Journalist

Kim Pil-soo
  • Saemaul Geumgo Foundation to Provide 400 Million Won to Social Welfare Facilities Nationwide
    Saemaul Geumgo Foundation to Provide 400 Million Won to Social Welfare Facilities Nationwide MG Saemaul Geumgo Regional Hope Sharing Foundation said Tuesday it provided 400 million won this year through its “MG Warmth Sharing Event Support Program” to help expand community culture and strengthen solidarity with local communities. The program is the foundation’s flagship, locally focused social contribution effort, providing operating funds so social welfare facilities can run programs they plan themselves based on needs in the field. Supported projects include special meals for Family Month and Parents’ Day, summer camps for low-income children, performances in culturally underserved areas, and outings for people with severe disabilities. The foundation said the support is intended to go beyond providing goods by offering new experiences and emotional lift. The foundation said it ran the program last year, providing 390 million won to 78 social welfare facilities nationwide. This year, it provided 5 million won each to 80 organizations last month, enabling facilities to operate tailored programs reflecting participants’ needs and local conditions. Chairman Kim In said the program is meaningful because it is built on needs identified by local welfare facilities. He said the foundation will continue practical support for neighbors in need through a range of community-based sharing activities.* This article has been translated by AI. 2026-04-29 09:17:00
  • Bitcoin Slips to $76,000 Range as Middle East Tensions Weigh on Crypto
    Bitcoin Slips to $76,000 Range as Middle East Tensions Weigh on Crypto Major cryptocurrencies, including bitcoin, weakened after a short-term rise as geopolitical tensions centered on the Middle East continued to weigh on risk assets. Bitcoin was trading at $76,221 as of 8 a.m. on the 29th, down 1.09% from a day earlier, according to global crypto market tracker CoinMarketCap. Ethereum fell 0.39% to $2,285. Binance Coin (BNB), Solana and XRP also slipped 0.31%, 1.02% and 1.25% to $623, $83 and $1.37, respectively. Analysts said rising geopolitical tensions in the Middle East and growing uncertainty in energy markets were adding downward pressure to crypto prices. As investors cut exposure to riskier assets, bitcoin and other major tokens have remained under pressure. In South Korea, bitcoin traded at about 113.40 million won ($76,223) on the won-based exchange Bithumb as of 8 a.m., up 0.44% from the previous day. The so-called “kimchi premium” stood at 0.999%, indicating bitcoin was priced higher domestically than overseas.* This article has been translated by AI. 2026-04-29 08:21:16
  • South Korea: E-Finance Payment Fees Edge Down; Card Rate Averages 1.98%
    South Korea: E-Finance Payment Fees Edge Down; Card Rate Averages 1.98% Electronic financial services firms’ payment fees have inched down, a sign that the disclosure system is helping strengthen market discipline. According to the Financial Supervisory Service’s report released on the 28th on payment-fee disclosures, the weighted-average fee rates for 18 covered firms from September last year through February were 1.98% for card payments and 1.74% for prepaid payments. Compared with the previous disclosure period (February to July last year) based on 11 firms, the card payment fee rate fell by 0.01 percentage points and the prepaid payment fee rate dropped by 0.07 percentage points. Card payment fees showed little variation across four major business types: dedicated payment gateway providers, or PGs (2.01%); dual-business PGs (1.80%); shopping mall-type operators (2.08%); and delivery platform-type operators (2.01%). Fees for small and midsize merchants were lower than those for general merchants. Prepaid payment fees varied widely: delivery platform-type and shopping mall-type operators posted 3.00% and 2.38%, respectively, while dual-business PGs and dedicated PGs recorded 1.63% and 0.30%. The FSS attributed the gap to the prepaid business model, in which operators manage the full process — including issuing prepaid value and settling with merchants — resulting in a higher share of fees retained by the operator. The operator-retained share averaged 80.6% for prepaid fees, compared with 10.6% for card fees. The watchdog said fees declined slightly from the prior disclosure period, indicating the disclosure system is having some effect. Payment fee rates are set autonomously by firms based on business strategy and cost structure. Card payment fees generally favor smaller merchants, and the FSS said prepaid fees, while differing by company, are also being set at levels similar to card fees across merchant sales brackets. The FSS plans to expand the disclosure 대상: from firms with monthly payment volume of at least 500 billion won this year to at least 200 billion won next year, and to all firms in 2028.* This article has been translated by AI. 2026-04-28 17:34:56
