AI-Driven Insurance Fraud on the Rise, Regulators to Establish Unified Detection System As new forms of insurance fraud utilizing generative artificial intelligence (AI) for forgery of medical certificates and receipts proliferate, financial authorities are moving to establish a unified detection system that links data from the insurance sector and public institutions. Unlike traditional forgery methods using Photoshop and manual alterations, AI-generated forgeries leave fewer traces, making them harder to detect. This initiative marks the beginning of a comprehensive government response aimed at preventing insurance losses and the deterioration of health insurance finances. On June 4, the Financial Services Commission held a kickoff meeting for the "AI-Based Insurance Fraud Prevention Task Force (TF)" alongside an insurance investigation council. The financial authorities plan to operate the TF for three months, with the goal of preparing a plan for an "AI-Based Insurance Fraud Prevention System" by September. Following this, they intend to implement legislative amendments and enhance platforms starting in October. Last year, the amount of detected insurance fraud was reported at 1.1571 trillion won. Considering undetected fraud, the total is estimated to reach approximately 9 trillion won. By category, long-term damage insurance, including health insurance, accounted for 44.7%, followed by auto insurance at 22.4% and life insurance at 21.8%. Recently, there have been cases where generative AI and deepfake technology have been misused to forge identification documents, medical certificates, and photos of vehicle damage throughout the entire insurance process, from enrollment to claims. A 20-year-old individual in Busan was sentenced to two years in prison for forging a hospitalization confirmation letter using generative AI, defrauding a total of 150 million won from 11 insurance companies. Concerns are high regarding AI forgery, as it is difficult to detect with existing methods. In the past, when receipts or medical records were cut and pasted or manipulated using Photoshop, there were often clues left, such as changes in font or spacing. In contrast, generative AI can create new image pixels, eliminating traces of manipulation. The TF will discuss establishing legal grounds for the centralized sharing of information related to insurance fraud, real-time information sharing among relevant agencies, and the analysis of AI-based fraud patterns and risk indices. Plans are also in place to enhance the "AI-Based InsurTech Platform" of the Korea Credit Information Corporation as a unified infrastructure for preventing insurance fraud across all insurance sectors and to activate a system for original data verification with public institutions.* This article has been translated by AI. 2026-06-04 15:30:00

Post-Election Push for Prosecutorial Reform in South Korea Following the local elections on June 3, the South Korean government and ruling party are expected to intensify discussions on prosecutorial reform legislation that had been postponed. The Prosecutorial Reform Promotion Team under the Prime Minister's Office plans to unveil a draft amendment to the criminal procedure law this month, with the future of supplementary investigation rights emerging as the primary issue in the second phase of prosecutorial reform. According to legal sources on June 4, the Prosecutorial Reform Promotion Team intends to announce the draft amendment within this month. With the local elections concluded and the upcoming Democratic Party convention scheduled for August, discussions on prosecutorial reform are anticipated to gain momentum. The most significant point of contention is the supplementary investigation rights of prosecutors. Concerns have been raised that if these rights are abolished, prosecutors would only be able to decide on indictments based on cases handed over by primary investigative agencies like the police, potentially leading to delays in case processing and gaps in investigations. The Supreme Prosecutors' Office reported that 45.6% of cases handled by prosecutors in March and April of this year underwent supplementary investigations, underscoring the need to maintain the system. Conversely, hardliners within the ruling party argue that supplementary investigation rights are an extension of prosecutorial powers and should be abolished to uphold the principle of separating investigation and prosecution. They contend that allowing supplementary investigations could lead to an expansion of prosecutorial authority in the future. While supplementary inquiry rights have been proposed as an alternative, there is considerable debate surrounding this issue. Critics argue that supplementary inquiry rights resemble administrative investigations rather than criminal investigations, making it difficult to recognize evidence in court and limiting the protection of defendants' rights, such as the right to refuse testimony and the right to legal counsel. The law firm Hwawoo identified the fate of supplementary investigation rights as a crucial variable in prosecutorial reform in a report released on the same day, titled "Outlook on Corporate Regulatory Environment Following the June 3 Local Elections." Hwawoo stated, "The issue of granting supplementary investigation rights to public prosecutors will emerge as the key point determining the practical success of prosecutorial reform." Discussions regarding the transition to a public prosecution and serious crimes investigation agency system, another key aspect of the second phase of prosecutorial reform, are also expected to become more