Bank of Korea chief signals nearing end of easing cycle SEOUL, October 23 (AJP) - The Bank of Korea (BOK) held its key interest rate at 2.50 percent for October, keeping policy steady since the last 25-basis-point cut in May amid foreign exchange and housing market volatility, and signaled that the current easing cycle may be nearing its end unless major external shocks occur. “We are maintaining an easing policy stance, but the pace and timing of additional rate cuts may have to be adjusted,” BOK Governor Rhee Chan-yong said at a press briefing following Thursday’s monetary policy board meeting. Four of the six board members supported leaving room for another rate reduction over the next three months, while two favored holding rates steady. The share of members preferring a freeze rose to two from one at the August meeting, Rhee noted. Whether the central bank delivers this year’s third 25-basis-point cut at its final policy meeting in November will depend largely on the outcome of ongoing trade negotiations between South Korea and the United States, as well as between Washington and Beijing — factors that could shape Korea’s growth outlook, he added. The bond market showed a mixed response, with yields on short-term government bonds falling, while those on longer maturities edged higher. The three-year government bond yield declined by 2.4 basis points to 2.548 percent, while the 10-year yield inched up by 0.02 basis points to 2.871 percent. Equities and currency markets reflected caution. The Kospi retreated nearly 1 percent after briefly touching the 3,900 milestone, while the won weakened toward 1,440 per dollar — its lowest level in six months. The BOK’s policy inertia comes amid heightened political uncertainty, including the June presidential election and renewed tariff pressure under the second Donald Trump administration. The pause has extended as Seoul awaits the conclusion of a trade deal with Washington that could stabilize the won and cool speculative housing demand in the capital region following the latest government curbs. The dollar revisited the 1,440-won threshold for the first time in six months, though Rhee attributed the movement to multiple geopolitical and market factors. “The dollar’s gain of about 35 won over the past month — roughly one-quarter from dollar strength itself — also reflects renewed U.S.–China trade tensions, potential monetary expansion in Japan, and Korea’s $350 billion investment pledge to the U.S.,” he said. Rhee predicted that the foreign exchange market would regain stability once the details and funding structure of the U.S. investment package are finalized. A steady recovery in Korea’s real economy also lessens the need for further easing. Despite global trade uncertainties, the current account surplus is projected to reach $110 billion this year, up sharply from the previous BOK estimate of $82 billion in May. The central bank expects full-year growth to meet its earlier estimate of 0.9 percent. The economy, which contracted 0.2 percent quarter-on-quarter in the first three months of the year, expanded 0.7 percent in the second quarter and is projected to accelerate to 1.1 percent in the third. The BOK will release its preliminary third-quarter GDP data next Tuesday. 2025-10-23 16:41:53

Bank of Korea holds rate steady at 2.5% amid FX, housing instability SEOUL, October 23 (AJP) - The Bank of Korea kept its benchmark interest rate unchanged at 2.50 percent for October, maintaining its cautious stance amid continued volatility in foreign exchange and housing markets. The Monetary Policy Board decided to hold the overnight call rate steady for the sixth consecutive month, citing limited room for monetary easing as it monitors the impact of the pending Korea–U.S. trade deal linked to a $350 billion investment package and the government’s latest efforts to curb speculative home buying. The won has remained under pressure, with the dollar hovering near 1,430 won amid delays in the tariff negotiations between Seoul and Washington. Economists warn that a premature rate cut could further weaken the won and trigger capital outflows. Bond prices rose Wednesday on expectations that the central bank may move toward a rate cut at its final policy meeting in November to support slowing growth. Korea’s economy expanded 0.7 percent in the second quarter, with the central bank set to release its third-quarter GDP estimate next Tuesday. 2025-10-23 10:16:29

