model by sharing operational know-how. This initiative is notable as it focuses on building self-sufficiency among credit unions rather than offering mere one-time support, highlighting a case of trust recovery within the Saemaul Geumgo sector. In an interview on May 10, Chairman Cha Seong-yong stated, "It is not enough for just one credit union to succeed; we must grow together to earn the trust of the entire Saemaul Geumgo network. True cooperation involves creating a foundation for the other credit union to grow independently." As of the end of last year, Myeongdong Saemaul Geumgo reported assets of 447.3 billion won and a net profit of 2 billion won. Its delinquency rate stands at 3.64%, and its capital adequacy ratio is 6.79%, earning it a comprehensive management evaluation grade of 2. It is recognized as a strong credit union maintaining stable profitability and soundness in the competitive Myeongdong business district, which is home to many large financial institutions. The collaboration between Myeongdong and Punggi Saemaul Geumgos focuses on enhancing operational capabilities by understanding the unique conditions of urban and rural credit unions. Myeongdong Saemaul Geumgo is sharing its accumulated experience in loan management and customer relations with Punggi Saemaul Geumgo. The goal is to foster mutual understanding of the different business environments through staff exchanges, laying the groundwork for rural credit unions to grow independently. Chairman Cha emphasized, "Ceremonial events like gift-giving do not provide real assistance. The key is to share our strengths and weaknesses openly and find better operational strategies together." He believes that cooperation among credit unions is closely tied to the overall recovery of trust in the Saemaul Geumgo network. Following issues related to project financing and high-risk assets, risk management has been strengthened across the sector, and he argues that individual recovery efforts alone are insufficient. He stated that rural credit unions must grow steadily to enhance the overall image and trustworthiness of the Saemaul Geumgo network. The competitiveness of Myeongdong Saemaul Geumgo stems from its commitment to community cooperation. While Myeongdong is a prominent area filled with large banks and financial institutions, Myeongdong Saemaul Geumgo has built long-term trust relationships primarily with small business owners and self-employed individuals. Chairman Cha remarked, "The strength of Myeongdong Saemaul Geumgo lies not in its size, but in trust, relationships, and community cooperation." Specialized financial products also serve as a differentiating factor. Myeongdong Saemaul Geumgo has developed a mid-interest truck loan product aimed at those in the freight transportation sector. This initiative aims to provide relatively lower interest rates to truck owners who have been reliant on high-interest loans. Chairman Cha noted, "Truck loans could become a foundational industry for our credit union," adding that he and his staff have actively engaged in the field to establish this base. He stressed that a stable profit base is essential for sustainable cooperation. "We need to secure profitability to fulfill our public role reliably," he said, explaining that they are creating a structure to increase community contributions based on the credit union's profit scale. Myeongdong Saemaul Geumgo has also been involved in social contribution activities, such as providing health food support for the elderly, distributing supplies for heatwave preparedness, and sponsoring local welfare projects. Chairman Cha stated, "Saemaul Geumgo is a cooperative finance based on the spirit of mutual assistance. Beyond the growth of individual credit unions, the entire Saemaul Geumgo network must grow healthily together to establish itself as true social finance."* This article has been translated by AI. 2026-05-11 06:14:02
  • Myeongryun Jinsagalbi Franchise Used Policy Funds for High-Interest Loans
    Myeongryun Jinsagalbi Franchise Used Policy Funds for High-Interest Loans The operator of the all-you-can-eat meat restaurant chain Myeongryun Jinsagalbi has been found to have provided high-interest loans to franchise owners using low-interest policy funds. Financial authorities plan to block this structure that shifts financial burdens onto franchisees. On May 10, the Financial Services Commission and the Fair Trade Commission announced measures to address high-interest improper loans by franchise headquarters utilizing policy funds. This follows an investigation prompted by the Myeongryun case, which revealed three instances of franchise headquarters offering high-interest loans to franchisees after receiving policy fund loans, along with one additional case. According to the authorities' investigation, Myeongryun borrowed low-interest funds at an annual rate of 3-6% from policy financial institutions such as the Industrial Bank of Korea. Subsequently, it lent approximately 89.9 billion won to 13 affiliated lending companies established by its major shareholder, which then provided franchisees with high-interest loans ranging from 12-18% under the guise of covering renovation costs. The total amount of loans executed for Myeongryun franchisees reached 145.1 billion won from September 2022 to August of the previous year. The investigation also uncovered evidence that the affiliated lending companies managed their total assets to remain below 10 billion won to evade registration requirements with the Financial Services Commission, suggesting a practice known as “splitting registration” to avoid scrutiny by the Financial Supervisory Service. However, it is reported that Myeongryun has since returned all its lending licenses. Similar structures were identified in other franchise headquarters. One franchise utilized 1.2 billion won in bank funds at an annual rate of 4% backed by the Korea Credit Guarantee Fund, while its CEO's affiliated lending company provided loans totaling 11.4 billion won at an interest rate of 13% to 112 franchisees. The authorities are