Journalist

Kim yoon seop
  • NH NongHyup Bank CEO Kang Tae-young visits AgTech firm Davio to discuss growth
    NH NongHyup Bank CEO Kang Tae-young visits AgTech firm Davio to discuss growth NH NongHyup Bank said on the 9th that CEO Kang Tae-young visited the headquarters of Davio, a spatial data and agricultural technology company, to review the growth of a firm backed by the bank’s agri-food fund and discuss ways to support it. Davio, founded in 2012, runs a smart agriculture monitoring business based on spatial data and artificial intelligence technology. The company is expanding its business areas with investment from NongHyup Bank’s agri-food fund. NongHyup Bank said it operates a “life-cycle value-up support system” for companies in the agri-food and AgTech sectors, providing assistance from the investment stage through growth and maturity. During a meeting with Davio CEO Park Ju-heum and other executives, Kang discussed the company’s progress since the investment, support through management consulting and network connections, plans to expand financial support such as loans and guarantees, and future growth strategies including an initial public offering. “Venture capital investment in K-food and AgTech is a key task to strengthen the future competitiveness of South Korean agriculture,” Kang said. “NongHyup Bank will be a reliable financial partner that supports the growth of innovative companies and helps drive industry development.” 2026-03-09 15:27:00
  • Why South Korean Banks Aren’t Raising Deposit Rates as Money Moves Into Stocks
    Why South Korean Banks Aren’t Raising Deposit Rates as Money Moves Into Stocks South Korean banks are facing a growing dilemma. As a strong stock market pulls money out of bank accounts, lenders are still reluctant to raise deposit rates, constrained by the government’s household-loan management stance and heightened uncertainty tied to the Middle East. According to the Korea Federation of Banks on March 9, deposit rates at the five major commercial banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — stood at about 2.60% to 3.05%. Base rates excluding preferential terms were around 2.05%, pushing the lower end down further. Installment savings rates were also in the 2.60% to 3.40% range at their maximum levels. Banks typically respond to rapid fund outflows by raising rates on deposits and savings products. But with policy pressure to curb growth in household lending and external risks including the Middle East situation, increases in deposit and savings rates have remained limited. Raising deposit rates would increase banks’ funding costs and could add pressure for higher loan rates. With financial authorities trying to restrain household lending, banks are wary that greater volatility in loan rates could clash with that policy direction. Some banks are marketing products with high “maximum rates,” but the base rates are low or the top rates require meeting specific conditions. The approach is seen as a way to maintain competitiveness in attracting deposits without broadly lifting rates. Woori Bank’s “Dugeun Dugeun Haengun Savings,” launched last year, advertises a maximum annual rate of 12.50%, but its base rate is only 2.50%. The remaining interest is paid only if customers win a monthly drawing for a “luck card.” Shinhan Bank’s “One Month Savings (Weekly) X Hyundai Motor” offers a base annual rate of 1.80% and a maximum of 8.80% including partnership preferential rates, but customers must meet conditions such as confirming a Hyundai Motor purchase contract, designating a card payment account, or reaching required payment rounds. The same pattern applies to deposits. NH NongHyup Bank recently raised the one-year maximum rate on key time-deposit products — “NH All One e-Deposit” and “NH Waltz Rotating Deposit II” — into the 3% range. Other large banks are still keeping rates in the 2% range. Woori Bank raised the rate on its “WON Plus Deposit (12-month maturity)” last month, and KB Kookmin Bank and Hana Bank also made small increases, prompting expectations of broader competition. But aside from NH NongHyup Bank, no bank is offering a 3% rate. As banks’ rate moves remain muted, money has continued to flow into stocks. Even as volatility has increased due to the Middle East situation, some investors have treated the swings as a buying opportunity. As of the previous day, time deposits at the five major banks totaled 944.1025 trillion won, down 2.7872 trillion won from the end of last month. Demand deposits, often viewed as funds waiting to be invested, fell to 676.2610 trillion won from 684.8604 trillion won over the same period, a drop of 8.5993 trillion won. Market participants say deposit outflows could persist if the stock rally continues. Still, the financial sector also expects that if external uncertainty grows — including tensions in the Middle East — investors could shift back to bank deposits as a safer asset. A commercial bank official said, “With external volatility so high, including Middle East risks, the top priority is to manage funding costs in a stable way,” adding, “Rather than forcing deposit rates higher to chase market moves, banks are likely to proceed cautiously, considering overall soundness and profitability.”* This article has been translated by AI. 2026-03-09 15:06:00
