Journalist

Lee Seong-jin
  • Shinhan Bank Nominates Two New Outside Director Candidates to Bolster Legal, ICT Expertise
    Shinhan Bank Nominates Two New Outside Director Candidates to Bolster Legal, ICT Expertise Shinhan Bank’s executive candidate recommendation committee said it recommended five candidates for outside director positions at a meeting held on the 20th. Attorney Yoon Jun and Chae Eun-mi, an associate professor in the Department of Physics at Korea University, were selected as new outside director candidates for two-year terms. The committee said Yoon is a legal expert who previously served as chief judge of the Seoul High Court and has experience in consumer protection-related work. It said Chae is expected to strengthen the board’s expertise in areas such as digital and information and communications technology strategy and analysis of new businesses. Incumbent outside directors Ham Jun-ho, Yamamoto Shinji and Kim Seong-nam were recommended for reappointment for one-year terms.* This article has been translated by AI. 2026-03-20 17:57:00
  • Toss Bank Launches Companywide Hiring Push to Boost Data, Tech Capabilities
    Toss Bank Launches Companywide Hiring Push to Boost Data, Tech Capabilities Toss Bank said on the 20th it will carry out a large-scale hiring drive this year across all job groups. Openings span product planning and design, business, engineering, data, security and corporate support, with plans to recruit talent for more than 60 positions across the company. The bank will also operate a “special recruitment talent pool for veterans” to expand career opportunities for people eligible for veterans benefits who have served the country. The hiring process will proceed from document screening to a job interview, a culture-fit interview and reference checks. Toss Bank said the recruitment is aimed at improving customers’ financial experience while strengthening data- and technology-based competitiveness and further advancing security, risk and compliance capabilities. A Toss Bank official said the hiring is intended to sustain service innovation while raising the bank’s core stability and trust. The official added the company hopes many applicants will bring their expertise, see problems through to the end and help build a better financial experience.* This article has been translated by AI. 2026-03-20 10:06:00
  • Korea Bank Loan Delinquency Rate Rises to 0.56% in January as Bad-Debt Cleanup Slows
    Korea Bank Loan Delinquency Rate Rises to 0.56% in January as Bad-Debt Cleanup Slows Domestic banks’ loan delinquency rate edged up at the start of the year, the financial watchdog said. According to the Financial Supervisory Service’s preliminary report released on the 20th on won-denominated loan delinquencies at domestic banks, the delinquency rate at the end of January — based on principal and interest overdue by at least one month — stood at 0.56%, up 0.06 percentage point from 0.5% a month earlier. The increase reflected a rise in newly delinquent loans and a drop in the amount of delinquent debt resolved. New delinquencies totaled 2.8 trillion won, up 400 billion won from 2.4 trillion won the previous month. The amount of delinquent loans resolved came to 1.3 trillion won, down 3.8 trillion won from 5.1 trillion won a month earlier. The new delinquency rate rose to 0.11% from 0.10%. By category, the corporate loan delinquency rate rose to 0.67% from 0.59%, while the household loan delinquency rate increased to 0.42% from 0.38%. For household loans excluding mortgages, including credit loans, the delinquency rate climbed to 0.84% from 0.75%. Financial authorities said they will continue to encourage banks to strengthen asset quality management, including by selling off nonperforming loans and boosting loss-absorbing capacity, so delinquency rates can be kept at stable levels.* This article has been translated by AI. 2026-03-20 09:39:45
  • South Korean Banks’ 2025 Net Profit Hits Record 24.1 Trillion Won; Interest Income Tops 60 Trillion
