Journalist

Jung Yoonyeong
  • K Bank Nominates CEO Choi Woo-hyung for Second Term as Bank President
    K Bank Nominates CEO Choi Woo-hyung for Second Term as Bank President K Bank has nominated its current president, Choi Woo-hyung, as the sole candidate for its next chief executive officer, the bank said Thursday in a regulatory filing. The executive candidate recommendation committee approved Choi unanimously as the candidate for representative director, with final selection to be decided at the bank’s regular shareholders meeting scheduled for March 31. It would be the first time since K Bank’s launch that a president is reappointed for another term. The committee cited Choi’s performance since taking office. During his tenure, the bank expanded its customer base to about 16 million and posted net profit in the 100 billion won range for two consecutive years, it said. The bank also said it diversified its asset portfolio by strategically expanding loans to sole proprietors even as household lending faced tighter regulation. K Bank said Choi has also moved early in blockchain-related businesses, including securing trademarks tied to stablecoins and pursuing domestic and overseas partnerships and remittance services. The committee said those efforts helped support K Bank’s push for a stock market listing and laid groundwork to strengthen its capital base. Born in 1966, Choi graduated from Seoul National University with a degree in economics. He previously worked at Hana Bank, Samsung SDS and IBM Korea, and later led digital and IT operations at BNK Financial Group. He has served as K Bank president since January 2024. 2026-02-26 11:09:00
  • Toss Bank Nears CEO Decision as Lee Eun-mi Seen as Leading Candidate for Second Term
    Toss Bank Nears CEO Decision as Lee Eun-mi Seen as Leading Candidate for Second Term Toss Bank’s process to pick its next chief executive is in its final stage, with industry observers widely viewing incumbent CEO Lee Eun-mi as the leading candidate for another term. They cite the bank’s shift to profitability and the need to maintain continuity in its mid- to long-term strategy. Toss Bank said Feb. 25 it plans to recommend and disclose a final CEO candidate as early as this month and no later than early March. It then plans to confirm the next CEO through a board resolution in March. The bank began its succession process in December, when its executive candidate recommendation committee reviewed a long list of CEO candidates. In January and February, it narrowed the field to a short list and conducted checks on qualifications and capabilities. Lee, the bank’s second leader, is credited with strengthening its financial footing. Toss Bank posted net profit of 45.7 billion won in 2024, marking its first full-year profit since launch. It then recorded cumulative net profit of 81.4 billion won through the third quarter of last year, its best performance to date, after years of early losses. Under Lee, the bank has also accelerated efforts to diversify its business. She has formalized plans to introduce mortgage lending to broaden a loan portfolio previously centered on unsecured credit loans, and the bank has been preparing the rollout in stages. It has also outlined plans to expand overseas, saying it is actively reviewing entry into markets such as Southeast Asia with a goal of going global within three to five years. Observers also point to parent company Viva Republica’s push for a Nasdaq listing as a factor supporting continuity, as stable performance and risk management can weigh heavily in valuation during an IPO process. At the same time, internal controls and consumer protection have been flagged as areas for improvement. Toss Bank experienced an internal embezzlement case last year and received an “insufficient” rating in the Financial Supervisory Service’s 2025 assessment of financial consumer protection practices. “Financial results have improved clearly, and key strategic tasks are still underway, so there is a need to maintain stable leadership,” a financial industry official said. “Unless there is an unusual variable, the likelihood of a second term appears high.” If Lee is reappointed, she is expected to keep her role as board chair. Toss Bank operates a structure in which the CEO also serves as chair, alongside a lead outside director. Some have criticized the arrangement as out of step with regulators’ recent emphasis on strengthening board independence, arguing that combining the CEO and chair roles can weaken oversight.* This article has been translated by AI. 2026-02-26 07:03:00
  • Kakao Pay CEO Shin Won-geun Buys 59,055 Shares, Pledges Not to Sell While in Office