INTERVIEW: Solana pivots to Korea as key APAC blockchain hub SEOUL, October 22 (AJP) - A passionate crypto community backed by financial stability and regulatory transparency rarely found across Asia-Pacific makes South Korea a key strategic focus for Solana, one of the world’s top five blockchain platforms, according to its regional head. "For us, South Korea within APAC is definitely one of our key strategic focus areas," said Alex Scott, head of Solana Middle East, in an exclusive interview with AJP during the Expand North Star event in Dubai last week. "The country combines strong financial institutions, clear regulations, and a passionate community of builders. Our focus is on connecting young startups with established institutions to strengthen the overall ecosystem." Hosted by the Dubai Chamber of Digital Economy, the event is one of the world’s largest tech and startup gatherings, bringing together blockchain innovators and investors from more than 100 countries. Alongside Ethereum, Solana ranks among the most widely used blockchain networks globally, supporting a wide range of digital services — from finance and gaming to enterprise technology — through its fast, low-cost system and native cryptocurrency, SOL. Scott described Korea as "one of the world’s most active crypto markets by participation and volume, with a strong developer base and a vibrant community." He highlighted programs such as the Seoulana Hackathon and Startup Village Seoul as examples of Korea’s creativity and innovation. "It’s where we consistently see outsized energy," he said, calling the country both "a demand center and a testbed for innovation." Scott said Solana’s strategy for Korea over the next 18 months focuses on four main pillars. The first is expanding the real-world use of stablecoins — digital currencies linked to fiat money such as the Korean won or the U.S. dollar. "We’re running proof-of-concept projects with local partners to test QR payments, remittances, and cash-in or cash-out services, while keeping regulations front and center," he said. "One pilot project is helping stores accept stablecoin payments so people can actually spend or withdraw digital money in Korea." He noted that Korea’s won-based stablecoin already leads the Asia-Pacific market, reflecting the country’s growing strength in digital finance. "Korea can be the proving ground for stablecoin utility in Asia," he added. "It has dense merchant networks, powerful super-apps that can scale services overnight, and advanced banks willing to design new payment systems — as long as regulation is built in from day one." The second pillar involves partnerships with financial institutions and tokenization, a process that turns traditional assets such as funds or ETFs into digital tokens that can be traded more efficiently. "We’re working with major financial institutions on tokenized funds and ETF-related products," Scott said. "We help them build the right infrastructure — from secure digital wallets to compliance tools — so they can operate safely and at scale." He cited a new partnership with Shinhan Investment Corp., one of Korea’s largest financial groups. "Through that partnership, we’re expanding Korea’s digital asset ecosystem and bringing more real-world assets onto the blockchain," he said. Solana is also collaborating with asset managers and brokers to develop tokenized funds and secure wallets with built-in KYC and AML systems to protect investors. The third focus area is nurturing Korea’s developer ecosystem. Solana is investing in hackathons, research grants, and training programs to foster what Scott calls a "Korea-first" generation of applications. "These include new tools in finance, CeDeFi — combining centralized and decentralized finance — and creative industries," he said. "These efforts not only attract young developers but also help connect startups with large companies, creating a continuous cycle of innovation between individuals and institutions." The final pillar centers on policy and regulation, ensuring that all Solana projects align with Korea’s evolving digital asset framework. "We’re closely following Korea’s policy framework for stablecoins and digital assets to make sure every project aligns with future regulations rather than operating in isolation," Scott said. "We expect rules around KRW-based stablecoins to advance quickly." He praised Korea’s open approach to innovation, adding, "Korea combines technical talent, strong financial institutions, and a forward-looking regulatory mindset. It’s where we can show the world what digital assets can actually do in real life — not just in theory." Looking beyond Korea, Scott said Solana sees the most promising opportunities across Asia’s finance, gaming, and digital infrastructure sectors. "In finance, stablecoin payments and cross-border transfers are the fastest ways to attract daily users, and that’s where Solana’s speed and low costs make a difference," he said. "In gaming and the creator economy, small digital payments and automatic rewards — for watching, creating, or trading — fit perfectly with Korea and Japan’s strong content industries. And in infrastructure, better wallet systems and secure digital networks for banks and brokers will open the door to larger institutional participation." He noted that Singapore’s blockchain market is driven mainly by institutions with clear licensing, while Japan focuses on gaming and creative industries supported by new Web3 policies. "Korea," he said, "sits between the two — with strong financial players, active users, and an ecosystem ready to lead Asia’s next wave of blockchain innovation." 2025-10-22 16:00:06