  • Secondary Lenders Face Pressure to Expand Mid-Rate Loans as Funding Costs Rise
    Secondary Lenders Face Pressure to Expand Mid-Rate Loans as Funding Costs Rise Financial regulators are pushing to expand mid-rate lending to improve access for borrowers with mid-tier credit, but much of South Korea’s nonbank sector — including credit card companies and savings banks — is pushing back, citing rising funding costs and tighter profitability. The widening gap between policy goals and business realities is also raising questions about how effective the measures will be. According to the Korea Financial Investment Association on April 28, the yield on three-year AA+ bonds issued by specialized credit finance companies stood at 4.054% as of April 27. That is up 1.272 percentage points from April 28 last year, when it was 2.782%. Because card companies lack a deposit base and rely heavily on bond issuance, higher market rates directly increase funding burdens and squeeze earnings. Against that backdrop, regulators are calling for lower rates by shrinking card loans and introducing Saeitdol loans — a lower-rate product — for the card industry, prompting concerns that margins will narrow further. As of the end of last month, the average interest rate on card loans at eight dedicated card issuers — Lotte, BC, Samsung, Shinhan, Woori, Hana, Hyundai and KB Kookmin — was 13.49%. The Saeitdol loan rate announced for the sector is only 8% to 12%. “Overall funding conditions have worsened, and we are being pushed into handling lower-rate products as well, which increases the profitability burden,” a card industry official said. The official added that while Saeitdol loans come with incentives, “given the higher delinquency risk typical of mid- to low-credit borrowers, the burden is not small.” Savings banks are also voicing concerns about the regulator-led expansion of mid-rate loans. The planned cut in the interest-rate ceiling for private mid-rate loans to 15.26% from 16.51% has raised fears of a “cutoff,” with some lenders already effectively halting new loans to borrowers with credit scores below 500. If the cap falls further, borrowers who previously could still qualify at annual rates in the 15% to 16% range could be pushed out of the market, the industry says. Regulators have also said they will offer additional regulatory incentives for a “Mid-Rate Loan 1” product if a savings bank’s average rate is 12.26% (preliminary) or lower. Industry officials, however, expect limited impact because many savings bank customers are multiple-debt holders or have limited collateral, leaving relatively few borrowers who can qualify for rates below 12%. In the first quarter, the average rates on private mid-rate loans at the top five savings banks were 12.97% at SBI Savings Bank, 13.14% at OK Savings Bank, 13.32% at Korea Investment Savings Bank, 14.96% at Acuon Savings Bank and 15.38% at Welcome Savings Bank. For borrowers with credit scores of 700 or below, the average rate was 14.16%. That means rates would need to fall by at least 1 to 3 percentage points to meet the 12.26% incentive threshold. “With deposit rates rising to around 4%, if lending rates also fall, a squeeze in net interest margins is unavoidable,” a savings bank official said. The official added that higher-credit borrowers who can get rates below 12% often use such loans only temporarily, limiting the practical customer base and leaving little room for policy incentives to translate into meaningful lending capacity. 2026-04-28 15:24:21
  • General Insurance Association of Korea Launches Consumer Protection Council
    General Insurance Association of Korea Launches Consumer Protection Council The General Insurance Association of Korea said on the 28th that it held a launch ceremony and first meeting for its “General Insurance Consumer Protection Council.” The council was formed — the first of its kind in the financial sector — as regulators step up consumer-protection efforts. The association said the group will work to strengthen consumer rights and advance a “consumer-centered transformation” of the nonlife insurance industry. It is expected to propose industrywide consumer-friendly improvement tasks and directions, with the goal of boosting trust in the sector. Lee Byeong-rae, chairman of the association, said it was meaningful to launch a self-regulatory body to lead fundamental change in response to growing demands for stronger financial consumer protection. He said the industry needs to move away from responding after issues arise and instead identify and resolve improvement tasks from the consumer’s perspective. He added that he hopes the council will help restore trust in the nonlife insurance sector and support sustainable growth by strengthening competitiveness. The association said the council will pursue practical change through a four-step process: agenda discovery, in-depth discussion, task implementation and follow-up management, rather than limiting its work to collecting opinions. It said it will actively reflect views raised by the council. For matters requiring legal revisions or policy support, it will consult closely with relevant agencies. For steps that can be implemented immediately at the industry level, it plans to urge swift action through meetings of chief consumer protection officers, or CCOs.* This article has been translated by AI. 2026-04-28 12:08:25
