AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

JUNG YEON WOO
  • April Donghaeng Festival Records 544.1 Billion Won in Sales, Increased Onnuri Sales
    April Donghaeng Festival Records 544.1 Billion Won in Sales, Increased Onnuri Sales 중소벤처기업부는 '4월 동행축제'에서 5441억원의 직접 매출을 기록했다고 31일 밝혔다. The Ministry of SMEs and Startups reported on May 31 that the April Donghaeng Festival generated direct sales of 544.1 billion won. According to the ministry, this year's festival saw participation from a record 36,000 small and medium-sized enterprises (SMEs) and small businesses. Notably, 200 online and offline distribution channels operated discount promotions, resulting in a 178 billion won (3.4%) increase compared to last year's average sales of 526.3 billion won. During the festival, the sales of Onnuri gift certificates rose by 48% from the previous year, reaching 511.8 billion won, thanks to temporary increases in discount rates for digital certificates. A key feature of this year's festival was the collaboration with local governments to link regional festivals with the Donghaeng Festival program, as well as expanded partnerships with large retail companies that have nationwide sales networks. To support small businesses and boost consumer spending, the Minister and Vice Minister of SMEs and Startups visited major consumer sites across the country simultaneously during the festival. Thirteen regional SMEs and Startups offices operated a total of 71 specialized programs that reflected local characteristics and were linked to regional festivals. A notable example is the Daegu-Gyeongbuk Regional SMEs and Startups Office's 'Daegu Handmade Burger Festival,' which identified ten young entrepreneurs in the local alley economy and promoted their local brand products. During the event, each business averaged 10 million won in sales, a 3.3-fold increase compared to the annual average daily sales of 1.5 million won. The event attracted around 12,000 visitors. Additionally, in collaboration with local governments, a special 'Eomheungdo City Tour' was organized to coincide with the success of the film 'The King and the Man,' linking it to the Gunwi traditional market to encourage local consumption through lunch and market tours, revitalizing the local economy. Looking ahead, the Ministry plans to institutionalize two annual consumer festivals, focusing on the 'April Donghaeng Festival' in the first half and the 'Korea Grand Festival,' a comprehensive government initiative to promote consumption, in the second half of the year. Han Seong-sook, Minister of SMEs and Startups, stated, "In the second half of this year, we will further invigorate domestic consumption through the 'Korea Grand Festival,' which will consolidate the government's consumption promotion capabilities."* This article has been translated by AI. 2026-05-31 15:42:00
  • Massage Chairs and Healthcare Devices Expand into Comprehensive Wellness Solutions
    Massage Chairs and Healthcare Devices Expand into Comprehensive Wellness Solutions The massage chair and healthcare industry is rapidly evolving into comprehensive wellness solution providers, leveraging sophisticated product designs, medical device certifications, and artificial intelligence (AI) technology. According to industry sources, Seragem has adopted the slogan 'AI Wellness Home' this year, diversifying its portfolio to include spinal medical devices (Master Series), massage chairs (Pause Series), a depression treatment device called 'MindFit', water purifiers, and beauty devices, all aimed at promoting 'whole home wellness'. In response, Bodyfriend is enhancing its 'healthcare robot' concept with new products featuring AI capabilities, such as the '733', 'Da Vinci AI', and 'Quantum AI'. The company is also running a major marketing campaign called 'AI Healthcare Robot Festa', offering discounts on flagship products through partnership cards and family bundles until the end of this month. The financial performance of these expanding companies has shown mixed results. Seragem reported a consolidated revenue of 549.8 billion won last year, a 0.7% increase from the previous year, while its operating profit surged by 1,091% to 25.8 billion won. The company also achieved a net profit of 1.9 billion won, marking a return to profitability. However, Seragem's revenue has not exceeded 500 billion won since peaking at 667.1 billion won in 2021 and 750.2 billion won in 2022, with figures dropping to 584.7 billion won in 2023 and 546 billion won in 2024. A Seragem representative stated, "The massage chair market is currently a red ocean, making it difficult to significantly increase sales. We are preparing to develop and launch follow-up items for 'whole home wellness'." Bodyfriend, on the other hand, recorded a revenue of 422.6 billion won and an operating profit of 11.5 billion won last year, reflecting a 3.3% decrease in revenue and a 49% drop in operating profit compared to the previous year. Over the past five years, Bodyfriend's performance has been as follows: 2021 (revenue 591.3 billion won, operating profit 68.5 billion won), 2022 (revenue 522 billion won, operating profit 24.1 billion won), 2023 (revenue 