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  • Musinsa Launches Summer Vacation Goods Promotion
    Musinsa Launches Summer Vacation Goods Promotion Musinsa announced on July 6 that it will hold a promotion targeting customers looking for essential vacation items.Running until July 13, the event will feature vacation-related products such as summer shoes, bags, sunglasses, swimwear, and travel suitcases for customers preparing for summer vacations.According to an analysis of search data conducted by Musinsa last month, interest in essential vacation items has surged significantly. Searches for swimwear increased more than threefold compared to the previous month, with searches for swimsuits up 182%, flip-flops by 177%, mesh bags by 132%, parasols by 123%, and jelly shoes by 105%. Searches for sunglasses, a summer essential, also rose by 44%.In response to the increased demand, Musinsa is promoting popular vacation items, including jelly shoes and clogs, as well as weaving bags, net bags, sunglasses, and swimwear. Customers making purchases during the event can enjoy discounts of up to 80% and an additional coupon pack offering 25% off.The promotion will also feature a 'Weekly Special' showcasing selected popular items at discounted prices. Additionally, a brand week will highlight representative brands from various categories, and a relay of limited-time offers will be available for specified hours with limited quantities.A Musinsa representative stated, "We hope our customers preparing for travel can acquire popular brand products at reasonable prices and create stylish vacation looks through this event."Meanwhile, Musinsa's 'Summer Black Friday' online store sales exceeded 265.8 billion won last month. The combined sales from online and offline channels reached 283 billion won, setting a new record for the Summer Black Friday event.* This article has been translated by AI. 2026-07-06 15:08:00
  • Credit Ratings Evolve: Access to Loans Expands for Thin File Borrowers
    Credit Ratings Evolve: Access to Loans Expands for Thin File Borrowers In the near future, housewives and recent graduates with limited financial histories are expected to have greater access to loans. This shift is driven by financial authorities' commitment to inclusive finance, prompting the banking sector to engage in alternative credit evaluations using non-financial data.According to the financial sector, the Financial Services Commission plans to focus on the overhaul of the credit evaluation system during an inclusive finance meeting scheduled for this week.This initiative follows President Lee Jae-myung's strong criticism of the traditional credit rating system, describing it as "cruel" and "predatory finance." The authorities aim to assess borrowers' repayment abilities by utilizing non-financial data such as telecom bills, utility payments, rent, and tax payment histories, moving away from the income-centric approach.As the use of data expands, changes in the credit assessment systems of banks are anticipated. Previously, privacy concerns limited the personal information banks could access, resulting in assessments primarily based on income. For instance, a housewife owning a 3 billion won apartment in Apgujeong would struggle to secure a loan without a declared income.However, banks plan to incorporate payment histories for telecom bills, successful and blocked small payments, spending patterns, and platform activity information into their credit evaluation systems to better serve low to mid-credit borrowers.KB Financial Group will introduce dedicated savings accounts and loan products tailored to gig workers starting this month. The platform earnings of gig workers will be recognized as salary under the "KB Star Banking Salary Club," providing them with the same benefits as regular salary transfer customers.Competition to refine credit assessment models for thin file borrowers is also intensifying. Shinhan Bank plans to narrow the interest rate gap between high-credit borrowers and average loan rates to within 2 percentage points. NH Bank intends to implement an alternative information-based machine learning model in October, expanding its application from individuals to sole proprietors.Internet-only banks are also enhancing their alternative credit evaluations, which they touted as a strength from their inception. Kakao Bank has incorporated usage histories from Kakao Mobility, Kakao Gift, Kyobo Bookstore, YES24, and Lotte Members into its credit evaluations, approving over 800 billion won in additional loans for low to mid-credit borrowers.A financial sector official stated, "While it may be challenging to offer large loans to thin file borrowers, we can expand access more than before. Absorbing thin file borrowers has become an unavoidable task linked to the performance of inclusive finance."* This article has been translated by AI. 2026-07-06 15:04:00
  • Financial Commission Launches Korean Inclusive Finance Model
