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  • Korbit Rebrands as Digital X, Completes Integration with Mirae Asset
    Korbit Rebrands as Digital X, Completes Integration with Mirae Asset Mirae Asset Group's digital asset investment platform Digital X is changing its service name from 'Korbit' to 'Digital X.' This follows the company's name change in August, completing the brand integration since joining Mirae Asset Group.Digital X announced on September 16 that it will overhaul its official domain, app icon, and brand identity alongside the name change.Current app users can transition to the new service through an update without needing to install a new app. There will be no changes to users' assets or transaction histories, and the deposit and withdrawal methods will remain the same.Digital X plans to officially inform users about the name change and will implement a gradual transition process to ensure a seamless experience after the revamp.O Se-jin, CEO of Digital X, stated, "This overhaul is more than just a name change; it marks the beginning of new growth alongside Mirae Asset Group. We will sequentially introduce products and services that provide real value to users, prioritizing the protection of customer assets as our foremost principle." 2026-09-16 11:24:00
  • Education Ministry Takes Action Amid College Application System Outage
    Education Ministry Takes Action Amid College Application System Outage The unprecedented server outage that occurred just before the deadline for the 2027 college admissions applications has sparked significant backlash. Following a one-hour extension of the application period, concerns about potential unfair practices, dubbed 'vacancy raids' (where students change their applications based on revealed competition rates), have prompted the education authorities to consider canceling applications submitted during this time.In response to the growing fallout, teachers' unions have issued statements highlighting the structural flaws of relying on a few private companies for such a critical national process and are calling for the establishment of a public application system.On September 15, the Education Ministry and the Korean Council for University Education (KCUE) released a report on the measures taken regarding the Uway application system outage, outlining principles for relief and follow-up actions. The Education Ministry stated, "We will provide relief based on objective data but will not acknowledge any unfair cases."Major teachers' unions, including the Korean Teachers and Education Workers Union (KTU), the Korean Federation of Teachers' Associations (KFTA), and others, have issued statements from September 14 to 16, pointing out the chaos in schools caused by this incident and demanding accountability from the education authorities while emphasizing the need to enhance the public nature of the admissions system.Addressing 'Vacancy Raids': Reviewing Cancellation of Suspicious ApplicationsThe education authorities are focusing on preventing any unfair practices that may have occurred during the one-hour extension. There are allegations that some students checked the final competition rates released by certain universities immediately after the deadline and used the extended time to switch their applications to programs with lower competition rates.According to the Education Ministry, 17 universities disclosed their competition rates during the extension period, which was initially set to close at 6 p.m. on September 11. The ministry is currently verifying applications submitted during the extended time at these universities and stated, "We will consult with the universities and consider canceling applications identified as suspicious, such as those involving strategic maneuvering."Not All 1,200 Non-Applicants Will Be Granted Relief: Strict Criteria RequiredInitially, over 1,200 students were reported to have failed to submit their applications even after the deadline extension. However, not all of them will receive relief.To prevent indiscriminate relief, the Education Ministry and KCUE have established three strict criteria: 1) Applicants must have error logs from the system outage around 5:50 p.m. on September 11; 2) There must be a record of application attempts (including writing, saving, submitting, or payment attempts) for the university they are applying to; 3) If there are multiple application records, only the last submission will be considered for relief.An official from the Education Ministry predicted, "Applying these strict principles will significantly reduce the number of students eligible for relief from the initial 1,200."Teachers' Unions Unite in Criticism: Call for a Public Application SystemThe most significant confusion during the resolution process has been experienced in schools. Complaints from students and parents, who feel that only those who submitted their applications early are at a disadvantage, have been directed at teachers. Consequently, teachers' unions have collectively criticized the education authorities for their complacent