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Articles by Park Na-eun
Korea struggles to sell shares received for inheritance, gift taxes
Representative Moon Jin-seog of the Democratic Party. South Korea’s government has seen the value of shares in lieu of inheritance and gift taxes fall by 1.3 trillion won ($970.4 million), as repeated failed auctions hamper efforts to sell them.
Unpaid wages at midsize firms jump 78%
DP Lawmaker Lee Geon-tae (MK DB) Average unpaid wages per affected worker at South Korean workplaces with 100 to 299 employees surged 78 percent over two years to 14.88 million won ($11,000), challenging the perception that wage arrears are concentrated mainly at small businesses.
Maeil Business Newspaper Korea's No. 1 Economic Media
In addition, the Democratic Party of Korea called on the financial authorities to come up with additional measures if necessary along with strong monitoring regarding the "single-stock leveraged exchange-traded fund (ETF)." On the 20th, Democratic Party members of the National Assembly's political affairs committee received private reports from the Financial Services Commission and the Financial Supervisory Service.
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President Lee Jae Myung speaks at his second work report with the people on the 16th. Reporter Kim Ho-young On the 16th, President Lee Jae Myung evaluated Hyundai Motor Group's Saemangeum investment plan, which is worth about 9 trillion won, as "a huge scale" and refuted the "Jeonbuk alienation theory" that was raised compared to the Gwangju semiconductor cluster.
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Reps. Yoon Sang-hyun, Song Seok-joon, and Cho Bae-sook (from left in the back row) of the 野, who are protesting against the judiciary committee, are protesting against the formation of members of the National Assembly to Chairman Seo Young-kyo (far left) at the plenary session of the Legislation and Judiciary Committee of the National Assembly on the 8th.
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All members of the People's Power Party were absent from the plenary session of the National Defense Committee held at the National Assembly on Wednesday. News 1 In addition, the 22nd National Assembly's second half of the National Assembly began operating with the chairmen of 11 standing committees appointed exclusively by the Democratic Party of Korea.
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The government has officially established a "Future Response Fund" to use additional tax revenues generated by the semiconductor boom to finance investments for future generations. The ruling party and the government agreed to make all-out efforts to promote the "three major megaprojects of Korea" that intensively fosters semiconductor and artificial intelligence (AI) data centers and physical AI as strategic projects.
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Floor leaders of the ruling and opposition parties are heading to the steering committee room after a meeting with National Assembly Speaker Cho Jung-sik at the National Assembly on the 30th, amid intensifying conflict between the ruling and opposition parties over the formation of parliamentary members in the second half of the year.
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Rep. Song Ki-heon, head of the reform TF of the National Election Commission to protect the national suffrage of the Democratic Party of Korea, speaks about the reform plan of the election management committee at the sixth meeting of the TF held at the National Assembly on the 26th.
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Prime Minister-nominee Seong Sook Han said on the 25th, "We will do our best to lead the transformation of the economic structure, help future generations grow, and create a warm fence for the socially underprivileged through the drastic artificial intelligence (AI) transformation." At the first confirmation hearing held at the National Assembly on the same day, candidate Han emphasized, "I will become a prime minister who focuses only on work and produces results for the happiness of the...
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Chung Chung-rae, chairman of the Democratic Party of Korea (center), speaks at a Supreme Council meeting held at the National Assembly in Yeouido, Seoul on the 19th.
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Yoon Sang-hyun, chairman of the NEC's special committee on parliamentary investigation, explains the plan for parliamentary investigation in front of National Assembly Speaker Cho Jung-sik at a plenary session on the 18th. News 1 The National Assembly's Special Committee on National Investigation will be launched in earnest to find out the responsibility for the shortage of ballots for the June 3 local elections.
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* It has been translated using AI Input : 2026-06-16 17:46:31 Share 카카오톡에 공유하기 페이스북에 공유하기 트위터에 공유하기 링크 복사하기 In addition, the Democratic Party of Korea and the People's Power have agreed to conduct a 45-day parliamentary investigation into the Election Commission, which caused a shortage of local election ballots.