    Financial Commission Launches Korean Inclusive Finance Model The Financial Commission announced on July 6 that it has officially commenced the design of a Korean model for inclusive finance with the first meeting of the supervisory committee for the Inclusive Finance Strategy Promotion Group.Professor Kang Kyung-hoon of Dongguk University, who leads the private sector committee, pointed out that the current funding structure, which focuses on high-quality collateral and high-credit borrowers, fails to ensure financial access for innovative companies and vulnerable groups. He emphasized that "inclusive finance is not just about protecting socially disadvantaged individuals; it is a key growth strategy for maintaining the national innovation ecosystem."Lee Kyu-bok, a senior researcher at the Financial Research Institute, noted that global banks define inclusive finance as a state where individuals and businesses can access and use financial products and services that meet their needs at reasonable costs. He stated that while South Korea's quantitative financial accessibility is among the best in the world, there is a need for qualitative improvement.The supervisory committee consists of 12 private sector members, the director of the Financial Policy Bureau (secretary), and representatives from the Financial Supervisory Service. Experts from academia, research institutions, and consumer organizations will provide suggestions based on their areas of expertise.Key discussion topics include: 1) Establishing the direction of inclusive finance (domestic and international trends, legislation, response to digital financial environments); 2) Internalizing governance (introduction of chief officers for inclusive finance, governance, internal controls); 3) Issues of financial company liability; and 4) Operating a subcommittee for asset formation (financial education for vulnerable groups, youth asset formation, lifecycle asset management).In particular, the asset formation subcommittee plans to actively gather opinions from young people to ensure that the benefits of financial development do not disproportionately concentrate on certain groups, thereby widening the gap.Participants agreed that South Korea should not only keep pace with international discussions but also take the lead in presenting a new discourse on inclusive finance.The supervisory committee plans to meet once or twice a month to develop strategies and will sequentially present findings at inclusive finance transformation meetings.* This article has been translated by AI. 2026-07-06 15:04:00
  • Credit Ratings Lose Relevance as Half of Population Scores Above 900
    Credit Ratings Lose Relevance as Half of Population Scores Above 900 As half of the population now holds credit scores above 900, the ability of credit bureaus to differentiate risk is rapidly diminishing. With an increasing number of high scorers, the traditional notion that higher credit scores lead to better loan conditions is being challenged.According to the financial sector, as of the end of last year, 22.83 million people, or 45.1% of the population, had credit scores above 900 according to Korea Credit Bureau (KCB). NICE Credit Rating reported that 23.8 million people, or 47.9%, fell into this category.This trend of rising credit scores is also reflected in the criteria for policy-based financial support. Recently launched mid-interest living stability loans target individuals in the bottom 50% of credit scores, with cutoff points as of the end of last month at 889 for NICE and 875 for KCB. Those scoring in the high 800s are classified as 'low to medium credit' borrowers.Moreover, even high scorers above 900 are facing restrictions on bank loans, leading to a 'balloon effect' where they are pushed towards secondary financial institutions. The threshold for bank loans has risen, creating a structure where even previously high scorers are being sidelined. As of the end of May, the average credit score of household loan users at the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) reached 943.With the increasing proportion of high scorers, financial institutions are finding it increasingly difficult to assess borrower risk based solely on credit bureau scores. Consequently, credit scores are now being used as a minimum criterion for loan eligibility, while actual loan limits, interest rates, and approvals are increasingly determined by proprietary credit assessment models (CSS). There is a growing need to evaluate repayment ability and transaction history more meticulously, even among those within the same 900-point range.The benefits of lower interest rates based on credit scores are also less pronounced than before. An analysis of data from the Korea Federation of Savings Banks revealed that among 30 savings banks that disclosed interest rates for household credit loans exceeding 300 million won, 20% (6 banks) reported that the average interest rate for borrowers with scores above 900 was actually higher than that for those in the 800s.While credit scores have been rising, individuals with limited financial histories, such as recent graduates, freelancers, and small business owners—referred to as 'thin filers'—remain underserved by the existing evaluation system.Currently, credit evaluations by credit bureaus are based on past financial transactions and repayment records. As a result, those without stable income or financial history, even if they have growth potential, are likely to receive low credit scores. According to the Financial Services Commission, the average credit score for thin filers is around 710 as of the end of 2024.A financial sector official stated, "In the past, a credit score above 850 was considered sufficiently high for evaluation by banks, but now a score of 900 has become common. As the standard for credit scores rises, financial institutions are refining their own CSS to better assess risk." 2026-07-06 15:04:00
