Journalist

김혜준
Candice Kim
  • Korea to launch QR-based cross-border payment system, starting with Indonesia
    Korea to launch QR-based cross-border payment system, starting with Indonesia SEOUL, May 08 (AJP) - The Korea Financial Telecommunications and Clearings Institute (KFTC) will establish a digital hub for cross-border retail payments using QR codes, with a pilot launch slated for Indonesia by year’s end. Speaking at the annual meeting of the Asian Development Bank in Milan, KFTC President Park Jong-seok said the new system is designed to facilitate mobile-based transactions across borders, allowing consumers to make payments or withdraw local currency abroad using their smartphones. The platform, described as an open hub, will serve as a conduit connecting foreign payment institutions, Korean financial companies, and fintech providers. It is expected to support services such as QR code payments at overseas merchants and cardless ATM withdrawals — all without the need for physical credit or debit cards. The system will enable both outbound payments by Korean travelers and inbound transactions by foreign visitors to Korea. “We aim to provide financial companies and fintechs with infrastructure that reduces costs and simplifies service delivery,” Park said. The hub will bypass traditional international card networks, which often charge fees of around 1 percent per transaction. By routing payments through its own infrastructure, KFTC expects to significantly lower transaction costs. Indonesia is the first market targeted for rollout, followed by other members of the Asian Payment Network, a 12-nation consortium that includes Malaysia, Singapore, Vietnam, Japan, and the Philippines. Expansion into additional member countries is expected in subsequent phases. Park emphasized the system’s open-access model, noting that licensed payment providers — regardless of size — will be able to join. “This will help level the playing field and foster competition in cross-border financial services,” he said. “We believe it will strengthen both Korea’s global competitiveness and the fintech ecosystem.” 2025-05-08 17:07:56
  • KEPCO, KHNP head to international arbitration over UAE nuclear project
    KEPCO, KHNP head to international arbitration over UAE nuclear project SEOUL, May 08 (AJP) - Korea Hydro & Nuclear Power (KHNP) has filed for international arbitration against its parent company, Korea Electric Power Corporation (KEPCO), over a protracted dispute involving more than $1 billion in unsettled construction costs tied to South Korea’s landmark nuclear power project in the United Arab Emirates. According to the KHNP, it has brought the case to the London Court of International Arbitration, citing unresolved payments related to the Barakah nuclear power plant. The dispute stems from cost overruns during the decade-long construction of the facility, which marked South Korea’s first foray into exporting nuclear reactor technology. The Barakah project, valued at approximately 20 trillion won (roughly $15 billion), was initiated in 2009 after KEPCO signed a contract with the Emirates Nuclear Energy Corporation. KEPCO later subcontracted much of the work to KHNP and other domestic partners. But as costs ballooned — due in part to the COVID-19 pandemic and global supply chain disruptions linked to the war in Ukraine — KHNP began seeking reimbursement from KEPCO for the overruns. KHNP formally initiated negotiations in late 2023, though industry officials say the company had been raising concerns over the extra costs since at least 2020. The dispute escalated after Barakah Unit 4, the last of the four reactors, began commercial operations in September of last year. KEPCO, which is grappling with debt exceeding 200 trillion won (around $145 billion), has rejected KHNP’s claims, arguing that it cannot make any additional payments until it receives compensation from its Emirati counterpart. “Settlement cannot be made without receiving additional funds from the client,” the company said in a statement. KHNP has countered that failure to resolve the issue risks undermining trust and jeopardizing future cooperation between the firms. Despite a high-level meeting between the two companies’ presidents in January, the standoff deepened in February when KEPCO’s chief, Kim Dong-chul, told lawmakers he “cannot accept” KHNP’s demands. The clash has drawn attention to long-simmering structural tensions within South Korea’s power sector. Though KHNP is a wholly owned subsidiary of KEPCO, the two have increasingly jostled for leadership in nuclear exports, particularly since the 2001 restructuring that divided the country’s power industry into separate generation entities. Observers say the conflict highlights governance gaps and poor coordination within the state energy apparatus. Critics have also pointed fingers at the Ministry of Trade, Industry and Energy, accusing it of failing to step in as a mediator. “The ministry, which oversees public corporations, should have intervened earlier,” said one former senior official, who spoke on condition of anonymity. “This situation was allowed to fester because no one wanted to take responsibility during the government transition period.” 2025-05-08 14:14:10
  • SK On accelerates U.S. battery joint venture preparations amid localization push