concerned that franchise headquarters may expand their businesses using low-interest policy funds while imposing high-interest loan burdens on franchisees. Notably, it was found that loans received by franchisees were often used for opening costs such as renovations, with repayments linked to sales or added to payments for essential supplies. In response, the Financial Services Commission will strengthen management of policy loans to franchise headquarters. Moving forward, policy financial institutions must verify whether franchise headquarters hold loans to franchisees when providing new loans or guarantees. They will also check for misuse of funds and monitor changes in loan amounts or new loans at the time of maturity extensions. If inappropriate high-interest loans to franchisees are confirmed, the supply of policy funds will be restricted. New policy loans and guarantees will be halted, and existing loans and guarantees will face limitations on maturity extensions or be encouraged to adopt installment repayments. However, if franchise headquarters voluntarily reduce loan interest rates or resolve issues, they will be exempt from these restrictions. 2026-05-10 12:09:00
  • President Lee: Judicial, Knife, and Honor Killings are Major Threats to Citizens
    President Lee: Judicial, Knife, and Honor Killings are Major Threats to Citizens President Lee: Judicial, Knife, and Honor Killings are Major Threats to Citizens President Lee Jae-myung stated on May 9, "Judicial murder through manipulated prosecutions, knife killings orchestrated by terrorists, and honor killings driven by manipulated media are the three major threats to our citizens. I believe that heaven has spared my life from these grave dangers, and now my life belongs entirely to the people." President Lee shared this statement on his X (formerly Twitter) account, referencing a report that concluded there was inappropriate involvement by Jeong Seung-yoon, the former vice chairman and secretary general of the Anti-Corruption and Civil Rights Commission, in handling the helicopter emergency landing incident during his tenure as leader of the Democratic Party in 2024. KOSPI Surpasses 7500 Amid Semiconductor Surge; US-China Talks and Inflation Data Loom The South Korean stock market has reached a historic milestone, with the KOSPI index surpassing 7500 for the first time, driven by a strong performance in the semiconductor sector. However, concerns are growing over the rapid increase, with upcoming events such as the U.S. Consumer Price Index (CPI) and U.S.-China summit expected to influence market volatility and sector rotation next week. According to the Korea Exchange, the KOSPI index rose by 7.95 points (0.11%) to close at 7498.00 on the previous trading day. Over the week from May 4 to May 8, the KOSPI and KOSDAQ increased by 13.90% and 1.29%, respectively. This week, the domestic market continued its upward trend, fueled by a global semiconductor rally. Major semiconductor stocks like Samsung Electronics and SK Hynix attracted significant buying interest, pushing the KOSPI above 7500 during trading hours, with the market capitalization exceeding 600 trillion won. Positive earnings reports from major U.S. tech companies and expectations for increased investment in artificial intelligence (AI) have bolstered investor sentiment in the domestic semiconductor sector. Notably, the earnings reports from U.S. hyperscalers reaffirmed the growing demand for AI, serving as a catalyst for market gains. Amazon, Microsoft, and Google reported results that exceeded market expectations, with notable increases in cloud revenue related to AI. This has strengthened expectations for expanded global semiconductor investments, leading to strong performances in sectors related to AI infrastructure, including semiconductors and power equipment. Candidates Clash Over Seoul's Redevelopment Plans: 'Neglect' vs. 'Revival' Seoul mayoral candidates Jeong Won-o and Oh Se-hoon have clashed over the direction of real estate development in the city. Jeong's camp criticized Oh for neglecting the Yongsan development for an extended period, while Oh's camp accused Jeong of reverting to the urban regeneration policies of former Mayor Park Won-soon. On May 9, Jeong posted on Facebook, questioning, "Why has Oh Se-hoon allowed this land to remain neglected during his four terms as mayor?" He attributed the delay in Yongsan development to a lack of clarity about who was responsible for the project until the end, stating, "We cannot proceed with Oh Se-hoon's approach. I will develop it differently." Oh's camp responded by raising concerns about Jeong's housing supply plans. Oh Yong-chan, spokesperson for Oh's campaign, commented that Jeong's remarks about 'villas' raise suspicions that he aims to revive the urban regeneration projects from the Park Won-soon administration. Trump: 'Expect Letter from Iran Tonight' Amid Tensions in Hormuz President Donald Trump stated that he expects to receive a letter from Iran regarding peace negotiations soon. Amid rising military tensions in the Strait of Hormuz, the U.S. appears to be favoring diplomatic solutions over escalation. According to Yonhap News, Trump made the remarks on May 8 during a press briefing at the White House when asked if he had received a response from Iran regarding U.S. demands. He said, "I will probably receive a letter from Iran tonight," adding, "We will see what happens." This suggests that Iran may provide its position within hours. Trump's comments came shortly after clashes occurred in the Strait of Hormuz between the two nations. The U.S. and Iran have maintained a ceasefire since April 7, but recent maritime blockades and attempts to breach them have led to confrontations. However, Iranian media reported that the clashes were 'limited' and indicated a desire to maintain the ceasefire.* This article has been translated by AI. 2026-05-09 21:24:31
  • 16 Winners Share 1st Prize in Lotto 1223, Each Receiving 1.8 Billion Won
