Hanwha Life Financial Services Holds 2026 Annual Awards Ceremony, Honors 15 Champions Hanwha Life Financial Services announced on May 17 that it held its 2026 Annual Awards Ceremony to recognize outstanding sales performance by agents and sales managers from the previous year.The Annual Awards Ceremony is a key event celebrating the achievements of agents and sales managers who excelled in sales over the past year. The ceremony was attended by around 1,600 people, including 15 champions, agents, sales managers, and employees.Kim Seung-yeon, chairman of Hanwha Group, conveyed his congratulations, stating, "The financial sector of Hanwha Group continues to boldly challenge itself to lead the global financial market through AI-based industry transformation. You, at the center of this challenge, are the true heroes and pride of Hanwha Life."Since implementing a separation of manufacturing and sales in 2021, Hanwha Life Financial Services has maintained a growth trajectory. Last year, its revenue reached 2.4397 trillion won, a 7.4-fold increase compared to its first year of operation. The number of agents, including those from its subsidiary general insurance agency, is approximately 35,000, with expectations to surpass 40,000 within the year.* This article has been translated by AI. 2026-05-17 13:46:11

Korea Eximbank Expands AI-Based Development Cooperation, Selects Sri Lanka as First Project Site Korea Eximbank is set to expand its international development cooperation initiatives targeting developing countries through artificial intelligence (AI). On May 17, the bank announced that it has signed a memorandum of understanding (MOU) with the National Information Society Agency (NIA) to enhance international development cooperation in the AI sector and support the overseas expansion of domestic AI companies. The agreement aims to maximize the effectiveness of official development assistance (ODA) projects. Under this partnership, Korea Eximbank and NIA plan to establish a platform for identifying and linking international development cooperation projects in the fields of AI, digital technology, and information technology (IT) for developing countries. The two organizations have selected Sri Lanka as the first pilot project site. Korea Eximbank will construct an information and communication technology (ICT) training center to strengthen secondary education capabilities in Sri Lanka through its Economic Development Cooperation Fund (EDCF). NIA plans to enhance the AI training capabilities within the center by establishing a research institute, aiming to maximize the effectiveness of development cooperation projects in the recipient country. Hwang Gi-yeon, President of Korea Eximbank, stated, "We will continue to identify AI projects that suit the environments of our partner countries and create a new model of K-ODA based on artificial intelligence, serving as a catalyst for the global expansion of the domestic AI industry."* This article has been translated by AI. 2026-05-17 13:45:22

KB Financial Completes Technology Validation for Won-Based Stablecoin Payments and Remittances KB Financial Group has successfully completed a technology validation for payments and remittances based on a won stablecoin. By integrating QR payments and overseas remittances into a single blockchain flow, the company is accelerating the establishment of financial infrastructure in preparation for the institutionalization of digital assets. On May 17, KB Financial announced that it has successfully concluded a proof of concept (PoC) in collaboration with electronic payment firm KG Inicis, global Layer 1 blockchain platform Kaia, and digital asset solution provider Open Asset. This validation encompasses all stages of won stablecoin payments, settlements, and deposits. The validation represents a comprehensive demonstration that connects the entire financial service process, from the issuance of the won stablecoin to offline payments, merchant settlements, and overseas remittances. It maintains the existing methods of customer financial service usage while transitioning the internal settlement structure to a blockchain-based system. KB Financial confirmed the practical applicability of financial services through the implementation of a real-world payment model for digital assets. The real-world payment model was demonstrated through offline kiosk payments at the coffee chain Hollys. Consumers can make payments via QR codes without needing to install a separate digital wallet, with blockchain smart contracts automatically executed during the settlement phase. In the overseas remittance validation, the won stablecoin was converted into a dollar stablecoin using Kaia's on-chain liquidity, and the process was completed by transferring it to a local partner in Vietnam, ultimately reaching a real bank account. Unlike the traditional SWIFT method, which can take hours to days, the entire process was completed in under three minutes, with fees reduced by approximately 87% compared to existing methods. Based on this validation, KB Financial plans to enhance its operational capabilities to launch actual services promptly in line with the timing of relevant legislation and institutionalization of digital assets.* This article has been translated by AI. 2026-05-17 13:42:00