response and the reliance on private companies for the application process.The KTU stated in a September 15 statement, "This incident stems from a structural issue where the fate of students is concentrated in the hands of a few private profit-making companies. The government must establish a public application system that ensures stability and fairness."They also demanded that the responsibility for handling relief applications and complaints not be shifted to schools and teachers, urging the Education Ministry and KCUE to take direct responsibility.The KFTA echoed this sentiment, stating, "This cannot be dismissed as a simple technical error or a one-time incident. The final responsibility for such a crucial national admissions process cannot be left to private entities, and we must reassess whether the current private-centered application system sufficiently guarantees public interest."Additionally, the Teachers' Union Federation and the Secondary Teachers' Union emphasized that students who followed school guidance and submitted their applications on time should not be placed at a disadvantage. They called for transparency regarding the circumstances surrounding the outage, the extension, and the disclosure of competition rates, urging the establishment of a unified channel for addressing grievances directly.* This article has been translated by AI. 2026-09-16 11:20:00
  • National Assembly Approves Report on Kim Sung-soos Supreme Court Nomination
    National Assembly Approves Report on Kim Sung-soo's Supreme Court Nomination The National Assembly's Special Committee on the Nomination of Supreme Court Justices approved a report on Kim Sung-soo's nomination on September 16. During a full committee meeting, members voted to adopt the report, which included contrasting evaluations of Kim from both ruling and opposition parties.The Democratic Party stated that Kim possesses the qualifications and abilities necessary to serve as a Supreme Court Justice, asserting that he can perform his duties while upholding the independence and fairness of the judiciary.In contrast, the People Power Party criticized Kim, stating that a Supreme Court Justice must mediate social conflicts and uphold the rule of law through constitutional and legal interpretation. They argued that Kim's responses to key constitutional and social issues were neither specific nor clear, labeling him as 'unfit.'Earlier, on September 14, a confirmation hearing was held for Kim, during which lawmakers engaged in a heated debate over the nomination, touching on issues such as Chief Justice Cho Hee-dae's recommendation and President Lee Jae-myung's trial related to election law violations and judicial reform.The National Assembly is set to vote on Kim's nomination during a plenary session scheduled for September 17. The nomination will be approved if a majority of the attending lawmakers vote in favor. If the nomination passes, Kim will undergo a final appointment process by the President.* This article has been translated by AI. 2026-09-16 11:12:00
  • Samsung and Intel Omitted from Top 200 Tax Contributors in Vietnam
    Samsung and Intel Omitted from Top 200 Tax Contributors in Vietnam Foreign direct investment (FDI) companies, which lead Vietnam's exports, have shown a relatively low contribution to tax revenues. From January to August this year, FDI firms accounted for over 80% of Vietnam's total export value, yet only 28 of them made it to the list of the top 200 tax contributors. Major exporters like Samsung, Canon, and Intel were not included in this list. According to VNTAX 2026 data reported by local media Tuoi Tre on September 15, the total tax payments from the top 200 companies in Vietnam reached 989.3 trillion dong (approximately $52.2 billion), marking a 25% increase from the previous ranking. Considering that Vietnam's national budget revenue forecast for 2025 is about 2,650 trillion dong (approximately $139.9 billion), these companies contributed over 37% of the total. Tax revenues are concentrated among the largest companies. The top 20 companies alone contributed 614 trillion dong, accounting for about 62% of the total tax revenue from the top 200 firms. In the private sector, companies like Vingroup, Sunshine Group, BRG Group's NH Smart City, Hoa Phat, Tan Cong, and Taco ranked among the top contributors. Vingroup's contribution to the national budget increased from 56.2 trillion dong to approximately 148.8 trillion dong. Among state-owned enterprises, PetroVietnam, Viettel, Petrolimex, Vinacomin, Vinataba, Vietnam Electricity (EVN), and Vietcombank were listed. PetroVietnam paid about 91 trillion dong, while Viettel contributed over 42.29 trillion dong. In the FDI and joint venture sector, Heineken Vietnam, Toyota, Honda, Vietsob Petro, Nghi Son Refinery & Petrochemical Complex, Sabeco, and Ciputra Hanoi were among the top contributors. However, FDI companies accounted for only about 18% of the total tax revenue from the top 200 firms. The disparity between export contributions and tax contributions is notable. While FDI companies