active. The Serious Crimes Investigation Agency, which is being prepared for launch in October, will be responsible for investigating six major crimes: corruption, economic offenses, defense industry crimes, drug offenses, national security crimes, and cybercrimes. Consequently, a significant number of investigations currently handled by prosecutors in areas such as securities, finance, fair trade, and corporate crimes are likely to be transferred to the Serious Crimes Investigation Agency. Hwawoo advised that businesses should focus on the diversification of investigative agencies rather than merely the reduction of prosecutorial powers. The report predicts that with the establishment of the public prosecution and serious crimes investigation agency system, companies will face a landscape where they must respond to multiple investigative bodies, including the police and special judicial police. Discussions on the so-called "special prosecution law for fabricated charges," promoted by the ruling party, may also resume following the local elections. In April, the Democratic Party proposed a special prosecutor bill aimed at uncovering allegations of fabricated investigations and charges by the prosecution, the National Intelligence Service, and the Board of Audit and Inspection during the Yoon Suk Yeol administration. The provision allowing the special prosecutor to decide on the maintenance of charges for cases they inherit has sparked controversy among opposition parties, who have labeled it a "self-pardon" issue. In addition to prosecutorial reform, corporate regulatory legislation is expected to be a major agenda item in the upcoming regular session of the National Assembly in the second half of the year. Hwawoo highlighted the establishment of a platform law and the abolition of exclusive reporting rights as key variables in the fair trade sector. According to the report, the platform law will regulate practices such as preferential treatment for a company's own products, tying sales, and demands for the best treatment, and discussions may also include the introduction of a cap on delivery app commissions. The abolition of exclusive reporting rights is also a concern for businesses. Hwawoo predicts that the criminalization of fair trade cases could accelerate, with the possibility of direct indictments without going through the Fair Trade Commission and an expansion of reporting rights for local governments. In the labor sector, extending the retirement age to 65 and mandating retirement pensions are identified as key legislative tasks. Hwawoo anticipates that the government and ruling party are likely to push for the extension of the retirement age, the expansion of labor law applicability, and the mandatory retirement pension system. Particularly, following the implementation of the Yellow Envelope Law, disputes surrounding the responsibilities of primary contractors and the scope of collective bargaining are expected to increase. The legal community views the upcoming regular session of the National Assembly as a critical juncture for prosecutorial reform and regulatory legislation. Starting with the debate over supplementary investigation rights related to the amendment of the criminal procedure law, discussions on the transition to a public prosecution and serious crimes investigation agency, platform law, abolition of exclusive reporting rights, and labor legislation are expected to follow, making it increasingly important for businesses to address judicial and regulatory risks.* This article has been translated by AI. 2026-06-04 15:30:00

Interest Rate Hike Looms: Fixed vs. Variable Mortgage Rates As the Bank of Korea formalizes its trend of increasing interest rates, borrowers are facing tough decisions. Typically, fixed-rate loans are preferred during periods of rising rates due to their stability, but current fixed rates are about 1 percentage point higher than variable rates. While variable rates are lower, they can lead to rapidly increasing principal and interest payments if rates rise further. So, which option is better for new borrowers? According to financial sector data, the fixed-rate mortgage rates from the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) are currently between 4.33% and 7.34%. This marks an increase from the previous month’s range of 4.26% to 7.10%, with the upper limit rising by 0.24%. Compared to the end of last year, when the upper limit was in the 6% range, this represents a jump of over 1 percentage point in just five months. The sharp rise in fixed mortgage rates is attributed to an increase in the five-year bank bond rates, which serve as a benchmark for fixed rates. Bank bond rates reflect the costs banks incur when securing funds for loans. As market interest rates rise, bank bond rates increase, which subsequently affects loan rates after a delay. Variable rates are also under upward pressure. According to the Bankers Association, the new CoFIX (Cost of Funds Index) for April was 2.89%, up 0.08 percentage points from the previous month. The balance-based CoFIX was 2.87%, and the new balance CoFIX was 2.49%, rising by 0.02 and 0.04 percentage points, respectively. Generally, fixed rates are considered more favorable during periods of rising interest rates. Although the fixed rates are higher than variable rates, they allow borrowers to manage their finances more predictably due to the stability of fixed interest payments. However, the current situation is complicated by the fact that fixed mortgage rates are now higher than variable rates. The variable mortgage rates from the five major banks are currently between 