    16 Winners Share 1st Prize in Lotto 1223, Each Receiving 1.8 Billion Won Donghaeng Lottery announced that the winning numbers for Lotto 1223, drawn on May 9, are 16, 18, 20, 32, 33, and 39. The bonus number is 26. A total of 16 winners matched all six numbers, each receiving 1.857 billion won. The jackpot amount varies with each drawing based on total sales and the number of winners, and this round's prize is in the upper 100 million won range. In addition, 103 players matched five numbers plus the bonus number, earning 48.1 million won each. There were 3,481 third-place winners who matched five numbers, each receiving 1.423 million won. Many players also won fixed prizes in the fourth and fifth tiers. The fourth-place winners, who matched four numbers, totaled 161,967, each receiving 50,000 won. The fifth-place winners, who matched three numbers, numbered 2,716,882, with a prize of 5,000 won each. The payout structure for Lotto prizes varies by tier. While fourth and fifth prizes are fixed amounts, the first through third prizes depend on the total prize pool and the number of winners, meaning the payout can differ even among winners of the same tier in different drawings. Winners must claim their prizes within one year from the payout start date. If the last day to claim falls on a Saturday, holiday, or other non-business day, winners can collect their prizes on the next business day. Unclaimed prizes will be allocated to the lottery fund.* This article has been translated by AI. 2026-05-09 21:18:18
  • Han Dong-hoon Declares Candidacy for Busan North District by-election
    Han Dong-hoon Declares Candidacy for Busan North District by-election Han Dong-hoon, a former leader of the People Power Party, officially announced his candidacy for the Busan North District by-election on May 9, stating, "If President Lee Jae-myung actually cancels the indictment, he should be impeached." According to reports, Han made this statement during a press conference held in the afternoon at Gupo Market in Busan. He emphasized his commitment to winning the election to enter the National Assembly and prevent what he described as the reckless governance of the Lee Jae-myung administration. He also criticized the Democratic Party's proposed special investigation into alleged fabricated charges, asserting, "If the president truly pushes this forward, I will take to the streets to persuade citizens and advocate for impeachment." Han intensified his criticism of the internal factions within the People Power Party, stating, "Some party members are trying hard to defeat me instead of the Democratic Party," and vowed to stop both the reckless governance of the Lee Jae-myung administration and the regression of the party's leadership under Jang Dong-hyuk. Regarding his independent candidacy, Han remarked, "I have never resigned from the party; I was unjustly expelled," and expressed his intention to return to the party. He also clarified his stance on potential unification with People Power Party candidate Park Min-sik, saying, "Political engineering is a subordinate variable," indicating he is not inclined toward such an alliance. Han reflected on his participation in the vote to lift the martial law during the December 3 emergency declaration, stating, "I chose the people over Yoon Seok-yeol." He expressed his determination to revitalize the conservative movement in the North District. As part of his local campaign promises, Han proposed the development of a multi-purpose arena along the Nakdong River and improvements to transportation networks. He stated, "I will create a representative stage for performances, exhibitions, and sports that will thrive year-round in the Yeongnam region, making North District a vibrant area."* This article has been translated by AI. 2026-05-09 20:21:20
  • People Power Party Criticizes Anti-Corruption Agencys Handling of Lees Helicopter Controversy
    People Power Party Criticizes Anti-Corruption Agency's Handling of Lee's Helicopter Controversy The People Power Party criticized the Anti-Corruption and Civil Rights Commission on May 9 for its handling of the "emergency helicopter transport privilege controversy" that arose during President Lee Jae-myung's tenure as leader of the Democratic Party. The party described the commission's actions as a "cleaning operation" aimed at erasing past misdeeds using state resources. Park Seong-hoon, the party's chief spokesperson, stated in a commentary that the commission's findings were ultimately tailored to fit the government's preferences. He questioned whether the commission's actions, which undermine trust in local healthcare and disrupt the medical delivery system, could be considered normalization. Previously, the commission announced on May 8 that its task force had determined that the judgment regarding the violation of medical personnel's code of conduct in 2024 was inappropriate, citing improper intervention by the then-secretary general. Following the commission's announcement, President Lee took to social media to express his views, stating, "I have been saved from the three major threats of judicial murder through manipulated prosecutions, knife murders orchestrated by terrorists, and defamation through manipulated media." He emphasized that he believes he has been spared by a higher power. In response, Song Eon-seok, the floor leader of the People Power Party, criticized Lee for using his own experience of being attacked as a narrative to seek self-exoneration. Lawmaker Na Kyung-won also condemned Lee's framing of legitimate legal judgments as judicial murder, urging him to stop the self-serving narrative and face the ongoing trial. Within the party, there were also concerns about the religious and fatalistic rhetoric in political discourse. Lawmaker Han Ji-a, associated with the pro-Han Dong-hoon faction, targeted Jang Dong-hyuk's remarks during a recent foreign press briefing, where he stated, "I believe God was watching over South Korea at that moment." Another lawmaker criticized this attitude as an attempt to cloak political actions in a transcendent legitimacy beyond the people's choice.* This article has been translated by AI. 2026-05-09 19:24:22