  • Hyundai Card Launches 3 New Check Cards, Including Apple Pay Rewards Option
    Hyundai Card Launches 3 New Check Cards, Including Apple Pay Rewards Option Hyundai Card said on 28일 it is rolling out three new “Hyundai Card Check” products: a points option, a cashback option and an Apple Pay rewards card. The Apple Pay rewards card is the company’s first product introduced since Apple Pay launched in 2023. It offers 10% cashback on purchases made via Apple Pay at merchants in South Korea and overseas. As a check card, it can also be issued to teenagers who want to use Apple Pay. Apple Pay can be used not only on iPhones but also on Apple Watch, Mac and iPad. T-money registered in Apple Pay can also be topped up using a Hyundai Card. The points option earns unlimited M Points worth 0.5% of spending at all merchants in South Korea and abroad. The earn rate rises to 5% at frequently used categories such as dining, delivery, convenience stores and public transportation, including restaurants, delivery apps such as Baedal Minjok, Coupang Eats and Yogiyo; convenience store chains including CU, GS25, 7-Eleven and Emart24; and city buses and subways. The cashback option provides unlimited cashback of 0.3% of spending, and 3% cashback in the same dining, delivery, convenience store and public transportation categories. Hyundai Card also introduced three “Hyundai Card Hybrid Card” products — points, cashback and Apple Pay rewards — combining check and credit functions. The card works like a check card, but automatically switches to credit when the linked account balance runs out. Annual fees and benefits are the same as the check cards.* This article has been translated by AI. 2026-04-28 10:45:16
  • Hanwha Life Launches External Advisory Panel to Strengthen Consumer Protection
    Hanwha Life Launches External Advisory Panel to Strengthen Consumer Protection Hanwha Life said on 28 it has launched the Customer Trust+PLUS Advisory Committee, an outside-expert panel aimed at strengthening financial consumer protection. The committee will advise on issues that could infringe on consumer rights and on insurance dispute matters, bringing an independent perspective to cases the company might otherwise judge internally. Hanwha Life said it will use third-party, objective views to bolster fairness. The company said the panel is designed to go beyond case-by-case advice by reinforcing prevention-focused management in its consumer protection framework. It plans to identify potential causes of disputes consumers face in advance and link findings to institutional improvements to make protections more effective. Hanwha Life appointed five experts in insurance, consumer issues and law. Yoo Ju-sun, president of the Korea Management and Law Association, will serve as chair. Members include Ok Kyung-young, a professor of consumer economics at Sookmyung Women’s University; Jung Hye-ryeon, an associate professor in the Department of Law at the Korean National Police University; Bae Jin-cheol, an adviser at law firm KL Partners; and Han Chang-hoon, a partner attorney at law firm Yulchon. The committee will meet regularly once a quarter and select agenda items based on complaint and dispute data. Hanwha Life said it will initially focus on major complaint types, then move step by step toward reviewing structural causes and improving systems. “Based on objective and professional perspectives, we will closely identify improvement tasks that emerge in insurance practice and do our best to ensure they lead to service improvements customers can feel,” Yoo said.* This article has been translated by AI. 2026-04-28 09:39:20
  • Toss Bank Named Forbes’ Top Bank in South Korea for Fourth Straight Year
    Toss Bank Named Forbes’ Top Bank in South Korea for Fourth Straight Year Toss Bank said Tuesday it was named the top bank in South Korea for the fourth consecutive year in Forbes’ “The World’s Best Banks 2026” rankings. Forbes evaluated 410 major banks worldwide across seven categories: willingness to recommend, overall satisfaction (30%), trust, digital services, terms and conditions, customer service and financial advice. Toss Bank said it ranked first in six of the seven categories. Launched in October 2021, Toss Bank has focused on offering a simple, intuitive banking experience. It cited services such as “Get Interest Now,” which lets customers receive interest when they want, and “Together Loan,” a co-lending model in partnership with regional banks, as examples of offerings that have changed how customers use financial services. A Toss Bank official said the four-year streak reflects customers’ continued choice of the bank and pledged to keep focusing on the fundamentals so customers can use its services with greater confidence.* This article has been translated by AI. 2026-04-28 09:06:06