    SK On accelerates U.S. battery joint venture preparations amid localization push SEOUL, May 07 (AJP) - South Korean battery maker SK On is accelerating its battery joint venture projects in the United States, aligning with the growing emphasis on localization spurred by the United States' trade policies and new tariffs, according to industry officials on Wednesday. SK On, which is collaborating with global automakers on multiple large-scale ventures, is now focusing on expanding its footprint in the North American electric vehicle (EV) market. BlueOval SK, its joint venture with Ford Motor Company, recently completed the installation of exterior signage at its Kentucky Plant 1, bearing the slogan "Electrifying the Future of Mobility." The joint venture is building three factories in total, two in Kentucky and one in Tennessee. The first Kentucky plant is expected to become operational later this year, followed by the Tennessee facility in 2026. In the lead-up to production, groundwork is well underway. BlueOval SK has hired over 1,200 employees, including a team of 350 staff that is recently been deployed to the Tennessee plant. The team is currently preparing for mass production, conducting equipment checks, and operational readiness drills. Town hall meetings are also being held regularly to align employees with the company’s mission and production targets. Meanwhile, SK On’s partnership with Hyundai Motor Group in Bartow County, Georgia, is progressing toward a scheduled launch in the first half of next year. That facility, with an annual production capacity of 35 gigawatt-hours (GWh), is expected to supply batteries for approximately 300,000 electric vehicles. The project represents a $5 billion investment. The joint venture, known as HSAGP Energy, is actively recruiting and training future staff. In April, the company signed a partnership agreement with Georgia Quick Start and Chattahoochee Technical College at the Quick Start Training Complex in Cartersville. Under the program, new hires will receive hands-on and classroom training in production, maintenance, and key areas such as quality control and workplace safety. “SK On’s growing role in these joint ventures, especially after gaining operational experience with SK Battery America, has created strong local expectations,” said one industry official. “As tariffs make localization more urgent, these U.S. factories are set to become critical links in the North American EV supply chain.” 2025-05-07 14:13:02
  • Coupang posts record Q1 revenue, unveils major share buyback plan
    Coupang posts record Q1 revenue, unveils major share buyback plan SEOUL, May 07 (AJP) - Coupang Inc. reported its strongest-ever first-quarter earnings on Wednesday, pulled by favorable exchange rates and strong customer engagement despite sluggish consumer spending and growing competition in the ecommerce sector. The South Korean e-commerce giant, listed on the New York Stock Exchange, posted 11.5 trillion won ($7.9 billion) in revenue for the January–March period, alongside a 340 percent jump in operating profit to 233.7 billion won. Net income reached 165.6 billion won, swinging back into the black from a 31.8 billion won loss in the same quarter last year. Operating margin improved to two percent from 0.6 percent a year ago, with earnings per share standing at $0.06. In an earnings call, Coupang founder and chairman Kim Bom attributed the performance to long-term investment and operational discipline. “This consistent trend of achieving both solid growth and margin expansion is the result of years of investment and effort to provide the best customer experience by minimizing costs,” he said. He also highlighted a shift in customer behavior, noting that the number of users purchasing from more than nine different product categories jumped by over 25 percent during the quarter. Coupang’s core Product Commerce Division -- which includes its signature Rocket Delivery, Rocket Fresh, Rocket Grocery, and Marketplace services -- continued to drive the business. Revenue from this segment rose 16 percent to 9.98 trillion won, while the number of active customers grew nine percent year-on-year to 23.4 million. Revenue per customer also climbed six percent to 427,080 won. Rocket Delivery and Rocket Fresh, which became household names during the pandemic, remain a staple for busy young professionals and families seeking next-day delivery for groceries and everyday essentials. The company’s growth businesses, including operations in Taiwan, Farfetch, and food delivery service Coupang Eats, saw a 78 percent year-on-year revenue increase to 1.51 trillion won. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) losses in that segment narrowed slightly to 244 billion won. Kim pointed to notable progress in Taiwan, where product variety expanded nearly fivefold following the launch of the premium WOW membership program in March and the rollout of “Coupang Friends,” a local delivery workforce, in April. Coupang also announced a share repurchase program worth up to 1.4 trillion won, nearly six times the size of its buyback initiative last year. “The share buyback is one of several tools we can use,” said CFO Gaurav Anand. “We believe it will allow us to create meaningful returns for shareholders by leveraging current market conditions.” Anand added that the company has not been significantly impacted by newly announced tariffs on U.S. imports and has seen no major shifts in consumer behavior due to global geopolitical developments. 2025-05-07 13:57:32