3.67% and 6.35%, with the upper limit nearly 1 percentage point lower than fixed rates. As a result, many borrowers are opting for the lower initial payments associated with variable rates. According to the Bank of Korea, as of the end of April, the proportion of new variable-rate mortgages surged to 52.2%, an increase of 13 percentage points from the previous month. This means that more than half of the mortgages issued by banks are now variable rates, marking the first time since August 2021 that variable rates have exceeded 50%. Given the likelihood of future rate hikes amid high inflation, banks advise borrowers to consider fixed rates for long-term financial stability. With mortgage terms typically lasting at least 30 years, reducing uncertainty is crucial. Particularly with variable rates, interest rate increases are reflected periodically, which could lead to higher burdens for borrowers in the future. The Bank of Korea estimates that if loan rates rise by 0.25 percentage points, the total interest burden for borrowers would increase by 3.2 trillion won, and a 1 percentage point rise would add 12.8 trillion won. This translates to an average annual increase of 163,000 won in interest payments per borrower. For those who find the high fixed rates burdensome, choosing a variable rate now and switching to a fixed rate after three years could be a viable strategy. After three years, borrowers can take advantage of a program that waives prepayment penalties when switching from a variable to a fixed rate. A banking official stated, "In a situation where the Bank of Korea is expected to raise interest rates further, borrowers must weigh their current and future interest burdens. Since the rate hikes have not yet fully materialized, it may be strategically advantageous to monitor future rate trends before making a switch."* This article has been translated by AI. 2026-06-04 15:30:00

Producer Klozer set to release first full-length album SEOUL, June 4 (AJP) - South Korean producer and artist Klozer is set to release his first full-length album on Thursday, according to distributor Danal Entertainment. The 10-track eponymous album is scheduled to be available on AURORA, Danal Entertainment’s global music distribution platform, as well as other music streaming sites. All songs on the album were written and composed by Klozer. The title track, "More Than Expected," features Babylon and Newaile. The R&B soul track was written and composed by Klozer, Kangta, a former member of K-pop group H.O.T., Youngjun, Babylon and Newaile. The album also includes "Falling," featuring Kim Won-jun; "Only for a While," featuring Dmeanor; "YUSE," featuring Jin Hyo-jung; "Watermelon," featuring Byeol Eun; and "Once Again." Previously released tracks "Lowkey," featuring Lee Ba-da; "Waiting for You," featuring Danny Koo; and "Walking on Snow," featuring Yoo Seong-eun, are also included on the album. Klozer has worked as a producer on projects including Danny Koo's "Danny Sings" and Baek Z Young's "Ordinary Grace." He has also collaborated with K-pop groups CNBLUE and TVXQ, as well as artists including Taeyeon, Doyoung, Ben and Hwang Ga-ram. 2026-06-04 15:29:09

Coinone Partners with Hanwha Investment & OKX to Expand Digital Finance Coinone is taking steps to secure its position in the future digital finance market by attracting strategic investments from Hanwha Investment & Securities and global cryptocurrency exchange OKX. The company aims to evolve from a simple cryptocurrency exchange into a comprehensive financial platform that encompasses next-generation digital asset markets, including token securities (STO) and stablecoins. On June 4, Cha Myung-hoon, CEO of Coinone, held a joint press conference at the company's headquarters in Yeouido, Seoul, stating, "This investment goes beyond mere financial investment; it lays the groundwork for establishing the digital asset industry as a trusted institutional sector among the public and authorities. We aim to grow into a comprehensive financial company based on blockchain technology, surpassing the traditional cryptocurrency exchange model." Previously, Hanwha Investment & Securities and OKX Ventures each secured a 20% stake in Coinone, making them joint third-largest shareholders alongside Cha (30.36%) and Com2us Holdings (24.54%). Cha noted, "Even with new shareholders participating in the board to discuss major decisions, I will maintain over 30% ownership, ensuring continuity and stability in management." Hanwha Investment & Securities emphasized that this investment is a strategic investment (SI) rather than just a financial investment (FI). Kim Sung-hwan, CEO of Hanwha Investment & Securities, explained, "As the institutionalization of digital assets like token securities and stablecoins accelerates, the market will shift from simple trading competition to a focus on new financial services. We decided on a strategic investment to secure a hub connecting traditional finance and digital assets." Regarding the choice of Coinone over larger exchanges like Upbit and Bithumb, Kim stated, "We did not solely consider trading volume or market share. Coinone has not experienced a single security incident since its establishment and has a proven blockchain infrastructure." OKX plans to provide Coinone with global infrastructure and technological support. Star Xu, Founder and CEO of OKX, remarked, "Leveraging the technology, security, and risk management expertise accumulated over 13 years of operating a global exchange, we will support Coinone in becoming a safer and more trusted platform." Existing major shareholder Com2us Holdings played a bridging role in this investment process. Song Byung-jun, Chairman of Com2us Holdings, stated, "To respond to the rapidly changing digital finance environment, we redesigned the shareholder structure with Coinone. The combination of Hanwha Investment & Securities' financial expertise and OKX's global network has laid the foundation for Coinone to take a significant leap forward." Coinone emphasized the significance of collaboration among top-tier companies in various fields. Cha stated, "We will build a digital finance ecosystem that combines the trust of traditional finance, global technological capabilities, and content and IT expertise. In the long term, we aim to evolve into a global comprehensive digital financial platform."* This article has been translated by AI. 2026-06-04 15:27:00