represented over 80% of Vietnam's total exports from January to August, their contribution to the tax revenue of the top 200 companies was only about 18%. Major exporters like Samsung, Canon, and Intel were also absent from the list of top tax contributors. Dao Anh Tuan, Deputy Secretary-General of the Vietnam Chamber of Commerce and Industry (VCCI), suggested that this discrepancy may stem from a business structure focused on processing and assembly, low domestic value-added, and tax incentives. He noted, "The application of a global minimum tax of 15% and the Vietnamese Communist Party's reform of foreign investment policies could bring significant changes in the future." Tuan expressed concern over the concentration of tax revenues among a few large companies. He pointed out that if the financial situation of the top 20 companies deteriorates, it could impact the overall national budget revenue. He emphasized the need to broaden the tax base while relying on large tax-paying companies to secure sustainable tax revenues. There is a need to support the growth of more companies that can contribute 10 trillion or 100 trillion dong in taxes. Improving the tax burden on companies and administrative procedures was also highlighted as a key issue. Tuan stated, "Tax policies should align with the operational conditions of businesses and maintain competitiveness compared to neighboring countries, and tax reporting procedures reform is crucial." Additionally, the stability and predictability of the tax system were identified as major challenges. He explained, "Companies are concerned about the possibility of having to pay additional taxes in the future or difficulties in the tax refund process," calling it a long-term issue that needs to be addressed.* This article has been translated by AI. 2026-09-16 11:12:00
  • NH Nonghyup Bank Certifies 60 Branches as Dementia Prevention Leading Companies
    NH Nonghyup Bank Certifies 60 Branches as 'Dementia Prevention Leading Companies' NH Nonghyup Bank announced that 60 of its branches nationwide have received certification as 'Dementia Prevention Leading Companies' on September 16.Dementia Prevention Leading Companies are institutions where branch employees complete training to improve dementia awareness and create an environment where dementia patients and their families can feel safe. This certification is granted after an evaluation by local dementia support centers.With this certification, Nonghyup Bank aims to enhance dementia awareness capabilities across its branches and ensure that elderly customers can access financial services more comfortably and safely.The bank also offers financial products tailored for seniors. In May, it launched the 'NH All Wonderful Medical Expense Dementia Trust,' a specialized product for seniors. This product allows customers to manage their assets while healthy and, in the event of illness such as dementia, receive medical and living expenses through a designated representative.It also includes a will substitute trust feature, which helps prevent disputes during the inheritance process and facilitates the transfer of assets to designated beneficiaries.A representative from NH Nonghyup Bank stated, "We will continue to expand specialized products and services to support the stable retirement lives of our elderly customers."* This article has been translated by AI. 2026-09-16 11:08:10
  • South Korea and Tajikistan Establish Comprehensive Partnership, Expand Cooperation in Railways and Key Minerals
    South Korea and Tajikistan Establish Comprehensive Partnership, Expand Cooperation in Railways and Key Minerals The South Korean government has elevated its relationship with Tajikistan to a "comprehensive partnership," agreeing to expand mutual cooperation in railways, key minerals, artificial intelligence (AI), and digital sectors. The two countries signed 17 cooperation documents, including agreements and memorandums of understanding (MOUs) covering railways, industry, energy, customs, intellectual property, and public safety during a summit.On September 16, President Lee Jae-myung held a summit with Tajik President Emomali Rahmon, who is visiting South Korea to attend the first Korea-Central Asia Summit. This marks the first visit by a Tajik president to South Korea in 11 years.In his opening remarks at the expanded summit, President Lee noted, "Since establishing diplomatic relations in 1992, South Korea and Tajikistan have steadily developed friendly cooperation. I am very pleased that this visit by the President, after 11 years, has led to the establishment of a comprehensive partnership between our two countries."He described Tajikistan as a geographical hub connecting Central Asia and South Asia, rich in mineral resources and growth potential.President Lee stated, "As a reliable partner, South Korea will actively cooperate for Tajikistan's economic development. I hope our two countries can further expand mutual cooperation in areas such as railways, key minerals, and digital technology."The summit established a foundation for cooperation in entering