    South Korean Banks’ 2025 Net Profit Hits Record 24.1 Trillion Won; Interest Income Tops 60 Trillion South Korean banks posted a record annual net profit of more than 24 trillion won last year, with interest income topping 60 trillion won for the first time. According to the Financial Supervisory Service’s preliminary report on 2025 operating results released on the 19th, domestic banks’ net profit totaled 24.1 trillion won, up 1.8 trillion won, or 8.2%, from 22.2 trillion won a year earlier. Net profit at commercial banks came to 16.2 trillion won. City banks increased profit by 1.3 trillion won from a year earlier, and internet-only banks by 100 billion won, while regional banks fell by 30 billion won. Special-purpose banks posted 7.8 trillion won in net profit, up 400 billion won from 7.4 trillion won. Return on assets was 0.59%, little changed from 0.58% a year earlier. Return on equity rose 0.17 percentage points to 7.93%. Interest income rose 1.1 trillion won, or 1.8%, to 60.4 trillion won from 59.3 trillion won. The net interest margin narrowed by 0.06 percentage points, but interest-earning assets increased 4.6% to 3,442 trillion won. Non-interest income climbed 1.6 trillion won, or 26.9%, to 7.6 trillion won from 6.0 trillion won, as greater interest-rate and foreign-exchange volatility boosted gains tied to foreign-exchange and derivatives transactions used for hedging interest-rate and currency risks. Selling and administrative expenses rose 2.0 trillion won, or 7.2%, to 29.4 trillion won from 27.4 trillion won. Personnel costs increased 1.5 trillion won to 17.9 trillion won, and other expenses rose 500 billion won to 11.5 trillion won. Credit loss provisions fell 400 billion won, or 5.9%, to 6.5 trillion won from 7.0 trillion won. Financial authorities said the rise in net profit reflected a sharp increase in foreign-exchange and derivatives gains amid greater interest-rate and currency volatility, as well as higher interest income driven by growth in interest-earning assets despite a narrower net interest margin. They warned that uncertainty is increasing this year due to heightened geopolitical risks in the Middle East, U.S. tariff policy, and greater interest-rate and foreign-exchange volatility, while concerns about expanding credit losses persist. Authorities said they plan to keep encouraging banks to strengthen loss-absorbing capacity so they can continue performing their core financial intermediation role even if domestic and external economic conditions worsen. 2026-03-19 08:21:22
  • Naver Pay Partners With Retail & Insight to Roll Out Npay Connect at 4,000 Supermarkets
    Naver Pay Partners With Retail & Insight to Roll Out Npay Connect at 4,000 Supermarkets Naver Pay said Wednesday it signed a business agreement with cloud-based retail tech company Retail & Insight to support digital innovation in South Korea’s retail distribution market. Under the agreement, the offline integrated payment terminal “Npay Connect” is set to be adopted as the standard device at about 4,000 small and midsize supermarkets nationwide that have merchant contracts with Retail & Insight. Retail & Insight provides integrated systems for neighborhood markets through its “Tomato Solution” platform, including cloud-based point-of-sale and enterprise resource planning tools, ordering and payment apps, smart flyers and kiosks. With Npay Connect, stores will be able to offer multiple payment options, including cash, cards, simple payments, NFC and Npay’s facial-recognition payment service, “Facesign.” Shoppers will be able to leave Naver reviews immediately after paying, and apply store discount coupons directly through Npay Connect. Starting this month, Npay Connect terminals will be installed in phases at neighborhood markets using Tomato Solution, and an on-site Npay payment promotion will be held at the same time. The two companies also said they will expand data-driven cooperation. Using Tomato Solution POS and ERP data along with Npay payment data, they plan to review financial support options aimed at helping neighborhood markets grow and explore benefits that use data analysis to improve customer experience. Lee Hyang-cheol, Npay’s Pay Service lead, said the agreement would help make Npay Connect “a turning point for innovating the payment ecosystem” in South Korea’s retail distribution market. He said the company will continue to strengthen digital competitiveness for small merchants and provide a more convenient experience for store visitors.* This article has been translated by AI. 2026-03-11 09:06:00
  • KakaoBank’s One-Month Savings Tops 14 Million Accounts in 2 Years, 5 Months
    KakaoBank’s One-Month Savings Tops 14 Million Accounts in 2 Years, 5 Months KakaoBank said Tuesday that its “One-Month Savings” product has surpassed 14 million cumulative accounts in the 2 years and 5 months since its launch. Introduced in October 2023, the short-term installment savings product is designed to help customers build a saving habit by setting aside small daily amounts ranging from 100 won to 30,000 won. With a 31-day maturity, it is easier to keep through to the end. Each deposit also triggers an on-screen animation of the bank’s “Chunsik” character climbing a 31-story building, adding a playful element. KakaoBank said the product reached 5 million accounts about seven months after launch, 10 million in 1 year and 5 months, and