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Major Banks Raise Deposit Rates to 3% Following Central Bank Hike In response to the Bank of Korea's interest rate hike, the five major banks in South Korea—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—have all raised their deposit rates.According to the financial sector on July 23, Hana Bank has increased the interest rate on its flagship one-year time deposit product, 'Hana Time Deposit,' from 2.90% to 3.20%, a rise of 0.30 percentage points.NH Nonghyup Bank also raised the rate on its main product, 'NH All-in-One e-Deposit' (one-year maturity), from 2.95% to 3.25%. The interest rates for various savings products were increased by 0.25 to 0.30 percentage points, and rates for subscription deposits and special savings were each raised by 0.25 percentage points.An official from the banking sector stated, "We adjusted the deposit rates to reflect the Bank of Korea's interest rate hike and market conditions."Following increases by Shinhan, KB Kookmin, and Woori banks, both Hana and NH Nonghyup have now raised their deposit rates, resulting in all five major banks offering one-year time deposit rates at or above 3%.Previously, Shinhan Bank raised the interest rate on its 'Sole Comfortable Time Deposit' from 2.90% to 3.20% starting July 21. KB Kookmin Bank followed suit on July 22, increasing the rate on its 'KB Star Time Deposit' from 2.90% to 3.20%. Woori Bank had raised rates on its key savings products by 0.25 to 0.30 percentage points on July 20, with the maximum rate for its flagship 'WON Plus Deposit' increasing from 2.90% to 3.20%.As banks continue to raise deposit rates, funds are increasingly flowing into these institutions. As of July 15, the total balance of time deposits at the five major banks reached 965.29 trillion won, an increase of 15.89 trillion won from the end of last month, which stood at 949.40 trillion won.* This article has been translated by AI. 2026-07-23 10:04:00 -
Google's Strong Performance Eases AI Investment Concerns, Driving Down Won-Dollar Exchange Rate The exchange rate between the South Korean won and the U.S. dollar is declining as concerns over artificial intelligence (AI) investments ease following Google's strong performance.As of 9:45 a.m. in the Seoul foreign exchange market, the won is trading at 1,473.2 won per dollar.The exchange rate opened at 1,477.5 won, down 2.6 won from the previous day's closing price, and has continued to decline.Google reported results that exceeded market expectations and raised its annual capital expenditure (CAPEX) forecast, alleviating concerns about reduced AI investments. The uncertainty surrounding the profitability and scale of AI investments, which had recently been cited as a reason for the weakness in semiconductor stocks, has improved, boosting global risk appetite.As a result, foreign net buying is expected to flow into the domestic stock market, particularly in Samsung Electronics and SK Hynix. The increase in offshore custody dollar sales during the foreign stock buying process is likely to exert downward pressure on the won-dollar exchange rate.However, geopolitical tensions in the Middle East are supporting the lower end of the exchange rate. On July 22, U.S. forces conducted additional airstrikes against Iran. Both sides have warned of potential attacks on civilian infrastructure, raising tensions once again.Min Kyung-won, an economist at Woori Bank, stated, "The recovery of risk appetite due to Google's strong performance, along with the custody volume from foreign net buying and the chasing sales from exporters, will support the strength of the won. If the European Central Bank (ECB) monetary policy meeting tonight is interpreted as hawkish, it could lead to euro strength and dollar weakness, adding further downward pressure on the exchange rate."* This article has been translated by AI. 2026-07-23 10:00:00
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Naver exports smart-building tech to Tokyo tower in first commercial deal SEOUL, July 23 (AJP) - Team Naver, the consortium of Naver affiliates including Naver itself and Naver Cloud, announced it has deployed the smart-building technology behind its "1784" headquarters at a major Tokyo commercial complex. Working with NTT East and Mitsui Fudosan, the company revealed Thursday that it has fitted Tokyo Midtown Yaesu, a mixed-use office and retail tower in central Tokyo, with the autonomous robots, cloud-based control systems and digital-twin infrastructure it has honed at 1784 over four years. Under the deal, the three firms have launched a cloud-based robot delivery service, ferrying food and drinks ordered through the Line app from restaurants on the basement and fifth floors to offices on the seventh. Four robots navigate the tower using Naver's Rookie machines, its ARC brain fleet-control platform and ARC eye vision-based positioning technology. Crucially, the company said it optimized the system to run in ordinary buildings that lack the robot-only elevators and bespoke cloud setups engineered into 1784. The ARC brain platform links the robots to elevators and speed gates through cloud processing, letting them move seamlessly through spaces shared with people. The three companies plan to widen the partnership into indoor augmented-reality navigation and digital-twin-based building management, extending their reach across the physical-AI field, Team Naver said. The project was led by Naver Cloud's Japan business team, drawing on Naver Labs' robotics and vision technology. 2026-07-23 09:58:35 -