  • England Advances to Quarterfinals by Defeating Mexico 3-2
    England Advances to Quarterfinals by Defeating Mexico 3-2 England, known as the 'home of football,' overcame a numerical disadvantage to defeat co-host Mexico and continue its quest for a World Cup title for the first time in 60 years.Under the guidance of coach Thomas Tuchel, England triumphed 3-2 over Mexico in the Round of 16 of the 2026 FIFA North and Central America World Cup, held at the Estadio Azteca in Mexico City. Jude Bellingham scored two goals, and Harry Kane netted the decisive penalty kick.Despite losing defender Jarell Quansah to a red card in the 54th minute, England maintained its lead and secured a spot in the quarterfinals for the third consecutive World Cup.England, which has not won the World Cup since it hosted the tournament in 1966, is now one step closer to reclaiming the title. In the quarterfinals, they will face Norway, which reached this stage for the first time after defeating Brazil.On the other hand, Mexico's journey in the tournament ended in the Round of 16. This match marked the last game at the Estadio Azteca for the tournament, where Mexico had previously enjoyed an impressive record of eight wins and two draws in ten World Cup matches, but their unbeaten streak came to an end against England.England took the lead in the 36th minute when Bellingham headed in a cross from Bukayo Saka. Just two minutes later, he scored again with an assist from Kane, quickly making it 2-0. Mexico managed to pull one back in the 42nd minute with a volley from Julián Quiñones, ending the first half at 2-1.In the 60th minute, Kane converted a penalty to extend England's lead to 3-1. Mexico's Jiménez scored from the penalty spot as well, but they could not find the net again. 2026-07-06 15:00:00
  • OpenAI Partners in CMK Academy for Social Welfare Innovation Training
    OpenAI Partners in CMK Academy for Social Welfare Innovation Training OpenAI announced on July 6 that it will participate as a collaborative partner in the CMK Social Welfare Innovation Leader Academy, a program jointly promoted by the Hyundai Motor Chung Mong-koo Foundation, the Seoul National University Social Welfare Research Institute, and the Ministry of Health and Welfare. The initiative aims to equip the next generation of social welfare leaders with the skills to identify and solve field issues using AI-based problem-solving training. The CMK Social Welfare Innovation Leader Academy, hosted by the Hyundai Motor Chung Mong-koo Foundation and organized by the Social Innovation Impact Lab at Seoul National University, is designed to select young social welfare researchers and practitioners as future leaders. The program aims to enhance their innovative capabilities to address emerging social issues in the AI era. A total of 30 participants have been selected for this academy, including undergraduate students majoring in social welfare who are in their third year or higher, graduate students, and key social welfare professionals with over three years of experience who are under 34 years old. After completing two sessions of overnight training at Seoul National University, participants will return to the field to conduct team-based action learning projects over approximately three months. The curriculum includes designing policies to address new social risks such as the increase in single-person households, exploring solutions to social issues through spatial prescriptions, mental health and integrated care, advocacy for legal rights in daily life, and innovating social welfare work using AI. Participants will experience the entire process of defining real social problems and designing and implementing solutions based on this training. OpenAI plans to conduct a hands-on hackathon on July 25, where participants will use ChatGPT and Codex to structure complex social issues and analyze various data to derive actionable solutions. Go Gi-seok, head of policy at OpenAI Korea, stated, "AI can be a tool to reduce administrative burdens in social welfare and help practitioners focus more on their core responsibilities of caring for people and solving social issues. We hope that this academy will empower participants to utilize AI in practical problem-solving in the field."* This article has been translated by AI. 2026-07-06 15:00:00
  • SK Telecoms Haein Cluster Receives CSAP Certification, Strengthening Sovereign AI Position
    SK Telecom's Haein Cluster Receives CSAP Certification, Strengthening Sovereign AI Position SK Telecom announced that its Haein Cluster, an AI data center infrastructure based on NVIDIA's Blackwell GPU, has received Cloud Service Security Certification (CSAP) from the Korea Internet & Security Agency (KISA) on July 6. SK Telecom is the first company in South Korea to obtain CSAP certification for an AI cloud service provider using Blackwell GPUs. CSAP is a system that verifies the security of cloud services used by public institutions. The Haein Cluster has received certification in the Infrastructure as a Service (IaaS) category. The Haein Cluster consists of over 1,000 Blackwell GPUs configured as a single cluster. This system combines multiple GPUs to handle large-scale computations. With this certification, SK Telecom has enhanced the credibility and technological trustworthiness of its GPU cluster's security. Notably, the