Seoul readying to redraw energy map with Hormuz substitutes in postwar order SEOUL, April 10 (AJP) - It remains uncertain whether — or how — the war will wind down and the Strait of Hormuz will fully reopen after U.S.-Iran negotiations in Pakistan on Saturday. But one thing is already clear: access to the strategic waterway along Iran and Oman will not return to what it was. Against those odds — and the rising cost burden — Seoul is moving to rethink its energy routes. A presidential envoy mission to Kazakhstan, Oman and Saudi Arabia is beginning to signal where those alternatives may lie. Presidential Chief of Staff Kang Hoon-sik led a joint government-corporate delegation to the three countries this week, aiming to secure long-term crude oil and naphtha supplies in what is increasingly being viewed as a postwar energy order. Shipping data underscores the scale of disruption. Vessel activity in the Strait of Hormuz showed only a marginal uptick this week, with just four bulk carriers transiting between midnight and 8 p.m. UTC on Wednesday, according to MarineTraffic. Before the conflict erupted in late February, more than 100 ships passed through the strait daily. Traffic has since collapsed by more than 80 percent in the immediate aftermath of the attacks, according to Lloyd’s List Intelligence. Even under the ceasefire framework, flows remain tightly controlled. A senior Iranian source said fewer than 15 vessels per day would be allowed to transit, with all movements subject to prior approval and strict protocols. “All vessels transiting the Strait of Hormuz should, until further notice, use alternative routes designated by the IRGC Navy,” the force said, warning ships to avoid potential contact with naval mines. The new routing system effectively redraws the map. Traffic is being pushed closer to Iran’s Larak Island — home to military facilities — while previously used channels are now labeled “danger zones.” Nearly 2,000 vessels remain stranded near the chokepoint, including 26 South Korea-linked ships and seven Korean oil tankers. Rethinking supply lines South Korea’s energy dependence leaves little room for disruption. In 2025, crude imports were led by Saudi Arabia (33.6 percent), followed by the United States (17 percent), the United Arab Emirates (11.4 percent), Iraq (10.4 percent) and Kuwait (8.5 percent). Seoul has already moved to secure emergency volumes, including 24 million barrels from the UAE late last month — equivalent to just over eight days of consumption. But the buffer is thin. “We need about 2.8 million barrels per day. Even if Kazakhstan provides supplies, it would likely be less than 2 million barrels. It’s not easy to rely on that alone,” said Yoo Seung-hoon, professor at Seoul National University of Science and Technology. “The 24 million barrels secured from the UAE would last less than 10 days — about eight days. That’s not a huge amount. We need to secure supplies from Oman and other producers to sustain operations.” The geography of alternatives Oman is emerging as a key strategic option. Unlike most Gulf exporters, it can ship crude directly through the Arabian Sea without passing through Hormuz. Its main export terminals — including Duqm and Sohar — sit outside the strait, offering rare insulation from chokepoint risk. Kazakhstan, while landlocked, presents a different kind of workaround. Its extensive pipeline network connects inland fields to export terminals on the Caspian and Black Seas, allowing crude to reach global markets without touching Hormuz. “Cargoes from Kazakhstan can avoid the Red Sea and move via Russian routes before detouring around the Cape of Good Hope,” an industry official said. Since Houthi attacks in the Red Sea in 2023, such longer routes have already become more common despite higher costs and extended delivery times. In emergencies, safety is beginning to outweigh efficiency. GS Caltex has already tested the route, importing 80,000 tons of Kazakhstan’s CPC crude this week. The cargo, loaded via pipeline and shipped from Russia’s Novorossiysk port, arrived at the company’s Yeosu terminal. “We load the crude from pipeline shipments in Russia and transport it by tanker,” a GS Caltex official said. 2026-04-10 16:41:52

PlayStation's March pick Crimson Desert storms past 4 million sales SEOUL, April 10 (AJP) - Action-adventure game Crimson Desert has surpassed 4 million copies sold in just 12 days, turning its turbulent launch by Pearl Abyss into one of the most dramatic comeback stories in recent gaming history and cementing the South Korean studio's first single-player title as a global commercial juggernaut. The open-world game, built on Pearl Abyss' proprietary BlackSpace Engine, logged 2 million sales on its first day on March 20 across PlayStation 5, Xbox Series X,S and PC. It crossed 3 million within four days and breached the 4-million mark by March 31, generating an estimated $200 million in revenue, according to Alinea Analytics. PlayStation Blog on April 1 named the new game the "Players' Choice Winner" for March 2026, with the title outpolling major releases including Marathon, MLB The Show 26 and Scott Pilgrim EX in a monthly user vote. From 'mixed' to 'very positive' The recognition adds to a growing list of accolades for a game that initially stumbled out of the gate. Crimson Desert's