exceeded 14 million earlier this month. The customer base has broadened. While the product initially drew a higher share of customers in their 30s and younger, customers in their 40s now account for 31% and those 50 and older for 32%, or 63% combined. Women made up 72% of customers, the bank said. KakaoBank has also offered the product as a “partner savings” program tied to companies including Samsung Electronics, LG Electronics, Hana Securities, Baskin-Robbins and Gmarket, providing additional benefits to customers. KakaoBank said the product’s reputation as “easy and 부담 없는” — simple and not burdensome — along with its fun features helped it reach 14 million accounts quickly. The bank said it will continue working to provide greater benefits and convenience through differentiated products and services.* This article has been translated by AI. 2026-03-10 09:24:00
  • Toss Operator Viva Republica Weighs Korea Listing Alongside U.S. IPO Plans
    Toss Operator Viva Republica Weighs Korea Listing Alongside U.S. IPO Plans Viva Republica, the operator of the Toss financial platform, is reviewing a potential listing on South Korea’s stock market, industry sources said. According to the industry on the 5th, the company recently asked the Financial Supervisory Service for guidelines on preparing for a domestic listing, including how to apply for and be assigned a designated external auditor. Applying for a designated auditor refers to the process by which a company preparing to list undergoes a pre-IPO audit by an accounting firm appointed by financial authorities. A Viva Republica official said the company is "reviewing various scenarios for a successful listing." Viva Republica is also known to be preparing for a U.S. stock market listing. The company has begun preliminary consultations with the U.S. Securities and Exchange Commission for a local listing, and some observers say it could complete an initial public offering as early as this year.* This article has been translated by AI. 2026-03-05 18:03:00
  • KAI committee recommends Kim Jong-chul as inside director candidate for CEO selection
    KAI committee recommends Kim Jong-chul as inside director candidate for CEO selection Korea Aerospace Industries (KAI) said its director candidate recommendation committee on Thursday recommended Kim Jong-chul, former director general of the Defense Technology Protection Bureau at the Defense Acquisition Program Administration, as an inside director candidate as part of the process to select a new CEO. KAI held an extraordinary board meeting the same day and approved an agenda item to appoint a director for submission to a shareholders meeting. The company plans to put the item to an extraordinary shareholders meeting on March 18 and then make a final decision on the CEO appointment at a board meeting. KAI said Kim, a founding member of DAPA, is regarded as an export specialist who understands the defense industry market, having served as head of the defense export support team and as director of the offset trade division. He also held key posts including creative innovation officer, deputy head of the strategic planning group and planning and coordination officer, and is seen as having a strong grasp of defense and aviation industry policy and strategy, the company said. It added that his expertise in future businesses and advanced technologies, built during his tenure as head of the unmanned business division and as director general of the Defense Technology Protection Bureau, is considered essential to KAI’s global expansion. The committee said Kim is “a suitable candidate equipped with outstanding expertise across the defense industry and insight into future businesses,” adding it expects him to play a key role in helping KAI grow into a global aerospace company based on his export network and strategic planning capabilities.* This article has been translated by AI. 2026-02-27 18:15:20
  • Korea Low-Cost Airlines Post Losses as Weak Won and High Fuel Costs Bite
    Korea Low-Cost Airlines Post Losses as Weak Won and High Fuel Costs Bite Despite a rebound in passenger demand, South Korea’s low-cost carriers posted a string of losses as a weak won and high oil prices drove up costs, the industry said. Intensifying competition — often described as a “chicken game” — further squeezed margins. Carriers say they will prioritize tighter, efficiency-focused management this year to improve profitability. According to the industry on Feb. 27, T'way Air posted 1.7981 trillion won ($) in revenue last year and an operating loss of 265.4 billion won. Revenue rose 17% from a year earlier to a record high, but the operating loss more than doubled. Other listed low-cost carriers