Haein Cluster passed security standards while being actively utilized in a government-led independent AI foundation model project, rather than just in a dormant state. The cluster meets security requirements for public cloud services, including network separation and data isolation, establishing a foundation for expanding AI infrastructure projects in the public and financial sectors. With this certification, SK Telecom strengthens its position in the domestic sovereign AI cloud market. Sovereign AI refers to AI systems built and operated independently by a country using its own data and infrastructure. Unlike traditional cloud services that offer general solutions, AI cloud services are specialized for AI tasks such as learning, inference, and data processing. The Haein Cluster serves as the learning infrastructure for the government-led independent AI foundation model project, demonstrating its capabilities as a sovereign AI infrastructure. Kim Myung-guk, head of the AI Factory at SK Telecom, stated, "The Haein Cluster has established itself as the first AI cloud service provider based on Blackwell GPUs to receive CSAP certification, positioning itself as a sovereign AI infrastructure. We will continue to enhance our contributions in the public infrastructure sector."* This article has been translated by AI. 2026-07-06 14:56:00
  • Big Value Publishes National Intelligence on Public AX Implementation
    Big Value Publishes 'National Intelligence' on Public AX Implementation Data technology company Big Value announced on July 6 that co-CEO Koo Rum has published a book titled 'National Intelligence,' which details the experience of developing a risk prediction model for highly pathogenic avian influenza (HPAI). Co-authored with Hong Seung-gil, a former official at the Ministry of Agriculture, Food and Rural Affairs, the book addresses the conditions necessary for South Korea's administration to advance from 'AI adoption' to the 'AX (AI transition)' stage through a public-private collaborative approach. 'National Intelligence' focuses on the case study of the HPAI risk prediction model developed by Big Value and the Ministry of Agriculture, Food and Rural Affairs. It explores the AX methodology, which aims to transform the decision-making structure and operational methods of administration beyond simple automation (RPA) through practical examples. The HPAI risk prediction model, which serves as the foundation of the book, integrates and analyzes over 80 types of heterogeneous data, including vehicle GPS, migratory bird movements, and satellite imagery, to identify high-risk farms and prioritize targets for biosecurity personnel. This system has reduced the epidemiological investigation process from a maximum of seven days to approximately 10 seconds. Currently, weekly risk prediction results are provided to local governments nationwide for the 2025/2026 biosecurity season. The authors outline the conditions necessary for effective administrative AX in the book, including AI-ready data design, explainable AI (XAI), field acceptability, and inter-departmental orchestration. They also analyze the structural reasons why many public AI projects remain at the report or pilot project level. The book is not limited to the public sector. It presents a 'true AX blueprint that transcends businesses and the state,' offering a methodology for organizational leaders struggling to achieve tangible results after implementing AI as a mere automation tool, emphasizing the need to change the basis for decision-making. Recommendations for the book come from four individuals: Han Sang-ki, CEO of Tech Frontier; Lim Moon-young, a member of the 22nd National Assembly; Shin Soo-jung, CEO of Impact Leaders Academy; and Baek Eun-ok, a professor at Hanyang University’s Department of Computer Software. The endorsers describe the book as a thorough analysis of why public AI projects have been left without substantial outcomes, stating it provides a clear roadmap for the future of public AX in South Korea. Koo Rum stated, "This book is the result of documenting the journey of administrative AX transition that Big Value and the Ministry of Agriculture, Food and Rural Affairs have built together over the past few years. It aims to provide empirical insights into what the South Korean public sector needs to change in the AI era, rather than just presenting success stories."* This article has been translated by AI. 2026-07-06 14:52:00
  • Professor Cheon Jin-woo of Yonsei University Receives Koreas Top Science and Technology Award
    Professor Cheon Jin-woo of Yonsei University Receives Korea's Top Science and Technology Award The Ministry of Science and ICT and the Korea Federation of Science and Technology Societies announced on July 6, 2026, that Professor Cheon Jin-woo of Yonsei University has been selected as the recipient of this year's 'Korea's Top Science and Technology Award.' Established in 2003, this award aims to recognize and promote scientists and technologists who have made significant contributions to research in South Korea, enhancing the honor and pride of the scientific community. It is the country's highest honor in science and technology, with a total of 48 recipients as of last year. Professor Cheon was recognized for his pioneering work in nanomedicine, which combines nanochemistry and biotechnology to advance disease diagnosis, cell therapy, and brain circuit