the Tajik railway market.The two nations signed a government-level MOU encompassing railway policies, technologies, and overall business, agreeing to collaborate on modernizing urban railways and existing railway lines, as well as training specialized personnel.As a result, the railway cooperation between the two countries, which had previously focused on individual projects, will evolve into a permanent cooperation system encompassing policies, systems, technologies, personnel, and business collaboration.Korea Railroad Corporation and Tajikistan Railways agreed to cooperate on urban railway projects, training railway professionals, constructing a railway training center, and managing railway infrastructure. They plan to support the entry of South Korean companies into the Central Asian railway market based on the preliminary feasibility study for Tajik urban railway construction.The National Railway Corporation and Tajikistan Railways will also share information on railway project development issues and relevant laws, standards, technologies, and experiences from both countries. This aims to establish a foundation for securing contracts for the construction of the urban railway project in Tajikistan's capital, Dushanbe.In the transportation sector, training and education related to intermodal transport, public-private partnerships (PPP), urban transport, and transportation infrastructure will be conducted, while enhancing cooperation in digitalization, smart mobility, and logistics.Cooperation in the industrial and innovation sectors will also be expanded. The two countries will share industrial technologies and experiences in light industry, textiles, sericulture, leather processing, food, and chemicals, and promote the exchange of scientific and technological information and innovative technologies, as well as joint research in AI. The goal is to increase exports of South Korean products in textiles, chemicals, and machinery, and to establish a foundation for local entry in the AI and digital sectors.KOTRA and the Tajikistan Export Agency will jointly explore opportunities for cooperation in trade and key minerals and green transition industries. They plan to support trade and investment expansion through information exchange and research and analysis cooperation between the export agencies of both countries.In the energy sector, the two nations will share technologies and information related to smart grids, introduce remote metering infrastructure, reduce power losses, and cooperate in the digitalization of power networks and energy storage. This will establish an institutional foundation for cooperation in the power industry between the two countries.Agreements on customs cooperation and mutual administrative support were also signed. The two countries will share information on tax prices, origin verification, customs legality, reasons for customs delays or denials, and illegal trade of sensitive goods. The aim is to create a safe and smooth trading environment while jointly responding to transnational crimes such as customs violations and smuggling.In the field of intellectual property, they will share policies, legal systems, and examination experiences, and cooperate in administrative digitalization and the application of new technologies. Joint crackdowns on counterfeit goods of key brands at the border and capacity building for customs officials will also be pursued to support the stable activities of South Korean companies operating locally.Regarding the establishment of cooperation channels between law enforcement agencies, they will share information and experiences to respond to transnational crimes such as terrorism, drug trafficking, and cybercrime, as well as to cooperate in investigations of fugitives abroad. This collaboration aims to prevent the influx of transnational crimes, such as drug trafficking, into Central Asia, particularly given Tajikistan's border with Afghanistan, which spans over 1,300 kilometers.A cooperation system has also been established to exchange financial information on suspicious transactions related to money laundering and terrorist financing, aiming to block illegal financial flows at an early stage.Additionally, the two countries will collaborate on digital forest management and ecological restoration using agricultural satellites and information and communication technology (ICT) to address climate change. In the education sector, they will promote exchanges of faculty and students between universities, develop educational programs, introduce AI and digital education, and expand Korean language education in Tajikistan. They will also share South Korea's systems and experiences in anti-corruption, personnel administration, and industrial safety and health.President Rahmon remarked, "Strengthening our cooperation with South Korea is one of the key priorities of Tajikistan's foreign economic policy. This summit will be a good opportunity to review the current state of our cooperation and look forward to future exchanges."He added, "Next year marks the 35th anniversary of diplomatic relations between South Korea and Tajikistan. It is important to further establish an institutional foundation to elevate our cooperation to a new level of partnership." 2026-09-16 11:08:00