Maeil Business Newspaper Korea's No. 1 Economic Media
In addition, the Democratic Party of Korea's approval rating has been reversed by the power of the people for the first time since the Lee Jae Myung government was launched in June last year, according to a poll. Lee Jae Myung's presidential approval rating has also been on the decline for four consecutive weeks, with local election responsibility, the aftermath of election mismanagement, and factional conflicts within the Democratic Party of Korea being blamed.
Korea launches first joint forex bank inspection in 14 years
South Korea’s monetary and financial authorities have launched a joint inspection of major foreign exchange banks as the Korean won remains under pressure against the U.S. dollar, marking the first such action in 14 years. According to the Bank of Korea on Wednesday, the central bank and the Financial Supervisory Service will conduct a high-intensity review of foreign exchange transactions at major forex banks.
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According to the June 3 local election exit poll, the Democratic Party of Korea was ahead of all elections for the heads of metropolitan and provincial governments in the "Jungwon" region (Daejeon, Sejong, Chungcheongbuk-do, and Chungcheongnam-do), which serves as a wind direction for public sentiment.
Maeil Business Newspaper Korea's No. 1 Economic Media
According to the June 3 local election exit poll, the Democratic Party of Korea was ahead of all votes for the heads of metropolitan and provincial governments in the "Jungwon" region (Daejeon, Sejong, Chungcheongbuk-do, Chungcheongnam-do), which serves as a wind direction for public sentiment.
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At the Chosun Palace Hotel in Seoul on the 26th, Shinsegae Group Vice President Jeon Sang-jin (second left) and other executives explain the results of their own investigation of the "Tank Day" event. Reporter Han Joo-hyung Shinsegae Group Chairman Chung Yong-jin apologized in public for the controversy over the marketing of Starbucks' "Tank Day" and started to deal with the situation, but aftershocks continue in politics and communities.
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On Buddha's Birthday, the first Sunday of the June 3 local elections, candidates for the governor of Gyeonggi Province visited Buddhist temples in unison. On the 24th, Choo Mi-ae of the Democratic Party of Korea participated in a bongchuk ceremony held at Bongseonsa Temple in Namyangju on the morning of the same day and held a chat with the chief monk, Seong Sung, at Cheonggye Temple in Uiwang City.
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Five-member debate on Pyeongtaek for re-election Pyeongtaek Port solar project 黃 "Demand for Samjeon incentives is illegal" Fatherland criticizes the two parties' central constituencies Democratic Party candidate Kim Yong-nam (from left), People's Power candidate Yoo Eui-dong, People's Power candidate, Cho Kuk, Progressive Party candidate Kim Jae-yeon, and Hwang Kyo-ahn, Liberty and Innovation candidate, who ran for re-election in Pyeongtaek, Gyeonggi Province, June 3.
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Choo Mi-ae of the Democratic Party of Korea and Yang Hyang-ja of the People's Power began a full-fledged campaign on the 21st over the governor of Gyeonggi Province in the June 3 local elections. Candidate Choo held a ceremony in Seongnam, President Lee Jae Myung's political hometown, where Democratic Party Chairman Chung Chung-rae and lawmakers with their constituencies in Gyeonggi-do Province participated in a show of power.
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Fourteen days before the June 3 local elections, candidates for the mayor of Seoul met again over real estate policies.
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Chung Chung-rae, chairman of the Democratic Party of Korea, is announcing a joint pledge of the Kangho Axis Railway Network on the 19th. From left, Chungcheongbuk-do governor candidate Shin Yong-han, Gangwon Province governor candidate Woo Sang-ho, representative Jeong, and Jeonnam Gwangju Integrated Special Mayor Min Hyung-bae. News 1 With the June 3 local elections just 15 days away, the ruling and opposition parties are continuing their steps to secure local public sentiment.
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Jung Won-oh, the candidate for Seoul mayor of the Democratic Party of Korea, talks with young people at a visit to Cheonggye Stream in Jongno-gu, Seoul on the 18th. Yonhap News Agency The ruling and opposition parties again clashed over Seoul Metropolitan Government, one of the biggest battlegrounds for the June 3 local elections.