Acro River Sky in Noryangjin Offers Spacious Living Options "The 59㎡A type feels particularly spacious. The high ceiling and the view from the kitchen to the living room create a sense of openness," said a 43-year-old visitor, identified as A, after touring the Acro River Sky model home near Maebong Station in Gangnam on the morning of May 15. Residing in Gangdong District, A noted, "The prices in this area are high, so I am contemplating my options for purchasing, but I do think I will need to upgrade eventually. I am especially interested in Noryangjin, so I came here after visiting the Lacrache Zidefine that was sold last month." Design features aimed at enhancing openness captured the attention of visitors. Middle-aged women expressed admiration for the open pantry connecting the living room and kitchen in the 84㎡A type. This layout maintains a 4-bay structure while incorporating two open windows in the living room to enhance the sense of space. The living room width is 4.5 meters, consistent with the same width in the 36㎡ type designed for single-person households. The 44㎡ and 51㎡ types also include pantries, with the 51㎡A featuring individual balconies for each of its two bedrooms. DL E&C has incorporated its latest residential technology, including a patented D-Silent Floor designed to reduce noise between floors with cushioning materials and finishing mortar. The kitchen is equipped with a D-Silent hood to minimize noise. A remarked, "The master bedroom can accommodate a hotel-style bed frame, giving it a luxurious feel. It seems they have made good use of the elevation both inside and outside the complex." A sky lounge will be available for all residents on the top floor of Building 105. To create a family-friendly living environment, the basement of Building 104 will feature a kids' lounge (community care center), a kids' station for safe drop-offs and pick-ups, and private study rooms styled like individual reading rooms. The basement of Building 102 will be developed into high-end community facilities known as 'Club Acro,' which will include a fitness center, a screen golf lounge with individual spaces for all stations, a sauna, and a sports court. Notably, the indoor gym will be designed as a duplex, allowing for various activities regardless of the weather. DL E&C is overseeing the construction of Acro River Sky, part of the Noryangjin 8 Redevelopment Project, which will consist of four basement levels and 29 above-ground floors across ten buildings, totaling 987 units. Of these, 285 units will be available for general sale. A variety of unit sizes will be offered: 36㎡ (43 units), 44㎡ (9 units), 51㎡ (39 units), 59㎡ (16 units), 84㎡A (73 units), 84㎡B (59 units), 84㎡C (37 units), 84㎡T1 (3 units), 84㎡T2 (3 units), and 140㎡P (3 units). The sale prices for the 84㎡ units are set between 249.92 million and 279.58 million won, with the price per 3.3㎡ (pyeong) at approximately 77.33 million won. This is over 200 million won higher than the recently launched Lacrache Zidefine in Noryangjin New Town, which was priced between 228.73 million and 258.51 million won. The application schedule begins with special supply on May 26, followed by first priority for local residents on May 27, first priority for other areas on May 28, and second priority applications on May 29. The announcement of winners will be on June 5, with contracts taking place from June 20 to 24. To qualify for general supply, applicants must have resided in Seoul for at least two years or be at least 19 years old and reside in the metropolitan area (Seoul, Gyeonggi, Incheon). Additionally, applicants must have held a subscription account for at least 24 months and meet the deposit requirements for their area and unit size to be eligible for first priority. A 10-year restriction on re-applications and a 3-year resale restriction will apply, with no residency requirement.* This article has been translated by AI. 2026-05-17 13:19:15

Oh Se-hoon Proposes Housing Plan for Young People in Seoul Oh Se-hoon, the People Power Party candidate for Seoul mayor, unveiled a housing initiative on May 17 aimed at assisting young people without homes. At his campaign office in Gwancheol-dong, Seoul, Oh announced the 'Seoul Home' plan, which allows young people to purchase a home by paying just 20% of the price. Under this initiative, eligible young buyers can select a property priced at or below the median housing price of 1.2 billion won (approximately $1 million) and apply for assistance from the Seoul Housing and Urban Development Corporation (SH). Participants would pay 20% of the home price, while SH would cover the remaining 80%. Although SH retains 80% ownership, residents can make all decisions regarding buying and selling the property. When they sell, they will receive a return based on their ownership share. However, as this program is intended for actual residents, renting out the property is prohibited. The initiative targets approximately 300,000 households of young people without homes, with an annual supply of 2,000 units, totaling 8,000 units over the mayor's term. Oh's proposal is part of a broader housing strategy that includes previously announced programs such as 'Miri Home,' 'Baro Home,' 'Sasak Studio,' and 'Youth Safe Housing,' completing what his campaign refers to as the 'Five Types of Seoul Chance Housing' policy. "I want to enable young people with limited financial resources to take their first step toward homeownership, allowing them to use 'Seoul Chance' instead of relying on parental support," Oh stated. Funding for this initiative will come from public contributions generated during urban planning processes. A key component of this funding is the 'Pre-Negotiation System,' which allows the city to recapture a portion of development profits when private developers enhance the viability of large sites through zoning changes. This system was first implemented by the Seoul city government in 2009 under Oh's first term and has accumulated over 10 trillion won (approximately $8 billion) in public contributions to date. Oh emphasized that since SH will own 80% of the housing shares, the related fund will continue to grow, creating a virtuous cycle that can assist more young people. In a related matter, Oh addressed concerns regarding missing rebar in the GTX-A line construction at Samsung Station, stating, "I learned about this issue yesterday, and upon investigation, it appears to be purely the fault of Hyundai Engineering." He denied allegations of concealment from the Democratic Party candidate Jeong Won-o. He added, "Hyundai Engineering has discussed corrective measures with experts, which will actually strengthen the structure. It seems that the Jeong campaign is feeling pressured to politicize a simple construction mistake."* This article has been translated by AI. 2026-05-17 12:45:56