also reported weak results. Jeju Air, the sector leader, was the only listed carrier to post an operating profit in the fourth quarter, but it still recorded an annual operating loss of 110.9 billion won, swinging to a loss. Jin Air and Air Busan also turned to losses, posting operating losses of 16.2 billion won and 4.5 billion won, respectively. The main drivers were the strong dollar and high oil prices. With aircraft lease payments, fuel and maintenance largely settled in U.S. dollars, a higher won-dollar exchange rate directly increases costs. Fuel expenses also rose as global oil-price volatility persisted. T'way Air said profitability deteriorated due to higher investment costs tied to introducing larger aircraft, rising costs from the exchange rate and oil prices, and tougher competition as capacity increased. Competition has also weighed on earnings. As carriers rapidly expanded capacity on routes to Japan and Southeast Asia, fare increases have been limited while price competition to attract passengers has dragged on. A Jin Air official said stagnant domestic travel demand, the weak won and increased LCC supply also hurt profitability. Carriers outlined plans centered on financial discipline. Jeju Air said it will avoid a major expansion in scale while introducing seven next-generation aircraft and reducing older planes, and will manage liquidity and financial ratios through asset sales. Jin Air said it will maximize earnings by adjusting capacity based on route-by-route demand and profitability analysis, while strengthening cost competitiveness through steps including introducing more fuel-efficient aircraft. Air Busan said it will focus on a flexible route strategy and more efficient fleet operations to support a mid- to long-term recovery and competitiveness. T'way Air said it plans to create a turning point through new aircraft, expanded passenger and cargo supply, stabilizing mid- and long-haul routes, and adding new routes from regional airports. An industry official said the number of people entering and leaving South Korea hit a record high last year, but LCC earnings and financial conditions were significantly damaged. If the current operating environment persists, the official said, some carriers could face restructuring. The official added that in 2027, the Korean Air-Asiana Airlines merger and the integration of three LCCs — Jin Air, Air Busan and Air Seoul — could ease oversupply to some extent.* This article has been translated by AI. 2026-02-27 18:03:00
  • Hyundai Motor Group Launches 13th Hyundai Jump School Volunteer Program
    Hyundai Motor Group Launches 13th Hyundai Jump School Volunteer Program Hyundai Motor Group said it held a launch ceremony for the 13th class of its social contribution program, Hyundai Jump School, over two days starting Feb. 26 at the Mayfield Hotel in Seoul. Started in 2013, Hyundai Jump School pairs university student teachers with youths from underserved communities for tutoring and emotional support. Employee mentors help the student teachers with career planning, the group said. The event included lectures on teaching methods for working with adolescents and sessions where experienced participants shared practical tips. The group said 25 newly selected dedicated employee mentors also took part in team-building activities with the student teachers. The dedicated mentors will be assigned by operating region and plan to provide longer-term, in-depth guidance through in-person exchanges, including visits to child centers where volunteering takes place, tours of Hyundai Motor Group offices and career advice, it said. After the ceremony, 300 university student teachers will volunteer through December for 10 months at child centers and other sites in nine regions nationwide, providing educational support to about 1,200 youths. Hyundai Motor Group said it extended the program from eight months to 10 to better align with school schedules, expecting improved continuity and effectiveness. All student teachers will receive scholarships, and those selected as outstanding teachers will be offered overseas study trips, the group said. Hyundai Jump School has also operated in Vietnam since 2020 and in Indonesia since 2024. Over 13 years, about 3,600 university student teachers have been selected, and about 14,000 youths with limited access to education have received learning opportunities, the group said. “Hyundai Jump School is a talent development program where everyone involved — youths, university students and employee mentors — learns and grows,” a Hyundai Motor Group official said. “We plan to continue efforts to foster healthy future talent.”* This article has been translated by AI. 2026-02-27 13:42:19