Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
S. Korea’s GDP growth hits 11-year high in 2021
South Korea’s economy grew at an estimated 4 percent on-year in 2021, posting the highest growth rate in 11 years despite omicron woes, central bank data showed Tuesday. The export-reliant economy’s strong recovery in outbound shipments, stable private consumption amid the COVID-19 pandemic, the government’s eased quarantine rules and supplementary budgets drawn up to cushion the blow to the economy worked as key catalysts, Hwang Sang-pil, head of the economic statistics burea
Economy Jan. 25, 2022
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BOK says mock issuance, distribution of digital currency successful
South Korea’s central bank said Monday that it has successfully completed the pilot testing of issuance and distribution of digital currency. The Bank of Korea has wrapped up the first phase of its two-part mock testing of the central bank digital currency in December and has been carrying out the second phase “smoothly.” Once the second phase wraps up in June, the BOK plans to start discussions on its actual launch and commercialization. It aims to expand the scope of the t
Market Jan. 24, 2022
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Woori, Shinhan chiefs pledge to achieve customer centricity
Chiefs of South Korea’s Woori Bank and Shinhan Bank vowed to pursue customer-centric changes as a key goal for this year, the firms said Sunday. Woori Bank CEO Kwon Kwang-seok asked his employees to cooperate with the firm’s transition into a “customer-centric financial platform,” at a business strategy meeting held on both Zoom and via the metaverse. “The timeless solution toward success for businesses has always been the customers,” Kwon said at the
Market Jan. 23, 2022
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[Weekender] Finding peace in winter wonderland
Unlike last winter, South Korea’s high vaccination rate has given people courage to step outside and participate in outdoor activities. Skiing and snowboarding remain popular choices, but this winter, people are seeking out less extreme activities such as hiking and fishing in search of serenity. “Just standing on the top of Mount Halla on Jeju Island was a breath of fresh air for me,” said Lee In-ho, a 36-year-old office worker in Seoul. Lee had been delaying the planned h
Travel Jan. 22, 2022
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KB Kookmin Bank makes inroads into Singapore
South Korea’s KB Kookmin Bank opened a branch in Singapore, which will work as its gateway into the Association of Southeast Asian Nations and global markets, the firm said Thursday. The launch of the branch came eight months after KB Kookmin was granted a license to operate a wholesale bank from the Monetary Authority of Singapore, according to the firm. The new branch’s key focuses are retail, corporate and investment banking and will partially deal with brokerage services. Wi
Market Jan. 20, 2022
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Banks turn to richest clients for 2022
With government restrictions on loans getting tighter and financial technology firms expanding their presence, South Korean banks are turning to their wealthiest clients and their asset management as a survival tactic this year. NongHyup Bank CEO Kwon Joon-hak pledged Monday to adopt a new model that connects customers with wealth managers through its own digital channel. He said he plans to provide professional and quality services to customers using its digital wealth management channel, in
Market Jan. 17, 2022
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BOK raises rate to pre-pandemic level, hints more rate hikes to come
South Korea’s central bank on Friday raised its base rate by 25 basis points to 1.25 percent, returning it to the level before the pandemic started, with its chief hinting at additional hikes. As a result of its first rate-setting meeting of the year, the Bank of Korea’s monetary policy board delivered its third pandemic-era rate hike, following its previous 25 basis point rate hikes in August and November, respectively. The move in August ended more than a year of record-low inter
Economy Jan. 14, 2022
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Young Koreans may be left with no pension
South Koreans born after 1990 will not be able to claim their state pension if an overhaul of the current pension system is not carried out swiftly, a Seoul-based think tank said Thursday. With the nation’s state pension age remaining relatively low compared to other major economies and the lackluster amount of money being funneled into the fund, those set to receive the pension from 2055 will likely fail in claiming their contributions, a report by the Korea Economic Research Institute s
Economy Jan. 13, 2022
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Naver, Kakao share dip shocks young investors
For Lim Ji-soo, a 30-year-old retail investor living in Seoul, Kakao and Naver shares account for 80 percent of her spare money and most of her stock portfolio. “I wish I’d found a more appropriate timing to purchase the stocks – I didn’t know they’d fall like this,” she said Wednesday. Lim is one of the growing number of “young Korean investors” in their 20s and 30s who believe that saving monthly wages is no longer the answer to their personal
Market Jan. 12, 2022
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Lawmaker proposes bill for obligating FSC’s approval for banks‘ partial closure
A ruling party lawmaker recently filed a bill calling for banks to receive the financial authorities’ permission for partially shutting down their business here, the National Assembly’s online bill information system showed Tuesday. Rep. Min Byoung-dug of the Democratic Party of Korea’s move follows Citibank Korea’s decision in October last year to pull out its retail banking business in phases, after failing to reach a deal with potential buyers. Citigroup in April 2021
Market Jan. 11, 2022
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Lee Jae-myung’s pledge to beef up FSS’ power on insurance disputes raises eyebrows
A campaign pledge by ruling party presidential candidate Lee Jae-myung has sent jitters through the finance sector as he vowed to hand the nation’s financial watchdog stronger legal authority to side with consumers when settling disputes with insurers. The ruling party’s presidential election campaign committee on Friday announced that Lee seeks to ban insurers from not conceding to orders from the Financial Supervisory Service to financially compensate their customers without a &ld
Market Jan. 10, 2022
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Experts divided on timeline of BOK's first rate hike of the year
Experts remain divided over whether Korea’s central bank will carry out a rate hike at its first rate-setting meeting of the year set for Friday. The upcoming monetary policy board meeting comes as the Korean economy continues to struggle with high inflationary pressure and the US Federal Reserve’s recent signal of a sooner-than-expected rate hike. A majority of experts see a rate hike coming Friday or next month, and the Bank of Korea is expected to raise its benchmark interest
Economy Jan. 9, 2022
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Top financial regulators vow to bolster measures against lingering COVID risks
Heads of the nation’s financial policymaker and watchdog held their first meeting of the year on Thursday and vowed to cooperate on adopting stronger preemptive measures to counter lingering pandemic risks. Financial Services Commission Chairman Koh Seung-beom and Financial Supervisory Service Gov. Jeong Eun-bo agreed to make risks tied to the nation’s household debt growth, accumulating debt of the self-employed and small business owners and the non-banking sector their top priori
Economy Jan. 6, 2022
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State-run banks eye overseas expansion for net-zero, corporate financing in 2022
South Korea’s state-run banks are gearing up for major overseas business expansions this year, in line with the global economy adopting measures to return to normalcy from the pandemic. Korea Development Bank, the nation’s development financial lender that provides local firms risk capital, is likely to upgrade its current office in Frankfurt, Germany, to a branch by the end of the year. KDB Chairman Lee Dong-gull visited Germany in August last year to prepare for the office’
Market Jan. 5, 2022
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Banks start lending again, but borrowers face stricter rules
Banks have started lending again as of Tuesday after months of temporarily suspending their household and mortgage loans, but strict standards from last year are likely to remain or get even tighter this year. NongHyup Bank, one of the five major commercial banks here, normalized lending of its entire household loan products, including mortgages on Monday. It has also decided to raise its lines of credit from the previous 20 million won ($16,700) to 100 million won. NongHyup had suspended le
Market Jan. 4, 2022
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