Candidates Confirmed for Busan North Gap By-Election Amid Speculation on Conservative Unity Following the confirmation of candidate numbers for the Busan North Gap by-election, political circles are closely watching the potential for a unification of conservative candidates. However, as of the first unification deadline on the 17th, a consolidation among conservative candidates remains unlikely. According to the Election Commission on the 17th, the candidates for the June 3 by-election in Busan North Gap are Ha Jung-woo of the Democratic Party (number 1), Park Min-sik of the People Power Party (number 2), Kim Sung-keun (independent, number 5), and Han Dong-hoon (independent, number 6). Kim and Han received their numbers through a lottery. With the candidate numbers now confirmed, attention is also turning to the possibility of a unified opposition. In the current three-way race, there are concerns that if conservative voters split their votes between Park and Han, Ha could win by default. A recent poll conducted by Korea Gallup on May 12-13, which surveyed 508 voters in Busan North Gap, showed support rates of 39% for Ha, 21% for Park, and 29% for Han. The poll was conducted via random telephone interviews using virtual numbers, with a margin of error of ±4.3 percentage points at a 95% confidence level (for more details, refer to the Central Election Polling Review Committee's website). Meanwhile, political analysts believe that any unification must occur before the printing of ballots begins on the 18th to maximize its impact. However, even if the first deadline is missed, there remains a possibility for dramatic unification until the 28th, as candidates can withdraw and have 'withdrawn' marked on early voting ballots.* This article has been translated by AI. 2026-05-17 12:27:47

Venture Investments Surpass 3.3 Trillion Won in Q1, Driven by AI and Semiconductors In the first quarter of this year, new venture investments reached 3.3 trillion won, marking the second-highest level on record, according to data released by the Ministry of SMEs and Startups on May 17. The report indicates that the new venture investments increased by 24.1% compared to the same period last year, following a boom in venture capital in 2022. The total amount raised by new venture funds also saw a significant rise, reaching 4.4 trillion won, a 30.7% increase year-on-year, setting a new record. Of this, policy financing accounted for 82.0%, while private sector contributions increased by 19.8%. The top three sectors for venture investments in Q1 2026 were 'ICT Services' (21.4%), 'Bio & Medical' (20.5%), and 'Electrical, Machinery & Equipment' (15.3%). The 'ICT Services' sector has consistently attracted the largest share of venture investments in the first quarter over the past five years, driven by increased funding in artificial intelligence (AI) related fields. Notably, venture investments in the 'ICT Manufacturing' sector surged by 99.5% compared to the previous year, primarily due to significant investments in AI semiconductor technologies. Investments in the 'Bio & Medical' sector also rose sharply, increasing by 85.5% (3.139 trillion won) from the previous year, reflecting a trend of large-scale investments in bio and medical companies. Eight companies secured investments exceeding 10 billion won, with some receiving over 100 billion won. The Ministry attributes this venture boom to the catalytic role of the Fund of Funds. Over the past 20 years, 87% of the unicorn companies that emerged in South Korea received support from the Fund of Funds. Since the Fund of Funds was launched in 2005, it has contributed 37.2 trillion won of the total 65.6 trillion won in cumulative venture investments in the country, accounting for 56.7% of the overall market. The Ministry has set a target of 2.6 trillion won for the Fund of Funds this year. Minister Han Seong-sook stated, "Following the record second-highest venture investment performance in 2025, the significant increases in both venture investments and funds in the first quarter of 2026 are very positive signals. The Ministry will continue to promote the expansion of Fund of Funds investments and improve regulations to incentivize private investments, ensuring that promising small and venture companies can grow into unicorns."* This article has been translated by AI. 2026-05-17 12:24:50