launch was anything but smooth. Critics flagged clunky controls and a convoluted narrative, dragging the game's Steam rating down to "mixed" within hours of release. But the studio moved fast. Pearl Abyss rolled out a series of rapid patches, overhauling the control scheme, expanding storage systems, adding fast travel points, and tuning boss difficulty, all of which steadily reversed the tide. The Steam rating climbed to "very positive," with about 82 percent of more than 121,000 user reviews now positive. Industry watchers estimate the game's break-even point at about 2.5 million copies. With sales already well past that threshold, the revenue flowing in from here feeds directly into Pearl Abyss' bottom line. When Pearl Abyss disclosed that Crimson Desert had crossed 3 million copies sold in just four days, the stock surged 23.34 percent on March 25 and extended its rally over three consecutive trading sessions, closing at 58,800 won on March 27. Shares later touched 72,000 won, their highest level since April 2022, before settling at 55,600 won as of Friday. Seven years and $133 million in the making Crimson Desert's journey to release was as sprawling as its open world. First announced in November 2019 as a prequel to the studio's flagship MMORPG Black Desert Online, the project underwent a fundamental identity shift during development as Pearl Abyss pivoted from an MMO format to a standalone single-player action-adventure — a bold gamble for a studio that had built its reputation on persistent online worlds. The seven-year development cycle, carried out by a team of fewer than 200 developers, carried an estimated price tag of about 200 billion won ($135 million). The result is a sprawling fantasy continent called Pywel, rendered seamlessly with no loading screens, where players control three characters through faction warfare, dragon riding, mech combat and an ecosystem of side activities that have kept players exploring well past the main storyline. Players find their own fun The game's community has wasted no time making Crimson Desert their own playground. One popular meme on Reddit's r/CrimsonDesert forum captures the prevailing mood: a "distracted boyfriend" template showing a helmeted Kliff turning away from the main story to ogle side activities — tackling goats, assembling a cat army, dyeing clothes, fighting stone worms, and chasing waterfalls. Others have shared clips of players accidentally blowing themselves up with their own explosive arrows or ragdolling the first boss off a cliff. Kwon Min-gu, a 28-year-old AI instructor who has logged more than 50 hours in the game, said Crimson Desert was his first experience with a single-player open-world RPG. While the early story left him reaching for explanations — "the protagonist's resurrection goes completely unexplained," he noted — the combat system won him over once he began experimenting with the skill tree. "Every time you unlock a new branch, the combat style changes completely," Kwon said. "I ditched the shield for dual blades, slotted in an attack-speed rune, and started clearing camps like a blender. But you have to be careful. If you accidentally slash an explosive barrel, it kills you too." Kwon said he learned to shoot explosive barrels with arrows from a distance before engaging enemies, and later picked up an electric element ability to fill out his area-of-effect toolkit. "You go from fist fighting to fanning out electric arcs with a combat fan," he said. "The variety is real." He added that he has largely ignored the main storyline in favor of challenge objectives and side quests, a playstyle that appears increasingly common among the game's most devoted users. DLC, co-op and the road ahead Pearl Abyss has signaled that Crimson Desert's story is far from over. "We will upgrade the game based on user feedback and strive to make Crimson Desert a title that is loved for a long time," Pearl Abyss CEO Heo Jin-young said at a shareholders meeting. On the question of future downloadable content, Heo struck a strategic tone. "We believe we should focus DLC on the areas where we excel most," Heo said. "Our priority is to continuously provide satisfaction to users. While an expansion pack sales model is also a good approach, we intend to make the strategic choice that drives more sales of the original Crimson Desert." Speculation about cooperative multiplayer content has swirled since before launch, fueled by early-stage development materials that once referenced large-scale battles and co-op mechanics. Pearl Abyss has not confirmed a multiplayer expansion but has not ruled one out either, with Heo's emphasis on "user feedback" leaving the door open. A roller coaster on the KOSDAQ Pearl Abyss shares have traced a trajectory almost as dramatic as Crimson Desert's storyline. The stock rallied from about 49,450 won in late February to an intraday high of 71,500 won on March 16 as pre-launch hype peaked, only to crater 29.88 percent in a single session on March 19 — the day review embargoes lifted and Metacritic scores landed below investor expectations — hitting the daily limit down at 46,000 won. The freefall proved short-lived. When Pearl Abyss disclosed that Crimson Desert had crossed 3 million copies sold in just four days, the stock surged 23.34 percent on March 25 and extended its rally over three consecutive trading sessions, closing at 58,800 won on March 27. Shares later touched 72,000 won, their highest level since April 2022, before settling at 55,600 won as of Friday. A record year within reach Pearl Abyss, founded in 2010 by Kim Dae-il and Youn Jae-min, has long been synonymous with Black Desert Online, the technically ambitious MMORPG that put the studio on the global map. Crimson Desert now represents a second pillar, and analysts say the title could propel the company to record revenues this year. With a Nintendo Switch 2 port reportedly in the research-and-development phase and the potential for DLC and cooperative content on the horizon, the story of Crimson Desert, much like its open world, appears to have plenty of territory left to explore. 