Homeplus to Close 37 Stores Nationwide, Affecting Around 1,500 Employees Homeplus has decided to permanently close 37 stores across the country that were previously temporarily shut down.On June 4, the company informed the Homeplus branch of the Mart Industry Labor Union and the general union that it would close the 37 stores that had been on hiatus since May 10. Initially, the suspension was set to last until June 3, but the decision to close was influenced by the company's restructuring process and financial situation.As part of this closure, Homeplus plans to implement a restructuring support program for the employees at the affected stores. Employees at the managerial level and above will be offered voluntary retirement, although those with less than six months until retirement will not be eligible. Employees below the managerial level will receive support under an employment stability agreement between the labor and management.However, the actual disbursement of support funds remains uncertain. Homeplus stated that the voluntary retirement and support programs would only be applicable if creditors agree to provide emergency operating funds and extend the restructuring process due to the depletion of operational funds. Therefore, it is unclear whether employees will actually receive their retirement or employment stability payments.According to the labor union, approximately 3,500 employees work at the 37 stores, with around 1,500 eligible for voluntary retirement.Meanwhile, the deadline for approving Homeplus's restructuring plan, which entered corporate rehabilitation proceedings in March of last year, is set for July 3. Recently, the company has put its remaining business segments, including its headquarters and online and large store operations, up for sale.* This article has been translated by AI. 2026-06-04 15:27:00

South Korea Launches 2045 Science and Technology Frontier Strategy The Ministry of Science and ICT is preparing a national science and technology blueprint aimed at the 100th anniversary of Korea's liberation in 2045. The initiative focuses on securing technological sovereignty for South Korea and aims to elevate the country to a leading position in science and technology (G3) by establishing the '2045 Science and Technology Frontier Strategy,' centered on future strategic technologies such as artificial intelligence (AI), quantum, and biotechnology. On June 4, the Ministry held the inauguration ceremony for the '2045 Science and Technology Frontier Strategy Committee' and its first general meeting at the President Hotel in Jung-gu, Seoul. The 2045 Science and Technology Frontier Strategy is a long-term national strategy aimed at advancing South Korea to a G3 status in science and technology. It will develop detailed strategies specialized in the science and technology sector, linked to the 'Korea 2045 National Development Strategy.' Deputy Prime Minister and Minister of Science and ICT Baek Beom-kyu stated, "This is a critical time to reflect on how we view science and technology and how we should live in the future. Through this committee, we will discuss not only AI but also how science and technology will change the world in 20 years." To establish the strategy, the Ministry has launched a strategy committee consisting of a general committee and eight subcommittees. The general committee is co-chaired by Deputy Prime Minister Baek and Lee Kwang-hyung, President of the Korea Advanced Institute of Science and Technology (KAIST). The subcommittees focus on eight areas: future design, superintelligence and hyperconnectivity, life and medical sciences, climate, environment and energy, future mobility, space and deep-sea exploration, future materials and manufacturing, and innovation policy. Experts from academia, industry, and research, along with young researchers and science fiction writers, will participate in identifying future technological agendas and supporting strategy development. During the inauguration ceremony, the timeline and direction for developing the 2045 Frontier Strategy were revealed. Jeong Il-young, a researcher at the Science and Technology Policy Institute (STEPI), noted, "We have moved beyond an era where a catch-up growth strategy was effective; now is the time for us to transition into a leading country that designs its own future." Consequently, this strategy will deviate from the traditional approach of relying on a single future vision. Instead, it will derive multiple future scenarios and combine future forecasting with reverse engineering to validate feasibility. The strategy development will proceed in a four-stage cyclical structure: designing future visions, identifying science and technology challenges, setting directions for frontier organizations and research and development (R&D), and proposing improvements to the national science