419.7 billion won, operating profit 16.7 billion won), and 2024 (revenue 436.9 billion won, operating profit 22.6 billion won). After threatening to surpass 600 billion won post-COVID-19, revenue has recently stabilized around 400 billion won. Bodyfriend has identified overseas technology exports as a potential recovery strategy. Since 2023, the company has been exporting advanced robotics technology that goes beyond simple massage functions to directly correct body posture in China. A Bodyfriend representative noted, "After contracts with major Chinese distributors began in 2024, our overseas performance surged from 11.5 billion won in 2023 to 45 billion won last year, thanks to technology exports. We have set an overseas performance target of 80 billion won for this year." Conversely, newer entrants are facing deeper challenges. According to the audit report of Bokjeongjehyung, which operates the Kojima brand, the company recorded revenues of 73.6 billion won and an operating profit of 600 million won last year, marking increases of 8.4% and 13.95%, respectively, from the previous year. The performance trend for Bokjeongjehyung shows revenues of 155.5 billion won and operating profit of 20.1 billion won in 2021, 114.9 billion won and operating profit of 1.7 billion won in 2022, 79.1 billion won with an operating loss of 5.4 billion won in 2023, and 67.9 billion won with an operating loss of 4.3 billion won in 2024. Kojima attributed its return to operating profit last year to its competitive lineup focused on value-oriented products. Since February, the company has actively marketed its high-spec massage chair 'Kaiser X', which features patented technology. A Kojima representative stated, "We are also focusing on developing new product categories, such as an EMS low-frequency massager that aids in muscle recovery before and after exercise, entering the sports recovery market. We aim to introduce a wide range of massage devices that meet consumer needs from value-oriented to premium through continuous research and development." 2026-05-29 14:56:00
  • Policy Fund Scams Evolve: Legal Reforms Needed to Combat Fraud
    Policy Fund Scams Evolve: Legal Reforms Needed to Combat Fraud A small business owner, referred to as A, signed a contract with a management consulting firm that promised to secure policy funding. The firm demanded an upfront fee of 2 million won, claiming it was for administrative costs in exchange for assistance with a loan within six months. However, after the six-month period passed without government loan approval, A requested a refund, but the firm did not respond. Ultimately, A had to report the case to the Ministry of SMEs and Startups' illegal broker reporting center. According to the Ministry of SMEs and Startups on the 28th, illegal brokers exploiting the policy fund market have become increasingly sophisticated and organized, often disguising themselves as management consulting firms. These firms frequently misuse the logos and advertisements of agencies under the Ministry. This leads to fraudulent practices such as falsifying documents, charging success-based fees, and bundling insurance products. For small business owners, the average loan amount is typically between 30 million and 40 million won, with brokers reportedly taking around 20% in fees under the guise of consulting. As demand for low-interest financial support rises, the tactics of illegal brokers are diversifying. A Ministry official stated, "Some brokers impersonate public institutions or use the names of former employees to offer consultations on policy funds. As reporting of illegal brokers increases, more victims are coming forward to file complaints." To combat illegal brokers, the Ministry is implementing measures such as surveys to identify undue third-party involvement, a reporting reward system that pays up to 2 million won, and an amnesty program for self-reporting individuals. Additionally, the Ministry plans to track the IP addresses of applicants in real time to prevent undue third-party involvement. They are also introducing a system to check for similarities and duplications in business plans to catch brokers who draft plans on behalf of multiple firms. The Ministry aims to ensure that all policy fund loan applications are submitted directly by the businesses themselves. To address legal loopholes, the Ministry is preparing legislative measures to prevent undue third-party involvement. Earlier this year, the Ministry announced plans to revise the Small and Medium Enterprises Promotion Act to include management guidelines and prohibited activities, but the legislative process has been slow. The current illegal broker reporting center can only request investigations from relevant agencies based on received complaints, limiting its ability to take proactive measures. Critics argue that merely operating the reporting center is insufficient to eradicate illegal brokers. For complaints to lead to legal action, there is a need for a clear definition of "undue third-party involvement and proxy actions in the policy fund application process" to be included in the Small and Medium Enterprises Promotion Act, along with a legal prohibition against such actions. The Ministry official added, "There are various cases of reports related to job advertisements aimed at recruiting illegal brokers, but it is often challenging to find evidence during investigations, leading to many cases being treated with caution. It is difficult to gather evidence unless financial damage is evident. We will focus on post-action measures to eliminate illegal broker activities through legal reforms."* This article has been translated by AI. 2026-05-28 18:36:00