Gov’t leaves ceiling on fuel prices unchanged
The South Korean government has decided to keep the maximum prices of gasoline and diesel supplied by oil refiners to gas stations unchanged from two weeks ago, a move aimed at curbing inflation. The Ministry of Trade, Industry and Resource said on Thursday that the third round of maximum prices will remain at the same levels as the second round of prices two weeks ago.
Coupang backlash grows as critics call compensation plan promotional
Public anger toward Coupang continues to mount despite the South Korean e-commerce giant unveiling a customer compensation package worth more than 1 trillion won ($700 million) in total, following a personal data breach and ahead of a National Assembly hearing. On Monday, interim Chief Executive Harold Rogers announced a customer compensation plan totaling 1.68 trillion won, pledging that Coupang would use the incident as an opportunity to recommit to customer-centric values and restore trust.
Vena Group to invest $14 bn in Korea‘s renewable energy, AI projects
Vena Group, a renewable energy development company owned jointly by BlackRock Inc., the world’s largest asset manager, and its subsidiary Global Infrastructure Partners LLC (GIP), is set to make an investment of around 20 trillion won ($13.92 billion) in South Korea.
Hacked Lotte Card loses 26,000 members in just 4 days
South Korea’s Lotte Card Co., where a hacking incident exposed the personal information of 2.97 million customers, saw 26,000 members cancel their memberships within four days of its press briefing on the data breach last week. The office of Representative Lee Jung-mun of the ruling Democratic Party said on Tuesday that a total of 26,122 Lotte Card members canceled their memberships between Thursday and Sunday.
Lotte Card record hacking breach hits 2.97 mn customers
Lotte Card Co. said Thursday that a record data breach compromised the personal information of 2.97 million customers, or about a third of its total 9.6 million cardholders. The company said 280,000 of them were the most severely affected with the exposure of unencrypted data including card numbers, passwords, expiration dates, CVC codes, resident registration numbers, dates of birth, and phone numbers.
Lotte Card hacking damage snowballs
The scale of damage from the hacking incident at Lotte Card Co., which has 9.6 million members, has turned out to be far greater than initially expected. The Financial Supervisory Service is scheduled to announce the results of its investigation into the hacking incident on Thursday. Lotte Card CEO Cho Jwa-jin plans to issue a public apology along with measures for compensation.
Internet banks perform well on non-interest income
South Korea’s internet-only banks are performing well by bolstering their non-interest income as the government continues to tighten its household lending regulations. According to regulatory filings on Monday, the combined net profit of the country’s three internet-only banks - KakaoBank, Kbank, and Toss Bank - rose 14 percent to 388.3 billion won ($280.01 million) in the first half of 2025 compared to the same period a year ago.
KakaoBank reduces $860 mn in customer costs since inception
KakaoBank Corp. announced on Thursday that it has reduced customer costs by about 1.2 trillion won ($860 million) since its launch. According to the Korea Federation of Banks, KakaoBank recorded the highest number of applications and approvals for interest rate reduction requests, as well as the largest amount of interest discounts, in the household loan sector during the first half of this year.
Lotte Card hit by hacking attack
South Korea’s Lotte Card Co., which has 9.6 million members, has fallen victim to a hacking attack, announcing on Monday that it reported an attempted hacking incident at the company to the Financial Supervisory Service. “We conducted a thorough investigation via an external firm, but no key information such as customer data has been leaked, nor has there been infection by severe malicious code such as ransomware,” the company added.
Struggling card companies turn to installment financing
South Korean credit card companies are expanding their installment finance assets as their profitability deteriorates due to cuts in merchant fee rates.
JB Financial acquires KB Bukopin Finance
JB Financial Group is stepping into the Indonesian financial market via its acquisition of KB Kookmin Bank’s local subsidiary. JB Financial Chairman Kim Ki-hong announced on Thursday that the group acquired an 85 percent stake in PT KB Bukopin Finance for approximately 29 billion won ($21.1 million). JB Woori Capital Co. signed the stock purchase agreement earlier in July 2025, with regulatory approval from Indonesian financial authorities expected to take about a year.