and technology system. The subsequent open discussion covered various topics, including space data centers, investment in young researchers, and scientific talent. Park Soo-bin, the youngest member of the committee and a graduate student at Yonsei University, emphasized the need for investment in basic sciences. She remarked, "As we prepare for 2045, we should reflect on what thoughts guided us in 2006 to prepare for 2026. Just as fields like quantum and AI have become central, continuous investment in basic sciences is essential." Following this inauguration, the Ministry plans to fully operate each subcommittee. Based on this groundwork, it aims to identify science and technology challenges in the third quarter and prepare a list of frontier technologies and a draft strategy in the fourth quarter. A public hearing is scheduled for the first quarter of 2027, with the final strategy to be announced in the second quarter. Deputy Prime Minister Baek emphasized, "By 2045, the 100th anniversary of our liberation, South Korea should no longer be a follower of advanced nations but should firmly establish its technological sovereignty and position itself as a science and technology powerhouse contributing to human progress." He added, "We will do our utmost to prepare for the next 20 years of South Korea's science and technology by gathering the wisdom of top experts in each field."* This article has been translated by AI. 2026-06-04 15:24:00

Government to Address Delays in Arts Activity Certification Processing The South Korean government is taking steps to address delays in processing the Arts Activity Certification, a crucial system for supporting artists. With a surge in applications leading to significant backlogs, officials plan to enhance efficiency through staff expansion and the introduction of artificial intelligence (AI) technologies. During a meeting on June 4 at the Seoul Square Arts Welfare Foundation, Minister of Culture, Sports and Tourism Choi Hwi-young stated, "We will seek to improve the efficiency of the Arts Activity Certification system while adapting flexibly to the changes of the times." Choi emphasized that the certification serves as a vital safety net for artists, allowing them to focus on their creative work with pride. He noted, "It is essential to ensure the fairness of the system and gain the trust and understanding of the arts community, as it underpins various welfare support programs." He acknowledged the challenges posed by lengthy processing times, burdensome documentation requirements, unclear evaluation criteria, and disconnects with the field. The Arts Activity Certification is a system that assesses whether artists are engaged in full-time creative activities. It is a prerequisite for applying for various welfare programs, including living stability loans and industrial accident insurance support. Without this certification, artists cannot apply for public support programs, directly impacting their livelihoods. Recently, controversies arose regarding evaluation standards, highlighted by the case of bestselling author Park Sang-young, whose application was rejected five times. Additionally, the typical processing time of two to three months has drawn criticism, as many artists find themselves in a welfare gap. This year, the expiration of certifications that were automatically extended for up to three years during the COVID-19 pandemic has led to a spike in applications. According to the Arts Welfare Foundation, over 67,000 applications had been submitted by May, already surpassing last year's total of 66,000. The foundation anticipates that the total number of applications for the year will exceed 130,000. Park Do-won, the team leader responsible for the Arts Activity Certification, explained, "During the pandemic, the validity period was extended for up to three years, and now we are seeing a surge as those certifications expire. We expect this level of applications to continue annually." A significant challenge remains the shortage of personnel. Currently, only ten staff members, including both full-time and part-time employees, are dedicated to this work. Although the government has recently hired eight additional short-term staff through a supplementary budget, they will require training and adjustment time. Jeong Yong-wook, head of the Arts Welfare Foundation, noted, "Thanks to the efforts of our team and the entire organization, we have reduced processing times from a maximum of 13 weeks to about eight weeks. We plan to further improve this duration." Since the beginning of the year, the government has been operating a task force to improve the Arts Activity Certification system, exploring options such as relaxing evaluation criteria, enhancing administrative efficiency, and incorporating AI. A study is also underway to overhaul the system, with findings on administrative efficiency measures, including the introduction of AI-assisted evaluation systems, expected to be released by the end of October. Minister Choi emphasized the need for various improvements, stating, "We must enhance the system through staff reinforcement and the introduction of new technologies, ensuring that the system itself is trusted and that staff feel a sense of fulfillment in their work."* This article has been translated by AI. 2026-06-04 15:24:00