  • Surge in Reports of Illegal Policy Fund Brokers Amid Limited Investigations
    Surge in Reports of Illegal Policy Fund Brokers Amid Limited Investigations Reports of illegal brokers exploiting government policy fund support have surged, but most cases are either treated as simple complaints or lack sufficient evidence for further action. The Ministry of SMEs and Startups has initiated a reward system for whistleblowers, yet it faces a paradox: it lacks the authority to confirm the outcomes of investigations, leaving it unaware of any resulting penalties. According to the Ministry of SMEs and Startups, from January to May 26 of this year, the "Illegal Policy Fund Broker Reporting Center" received a total of 432 reports. This figure is more than six times the 70 reports filed in the entire previous year when the center was not operational. Of the reports processed, 373 (86.3%) were handled as "self-processing" (simple tips, warnings, or insufficient evidence), 21 (4.9%) were under investigation, 31 (7.2%) were classified as simple complaints, and 1 (0.2%) was referred to the Financial Supervisory Service. Only 6 cases, or 1.4% of the total, resulted in investigations that led to rewards. Among these, 4 involved small business victims and 2 involved cases from larger enterprises. The cases that received rewards involved demands for upfront fees and deposits under the pretense of guaranteeing or confirming policy fund loans, as well as instances of impersonating government agencies to send forged documents. However, the low number of cases referred for investigation compared to the total reports suggests that many submissions lack concrete evidence and are merely complaints. Additionally, the Ministry's authority is limited to referrals, making direct enforcement challenging. In response, the Ministry is considering measures to directly address third-party misconduct related to illegal brokers under the Small and Medium Enterprises Promotion Act and other relevant laws. A Ministry official stated, "Previously, when we referred cases to the police, we did not receive updates on the outcomes. However, with the upcoming legal amendments, the Ministry will be able to participate in the entire investigation process, from the inquiry stage to the final results, granting us more direct enforcement powers." Earlier this year, the Ministry implemented a reward system offering up to 2 million won for whistleblowers and a self-reporting amnesty program to combat illegal brokers. Additionally, it is enhancing guidance in collaboration with private platforms like 'Soomgo' and 'Kreamong' to prepare for illegal proposals during policy fund applications. The total scale of policy funds for this year amounts to 7.7933 trillion won, including 4.4313 trillion won for small and medium enterprise policy funds and 3.3620 trillion won for small business policy funds.* This article has been translated by AI. 2026-05-28 18:36:00
  • Salary Workers Launch AX Organization to Drive AI Development
    Salary Workers Launch AX Organization to Drive AI Development Salary Workers has established a dedicated organization for AI transformation (AX) aimed at creating an AI-centered development environment. According to Salary Workers on May 28, the AX team is an engineer-focused organization that seeks to enhance brand productivity and operational efficiency through AI transformation. Team members assigned the role of AX engineers will develop and implement strategies to maximize AI utilization in the product development process. The formation of the AX organization is part of a strategy to accelerate business expansion, contributing to the enhancement of Salary Workers' platform capabilities. Salary Workers envisions an AI-centered development system that goes beyond mere efficiency improvements, aiming to introduce new features and shorten service update cycles. The short-term goal of the AX organization is to expand an AI-centered development system focused on efficient reasoning. To achieve this, the team will concurrently pursue protocol definition, standardization, and harness engineering. They will define agreements on development outputs, unify work processes, and establish a harness system to enhance reasoning reliability. In the medium to long term, the focus will be on creating business impact. The dedicated team plans to expand its AI transformation experience, initially applied in the development sector, across the entire business. A representative from Salary Workers stated, "Standardization and automation of the development process are essential steps to maximize the effectiveness of AI utilization. We aim to build a reliable development environment to create a more stable service operation system."* This article has been translated by AI. 2026-05-28 16:34:00