Hanwha Vision's AI CCTV Receives Security Certification from National Intelligence Service Hanwha Vision has obtained the highest level of video security certification issued by the National Intelligence Service (NIS).On July 23, Hanwha Vision announced that four models from its artificial intelligence (AI) CCTV lineup received the 'Security Function Certificate' from the NIS last month.The certified products are four models from Hanwha Vision's flagship 'P Series AI 4K' camera lineup: Box, Dome, Bullet, and Vandal.The 'Security Function Certificate' issued by the NIS is considered a 'mandatory qualification' for supplying products to public institutions. It meets the highest safety standards in the country and is regarded as an important security benchmark in sectors such as finance.According to Hanwha Vision, its products successfully passed the three core security requirements (data protection, software security, and access control standards) set by the NIS with high standards.The company added, "We have applied national encryption technology during video generation, transmission, and storage to completely eliminate the possibility of eavesdropping. We have also implemented anti-tampering mechanisms to prevent video alteration and have blocked potential theft of storage devices, enhancing our ability to respond to increasingly sophisticated cyberattacks."Hanwha Vision plans to leverage this certification to accelerate its efforts in the public market in the second half of the year. The company aims to introduce a total of 14 additional models to expand its market share in the public sector.A representative from Hanwha Vision stated, "As a leading company in the global video security market, we continue to invest in developing advanced products such as AI CCTV and enhancing our security technology capabilities. With the increasing risks of cyberattacks, the importance of security is growing, and we will contribute to creating a safe society through continuous development of advanced technologies."Additionally, Hanwha Vision announced on July 14 that it secured first place in the DCASE 2026 Challenge, an international acoustic AI competition, based on its 'Continual Learning' technology developed in collaboration with a research team from Gwangju Institute of Science and Technology (GIST).* This article has been translated by AI. 2026-07-23 09:56:00
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Huirim Aitech Shares Surge as Company Expands into AI Defense Robotics Market Huirim Aitech is experiencing a surge in its stock price following news of its acquisition of AI defense robotics company AIDIOS, marking a significant entry into the unmanned defense and security robotics market.As of the morning of July 23, Huirim Aitech's shares rose by 775 won (29.92%) to 3,365 won, according to the Korea Exchange.AIDIOS, established in 2021, specializes in developing and manufacturing robots for defense and security applications. The announcement of Huirim Aitech accelerating the acquisition process has reportedly boosted investor sentiment regarding its expansion into AI-based defense and security robotics.During a recent extraordinary general meeting, Huirim Aitech completed amendments to its articles of incorporation to include the manufacturing of military robot components, mine detection and removal, and explosive ordnance disposal (EOD) robots as new business objectives. The company plans to fully enter the AI defense robotics market once it completes the acquisition of more than 51% of AIDIOS shares.This acquisition is part of Huirim Aitech's strategy to transition from a simple manufacturer to a provider of integrated solutions for AI-based unmanned defense and counter-terrorism robots, targeting the physical AI and specialized robotics markets.Huirim Aitech stated, "Through the extraordinary general meeting, we have completed institutional arrangements to combine the AI robotics capabilities of both companies. We aim to finalize the remaining acquisition procedures and become a global leader in unmanned intelligent defense and security robot solutions capable of real-world deployment."* This article has been translated by AI. 2026-07-23 09:48:00
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Kakao Group Partners with Circle to Develop Digital Currency Ecosystem Kakao Group is teaming up with global stablecoin company Circle to expand its digital asset business, including a won-based stablecoin. The partnership aims to jointly build a blockchain-based financial infrastructure for payments, remittances, and settlements, establishing a Korean digital asset ecosystem.On July 23, Kakao, Kakao Pay, and Kakao Bank announced that they have signed a strategic memorandum of understanding (MOU) with Circle Internet Group.The two companies plan to combine Kakao's platforms and financial services, such as KakaoTalk, Kakao Pay, and Kakao Bank, with Circle's blockchain and global payment technologies to explore opportunities for a won-based stablecoin and digital asset initiatives.Specifically, they will utilize Circle's payment infrastructure to enhance payment and settlement systems, examine global payment and overseas remittance options, and ensure interoperability between blockchain networks and existing financial systems.Kakao Group aims not only to develop a won-based stablecoin but also to create a foundation for various domestic businesses to implement stablecoin-based services.Shin Won-geun, CEO of Kakao Pay and co-chair of the group’s stablecoin task force, stated, "Based on our accumulated experience in platforms, payments, and financial services, we will proactively prepare a Korean digital asset ecosystem in collaboration with Circle and set new standards for future financial infrastructure."