PHOTOS: Kazakhstan embassy marks Republic Day with strategic partnership dialogue in Seoul SEOUL, October 21 (AJP) - The Embassy of Kazakhstan in Korea hosted a roundtable discussion in central Seoul on Tuesday under the theme "Kazakhstan and South Korea: Advancing the Enhanced Strategic Partnership." The event marked Kazakhstan's Republic Day and the 35th anniversary of its Declaration of State Sovereignty, highlighting the shared commitment to deepening bilateral ties. 2025-10-21 23:46:48

INTERVIEW: Europe's largest Korean Cultural Center powers hallyu expansion in Budapest SEOUL, October 21 (AJP) - One in every 200 Hungarians has joined a Korean cultural program in recent years — a sign that Budapest has become the beating heart of the Korean Wave in Central Europe, according to the head of the Korean Cultural Center in Budapest. "In the past three years, more than 51,000 people have taken part in the center’s programs — an impressive figure in a country of only 9.6 million, meaning roughly one in every 200 Hungarians has joined a Korean cultural activity," said Yu Hye-ryeong, director of the center, in an interview with AJP. Opened in 2012, the Korean Cultural Center in Budapest has become a key bridge linking Central Europeans with Korean pop culture, language, cuisine, and traditional arts. Since her appointment last year, Yu has reorganized the center’s programs and expanded partnerships with Hungarian institutions to meet the surging demand. "Participation in our programs has increased sharply," Yu said. "Official data show that the number of classes has risen steadily — from 1,815 in 2022 to 1,928 in 2024 — while total participants have jumped 20 percent, from about 15,000 in 2022 and 17,000 in 2023 to more than 18,000 in 2024." She described Budapest as "the heart of Europe," where enthusiasm for Korean culture continues to grow. According to South Korea’s Ministry of Foreign Affairs, the Budapest center is now the largest of all Korean cultural centers in Europe. Hungarian engagement with Korean culture also ranks among the highest on the continent. Of some 440 active Hallyu fan clubs in Europe, about 130 are based in Hungary — and local media estimate the number has already surpassed 200. "Budapest is now the heart of the Korean Wave in Central Europe, and we are striving to contribute even more to this growing movement," Yu said. She noted that Hungary’s location at the crossroads of Europe — a hub for transport and logistics and home to 200 to 300 Korean companies — amplifies its role as a cultural and economic connector. "The popularity of Korean culture here is linked to Hungary’s geographical advantage and growing cooperation with Korean firms and government agencies," she added. Yu traced the start of the Korean Wave in Hungary back to the early 2000s, when the historical drama "Dae Jang Geum" (Jewel in the Palace) became the first Korean series broadcast in Europe. "It sparked a wave of curiosity about Korean culture," she said. "For a nation of fewer than 10 million, Hungary’s engagement with Korea is extraordinary — and much of that energy flows through our center today." The center offers a wide range of classes — from Korean language and calligraphy to folk painting and temple cuisine, a traditional vegetarian style emphasizing natural balance. "Our cooking classes are especially popular and fill up within minutes," Yu said. "Dishes like kimchi sandwiches and gochujang steak are now common in local restaurants, showing how naturally Korean flavors have blended into everyday life." The center also hosts numerous public events and festivals throughout the year. The annual KoreaON festival, now Central Europe’s largest Korean cultural event, drew more than 11,000 visitors in its sixth edition, covered by over 90 Hungarian media outlets. "The festival showcases the full spectrum of Korean culture — from traditional dance and folk music to K-pop concerts," Yu said. "Our live cooking shows featuring Korea’s traditional fermented sauces, known as jang — soy sauce, soybean paste, and chili paste — received particularly enthusiastic responses." She recalled one highlight: a performance by the K-pop Singers, a Hungarian choir trained by Kim Young-woo of Korea’s renowned vocal group Sweet Sorrow. "The audience stood and sang along — it was unforgettable," she said. This year’s events marking the 80th anniversary of Korea’s liberation also drew wide attention. One of the highlights was a commemorative run held in Budapest’s City Park on August 15, Korea’s Liberation Day, where participants carried Korean flags to celebrate freedom and unity. A piano concert by Korean artist Chin Soo-young, themed around independence and peace, sold out every seat. Looking ahead, Yu said the center plans to deepen its reach across Central Europe. "From the heart of the continent, we’ll continue to fulfill our mission — promoting Korean culture, building mutual understanding, and expanding Korea’s cultural presence throughout Europe," she said. 2025-10-21 21:18:48