  • Hana Bank, Korea Southern Power to Co-Develop Offshore Wind Projects
    Hana Bank, Korea Southern Power to Co-Develop Offshore Wind Projects Hana Bank said Sunday it signed a memorandum of understanding with Korea Southern Power on March 6 to jointly develop offshore wind power projects. The agreement is aimed at building a full-cycle cooperation framework between a private financial institution and a power producer across development, construction and operations in the broader renewable energy sector. Offshore wind projects typically require large upfront investment and long timelines, making the combination of financing and development capabilities a key factor, the bank said. Hana Bank said it plans to pursue what it called a “productive finance” model by taking part in the entire process, including feasibility reviews, deal structuring and arranging financing, drawing on its infrastructure-focused investment banking capabilities. The bank said the effort is intended to help expand renewable energy infrastructure and support carbon neutrality goals. Among Korea Southern Power’s offshore wind projects, Hana Bank is serving as the financial arranger for the Yawol Offshore Wind Power Complex in Yeonggwang County, South Jeolla Province, and the Dadaepo Offshore Wind Power Complex in Saha District, Busan. The company said the projects are expected to be used as power infrastructure for the Honam and Yeongnam regions, respectively, and to support regional balance and local economic activity. The two sides said they will gradually detail their cooperation through efforts including financial and development collaboration on offshore wind and other renewable projects; jointly identifying and reviewing new power generation projects; sharing infrastructure finance market trends and preparing response strategies; and supporting stronger financial capabilities among project stakeholders. “Going forward, we will continue to accelerate productive finance and take the lead in expanding Korea’s eco-friendly and renewable energy infrastructure,” said Lee Byeong-sik, executive vice president of Hana Bank’s IB Group.* This article has been translated by AI. 2026-03-08 11:12:00
  • Shinhan Financial says stable home prices could narrow wealth gap and lift spending, births
    Shinhan Financial says stable home prices could narrow wealth gap and lift spending, births Rising real estate prices are entrenching wealth inequality, but stabilizing home prices could help revive household spending and improve conditions for marriage and childbirth, according to a new analysis. Shinhan Financial Group's Shinhan Future Strategy Research Institute on 8 released a report, "What Would Change if Home Prices Stabilize," analyzing how housing price stability affects household finances and the financial market. The report said that in South Korea's asset structure — where about 70% of household assets are concentrated in real estate — higher home prices can widen wealth gaps and raise housing costs, weighing on the broader economy through weaker consumption. As of 2025, the top 20% by net assets held 65% of total net assets, while the bottom 40% held 4.8%, the report said. It added that younger generations' share of the contribution to asset inequality reached 44%, indicating deepening inequality in which parents' real estate holdings shape their children's starting point. The net-asset Gini coefficient — an inequality measure in which values closer to 0 indicate more equal distribution — hit 0.625 last year, the highest since records began, the report said. South Korea's PIR, a price-to-income ratio, stood at 24.1, far higher than in major advanced economies. That implies a median-income household would need more than 24 years to buy a home even if it saved all of its income. Housing costs are also directly affecting consumption, the report said. With 76% of household assets tied up in real estate, about 20% of households were classified as "wealthy but liquidity-constrained," meaning that even if home prices rise, their ability to spend remains limited. If home prices stabilize and housing-cost burdens ease, the biggest rebound in consumption is expected among young and middle-aged groups, the report said. It pointed to ages 25 to 39 as showing the sharpest consumption