  • Kim Myung-jung Appointed as New Budget Director of the Ministry of Economy and Finance
    Kim Myung-jung Appointed as New Budget Director of the Ministry of Economy and Finance Kim Myung-jung has been appointed as the new Budget Director of the Ministry of Economy and Finance. According to the ministry on September 16, Kim graduated from Seoul National University with a degree in business administration and obtained a master's degree in technology management from the Georgia Institute of Technology in the United States. He began his public service career after passing the 40th National Civil Service Examination. During his tenure at the ministry, which was previously known as the Ministry of Strategy and Finance, he held various positions including Director of National Property Policy, Public Relations Officer, Director of Legal Affairs and Budget, Director of Budget Coordination, and Director of Budget Policy. After serving as the Vice Governor for Economic Affairs in Gangwon Province, he returned to the ministry to take on the role of Director of Fiscal Performance Review. He was also appointed as a member of the National Planning Committee under the Lee Jae-myung administration, where he managed budget and fiscal affairs. Kim is recognized as a budget and finance expert, earning high regard both within and outside the ministry. He was even selected as a 'role model supervisor' by junior staff at the ministry. With Kim's transition to the Budget Director position, attention is now focused on the vacancy left in the Planning and Coordination Office, as well as other remaining senior appointments.* This article has been translated by AI. 2026-09-16 11:04:20
  • Financial Authorities Revise Penalty System for Data Breaches
    Financial Authorities Revise Penalty System for Data Breaches The financial authorities are revising the penalty assessment system for violations such as hacking, customer data breaches, and the improper provision and use of credit information. Currently, penalties are capped at 3% of total revenue, but the authorities believe that the existing three-tiered penalty rates of 50%, 75%, and 100% do not adequately reflect the severity of violations.On September 16, the Financial Services Commission held a meeting of the 'Task Force for Improving Penalty Assessment Standards under the Credit Information Act' to discuss potential reforms.Under the current Credit Information Act, penalties can reach up to 3% of total revenue for breaches involving the leakage or improper use of personal credit information, as well as the mishandling of pseudonymous data. Although the law was amended in 2020 to expand the scope and cap of penalties, the assessment has continued to rely on the 'Regulations on Inspection and Sanction of Financial Institutions' applicable across the financial sector.Currently, the basic penalty is calculated using 50%, 75%, or 100% of the legal maximum based on the severity of the violation. Unlike laws such as the Banking Act or the Insurance Business Act, which base penalties on the amount of credit extended or insurance premiums directly related to the violation, the Credit Information Act uses total revenue as the basis. This approach makes it difficult to adequately reflect the degree of individual violations with only three penalty rates, according to the financial authorities.In contrast, the Personal Information Protection Act and the European Union's General Data Protection Regulation (GDPR) have more detailed criteria. The Personal Information Protection Act applies penalty rates of 1% to 30% for minor violations, while the GDPR applies rates of 0% to 10% for lower-level infringements. The Financial Consumer Protection Act also established separate penalty standards last year, applying rates of 1% to 30% for minor violations.In response, the financial authorities plan to develop a separate penalty assessment standard that reflects the characteristics of the Credit Information Act. This will involve evaluating the severity of violations based on the nature and type of personal credit information, the number of affected individuals, and the extent of damage, while also considering a more granular penalty rate than currently exists.For serious violations, the authorities will impose strict penalties, but they are also discussing the possibility of reflecting factors that could mitigate or aggravate penalties, such as whether financial companies took proactive measures to prevent breaches of personal credit information or actively worked to recover consumer losses.* This article has been translated by AI. 2026-09-16 11:04:20
  • Jejus Renewable Energy Front: Harnessing Ocean Waves and Wind for Green Hydrogen