  • Korea Technology Guarantee Fund Hosts Event in Silicon Valley to Expand Startup Ecosystem
    Korea Technology Guarantee Fund Hosts Event in Silicon Valley to Expand Startup Ecosystem The Korea Technology Guarantee Fund announced that it hosted the 'Global K-Venture Finance Mixer' at the Startup Venture Campus (SVC) in Silicon Valley, California, to provide financial support for domestic ventures and startups in the U.S. on May 28. This event was a follow-up to a memorandum of understanding signed in January between the Korea Technology Guarantee Fund and Hanmi Bank. It aimed to address challenges faced by domestic startups entering the U.S. market, including funding, investment attraction, and establishing local financial infrastructure. The event also aimed to expand connections with the local startup ecosystem through collaboration with the Stanford Consumer Accelerator Program (SCAP). Lee Jang-hoon, the Deputy Director of the Small and Medium Business Administration at the Korean Consulate in San Francisco, stated in his opening remarks, "This year, the consulate has been designated as a hub for export contracts, science and technology, and K-beauty. We will work with relevant agencies to effectively improve the support system for deep-tech startups and promote K-initiatives." During the event, Hanmi Bank shared practical know-how on establishing accounts, using credit cards and checks, and other financial foundations necessary for startups facing difficulties in their initial U.S. market entry. In line with the government's global venture policy, the Korea Technology Guarantee Fund introduced global technology finance support systems tailored to the Silicon Valley investment and financial environment, including overseas expansion guarantees linked to local direct loans, venture capital investment guarantees, and a recommendation system for tech credit loans in collaboration with Hanmi Bank. Professor Kim So-hyung from Stanford University emphasized, "We will strengthen our cooperation with the Korea Technology Guarantee Fund to support the growth of excellent startups in the K-beauty and K-food sectors and enhance technology commercialization." Earlier, the Korea Technology Guarantee Fund announced the opening of its 'Silicon Valley branch' in January, aiming to provide close support for domestic startups and ventures entering this challenging market. The Silicon Valley branch is the second overseas branch, following the opening of its Singapore branch in June of the previous year. Lee Jong-hyuk, head of the Korea Technology Guarantee Fund's Silicon Valley branch, stated, "We will continue to gradually expand our collaboration with Hanmi Bank and Stanford University to strengthen an effective global technology finance support system for startups." 2026-05-28 16:12:00
  • Lock & Lock Wins Social Contribution Award for Community Engagement
    Lock & Lock Wins Social Contribution Award for Community Engagement Lock & Lock has been awarded the Social Contribution Award at the 17th Korea Chamber of Commerce and Industry and Forbes event. According to Lock & Lock on May 28, the awards ceremony recognizes companies and organizations that have demonstrated social responsibility through ongoing and exemplary social contribution activities. Lock & Lock was selected for the award based on its comprehensive efforts in sustainable and systematic social contribution activities, its contributions to community coexistence and social value creation, the integration of ESG and CSR policies into management, and its credibility and social evaluation both internally and externally. Under the motto of being a "company that cares for the environment and people," Lock & Lock has been actively engaged in various social contribution activities aimed at creating a sustainable future. Notably, the company has expanded its "Courage with Lock & Lock" initiative globally, supporting individuals with disabilities, single-parent families, and areas affected by disasters. For single-parent families, Lock & Lock regularly provides household items during the year-end holidays, festive seasons, and Family Month. Last year, the company signed a memorandum of understanding with the Jung-gu Office and the corporate social contribution specialist Giving Plus to expand its support for living expenses for single-parent families. Additionally, Lock & Lock regularly donates items to Goodwill Stores, which support the economic independence of people with disabilities, and is committed to creating job opportunities for them. Last year, the company received recognition for these efforts with an award from the Minister of Health and Welfare at the 19th Proud Korean Disability Awards. Last month, Lock & Lock visited Yeongheung Elementary School in Ongjin County, Incheon, to conduct the eco-friendly campaign "Love for Yeongheung," where they provided tumblers and practical kitchen items to students and the school. Environmental education was also conducted for the students. The company continues its global social contribution efforts, including providing relief supplies to flood-affected areas in Vietnam and donating hand blenders to a culinary high school in Indonesia, thereby spreading the value of sharing. Ahn Seong-il, Chief Human Resources Officer of Lock & Lock, expressed his satisfaction, stating, "We are pleased that our consistent efforts in various social contribution activities that genuinely help the environment and people have led to meaningful results. We will continue to fulfill our corporate social responsibility to create a better future."* This article has been translated by AI. 2026-05-28 15:48:00