    Kakao Pay CEO Shin Won-geun Buys 59,055 Shares, Pledges Not to Sell While in Office Kakao Pay CEO Shin Won-geun, who is set to begin a third term on March 3, has bought additional company shares and said he will not sell his stake while serving as CEO. Kakao Pay said in a regulatory filing on the 25th that Shin acquired a total of 59,055 shares. He bought 57,055 shares at 5,000 won per share by exercising stock options and purchased another 2,000 shares on the open market at 67,370 won per share. The total purchase was about 420 million won. The purchases raised Shin’s holdings to 109,055 shares. After taking office in March 2022, Shin declared a commitment to responsible management and bought 50,000 shares in three transactions worth about 3.3 billion won. Kakao Pay said Shin will not sell any of his shares, including his existing holdings and the newly acquired shares, during his tenure as CEO. A Kakao Pay official said Shin’s open-market purchase, in addition to exercising stock options, was meant to signal confidence in the company’s growth to investors, users and employees and to underscore his commitment to responsible management. The official said the company will not be satisfied with posting annual profitability and will continue working to improve business performance and shareholder value.* This article has been translated by AI. 2026-02-25 17:42:24
  • Toss Says WebView Feature Lifted Lender Conversion Rates 48% on Average, Up to 347%
    Toss Says WebView Feature Lifted Lender Conversion Rates 48% on Average, Up to 347% Viva Republica, the operator of South Korean fintech app Toss, said Tuesday that conversion rates for partner financial firms rose by nearly 50% on average using its “WebView in Toss” feature. WebView in Toss lets users check credit limits and complete applications inside the Toss app, without installing a separate financial firm’s app or switching to an external browser. The company said the setup improves convenience for users and helps financial firms raise application completion rates. Based on an analysis of loan products from 2023 through early February this year, Toss said customers using WebView in Toss posted an average conversion rate 48% higher than those using the previous method. By sector, Toss said the improvement was clear. Among 30 financial firms running WebView in Toss for loan services, conversion rates at both first- and second-tier financial institutions rose by at least double digits. Some savings banks saw gains of up to 347%, it said. Toss said it supports the full process — from UI and UX design to development, testing, operational stabilization and further improvements — at no additional cost. It said it plans to keep providing free support to strengthen partners’ digital capabilities and expand benefits for financial consumers. “WebView in Toss reduces drop-offs during applications, improving access to financial services while delivering measurable performance gains for financial firms,” a Toss official said. “We will keep working to build a convenient financial environment that satisfies both financial firms and customers.” 2026-02-25 08:45:00
  • K Bank IPO Draws Tepid Demand on First Day of Retail Subscription
    K Bank IPO Draws Tepid Demand on First Day of Retail Subscription K Bank, seen as this year’s first major IPO, posted weaker-than-expected results on the first day of its retail share subscription. Even after setting its offering price at the bottom of the indicated range, investor interest was markedly cooler than during KakaoBank’s 2021 listing. According to the financial investment industry on the 22nd, subscription deposits collected by lead managers and underwriters NH Investment & Securities, Samsung Securities and Shinhan Investment Corp. totaled about 608.2 billion won as of the close on Feb. 20, the first day of retail subscriptions. By firm, subscription competition ratios were 7.88 to 1, 8.74 to 1 and 45.24 to 1. The number of subscription applications totaled about 320,000. The contrast with KakaoBank’s 2021 IPO was sharp. KakaoBank drew about 12.0522 trillion won in deposits on the first day and posted a combined competition ratio of 37.8 to 1, with about 960,000 subscription applications. K Bank set its offering price at 8,300 won, the low end of its indicated range of 8,300 to 9,500 won. The total offering size is 498 billion won, and its expected market capitalization after listing is about 3.3673 trillion won. That is a steep cut from the roughly 5 trillion won valuation discussed during its second attempt to go public. Analysts say valuation premiums for internet-only banks have been shrinking as the interest-rate environment shifts and household lending rules tighten. A stronger investor focus on profitability and asset quality has also weighed on demand. Ko Kyung-beom, an analyst at Yuanta Securities, said market expectations for internet banks have fallen during K Bank’s three IPO attempts. He added that a decline in net interest margin, compared