Government Launches Drone Initiative to Manage Manure and Prevent Algal Blooms The government has initiated special inspections of stockpiled livestock manure, identified as a major contributor to summer algal blooms. This effort is part of the newly implemented "Algal Bloom Seasonal Management System," which aims to expand monitoring periods and utilize drones and pollution monitoring systems to prevent these blooms before they occur. The Ministry of Climate, Energy and Environment announced on May 17 that it will conduct special inspections of stockpiled livestock manure along major river systems, including the Han, Nakdong, and Geum rivers, until mid-June. These inspections are prompted by concerns that nutrients such as nitrogen and phosphorus from manure could wash into rivers during heavy summer rains, leading to algal blooms. The government is expanding its pollution source management scope as part of the new seasonal management system. Environmental authorities have noted that recent extreme weather has led to an increase in localized heavy rainfall, resulting in repeated instances of pollutants entering rivers. Last year, the number of days with algal bloom alerts reached a record 961 days nationwide. In response, the Ministry has extended the manure management period from March to September to now include February through November. This adjustment considers the characteristics of regions with double-cropping farms, with special inspections continuing in September and October. The inspections will focus on 1,497 stockpiled manure sites identified since February, including 405 on public land and 1,092 on private property, as well as additional checks on manure left near livestock farms and agricultural lands. Joint inspection teams from the Ministry, local environmental agencies, and municipalities will oversee the field management. The government plans to encourage the removal of manure piled on public land by locating its owners and will install covers to prevent rainwater from entering newly discovered manure piles. For private property, the government will provide covers and guidance on proper management practices. Drones and the "Integrated Monitoring System for Watershed Pollution Sources" will be utilized in these inspections. This system, developed by the Korea Water Resources Corporation in 2024, allows for tracking the location of manure and the status of management actions. The government aims to minimize oversight in hard-to-reach areas or extensive river sections by employing drones. Kim Eun-kyung, Director of Water Environment Policy at the Ministry, stated, "Given the trend of algal blooms in summer, we must closely manage manure stockpiled near rivers. Through this special inspection using the integrated monitoring system and drones, we will do our utmost to cover or remove all stockpiled manure before the flood season begins on June 21."* This article has been translated by AI. 2026-05-17 12:21:53

Rising Oil Prices Increase Burden on Cash Transport Industry, Bank of Korea Responds The Bank of Korea is facing increased pressure to maintain the currency circulation system due to a decline in cash usage and rising oil prices. On May 17, the bank announced that it discussed response measures with industry stakeholders during the regular meeting of the Currency Circulation System Related Institutions Council held on May 12. According to the Bank of Korea, while the proportion of cash as a payment method continues to decrease, the total amount of cash in circulation has been on the rise. As of the end of the first quarter of this year, the total currency issuance was approximately 215 trillion won, with steady demand for 50,000 won notes. In contrast, the circulation of coins has been declining since 2020, with a rapid reduction in the net issuance of 10 won coins. Kim Gi-won, head of the Bank of Korea's Currency Issuance Division, stated, "The decrease in cash usage is negatively impacting the profitability of cash transport and ATM operating companies. If this trend leads to reduced accessibility and acceptance of cash, there is a risk that the currency circulation system itself could contract." Participants in the meeting shared concerns that rising oil prices are increasing the cost burden on cash transport companies. Although the cash transport industry is working to defend its profitability through route optimization and expansion of new businesses, the surge in oil prices is exacerbating management challenges. A Bank of Korea official emphasized, "Maintaining a stable currency circulation system is a key responsibility of the central bank," adding that they plan to strengthen cooperation with relevant institutions and develop effective response measures.* This article has been translated by AI. 2026-05-17 12:18:24

Electronic Financial Industry Surpasses 12 Trillion Won in Revenue Mobile-centric digital financial transactions have rapidly expanded, leading to significant growth in the electronic financial industry last year. However, smaller firms are struggling to improve profitability, exacerbating industry polarization. According to the Financial Supervisory Service, the electronic financial industry's revenue reached 12 trillion won last year, marking a 15.4% increase (1.6 trillion won) from the previous year. Payment gateway (PG) revenue accounted for 9 trillion won, while revenue from the issuance and management of prepaid electronic payment methods totaled 2.2 trillion won. Notably, revenue from prepaid services surged by 29.4% compared to the previous year. Despite overall growth, polarization within the sector is intensifying. As of the end of last year, the top 10 companies among the 241 registered electronic financial firms accounted for 67% of total industry revenue, while smaller firms faced challenges in securing profitability. In fact, as of the end of last year, 29 electronic financial firms did not meet capital requirements and other management guidelines, an increase of one from the previous year. Among these, 21 firms had a history of non-compliance with the standards. However, financial authorities noted that most of the non-compliant firms are small businesses, and that prepaid funds are managed separately through external trusts, limiting potential harm to users. The Financial Supervisory Service plans to strengthen financial disclosure requirements for electronic financial firms starting at the end of next year, in accordance with the revised Electronic Financial Transactions Act. They will also establish a sound management system through demands for corrective actions from non-compliant firms.* This article has been translated by AI. 2026-05-17 12:16:28