  • Minister Han Seung-sook: Building an Entrepreneurial Ecosystem to Maximize SME Exports
    Minister Han Seung-sook: Building an Entrepreneurial Ecosystem to Maximize SME Exports Minister Han Seung-sook of the Ministry of Small and Medium Enterprises and Startups held a press conference to commemorate the first anniversary of the government, reflecting on the achievements in small business and venture policies over the past year and outlining future priorities. She highlighted significant progress in promoting entrepreneurship while identifying the need for policy innovation in response to external crises as a key ongoing challenge. During the press conference on the 28th at SVC Seoul, Minister Han expressed her commitment to continue supporting startup companies. Since taking office, she has visited 152 locations and implemented 23 measures along with 78 improvements to laws and regulations. Minister Han identified four key themes of the ministry's achievements: 'Entrepreneurship' (Everyone's Startup), 'Growth' (TIPS), 'Leap' (Jump Up), and 'Second Chances and Safety Nets.' Notably, the 'Everyone's Startup Project,' aimed at revitalizing the stagnant self-employed and venture ecosystem, attracted over 63,000 applicants, marking the largest participation in a government competition to date. Within just 37 days of its launch, the number of participants surpassed 20,000, indicating a nationwide surge in entrepreneurial interest. The initiative will continue with a second season, set to begin in July, expanding the selection from 5,000 to 10,000 participants. To spread the entrepreneurial enthusiasm across the country, the government will designate regional startup cities. In the first half of this year, four cities—Daejeon, Daegu, Gwangju, and Ulsan—home to major science and technology institutions, will be prioritized for support across the entire startup cycle, from entrepreneurship to technology development, investment, and market access. An additional six cities will be selected by 2027 to expand this initiative nationwide. The foundation for supporting entrepreneurship and stable recovery has also been established. The 'Startup One-Stop Support Center,' which opened in 19 regions last December, has quickly become a key resource, surpassing 10,000 consultations within five months. A 'Re-Challenge Fund' of 1 trillion won is planned to support struggling businesses in their recovery over the next five years. Minister Han referenced the Lee Jae-myung administration's declaration of a 'National Startup Era,' stating, "Now is the time to plan with an eye toward 2045." She added, "We will create an environment conducive to becoming a startup nation over the next 20 years." Small and medium enterprise exports also reached new heights, achieving a record $118.6 billion last year. In the first quarter of this year, exports continued to break records, marking the second consecutive year of peak performance. The K-beauty and online export sectors have also set new records, contributing to the expansion of export opportunities. The venture investment market has also rebounded, thanks to the 'Four Major Venture Nation Measures' announced at the end of last year. In the first quarter of this year, the amount raised by venture funds reached an all-time high of 4.4 trillion won, with investments totaling 3.3 trillion won. Additionally, the ministry is accelerating the establishment of a demand-driven delivery system. By reducing application paperwork by 50%, the administrative burden on businesses has been significantly decreased. The government has also launched initiatives such as 'Crisis Alert Talk' to proactively reach out to struggling small businesses and a 'Whistleblower System for Technology Theft' to enhance policy accessibility. Furthermore, the ministry is set to launch the 'Small and Medium Enterprise Growth Platform,' consolidating 64 previously scattered policy platforms into one, with a pilot operation scheduled for June. This initiative aims to simplify the complex procedures of government support programs, which President Lee Jae-myung likened to a 'tangled mess,' into a user-friendly system that requires 'just one login' and features an 'AI virtual assistant.' Minister Han stated, "The achievements of the past year are thanks to the small and medium enterprises and self-employed individuals who have not stopped challenging themselves on the ground, rather than the government. We will continue to run alongside them unwaveringly to ensure that their challenges lead to even greater results." However, she acknowledged that