pullback linked to rising home prices, suggesting the strongest potential for a rebound. It also said more stable housing costs could lower barriers for young people to marry and have children and increase spending on education, self-development and investments for job changes. The report also projected changes in financial-market demand. If the burden of buying a home eases, demand could rise among young people and newlyweds for early asset-building products such as savings plans to build seed money, youth individual savings accounts (ISA) and installment funds. Shinhan Future Strategy Research Institute said, "Easing the housing-cost burden can bring positive changes across household life, including a recovery in consumption and improved conditions for marriage and childbirth." 2026-03-08 10:54:00
  • KB Kookmin Bank Cuts Saehuimang Holssi II Loan Rates by 1 Percentage Point
    KB Kookmin Bank Cuts Saehuimang Holssi II Loan Rates by 1 Percentage Point KB Kookmin Bank said Sunday it cut the interest rate on new loans under its flagship low-income product, the “KB Saehuimang Holssi II,” by 1 percentage point on March 6 to ease interest burdens for financially vulnerable borrowers. The loan rate for the product fell to an annual 4.47% to 5.47% from 5.47% to 6.47%, based on the bank’s internal credit grade 3 and a loan term of at least five years. Customers who repay the “KB Saehuimang Holssi II” loan on schedule can also receive up to an additional 2.0 percentage points in rate reductions during the loan term. The rate is automatically reduced by 0.2 percentage point every six months if payments are made without delinquency. A bank official said the cut is intended to help reduce the burden on financially vulnerable people facing economic hardship, adding that the bank will continue to expand inclusive finance support so it can grow with the public and help build a better future. 2026-03-08 10:09:00
  • Hana Bank Launches Revamped Open API Platform, Hana API On
    Hana Bank Launches Revamped Open API Platform, Hana API On Hana Bank said Thursday it has launched Hana API On, a comprehensive revamp of its open API platform, a system that lets outside companies connect to and use banking functions. The bank said the overhaul aims to improve API service quality and strengthen user convenience. Its API services are used more than 56 million times a month on average, it said. Hana API On provides the bank’s key financial services and data in API form, designed to help fintech startups and other companies more easily integrate banking features into their own services. Beyond offering APIs, the platform focuses on usability for development and operations. It also adds a testbed that allows pre-verification under conditions similar to a live environment to improve service stability. The platform’s UI and UX were redesigned to make steps from API search to application, authentication and guide review more intuitive, and it supports mobile web use. For partners, it offers core APIs including: 24-hour real-time exchange rates for 58 currencies; non-login credit loan limit inquiries; and instant account opening through partner platform channels. Hana Bank said the revamp is intended to expand access to financial services and support partner companies in creating new business opportunities. “Hana API On is a platform that connects finance and industry based on openness and connectivity in the digital era,” a Hana Bank official said. “We will continue to expand collaboration with startups and partner companies.” 2026-03-05 10:15:01
  • Jeju Bank, KT to Build Generative AI Platform in First for Regional Banks
    Jeju Bank, KT to Build Generative AI Platform in First for Regional Banks Jeju Bank will build a generative artificial intelligence platform, becoming the first regional bank to do so. The bank said Thursday it signed a contract with KT to build the platform and has begun a full-scale AI transition. The project goes beyond adopting new technology, aiming to create an environment in which employees can develop and use AI agents for work. Jeju Bank plans to complete the build in the first half of this year and then expand use in the workplace in stages. The platform will be used for tasks including real-time Q&A based on internal rules, as well as automated drafting of reports and official documents. The bank also plans to roll out AI agents to support key operations, including internal control checks, loan review support and assistance with system development work. Chief Executive Lee Hee-su called the project a key task for realizing Jeju Bank’s new vision, “Digital Jeju 2030.” “As the first regional bank to introduce generative AI into practical work, we will achieve employee-led innovation and provide customers with differentiated financial services,” he said. 2026-03-05 09:45:00