2026-04-10 16:33:59

Hyundai unveils two Ioniq concepts in Beijing SEOUL, April 10 (AJP) - Hyundai Motor's two concept cars for electric vehicles have been unveiled at a three-day event in Beijing, the automaker said on Friday. The event, which kicked off last Tuesday, was held to mark the launch of its flagship Ioniq brand in the world's most populous country. Stressing that it has "invested years in preparing" the brand to meet the demand and tastes of Chinese customers, it explained that Ioniq "evolves beyond a traditional product lineup into a broader mobility ecosystem" by integrating technologies based on its "globally validated expertise." Hyundai said the concepts, called "Venus" and "Earth," reflect its goals for a renewed presence in the Chinese market. "Inspired by the planetary system revolving around the sun, the Ioniq lineup takes its names from the planets, symbolizing a universe centered on the customer. Through this distinct approach, Hyundai aims to complete a fully customized EV experience," it explained. With the world premiere of the two concepts, the automaker also outlined its roadmap for the Chinese market, which includes the development of locally optimized self-driving technology in collaboration with Chinese autonomous-driving firm Momenta. Aiming to reach annual sales of 500,000 vehicles in China, it also plans to release its first extended-range electric vehicles (EREVs), which are electrified vehicles powered exclusively by electric motors, in China, in consideration of the country's charging infrastructure and long-distance driving conditions. "Built on Ioniq's uncompromising principles of world-class safety and quality, we will soon introduce production models that seamlessly combine the smart driving and smart cabin experiences demanded by Chinese consumers," said Li Fenggang, president of the automaker's Beijing office. Hyundai will rev up its promotional activities with Chinese customers by showcasing a full lineup of electric vehicles at this year's Auto China, the biennial auto show in Beijing, which will run from April 24 to May 3. 2026-04-10 16:30:09

BOK opts "strategic patience", swan-song warning on housing SEOUL, April 10 (AJP) — The Bank of Korea (BOK) unanimously held the base rate steady at 2.5 percent, opting for what it called “strategic patience” as the Black Swan shock from the Middle East conflict exerts both upward and downward pressure. “The freeze at 2.5 percent is not a simple suspension,” Governor Rhee Chang-yong said Friday after presiding over his final monetary policy meeting before his term ends later this month. “Given the severity of the external factors, we need to examine the repercussions more thoroughly to judge our move accordingly.” Admitting the limits of monetary policy in responding to highly volatile, war-driven variables, Rhee said the central bank has little choice but to “learn” from how the conflict unfolds — its spillover effects and duration — before making its next move. The benchmark rate has remained unchanged since the last cut in May 2025. The post-meeting Monetary Board statement nonetheless tilted hawkish, signaling more room for a hike than a cut as import-driven inflationary pressure builds. The BOK expects economic growth to fall short of its 2.0 percent target this year, while inflation could “substantially” exceed the 2.2 percent forecast depending on the trajectory of the war and oil prices. While projecting inflation could approach 3 percent, the board said it would steer policy to contain price pressures “within the target range” without destabilizing financial conditions — a nod to the risks posed by elevated private-sector debt. The BOK’s stance mirrors a broader global shift. IMF Managing Director Kristalina Georgieva warned that global growth is set to slow further, with a full recovery to pre-crisis levels unlikely. The U.S. economy has already shown signs of cooling, with fourth-quarter growth revised down to 0.5 percent. With less than ten days left in Rhee’s term and his message largely unchanged, markets remained steady. The won traded at 1,482.5 per dollar, little changed from the previous session. The three-year government bond yield stood at 3.360 percent and the 10-year yield at 3.686 percent, both moving within a 3 basis-point range. Hold to verify variables, not to evade While acknowledging still-subdued domestic demand, Rhee dismissed concerns that the economy is sliding into stagflation — at least for now. “Since March consumer inflation was at a defensible level of 2.2 percent, it