with other internet banks, is a key burden. Attention now turns to the final subscription results on the 23rd. Based on first-day deposits alone, many observers say it will be difficult to expect a breakout hit. While IPO subscriptions often see a late surge on the final day, it remains unclear whether enough money will flow in to quickly change the tone. Cho A-hae, an analyst at Meritz Securities, said valuation premiums for internet banks are rooted in growth expectations, but recent return on equity has been lower than that of major commercial banks. With a household-loan-heavy portfolio and tighter lending regulations raising the risk of slower growth, Cho said how well the company proves its growth prospects will be a key driver of the stock price. 2026-02-22 07:03:00
  • Kakao Pay board approves CEO Shin Won-geun for reappointment, pending March vote
    Kakao Pay board approves CEO Shin Won-geun for reappointment, pending March vote Kakao Pay’s board on Thursday approved an agenda item to reappoint CEO Shin Won-geun, the company said. His reappointment will be finalized at the company’s annual shareholders meeting scheduled for late March. The board said Shin improved the company’s fundamentals through responsible management and a strategic expansion of its platform business, delivering both top-line growth and stronger profitability and completing a turnaround. Kakao Pay posted its first annual profit last year on a consolidated basis. Subsidiaries also showed clearer results: Kakao Pay Securities recorded its first annual profit since its launch, and Kakao Pay Insurance has continued to grow as revenue rises rapidly. Shin joined Kakao Pay in February 2018 as executive vice president and chief strategy officer, where he set growth strategies for its consumer finance platform. He was appointed CEO in March 2022 and won one reappointment in March 2024. With Thursday’s board vote, he will proceed with the process for another term.* This article has been translated by AI. 2026-02-20 18:00:00
  • Naver Pay payment outage resolved after 3.5 hours; cause under review
    Naver Pay payment outage resolved after 3.5 hours; cause under review Naver Pay said its payment service was restored about 3 hours and 30 minutes after an outage disrupted transactions. The company said it does not believe the problem was caused by an external factor such as hacking, but added that it is still investigating the exact cause. Naver Pay said an error occurred in its payment system at about 12 p.m. on the 19th and that it completed an emergency restoration at about 3:30 p.m. The outage temporarily halted services including checking and using points for payment on order forms, viewing payment and event history, using points and money for in-person payments, and Pay Money Card payments. A Naver Pay official said the disruption was not believed to be linked to external intrusion or hacking and was presumed to have stemmed from an internal issue, adding that the company was still confirming the circumstances behind the incident.* This article has been translated by AI. 2026-02-19 17:36:00
  • Naver Pay Reports Payment Failures, Says Emergency Fix Underway
    Naver Pay Reports Payment Failures, Says Emergency Fix Underway Naver Pay said a service outage disrupted payments and the use of points. In a notice posted on the 19th, the company said errors were affecting some services and it was conducting an emergency check, adding it was working to restore service as quickly as possible. The problems began around noon and included failures to view and apply points on order forms, errors when checking payment and event histories, the inability to use points and money for in-store payments, and failed Pay Money Card transactions. Naver Pay said it would issue another notice once service is fully restored. A company official said services related to Naver Pay points and money were experiencing errors and that the company was making an all-out effort to normalize operations.* This article has been translated by AI. 2026-02-19 14:09:00
  • Toss to End Fractional Investment Service After Three Years, Citing Profit Limits