* This article has been translated by AI. 2026-07-23 09:48:00
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Seoul, Washington, Tokyo tighten diplomatic tempo SEOUL, July 23 (AJP) - The foreign ministers of South Korea, the United States and Japan met Wednesday for the second time in just over two weeks, a pace the three governments framed as the point itself, a show of alignment staged in front of Southeast Asia's assembled diplomats in Manila. Foreign Minister Cho Hyun sat down with US Secretary of State Marco Rubio and Japanese Foreign Minister Motegi Toshimitsu on the margins of the ASEAN-related foreign ministers' meetings, the annual cluster of talks that draws the region's major powers to one venue. The three discussed regional and global affairs, economic security and the Korean Peninsula, the Ministry of Foreign Affairs said. The trilateral format has become the main vehicle for coordinating policy among the three allies. South Korea and Japan are each bound to the United States by mutual defense treaties. Still, the two neighbors have no such treaty with each other, and their cooperation has historically swung with the state of bilateral relations. The three-way framework, elevated to leader level at the Camp David summit in 2023, was built to keep that coordination running regardless. Cho said holding the meeting only two weeks after the first trilateral of the year, on the sidelines of the NATO summit on July 7, showed the weight all three countries place on the format. Convening again at the ASEAN meetings, where the region's main players gather, allowed the three to send a united message about strengthening cooperation, he said. Rubio and Motegi welcomed the short interval and agreed to keep tightening coordination, the ministry said. On North Korea, the three reaffirmed long-standing positions. They will hold to the principle of denuclearizing the peninsula while maintaining firm deterrence, keep their North Korea policies closely coordinated, and continue communication and cooperation aimed at preserving peace and stability through dialogue and diplomacy. The language on the wider region was more pointed, if never explicit. The ministers exchanged views on attempts to change the status quo unilaterally, and reaffirmed their commitment to maritime security and to international law as reflected in the United Nations Convention on the Law of the Sea, including freedom of navigation and overflight in the Indo-Pacific, Southeast Asia included. None of that names a country. In diplomatic usage, however, those phrases are the standard vocabulary for China's assertiveness in the South and East China seas, and delivering them in Manila, in the region where those disputes play out, gives them their edge. Economic security took up a substantial share of the agenda. The term covers the newer terrain where trade and national security overlap, from who controls supplies of critical minerals to who can be cut off from advanced technology. The three ministers agreed that cooperation among trusted partners has never been more essential amid continued volatility in the global economy, and committed to deepening work on nuclear power, critical minerals and critical and emerging technologies. They also agreed to expand cooperation on protecting advanced technology, diversifying supply chains and building their resilience, and responding to economic coercion, another phrase without a named target that governments in all three capitals have used to describe Chinese trade pressure on countries that cross Beijing politically. One entry on the list was newer for this format: Arctic security, an area of growing attention as melting ice opens shipping routes and resource competition in the far north. Beyond security, the three noted that their cooperation has been widening into transnational crime response, disaster relief and humanitarian assistance, and agreed to push for concrete, visible results. The ministers agreed to activate consultations across sectors and levels on the momentum of Wednesday's meeting and to work toward outcomes that deliver benefits their citizens can feel, the ministry said. They reaffirmed their intention to meet as often as possible, including at multilateral gatherings. 2026-07-23 09:46:51 -