Korean central bank likely to save ammunition in this week's rate meeting SEOUL, October 20 (AJP) - South Korea’s central bank, like most of its Asian peers, is expected to hold fire on interest rates this week, preserving policy ammunition amid mounting uncertainties from U.S. tariff and trade policies. At Thursday’s Monetary Policy Board meeting, the Bank of Korea (BOK) is widely forecast to keep its benchmark rate unchanged at 2.50 percent, maintaining its cautious stance since the last cut in August. The decision comes as inflation shows signs of easing, but risks in the foreign exchange and housing markets remain elevated. Last week, the government unveiled sweeping measures to cool soaring home prices in Seoul, designating the entire capital area as a restricted zone to tighten property transactions and mortgage lending. Under the new rules, buyers will be required to obtain government approval for certain deals and will face tougher loan-to-value limits. In Korea, curbing housing inflation and household debt growth has become as critical as maintaining overall price stability. Lowering borrowing costs too soon, analysts warn, could send mixed signals while fiscal authorities pursue hawkish action to rein in speculative real-estate demand. Governor Rhee Chang-yong has also signaled caution, indicating that the BOK will not rush into another easing cycle to revive growth at the expense of financial stability. The continued weakness of the Korean won further complicates the outlook. The currency has fallen around 2 percent in recent weeks, briefly breaching the 1,430 mark against the U.S. dollar amid renewed U.S.-China trade tensions. A rate cut at a time when the U.S. Federal Reserve remains on hold could spur additional capital outflows and intensify pressure on the won. Market observers expect the BOK to wait until its final meeting in November before considering another rate adjustment, pending confirmation of a slowdown in third-quarter GDP. Elsewhere in Asia, the People's Bank of China kept its key lending rates unchanged for a fifth consecutive month, while the Bank of Japan, facing both currency volatility and political uncertainty, is also likely to stay on hold at its Oct. 29-30 policy meeting despite domestic inflation signals. 2025-10-20 17:29:59

INTERVIEW: K-Park in Kazakhstan's smart city embodies fortitude of ethnic Koreans — past and future SEOUL, October 17 (AJP) - The K-Park Project, rising in Kazakhstan’s flagship smart city of Alatau, encapsulates both the endurance of the Koryo-saram—descendants of Korean settlers across the Russian Far East in the 19th and early 20th centuries—and their forward-looking confidence as a thriving minority in Kazakhstan’s digital transformation drive. "K-Park is not merely a memorial project. It is a symbol of gratitude toward the Kazakh people who embraced our ancestors—and a message to the next generation: never be afraid," said Yuriy Tskhay, founder of the Caspian Group, one of Kazakhstan’s largest conglomerates with business interests spanning urban development and finance, in an interview with AJP. Tskhay, named among Kazakhstan’s 50 most influential business leaders by Forbes, described K-Park as "a collective endeavor of the entire Koryo-saram community," noting that "nearly every Korean business leader in Kazakhstan has contributed to the effort." Tskhay and the Caspian Group play a central role in the Kazakh government’s grand campaign to build Alatau, a fully digitalized and AI-powered city north of Almaty. He joined a high-level government delegation to Seoul this week to seek Korean participation and partnership in the project. The first Korean migrants crossed the Tumen River into Russian territory in 1863, with larger waves following Japan’s annexation of Korea in 1910. Neither North nor South Koreans, the community’s fate changed in 1937 when Stalin’s Soviet regime deported roughly 172,000 Koreans to Central Asia. Tskhay, himself born into one of those deported families, said the K-Park project embodies "the endurance, gratitude, and aspirations of all Koryo-saram descendants." Located within Alatau City, K-Park is envisioned as a cultural and business hub for ethnic Koreans across