Election Commission Apologizes for Ballot Shortage Amid Ongoing Protests The National Election Commission (NEC) issued a public apology for an unprecedented ballot shortage that prevented voters from casting their votes during the June 3 local elections. Despite the apology, conservative groups have continued to protest outside the NEC headquarters since the previous night, and several top officials have been reported to authorities. On June 4, conservative groups gathered outside the NEC office in Gwacheon, Gyeonggi Province, to express their outrage over the ballot shortage that occurred during the election. Among the protesters was Jeon Han-gil, a lecturer who has long claimed election fraud. He led hundreds of demonstrators in a protest demanding the election be declared invalid. Jeon claimed over a microphone that evidence of election fraud was rampant across the country, while protesters waving South Korean and American flags chanted slogans such as "Election Fraud Legislative Dictatorship," "Declare the Election Invalid," and "Stop the Counting," demanding access to the NEC's main entrance. Other notable figures at the protest included PD Lee Yong-don, Professor Moss Tan from Liberty University in the U.S., and Hwang Kyo-ahn, head of the Liberty and Innovation Party. As daylight broke, some protesters left, but Jeon and others remained at the NEC's main entrance, confronting police who had deployed over 300 officers, including riot police, in anticipation of potential unrest. Complaints have also been filed against key NEC officials. The conservative civic group, the People's Livelihood Countermeasure Committee, reported NEC Chairman Noh Tae-ak, Secretary General Heo Cheol-hoon, Seoul Election Commission Chairman Oh Min-seok, and others to the Seoul Metropolitan Police Agency for abuse of power and neglect of duty. The committee stated, "Depriving citizens of their right to vote undermines and destroys the foundations of liberal democracy," and called for a suspension of the counting process and a national audit until the issue is resolved. Civic group Participation Solidarity also issued a statement criticizing the NEC for its lax management of election procedures, which led to a fundamental infringement of voters' rights. They emphasized that the NEC's excuses were unacceptable given the anticipated increase in voter turnout due to early voting. They called for a thorough investigation to clarify how such a shocking situation occurred and to hold those responsible accountable. Despite ongoing complaints and protests from civic groups, the NEC has firmly stated that there will be no re-election. In a statement, the NEC explained that the ballot shortage at some polling stations on election day does not constitute grounds for postponement or re-election under the Public Election Act. They pledged to make every effort to investigate the matter and implement measures to prevent a recurrence once the counting process is complete. Secretary General Heo also expressed deep regret, stating, "We sincerely apologize for the inconvenience caused to citizens who came to exercise their precious right to vote and for undermining public trust in fair election management. The NEC recognizes the seriousness of this issue and will accurately identify the causes and problems behind the ballot shortages at certain polling stations and establish preventive measures immediately after the counting concludes." On June 3, some polling stations in Gangnam, Gwangjin, and Songpa districts of Seoul experienced ballot shortages, leading to disruptions in voting. In some locations, voting was halted around 4:10 PM, and voters were issued waiting numbers. The NEC later confirmed that 14 polling stations (12 in Songpa, 1 in Gangnam, and 1 in Gwangjin) were affected by the ballot shortage. However, the People Power Party claimed that ballot shortages also occurred at some polling stations in Incheon’s Yeonsu District and Dongtan District in Gyeonggi Province.* This article has been translated by AI. 2026-06-04 15:12:00

Farmers' Cooperative Invests $882 Million to Support Onion Prices Amid Decline Recently, as onion prices have plummeted, the National Agricultural Cooperative Federation (NACF) announced on June 4 that it will invest 882 billion won (approximately $682 million) to implement additional purchases and loss compensation measures for farmers.According to the NACF, the wholesale price of onions at Garak Market last month was 570 won per kilogram, a 30% decrease from 812 won during the same period last year. In response, the NACF is rolling out support measures ahead of the peak shipping season for mid-late season onions to stabilize farmers' operations.To facilitate additional purchases of onions from local cooperatives, the NACF will allocate 800 billion won in special interest-free funds and focus on supporting packaging and sorting operations.Additionally, a 32 billion won loss compensation program will be implemented. If the market price of onions shipped through the NACF falls below the standard price, farmers will receive up to 200 won per kilogram in support. Cooperatives participating in joint marketing will also receive compensation of 50 to 150 won per kilogram for incurred losses.The NACF plans to promote onion consumption through a 24 billion won initiative utilizing its nationwide distribution network. This includes large discount events at Hanaro Mart, providing onion juice at NACF financial branches as cooling stations, distributing onions to customers at NACF gas stations, enhancing sales at direct agricultural markets, and increasing supply to military units.Kang Ho-dong, Chairman of the NACF, stated, "The ongoing price weakness due to increased onion supply this year has significantly impacted farmers. The NACF will mobilize all its resources to ensure that the onions cultivated by farmers receive fair prices."* This article has been translated by AI. 2026-06-04 15:12:00