is difficult to speculate at this stage.” The BOK will release an updated economic outlook at its May 28 policy meeting, incorporating the evolving Middle East situation and the impact of a supplementary budget. On the foreign exchange market, Rhee said the drivers of the won’s weakness have shifted. “While the rise in the exchange rate in the second half of last year was largely due to increased overseas investment by individuals, recent trends are driven primarily by foreign equity selling.” Foreign investors sold a net $29.8 billion in March alone, bringing total outflows this year to $47.8 billion, according to the BOK. Rhee noted that Korea’s market structure — which allows quick profit-taking and capital withdrawal — remains a key source of volatility. He also pointed to a distortion in dollar funding markets, where participants prefer lending dollars but are reluctant to repay them, despite ample current account surplus and spot liquidity. On intervention, Rhee emphasized that foreign reserves should be used to smooth short-term volatility rather than influence long-term direction. “In a phase where foreigners are realizing profits, strengthening the won could result in a structure where only foreign investors profit more,” he said, adding that the BOK has grown more cautious following large external shocks such as the Hormuz blockade. He rejected structural interpretations of the won’s weakness — such as low growth or demographics — arguing that global dollar strength and liquidity conditions remain the dominant drivers. Rhee also struck an optimistic note on Korea’s inclusion in the FTSE World Government Bond Index (WGBI), saying inflows from long-term institutional investors would help stabilize markets. Since the inclusion, about $4.6 billion in active bond funds and $1.1 billion in passive funds have flowed in, with passive allocations expected to provide durable support. Swan-song warnings In a parting critique, Rhee took aim at what he described as inefficient fiscal spending, including 4.8 trillion won allocated to local education. “It is difficult to see it as efficient in the current situation,” he said, calling for more flexible execution suited to what he described as a “war-time supplementary budget.” He also warned of renewed divergence in the property market. “While high-priced housing in areas like Gangnam is in a downward phase, outlying districts in the Seoul metropolitan area are rising again,” he said. “This can hardly be called market stability. If the return on housing assets continuously exceeds other assets, polarization is bound to deepen.” Rhee concluded on a reflective note, saying he had maintained balance during his tenure despite criticism from both sides. “I received criticism for being both ‘too late’ and ‘too early’ in cutting and raising rates,” he said. “I am looking forward to my future endeavors.” 2026-04-10 16:14:32

OPINION: The hidden genius in our pockets SEOUL, April 10 (AJP) - Last October, I had the pleasure of visiting the Korea University Museum at the invitation of its director, Professor Song Wan-beom. The visit was organized by the second graduating class of the ‘Creative CEO’ program, originally established by the National Museum of Korea in 2010. Among the many treasures on display, the Honcheonui (National Treasure No. 230) was the most striking. Created by Song Yi-yeong in 1669, this armillary astronomical clock is a marvel of technical synthesis; it masterfully integrates Western pendulum-based clockwork with traditional Korean astronomical systems. It stands as a profound testament to the innovative spirit of the Joseon Dynasty. Remarkably, it was completed only thirteen years after the Dutch scientist Christiaan Huygens introduced the pendulum clock to Europe. Despite its scientific significance, a modern paradox persists: although the Honcheonui is depicted on the reverse of the 10,000-won banknote, the image is frequently overlooked in daily use. We carry this symbol of historical mastery in our pockets every day, yet the story of the brilliant artisan-scientists who created it remains largely forgotten. The evolution of horological innovation in Joseon began in 1631, when the diplomat Jeong Doo-won returned from Ming China with scientific instruments and texts acquired from the Portuguese Jesuit missionary João Rodrigues. Initially, the Joseon court greeted these tools with deep skepticism. While King Injo expressed a flickering interest, conservative officials dismissed foreign clocks as mere “ornaments.” They cited an alleged incompatibility between Western 24-hour cycles and traditional Korean time systems, viewing these mechanisms as curiosities rather than apparatuses worthy of serious study. However, a generation of pioneers saw beyond mere aesthetic intrigue. Figures like Lee Min-cheol (1613–1715) practiced what we now recognize as reverse engineering. Historical records describe how Lee would isolate himself with imported artifacts, painstakingly dismantling and reassembling their intricate gears until he decoded their inner logic. This endeavor demanded immense intellectual and financial audacity. At the time, an alarm clock cost significantly more than renting a house in Seoul. Dismantling such an object was akin to staking one’s life on a gamble. These artisans sought knowledge