Eurasia. The sprawling Alatau project—spanning 880 square kilometers, roughly 1.1 times the size of Busan—involves a 25-trillion-won (about $18 billion) government investment and is designed to host 1.9 million residents and 1.1 million jobs. It will feature four major zones for industry, finance, tourism, and education. "The idea emerged when Koryo-saram leaders from different fields—culture, business, journalism—came together to create a symbolic space," Tskhay explained. "After many discussions, we agreed on a center that would blend culture and commerce, and serve as a Eurasian hub for Korean cultural industries." Ground was broken in September, with completion scheduled for 2027—coinciding with the 90th anniversary of the 1937 deportation. "When our ancestors arrived, Kazakhstan itself was struggling," said Tskhay. "Yet the Kazakh people shared their land and food. K-Park is our way of passing that gratitude on and showing how far we’ve come." More than 300 people attended the groundbreaking ceremony, which culminated in a moving rendition of the Korean folk song "Arirang," echoing across the site. "It was one of the most emotional moments of my life," Tskhay recalled. "Kazakhstan gave me the chance to study, build a business, and earn respect—it shaped who I am." A former boxer and coach, Tskhay credits his athletic background with his grit and perseverance. "When I first visited New York, the cultural shock was transformative," he said. "But my first ten years in business were brutally hard—I knew nothing beyond boxing. No one believed in my vision, but that struggle became my foundation." To younger generations, Tskhay offers a message of self-belief. "There’s no such thing as impossible. If you set a goal and work toward it daily, you’ll achieve it," he said. "My parents once told me to 'live quietly' to survive—but that era has ended. Now is the time to act, to speak, and to lead." Looking ahead, Tskhay hopes K-Park will serve as both a tribute and a springboard—connecting ethnic Koreans across borders under a shared vision. "Our ancestors focused on survival; now it’s our turn to focus on progress," he said. "K-Park should stand as a living testament—not only to the generosity of the Kazakh people, but also to the enduring spirit of the Koryo-saram." 2025-10-17 15:17:40

Kazakhstan turns to South Korea to share vision for 'Alatau City' project SEOUL, October 15 (AJP) - Kazakhstan is betting big on its flagship plan to build a new innovation and AI hub in the Alatau region, located near the borders with Russia and China, and is seeking close partnership with South Korea based on their shared history and development aspirations, officials said Wednesday. The Kazakh government launched a high-profile roadshow titled “Alatau, Rise with Kazakhstan” in Seoul to promote the initiative. The Alatau City project, now designated a national development priority, aims to build Central Asia’s largest smart city in the Alatau area north of Almaty, Kazakhstan’s largest city. The new city will span about 880 square kilometers and be developed in phases through 2048. It is envisioned as the centerpiece of Kazakhstan’s transformation from a resource-dependent economy into a high-tech industrial hub. “Alatau City will become a new hub of investment and innovation,” said Deputy Prime Minister Qanat Bozymbaev in his keynote speech. “We see strong potential for partnership with South Korean companies. By combining Kazakhstan’s human and infrastructure resources with Korea’s technological expertise, the project will create powerful synergy and reach a higher level.” Chairman of Caspian Group Yuriy Tskhay speaks at the Alatau City event hosted by the Kazakh government in central Seoul on Oct. 15, 2025. Aju Press Han Jun-gu Other presenters included Caspian Group Chairman Yuriy Tskhay and vice ministers from the Ministries of Industry and Construction, Transport, and Energy. Tskhay, who leads the city’s development, recalled his first visit to Seoul during the 1988 Olympics as an ethnic Korean from the former Soviet Union. “At that time, I never imagined that in 2025, we Kareisky from Kazakhstan would be hosting such a large-scale event in Korea,” he said, referring to ethnic Koreans living abroad. “The Alatau City project, now a national priority, has the full support of Kazakhstan’s Korean community. One of the reasons we chose Korea as the first stop of the roadshow is our long-standing historical connection,” he added. 2025-10-15 17:31:27