    Jeju's Renewable Energy Front: Harnessing Ocean Waves and Wind for Green Hydrogen On September 14, a vessel departed from Jeju's Gosan Port and, after about 20 minutes at sea, revealed a concrete structure painted in black and red. This is the wave power test facility operated by the Ship and Ocean Plant Research Institute. Although a representative from the institute noted that the sea was relatively calm that day, the boat continued to sway with the waves.As renewable energy installations increase in Jeju, the technology for storing and reliably operating electricity is becoming increasingly important. At the wave power test facility, experiments are underway to convert electricity generated from marine energy into hydrogen, while the Doosan Wind Power Center is using artificial intelligence (AI) to detect anomalies in wind turbines. ◆Producing Green Hydrogen at Sea…Floating Technology Verification by 2031The wave power test facility, located in the middle of the ocean, is Asia's first 5 MW grid-connected marine energy demonstration facility, covering an area of approximately 1.04 million square meters. It features five mooring sites in waters ranging from 15 to 60 meters deep, with underwater cables and connectors installed. This allows for the testing of performance and safety of wave and wind power equipment developed externally, connected to the power grid.The concrete structure built at sea weighs about 10,000 tons. It was installed using a caisson method, where the structure is moved from land to sea and secured to the seabed by its own weight. Since its establishment around 2016, it has withstood over ten typhoons without any reported issues.On one side of the facility, a silver pipe draws seawater, while on the opposite side, underwater cables connect the mooring sites to the onshore power grid. The electricity generated by the demonstration facility can either be sent to land via the underwater cables or converted into hydrogen within the structure.This facility is also conducting experiments to produce hydrogen using electricity generated from wave and wind power. It marks the first domestic attempt to produce green hydrogen directly from marine energy. Inside the structure, there is a 100 kW electrolysis system and power and communication control devices.Unlike on land, it is challenging to supply fresh water needed for electrolysis at sea. Therefore, seawater is desalinated for hydrogen production, and seawater is also used to cool the equipment. The unmanned structure is monitored and controlled remotely from an onshore control room and a research institute in Daejeon.To date, over 720 hours of hydrogen production testing have been conducted. The institute is also installing hydrogen storage systems and fuel cells to test technology that converts stored hydrogen back into electricity for use within the facility.Converting electricity into hydrogen results in an energy loss of about 60% during the process. However, hydrogen can be stored for long periods and transported via pipelines or ships. This is particularly useful in areas where it is difficult to build transmission networks from the open sea to land or where direct electric alternatives to ship fuel are not feasible.The institute has assessed that South Korea's marine green hydrogen technology lags behind Europe. The equipment installed at the Jeju test facility is a 100 kW fixed system. The institute aims to verify floating hydrogen production technology by 2031 and expand to megawatt-scale production.Kim Kyung-hwan, head of the Eco-Friendly Marine Development Research Division at the Ship and Ocean Plant Research Institute, stated, "To produce hydrogen at sea, we need to desalinate seawater while withstanding salinity and typhoons, and operate the equipment remotely. We are developing technology to perform all processes from hydrogen production to storage and utilization at sea." ◆AI Detects Wind Turbine Anomalies…Targeting 20% Reduction in Maintenance InefficienciesWhile experiments to convert electricity generated at sea into hydrogen are ongoing, efforts are also being made on land to reduce downtime for wind turbines. At the Doosan Wind Power Center on Ora-nam-ro in Jeju City, the operational status of 80 wind turbines installed at 11 power plants nationwide is monitored remotely 24/7.The center's monitor displays real-time output and operational status of wind turbines scattered across Jeju and Jeollanam-do. Each turbine generates over 300 data points. Staff analyze various signals, including temperature and vibration, to assess the likelihood of malfunctions and relay necessary maintenance information to the field.Wind turbines are often installed in mountainous or offshore locations, making immediate access difficult in the event of a malfunction. Particularly at sea, strong waves and winds can prevent workers from reaching the site. Large components can weigh between 10 to 20 tons, requiring heavy cranes and specialized vessels for replacement. This makes detecting anomalies before a turbine fails crucial.Doosan Enerbility utilizes its self-developed remote operation system, WindLink, to collect and analyze turbine data. Using AI and algorithms, it identifies anomalies from existing operational data and