wherever it could be found, even traveling clandestinely to Waegwan—the Japanese trading settlement in Busan—to acquire the technical skills needed to bridge foreign theory with local application. In doing so, they moved beyond political sensitivities in an uncompromising pursuit of learning. Through these efforts, Joseon moved from a consumer of technology to an active innovator. Other masters pushed these boundaries further: Choi Cheon-yak became Joseon’s first professional clockmaker after repairing King Yeongjo’s personal clock, and later, Na Kyung-jeok collaborated with the scholar Hong Dae-yong to construct the Nongsugak observatory in 1762. This represented a rare, potent intersection of mechanical craftsmanship and theoretical astronomy. Today, we must do more than carry their work on our currency; we must learn from our ancestors’ struggle. Their legacy teaches us that true innovation requires a social framework that respects technical mastery. This lesson is vital as we navigate the 21st century. While AI can process data at incredible speeds, it still requires the human eye to find value in the margins. In the AI era, we must pay particular attention to seemingly trivial scientific matters, for they often lead to the developments that most benefit human life. Ultimately, Joseon’s horological history is a cautionary tale of social stratification. Despite their brilliance, these masters were marginalized by a Neo-Confucian hierarchy that dismissed technical skill as "vulgar" labor. Lacking the structural support to turn individual genius into a national industry, the momentum of this renaissance evaporated. By honoring the "hidden genius" of forerunners like Lee Min-cheol and Song Yi-yeong, we ensure that the spirit of inquiry is finally given the credit it deserves. ----About the Author--- Choe Chong-dae is a prominent columnist and a longstanding member of the Royal Asiatic Society Korea. An enthusiast of international cultural and historical affairs, he has contributed regular opinion columns to The Korea Times for more than four decades. He also serves on the editorial board of the Newsletter of the Korea-America Association and is the founding director of the Korea–Swedish Association. In 2010, he was awarded Sweden’s Royal Order of the Polar Star, one of the country’s most prestigious honors. 2026-04-10 15:53:29

Hundreds of booths showcase latest tech convergence at expo in southern Seoul SEOUL, April 10 (AJP) - An expo featuring the latest technologies and trends in electronics and automotive manufacturing is being held at COEX in southern Seoul, with about 250 domestic and foreign companies participating. The three-day expo with more than 400 booths which kicked off Wednesday are showcasing a wide range of equipment and solutions in the fields of automotive electronics and smart factory systems, allowing visitors to explore automated production lines and advanced manufacturing technologies. The tech expo has evolved into a convergence exhibition with the inclusion of automotive electronics manufacturing since its 2017 inaugural event, further broadening its scope in 2022 to cover eco-friendly vehicle technologies and lightweight solutions. 2026-04-10 15:25:26

Flower-themed festival underway as spring in full bloom GANGNEUNG, April 10 (AJP) - A cherry-blossom-themed festival is underway along Gyeongpo Lake in Gangneung, Gangwon Province, welcoming visitors hoping to enjoy a spring outing at the peak of seasonal flowers. The weeklong festival, which kicked off last weekend and runs until Saturday, offers various programs including a singing contest, music performances, sporting events, and other activities in the surrounding areas. A roughly 4-kilometer-long trail lined with cherry blossoms along the scenic lake dazzles visitors with beautiful scenery by day and night, decorated with illuminated tunnels and other light displays. 2026-04-10 15:00:59

OPINION: Hwanwha's Kim Dong-kwan faces crossroads as Hanwha Solutions expansion hits financial limits SEOUL, April 10 (AJP) - Hanwha Vice Chairman Kim Dong-kwan stands before two divergent paths: one that persists with relentless expansion and another that recalibrates for structural stability. While neither choice offers a simple resolution, the window for delaying this decision has slammed shut. Under the leadership of Kim Dong-kwan, Hanwha Solutions has moved with unparalleled speed, pivoting toward solar energy and expanding its manufacturing footprint across North America. Yet this velocity now threatens to outpace the internal capacity of the firm to sustain it. In capital-intensive industries where first-mover advantage is everything, speed is a weapon, but it is one that can just as easily turn against its wielder when the balance sheet begins to buckle. All strategies rely on a single prerequisite: the strength to see them through to the end. The current reality for Hanwha Solutions raises uncomfortable questions about whether that strength exists. While the expansion was achieved, the internal structures required to manage that growth appear fragile. This is the core of the skepticism currently radiating from the capital markets in Seoul. Perils of aggressive expansion The recent controversy surrounding the 2.4 trillion won rights offering has brought these issues into sharp relief. More