  • Insurers urge reforms to dementia trusts as aging fuels need to manage dementia money
    Insurers urge reforms to dementia trusts as aging fuels need to manage 'dementia money' As South Korea’s population ages and dementia cases rise, calls are growing to better manage patients’ assets — often referred to as “dementia money.” Experts and insurers say reforms to the trust system and a larger private-sector role in insurance and long-term care are needed to protect assets in a more structured way. According to the Ministry of Health and Welfare on the 27th, the dementia prevalence rate among people 65 and older is about 9.25%, and it exceeds 20% among those 85 and older. Dementia is increasingly viewed not only as a medical condition but as a social risk that can affect nearly every part of life for patients and their families. As a result, there is a growing recognition that dementia-related assets should be managed systematically to help pay for care and stabilize household finances. Specialists point to wider use of trusts as a key solution. They say the scope of assets eligible for trusts should be expanded, and standards and sales rules for managed trusts should be revised to ensure stable oversight of assets held by older adults with dementia. While such assets can include deposits, real estate, insurance and pensions, the range of property that can be placed in trust remains limited. Critics say public and private pensions and insurance claim rights — major sources of retirement income and care costs — should also be included. Access is also limited. Because dementia trusts are classified as financial investment products, enrollment procedures can be complex, and there is a lack of sales infrastructure. A uniform fee structure is also cited as an area for improvement. The industry also points to a structure centered on wealthy clients and narrow sales channels. Some have proposed easing qualification requirements for investment solicitation agents so insurance agents can recommend dementia trusts. Supporters say agents, who have frequent contact with older adults, could also help expand coverage by linking trusts with dementia insurance. A life insurance industry official said, “If efforts to expand dementia insurance and improve the trust system move forward together, it will be possible to manage the assets of older adults with dementia more safely and systematically.” 2026-04-27 15:57:19
  • Korea’s consumer relief policies add profit pressure on insurers and card firms
    Korea’s consumer relief policies add profit pressure on insurers and card firms Financial regulators in South Korea are rolling out a series of measures aimed at easing household costs, but the burden is increasingly being absorbed by financial companies. Insurers and card issuers say they support the policy goals, yet warn that added obligations are squeezing profitability at a time when their core businesses are already under strain. The Financial Services Commission on the 27th introduced a new auto insurance rider offering discounts for drivers who follow a vehicle-use restriction scheme. The measure is intended to respond to volatile global oil prices and encourage energy conservation. Industry officials, however, said it will effectively function as pressure to cut premiums, because insurers are expected to participate and premium revenue falls as enrollment rises. Under the rider, auto insurance premiums are discounted by 2% a year. Regulators estimate about 17 million vehicles could qualify. By simple calculation, that would shift roughly 240 billion won in costs to insurers. The added discount is likely to weigh on earnings, as auto insurance loss ratios are already above break-even levels. Major nonlife insurers have seen underwriting results drop sharply due to weak performance in indemnity health insurance and rising auto loss ratios. The combined insurance profit of four major nonlife insurers — Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance and KB Insurance — totaled 3.5782 trillion won last year, down 34.8% from the previous year’s 5.4892 trillion won. Card issuers are also facing heavier pressure. As regulators urge companies to expand benefits such as fuel discounts to ease oil-related costs, some products are being pushed into a loss-making structure, industry officials said. Performance has been weakening: the combined net profit of eight dedicated card companies — Samsung, Shinhan, Hyundai, KB Kookmin, Lotte, Hana, Woori and BC — fell 8.9%, or 230.8 billion won, to 2.3602 trillion won last year from 2.5910 trillion won a year earlier. “Each time there is a crisis, financial companies have been mobilized as tools to carry out policy,” an industry official said. “We want to participate, but conditions are not easy.” The official added that the burden is growing as volatility in interest rates and exchange rates increases. 2026-04-27 15:48:21