GM Korea reaches tentative wage deal with labor union SEOUL, July 23 (AJP) - GM Korea has reached a tentative wage deal with its labor union after weeks of negotiations, the automaker said on Thursday. The tentative deal includes a 92,000 South Korean won (about US$60) increase in monthly base pay and a total of 15 million won in lump-sum payments including bonuses and performance-based incentives. The deal reportedly also includes plans to assign new vehicle models to its plants in South Korea by the third quarter of next year. GM Korea's vice president Asif Khatri, who oversees production for the company's overseas business unit, said the tentative agreement reflects "meaningful progress" by the company and the union to ensure stable operations and sustainable growth. The two sides held around 17 rounds of negotiations since late May before reaching the tentative agreement, which will be put to a vote among union members next Monday and Tuesday. The agreement came after tensions escalated in recent weeks, as unionized workers staged a partial strike last week amid stalled negotiations. 2026-07-23 09:45:51 -
KakaoBank Expands Education Program to Prevent Youth Gambling and Financial Harm KakaoBank is launching a public-private partnership to prevent illegal gambling and financial harm among youth.On July 22, KakaoBank announced that it signed a memorandum of understanding (MOU) with the Ministry of Education, the Financial Supervisory Service, and the Green Tree Foundation to promote the "Zero Round" project aimed at preventing illegal gambling and financial harm among young people.The "Zero Round" initiative is designed to educate youth about the dangers of illegal gambling and to prevent gambling addiction and financial losses. KakaoBank and the Green Tree Foundation have been collaborating on this project since last year, and this agreement will strengthen ties with educational institutions.KakaoBank previously supported the initiative with a donation of 550 million won to the Green Tree Foundation. The Ministry of Education will be responsible for recruiting and selecting participating schools, while the Financial Supervisory Service will provide advice on financial harm prevention education. The Green Tree Foundation will plan and operate educational programs, including experiential theater.The main components of the program include experiential theater, distribution of prevention materials, self-diagnosis tests for gambling, and prevention guidelines. Notably, the experiential theater will focus on the structural risks of gambling, emphasizing that the odds of winning are "0%" and the potential financial harm that can result, encouraging student participation and discussion.Yoon Ho-young, CEO of KakaoBank, stated, "The issue of youth gambling is not just an individual problem; it can lead to financial harm and crime, making it crucial for the public and private sectors to work together in prevention. We will continue to expand education and social contribution activities to help youth develop a proper financial mindset and protect themselves from the risks of financial crime and gambling."* This article has been translated by AI. 2026-07-23 09:44:00
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U.S. Accelerates Establishment of Investment and Trade Committee with China The United States and China are moving swiftly to establish an investment and trade committee to manage their trade conflicts.U.S. Secretary of State Marco Rubio met with Wang Yi, a member of the Political Bureau of the Communist Party of China and Foreign Minister, in Manila, Philippines, on July 22, as reported by China's state-run Xinhua News Agency on July 23. The two foreign ministers were in Manila to attend the ASEAN Foreign Ministers' Meeting.The Chinese Foreign Ministry stated, "Both sides recognized that the meeting was practical, positive, and constructive," adding that they agreed to implement important agreements reached by their leaders, enhance the role of political and diplomatic channels, and prepare for the next stage of high-level exchanges.According to Bloomberg, Secretary Rubio told reporters after his meeting with Wang that he believes President Xi Jinping views a visit to Washington, D.C., very positively, and they discussed Xi's planned visit to the U.S. in September.Rubio emphasized that the U.S. and China are moving toward establishing the investment and trade committee before Xi's visit, stating, "The investment and trade committee can yield substantial results."The investment and trade committee was agreed upon by the leaders of both countries during their summit in May. The committee will serve as a permanent consultative body to manage and resolve economic conflicts between the two nations. The trade committee will oversee practical discussions on tariffs, exports and imports, and customs, while the investment committee will address U.S. investments in China and Chinese investments in the U.S. If both committees become operational, they are expected to lead to tariff reductions, easing of trade regulations, increased corporate investments, and a rise in trade volume.Additionally, Rubio noted that he did not discuss the allegations of Chinese interference in the 2020 U.S. presidential election raised by former President Donald Trump during his conversation with Wang. Trump has claimed that China interfered in the election, but Rubio suggested that there is little likelihood of retaliatory measures against China regarding these allegations.* This article has been translated by AI. 2026-07-23 09:44:00