Creativity and farsightedness, key to global IB outreach: SK Securities global chief SEOUL, October 06 (AJP) - Abundant investment opportunities lie in diverse global markets when matched with Korea’s high-tech, manufacturing, and soft-power competitiveness, said Patrick Han, head of Global Business at SK Securities. "Identifying needs before demand arises and aligning them with Korean capital is the path forward for Korean investment banking," Han told AJP in an exclusive interview, highlighting that Korea’s financial sector lags far behind its industrial peers. While Korean manufacturers dominate global markets in semiconductors, batteries, shipbuilding, and culture, Korean financial institutions still rank below even some Southeast Asian peers, Han noted, blaming the weakness on a complacent focus on traditional corporate financing at home and a lack of bold overseas outreach. "Korean IB evolves around large companies, and such an inward approach acts as a constraint. The blue ocean lies in global finance," he said. He added that Korea’s IB culture of chasing quick returns is why domestic names remain absent from multi-billion-dollar international government procurements and public projects that demand long-term commitment. Han is steering SK Securities toward large-scale, strategic projects. His office is advising Lithuania’s finance ministry, brokering the sale of a major Indonesian bank, investing in a Southeast Asian hospital group, and exploring a food-security zone project in the region. It is also working on a cross-investment venture between a U.S. consortium and Korean shipbuilders in the maintenance, repair, and overhaul (MRO) sector. With 25 years of international banking experience—including stints at JPMorgan, RBS, and CGS-CIMB—Han has been reshaping SK Securities’ Global Business Division since taking charge last year. "As head of Global Business, I cover the entire spectrum — trading, brokerage, corporate finance, and wealth management. Our priorities center on inbound deals, outbound deals, and offshore transactions," he said. Inbound and outbound deals will be the division’s main focus this year, while offshore business will expand gradually. Han applies a differentiated approach to each market. The United States poses as the most strategic market, rich with M&A, licensing, and real estate opportunities. "Advanced manufacturing, semiconductors, AI, shipbuilding, defense, and nuclear energy are the most promising sectors," he said. He has already organized a Korean roadshow for Primary Wave, the world’s largest music IP investment firm, and helped raise funds for LA Golf Partners. Asia is a diverse, fragmented landscape. Southeast Asia will serve as the hub for M&A and consumer industry investments, particularly K-content, cosmetics, and knowledge services. India offers potential in manufacturing and finance, while China’s reopening hinges on political and regulatory shifts. In Japan, Korean SMEs can leverage ultra-low financing by pairing Japanese capital with Korean technology. Drawing on his long regional experience, Han sees selective opportunities in the GCC states. "The region is not as cash-rich as before, so projects must be chosen carefully," he cautioned. Korea’s track record in construction and energy gives it an edge. Han emphasizes cultural fluency alongside financial acumen. Sixteen years in the U.K. taught him that understanding local codes of business and culture is as critical as market data. His humanistic approach blends creativity with finance. At a recent Seoul event hosted by Indonesia’s Ministry of Tourism, he proposed building retirement "silver towns" for Koreans instead of traditional resorts, while linking Korean healthcare to wealthy Southeast Asian clients. On market outlook, Han expects global markets to take a breather after this year’s bull runs, particularly on Wall Street. Still, he forecasts select Korean sectors — notably AI, semiconductors, defense, shipbuilding, and nuclear — will sustain long-term momentum into next year. 2025-10-07 13:49:10

UAE wins multiple awards at Philakorea 2025 in Seoul SEOUL, October 2 (AJP) - The United Arab Emirates embassy in Seoul said Friday that the UAE-based stamp collectors’ group won multiple awards at Philakorea 2025, an international stamp exhibition held in Seoul last month. The event, co-hosted by Korea Post and the Philatelic Federation of Korea, drew more than 2,000 exhibits from over 65 countries. Khalid Ali Al-Amirah received a gold medal for his display on "Dubai Mail 1909–1948," while five other members of the Emirates Philatelic Association also took home medals. During the exhibition, the UAE Embassy in Seoul hosted a "Dubai Night" event. UAE Ambassador to Seoul Abdullah Saif Al-Nuaimi congratulated the winners and said he looked forward to welcoming philatelists from around the world to Dubai. "The Dubai International Stamp Exhibition 2026 will be a global platform to celebrate our shared heritage and strengthen international ties," he said. Meanwhile, the International Federation of Philately (FIP) flag was handed over to the UAE at the exhibition, confirming the Gulf state as the next host. 2025-10-02 17:50:10