requests inspections or parts replacements from field staff based on the analysis.A representative from Doosan Enerbility noted, "We receive over 300 data points in real-time from each turbine. We analyze the data remotely to determine what maintenance is needed and request action in the field."Doosan Enerbility has supplied 98 wind turbines in South Korea, totaling 349.5 MW. The Wind Power Center manages 80 of these turbines. In Jeju, the center monitors the operational status of 37 out of 40 turbines supplied by Doosan. Among the 30 personnel working at the center and various power plants, 24 are from Jeju.The operational effectiveness of the Wind Power Center has not yet been quantified. The center has not been open long enough to gather sufficient data for a before-and-after comparison. Doosan Enerbility aims to reduce inefficiencies in maintenance and repair processes by 20% using AI and digital technology.Choi In-ho, head of the Doosan Wind Power Center, stated, "It is still early to present numerical improvements in operational efficiency due to insufficient data comparing before and after the center's opening. The primary goal of maintenance is to prevent failures and minimize downtime for turbines." 2026-09-16 11:04:20
  • Heat Pump System Tested in Jeju for Heating, Cooling, and Hot Water
    Heat Pump System Tested in Jeju for Heating, Cooling, and Hot Water "The current hot water temperature is about 46.5 degrees Celsius," said a Samsung Electronics representative, pointing to a control panel installed on the wall in the basement of a single-family home in Jeju's Donam-dong on September 14. The panel displayed the flow and temperature of water circulating in the house, as well as the air conditioning status. Nearby were a 200-liter hot water tank and a thermal storage tank, with insulated pipes running along the ceiling and walls.One outdoor heat pump unit outside the house manages cooling, underfloor heating, and hot water supply. In summer, it uses heat generated during cooling to warm water, while in winter, it extracts heat from the outside air to create heating water. This system operates without burning oil or gas, relying solely on electricity for heating, cooling, and hot water.This home features Samsung's integrated heating and hot water heat pump, the Eco Heating System (EHS) All-in-One. The government supply program utilizes heat pump boilers that provide heating and hot water without cooling capabilities. Unlike electric heaters that generate heat directly, heat pumps draw heat from the outside air to warm heating water and hot water, allowing them to supply more thermal energy than the electricity consumed.The housing supply program for heat pumps is gaining momentum. Since April, the government and Jeju have been promoting a "Heat Pump Supply Project" with a total budget of 34.4 billion won. By the end of the year, they plan to install air-source heat pumps in 2,460 homes in the Jeju area.Eligible participants include single-family and multi-family homes equipped with solar power systems of 3 kW or more. The project will install heat pumps under 20 kW, thermal storage tanks, and virtual power plant (VPP) systems. Of the maximum project cost of 14 million won per household, 70% (9.8 million won) will be subsidized by the national and provincial governments, with residents contributing 4.2 million won.Demand is high, with 2,507 households applying for the 1,042 spots available in the first half of the year. An additional 1,418 households will receive installations in the second half, completing the project by year-end.Jeju's proactive approach to heat pump distribution aims to reduce fossil fuel use in heating while easing renewable energy output control. When solar and wind power generation exceeds electricity demand or grid capacity, heat pumps can be activated to heat water, which is then stored in thermal tanks for later use in heating or hot water. This effectively converts surplus electricity into thermal energy for storage.By managing multiple households' heat pumps through VPP systems, energy usage can be increased when there is excess power and reduced during peak demand. The reduction in greenhouse gases achieved through heat pump installations is also being considered for recognition as a carbon credit revenue model.However, challenges remain before nationwide expansion can occur. Currently, the program is limited to single-family and multi-family homes with solar power systems. The need for space to install hot water tanks, thermal storage tanks, and piping makes it difficult to apply in existing apartments. The winter performance and actual cost-saving effects, which vary based on the home's insulation level and external temperatures, also need to be verified.Developing an electricity rate plan that encourages heat pump usage during renewable energy generation periods while lowering household costs is another challenge. Jeju is reviewing options for introducing a rate plan that reflects the characteristics of heat pumps.* This article has been translated by AI. 2026-09-16 11:04:10