correction, surpassing the limitations of traditional medicine. Nanomedicine is expected to play a crucial role in future brain-computer interfaces (BCI) and solving complex challenges in neuroscience. He developed 'magnetogenetics' technology, demonstrating the ability to wirelessly and remotely control the activity of neurons in living animals using magnetic fields. This achievement addresses a long-standing challenge in the BCI field by simultaneously achieving wireless control and molecular-level biological selectivity. It presents a new therapeutic paradigm for safely and precisely controlling specific neural circuits without surgery. His research findings were published in the international journals 'Nature Materials' in 2021 and 'Nature Nanotechnology' in 2024. In 2015, Professor Cheon established the Nanomedicine Research Center at the Institute for Basic Science (IBS) and has since expanded Korea's research infrastructure and international collaborations, positioning the country as a global hub for nanomedicine research. He is a fellow of both the American Chemical Society and the Royal Society of Chemistry and serves as an associate editor for the prestigious journal 'Journal of the American Chemical Society' (JACS). Professor Cheon earned his bachelor's and master's degrees from Yonsei University's Department of Chemistry and obtained his Ph.D. from the University of Illinois at Urbana-Champaign. He has been a professor in the Department of Chemistry at Yonsei University since 2002 and currently serves as an Underwood Distinguished Professor, dedicating himself to mentoring the next generation of scientists. The Ministry of Science and ICT will present Professor Cheon with a presidential citation and a prize of 300 million won at the '2026 World Korean Scientists and Engineers Conference' on July 7. This conference, taking place on July 7 and 8 at the Korea Science and Technology Center in Gangnam, Seoul, will focus on new paradigms for scientific and technological cooperation in the global AI era, including the awarding of the Korea's Top Science and Technology Award and discussions on various science and technology policies.* This article has been translated by AI. 2026-07-06 14:52:00
  • Gwangju Military Airport Selected for Honam Semiconductor Cluster
    Gwangju Military Airport Selected for Honam Semiconductor Cluster The government has selected Gwangju Military Airport as the site for a new semiconductor cluster in the southwestern region of South Korea.As attention turns to the follow-up actions of the government's "Three Mega Projects for a Great Leap Forward," officials aim to resolve site issues quickly before making significant investments.Kang Hoon-sik, chief of staff to the president, announced during a briefing at the Blue House on July 6 that the decision was made to establish the Honam semiconductor industrial complex at Gwangju Military Airport, noting that businesses identified this location as the most suitable among the candidates in the Honam region.The meeting prioritized discussions on the semiconductor sector, which has the largest investment scale among the mega projects. President Yoon Suk Yeol personally chaired the meeting, urging swift action. He plans to hold related meetings monthly to monitor the progress of the semiconductor cluster and other key projects in various regions.Kang stated, "The president has decided to establish a dedicated organization at the Blue House to oversee the progress of the mega projects and to resolve any inter-departmental disagreements with a senior appointee."The main advantage of the Gwangju Military Airport site is its potential for a large area of approximately 2.5 million pyeong, which has already been leveled due to its airport characteristics, significantly reducing the construction time needed for site development.Kang added, "The site has good accessibility to Gwangju city and KTX, making it favorable for attracting research and production personnel. The logistics accessibility, connecting roads, airports, and ports, has also been reviewed as excellent." He assured that the government would promptly finalize the site selection process and initiate subsequent procedures for industrial complex development after discussions with relevant ministries.Kang reiterated the commitment to accelerate the development of the Yongin cluster, a semiconductor hub in the metropolitan area. He mentioned that, in response to corporate requests, the timeline for the originally planned ten fabs (semiconductor production facilities) would be expedited, including land compensation and the supply of electricity and water.During the meeting, companies also raised concerns about essential infrastructure, securing skilled labor, and improving living conditions related to housing, transportation, and education.Given the nature of the semiconductor industry, it is crucial to maintain momentum while recognizing that this project will transform the entire regional industrial ecosystem, necessitating government support. The government plans to actively back the establishment of the industrial complex, permitting processes, infrastructure, and living conditions.Kang concluded, "The world is currently in the midst of an AI transformation. We will ensure that corporate investment plans lead to actual completion with government support throughout the process."* This article has been translated by AI. 2026-07-06 14:52:00