despite these visible achievements, the ministry has struggled to implement 'substantial structural reforms' due to uncontrollable global crises. "With 1 million small business closures, the impact of U.S. tariffs, and conflicts in the Middle East, various situations beyond the ministry's control are affecting small and medium enterprises overall," she said. "In this critical period requiring a reorganization of supply chains, we have not been able to focus on how to innovate policies effectively." In response to questions from reporters regarding wage disparities and labor shortages between large and small enterprises, she emphasized the need for a social consensus and the creation of a new compensation system, stating, "We must strengthen support to secure quality research talent within small and medium enterprises." 2026-05-28 15:10:00
  • Over 62,000 Apply for Everyones Startup Project; 10,000 to Be Selected in Second Round
    Over 62,000 Apply for 'Everyone's Startup' Project; 10,000 to Be Selected in Second Round The Ministry of SMEs and Startups has reported that over 62,000 people applied for the 'Everyone's Startup Project,' with plans to select 10,000 participants in the second round in July, double the number from the first round. On May 22, the ministry announced the status of applications and future plans for the project during a meeting of the Emergency Economic Headquarters, the Economic Relations Ministers' Meeting, and the National Startup Era Strategy Meeting. A record 62,944 individuals submitted applications for the government’s startup and idea competition. The application period ran from March 26 to May 15, with the official platform recording over 1.4 million visits and 135,036 registered users by the deadline. On average, 19.5 people accessed the platform per minute, with 1.9 new registrations occurring in the same timeframe. Among the applicants, 42,798 were young people aged 39 and under, making up 68% of the total. The youngest applicant was just 9 years old, while the oldest was 90. Additionally, 540 foreign applicants were recorded. The ministry will evaluate startup ideas based on published assessment criteria from various institutions within the 'Everyone's Startup Platform' and plans to announce 5,000 innovative entrepreneurs by mid-June. Selected entrepreneurs will be paired with designated mentors for at least four initial mentoring sessions, and each operating institution will run its own incubation programs. Additionally, participants will receive startup activity funding of 200,000 won. Furthermore, the ministry announced plans to launch the second round of the 'Everyone's Startup Project' in early July, expanding the selection to 10,000 participants. The new round will focus on enhancing the re-challenge function, diversifying startup leagues, expanding operating institutions, and broadening the recruitment target. For the 57,000 applicants who participated in the first round but were not selected, the ministry will provide feedback on their ideas and offer re-challenge mentoring to support their future entrepreneurial efforts. Han Seong-sook, Minister of SMEs and Startups, stated, "The participation of 60,000 challengers in 'Everyone's Startup' will open a new future for Korea's startup ecosystem, and it is the government's role to support this spark so that it can spread into a startup frenzy."* This article has been translated by AI. 2026-05-23 15:34:20
  • Bodyfriend Unveils New Color Daiadenim for Healthcare Robot New Falcon
    Bodyfriend Unveils New Color 'Daiadenim' for Healthcare Robot 'New Falcon' Bodyfriend has expanded its color lineup for the compact healthcare robot 'New Falcon' with the introduction of a new color, 'Daiadenim.' According to Bodyfriend, the 'New Falcon' is the flagship model of the company's Falcon series of compact healthcare robots, which has sold a total of 100,000 units and generated 300 billion won in revenue. The series includes popular models such as 'Falcon S,' 'Falcon i,' and 'Falcon N.' The new 'Daiadenim' color is the second addition to the lineup, following the initial beige option. This color features a denim material combined with a diamond quilting pattern, appealing to luxury brands. The bright sky-blue denim used on the front of the product lightens the typical weightiness associated with healthcare appliances and enhances its appeal as an interior design object. The 'New Falcon' is designed specifically for sleep and relaxation-focused massages. It features a 'Flexible SL Frame' that can be adjusted up to 155 degrees and an XD Air massage module that provides a close massage tailored to the body's contours. It supports 28 massage modes, including 'Deep Sleep,' 'Mini Nap,' and 'Quiet Night.' Additionally, it includes a heating function adjustable in three levels up to 60 degrees and 14 anti-pinch sensors. A Bodyfriend representative stated, "The New Falcon is a steady seller, loved for its compact size and healthcare robot technology. We will continue to expand the product experience by considering not only functionality but also design elements as an interior focal point."* This article has been translated by AI. 2026-05-23 14:55:17