    Toss to End Fractional Investment Service After Three Years, Citing Profit Limits Toss is shutting down its fractional investment-linked service after operating it for about three years, despite the sector’s move into the regulated financial system. The decision reflects a broader assessment of market size and profitability, industry officials said. According to the financial industry on the 19th, Viva Republica, the operator of Toss, will end the fractional investing service in its app starting on the 21st. Toss launched the service in the first half of 2023 and has since brokered related products. It did not issue or manage the products itself, instead introducing or linking offerings from partner firms on its platform. Fractional investing refers to products that split underlying assets into multiple shares so many investors can invest together. The assets can include physical items such as gold, real estate and art, as well as revenue rights tied to copyrights or energy projects. Toss has featured products tied to gold, exchange-traded funds and real estate, along with less common assets such as copyrights, renewable energy, calves and art. But the market cooled quickly, with delays in formal regulation cited as a key factor. Financial authorities announced plans in early 2023 to build rules for new securities businesses such as fractional investing, but related bills only recently passed the National Assembly. On Jan. 15, lawmakers approved amendments to the Act on Electronic Registration of Stocks and Bonds and the Financial Investment Services and Capital Markets Act, a process that took about three years. During that period, momentum weakened. Some operators scaled back or exited, and new product launches fell sharply. Toss’ service was also run in a limited way through specific partners, and there have been no recent new public offerings. Even after regulation, industry participants say conditions remain challenging. On Feb. 13, the Financial Services Commission granted preliminary approval to two exchanges — the NXT consortium and KDX — to handle over-the-counter trading of fractional investment securities. The NXT consortium is led by alternative trading platform Nextrade (NXT) as its largest shareholder, while KDX is a consortium led by the Korea Exchange. With distribution channels likely limited to those exchanges for now, market expansion could be constrained. For a platform operator like Toss, it may be difficult to generate meaningful revenue with a simple referral model under that structure, given the relatively small issuance size of individual products and a narrower investor base than in stock or crypto markets. Analysts said that even as rules are being finalized, the business is entering a transition period that is forcing strategic changes. A Toss official said the company decided to end the service in its current form after reviewing regulatory changes and the business structure. The official added that the fractional investing market is being reshaped as legal and institutional frameworks are completed and distribution and issuance structures are reorganized, and that Toss will closely monitor conditions before deciding whether to pursue a new approach. 2026-02-19 10:45:00
  • KakaoPay Data: Most Middle and High Schoolers Got 100,000 Won in New Year’s Money
    KakaoPay Data: Most Middle and High Schoolers Got 100,000 Won in New Year’s Money Middle and high school students’ “standard” New Year’s cash gift is rising. The most common amount given to teens last year increased from 50,000 won to 100,000 won, according to KakaoPay data. With grocery prices also climbing, many consumers say holiday spending feels burdensome ahead of the Lunar New Year. KakaoPay said Monday that its analysis, released through the finance brand journal PayAttention, found 100,000 won was the most frequently received amount among middle and high school students, at 42%. Through 2024, 50,000 won had been the top amount at 39%, but last year 100,000 won surpassed 50,000 won (37%), signaling a shift toward larger gifts. Holiday allowances for parents also averaged more than 200,000 won. In the same analysis, users in their 20s to 40s sent an average of 227,000 won to their parents’ generation. By age group, the averages were 190,000 won for people in their 20s, 220,000 won for those in their 30s and 230,000 won for those in their 40s, edging up with age. The analysis was based on “remittance envelopes” sent via KakaoPay around the Lunar New Year holiday. KakaoPay also released results from a survey conducted alongside the data review. Respondents most often cited “New Year’s money and other holiday expenses” as the biggest burden during the Lunar New Year. KakaoPay said the findings show that, despite the holiday’s focus on family, many people feel real financial pressure. Separately, KakaoPay is running a Lunar New Year-themed promotional event, “Surviving Seollal,” based on the data. Users who join quiz content based on holiday situations can earn points, and those who complete service experiences and collect stamps can receive additional points through a drawing. The event runs through Tuesday in the KakaoPay app and on KakaoPay Home within KakaoTalk. A KakaoPay official said the company aimed to address “realistic concerns felt during the holiday” with entertaining content and benefits, adding that it plans to expand user engagement with more content linking finance and everyday life.* This article has been translated by AI. 2026-02-17 12:03:00