  • KB Kookmin Bank, AIA Life Sign MOU to Expand Insurance Claim Rights Trust Services
    KB Kookmin Bank, AIA Life Sign MOU to Expand Insurance Claim Rights Trust Services KB Kookmin Bank said March 5 that it signed a memorandum of understanding with AIA Life to promote insurance claim rights trusts and expand linked trust-and-insurance services. The signing ceremony was held March 4, attended by Yoo Shin-ok, head of AIA Life’s Customer Division, and Jeon Hyo-seong, deputy head of KB Kookmin Bank’s WM Customer Group, along with officials from both companies. An insurance claim rights trust allows a policyholder to place the right to claim death benefits into a trust while still alive and to design in advance how the proceeds will be managed and paid out after the insurer makes the payment. Unlike simply naming a beneficiary, the arrangement lets the policyholder set the purpose and payout method as needed. The companies said the agreement combines KB Kookmin Bank’s trust-based wealth management capabilities with AIA Life’s insurance expertise to support structured asset management and asset transfers. They said they plan to build a stable asset succession service reflecting customer demand, aimed at more predictable transfers. A KB Kookmin Bank official said the agreement creates conditions for customers’ insurance proceeds to be transferred more securely after death, adding that the bank will continue expanding financial services as a trusted wealth management partner. 2026-03-05 09:12:00
  • NH NongHyup Bank Partners With U.S. Real Estate Platform Koriny on Investment Advice
    NH NongHyup Bank Partners With U.S. Real Estate Platform Koriny on Investment Advice NH NongHyup Bank said March 5 that it has signed a business agreement with Koriny, a U.S. real estate platform company, to cooperate on U.S. real estate investment advisory services. Under the agreement, the two sides plan to provide professional, reliable information to customers interested in investing in U.S. real estate and to identify a range of investment opportunities. Cooperation will include providing U.S. property listings and investment information, tailored advisory services for top clients, and seminars on U.S. real estate investing. The bank said seminars and advice based on local market information and investment trends will help customers build more systematic overseas real estate strategies. “This agreement is a strategic partnership to respond more precisely to customers’ global wealth-management needs,” Yoo said. “We will continue to expand differentiated investment advisory services, including global investments, and provide customers with a wider range of wealth-management solutions.” 2026-03-05 08:54:00
  • Foreign home purchases in Seoul halve after Korea tightens property rules
    Foreign home purchases in Seoul halve after Korea tightens property rules SEOUL, February 12 (AJP) - Foreign purchases of homes in Seoul fell by more than half after the government designated the capital and key parts of the greater metropolitan area as land-transaction permit zones for foreign buyers. The Ministry of Land, Infrastructure and Transport said Thursday its review of apartment and other home transactions from September to December last year showed sales by foreign buyers declined across designated areas compared with a year earlier. In the wider capital region — encompassing Seoul, Gyeonggi Province and Incheon — foreign home purchases fell 35 percent to 1,481 transactions from 2,279 a year earlier. The government introduced the permit requirement in August following criticism that foreign buyers were purchasing high-priced properties for speculative purposes and contributing to market overheating. Under the rule, approved buyers must occupy the property for at least two years. Seoul recorded the sharpest decline, with transactions dropping 51 percent to 243 from 496. Within the capital, purchases in the upscale Gangnam, Seocho and Songpa districts, along with Yongsan District, fell 65 percent. Seocho posted the steepest decline among Seoul’s 25 districts, with transactions plunging 88 percent to 11 from 92. By nationality, purchases by Chinese buyers fell 32 percent to 1,053, while transactions by U.S. buyers declined 45 percent to 208. Chinese nationals still accounted for 71 percent of foreign purchases, with Americans making up 14 percent, largely unchanged from a year earlier. First Vice Minister Kim I-tak said the decline suggested that demand contributing to overheating in parts of the housing market was easing. “The government will cooperate closely with local governments to thoroughly verify compliance and establish a housing market centered on real demand,” Kim said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-12 15:53:13