important than the scale of the capital raise is what that money represents. Debate has intensified over whether these funds are destined for future growth or are simply being used to cover existing burdens. The market has leaned toward the latter interpretation, viewing the move as a reactive repair rather than a proactive investment. This represents a failure of signaling. When a company is unable to clearly communicate its intent, the market fills the void with its own fears. Hanwha Solutions is currently sending conflicting messages: it emphasizes a commitment to growth while simultaneously struggling to manage a massive debt load. This ambiguity leaves investors unsure if they are backing a high-growth energy leader or a firm in the midst of a painful restructuring. Mixed signals and market confusion What is required now is not necessarily a change in direction, but a newfound clarity in decision-making. If expansion is to continue, the firm must establish and disclose clear financial limits. Investors need to know exactly where the investment ceiling sits, how much debt the balance sheet can realistically absorb, and precisely when these expenditures will translate into meaningful profit. Conversely, if a slowdown is necessary, that pivot must be explained as a strategic recalibration rather than a retreat. The problem to date is that the response from leadership has occupied a murky middle ground. By attempting to maintain the appearance of rapid growth while quietly scrambling to reduce financial pressure, Hanwha Solutions has created a climate of uncertainty. For an entrepreneur, the most vital tool is not just the will to act, but the criteria by which they judge success and failure. Shift toward accountable leadership This is the moment where the brand of entrepreneurship associated with Kim Dong-kwan must evolve. If his previous reputation was built on being a first-mover, his future reputation will depend on his ability to be a responsible steward of capital. Courage is required to lead, but capability is required to take responsibility for the long-term consequences of that leadership. Expansion is a relatively simple task for those with access to capital and a clear mandate. However, sustaining that expansion, converting it into cash flow, and maintaining the trust of the market is an entirely different challenge. History in the global renewable energy sector is littered with companies that collapsed because they could not reconcile their debt with their rate of expansion. Those that survived were the ones that balanced investment with cash flow. Hanwha Solutions is now at that same inflection point. The question for the firm is simple: how much growth can it actually afford? Until a clear answer is provided, market confidence is unlikely to return. The most difficult moment for any leader is not when they must abandon a failing path, but when they must redesign a path they believe to be correct to fit the harsh realities of the present. Hanwha Solutions currently remains the primary driver of solar investment in South Korea. 2026-04-10 14:28:05

Statue honoring wartime sex slavery victims accessible without barricade on Wednesdays SEOUL, April 10 (AJP) - A barricade that prevented people from approaching a statue honoring the victims of sexual enslavement during World War II in central Seoul was removed last Wednesday. The statue of an unsmiling girl symbolizing former sex slaves forced to serve Japanese soldiers during the war stands in front of the Japanese Embassy, where victims and their supporters have held protests every Wednesday for decades. It was the first time in about six years that the barricade installed for safety concerns was removed, as police decided to do so during the protesters' gathering hours. Marking the 1,000th weekly protest, the statue was first erected on Dec. 14, 2011, with more statues set up in South Korea and overseas including the one in Glendale, California to spread awareness of Japan's wartime atrocities. 2026-04-10 14:26:17

KB Kookmin Bank Expands Mobile Rate-Reduction Requests for Sole Proprietors KB Kookmin Bank said Thursday it will expand the scope of its non-face-to-face service for sole proprietors seeking lower loan rates, aiming to reduce interest burdens and improve access. Under South Korea’s “right to request an interest rate reduction,” borrowers can ask a financial company to cut their rate when their credit profile improves, such as through employment, higher income or better credit. With the change, sole proprietor customers can apply and check results through KB Corporate Star Banking and internet banking without visiting a branch, regardless of loan type. The bank also introduced a new “credit improvement guidance” service for cases in which a request is not approved. It provides five categories of information — personal details, bank transaction data, loan transaction data, card usage data and delinquency information — to help customers manage their credit. A company official said the move is intended to help busy small business owners use financial services more conveniently and benefit from lower rates, adding that the bank will continue expanding inclusive finance services to protect consumer rights and ease financing costs.* This article has been translated by AI. 2026-04-10 14:21:00