Variable life and pet insurance see surge in demand
South Korea’s insurance industry is undergoing a significant shift as booming stock markets and falling interest rates drive a surge in demand for variable life insurance, while pet insurance emerges as a fast-growing niche in the property and casualty sector.
Mobile payment companies actively market consumption vouchers
South Korean mobile payment platforms and credit card companies are showing mixed responses as the country began receiving applications for the People‘s Livelihood Recovery Consumption Coupons on Monday. According to sources from the financial sector, mobile payment companies are actively marketing the program.
Korean card industry mulls measures amid stablecoin surge
South Korea’s credit card industry is preparing to form a task force as it seeks to coordinate its response to the rise of stablecoins. According to financial industry sources on Wednesday, card companies are discussing establishing a joint task force led by the Credit Finance Association (CREFIA).
Internet-only banks see spike in sole proprietor loan delinquencies
South Korea’s internet-only banks are seeing rising delinquency rates on loans to sole proprietors as they increasingly focus on this segment. The Financial Supervisory Service said on Wednesday that the combined balance of loans to sole proprietors at KakaoBank, K Bank, and Toss Bank rose 29 percent to 5.02 trillion won ($3.65 billion) in the first quarter of 2025 from 3.9 trillion won a year earlier.
Naver, Upbit join forces to launch won-based stablecoin project
Naver Pay, South Korea’s top mobile payment platform, is teaming up with Upbit, the country’s largest cryptocurrency exchange, to enter the won-based stablecoin business. Dunamu Inc., the operator of Upbit, announced on Tuesday that it will support Naver Pay’s stablecoin initiative. The two companies plan to develop detailed plans in alignment with forthcoming laws and regulations, including decisions on the issuer of the stablecoin and the structure of their partnership.
Naver Pay aims to play role in won-based stablecoin
Park Sang-jin, CEO of Naver Pay Naver Financial Corp.’s mobile payment service Naver Pay announced plans to take a leading role in the Korean won-based stablecoin market. “We remain cautious in making definitive statements as stablecoins are not fully institutionalized yet, but we are prepared to take a leading role under regulatory oversight,” Naver Pay Chief Executive Officer Park Sang-jin said at a press event in Seoul on Thursday.
KakaoBank wins virtual banking license in Thailand
Kakao Group’s online bank arm KakaoBank Corp. was granted a virtual banking license by Thailand’s financial regulators to re-enter the market for the first time in around 25 years, the company said. Thailand’s Ministry of Finance selected a consortium formed by KakaoBank and Thailand’s SCBx, a major financial holding group, as a “virtual bank” operator on June 19th, 2025.
Shinhan Card implements additional voluntary retirement, restructuring
Shinhan Card Co. will push for a second round of voluntary retirement and sweeping organizational restructuring beginning Thursday, just six months after its last workforce reduction, as it struggles to regain footing amid declining profitability and a loss of market leadership. The credit card firm said that the new voluntary retirement program will be offered to employees born between 1968 and 1979. The move follows a similar initiative in December 2024 that saw 62 employees exit the company.
Toss Place envisions enhancing convenience with face-based payments
Toss Place Co., a subsidiary of South Korean mobile financial service platform Toss, is gaining attention with its payment device that offers a face recognition feature mainly for small business owners. Toss Front, a payment terminal developed by Toss Place, offers the Face Pay system that allows automatic payments simply by scanning the face. Installations of Toss Front have surged in recent months – from 4,000 to 5,000 units per month in early 2025 to about 12,000 per month now.
Korean banks shift to bancassurance, commissions up 61%
South Korea’s major commercial banks are shifting their focus from equity-linked securities (ELS) to bancassurance products, resulting in a sharp increase in related commission income. The five major banks - KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup - said on Tuesday that their commission income from bancassurance sales totaled 293.2 billion won ($212.6 million) as of the end of May 2025.
Korea’s household loans surge in May ahead of DSR tightening
South Korea’s household lending rose in May, driven by demand ahead of the July rollout of the third phase of the debt service ratio (DSR) regulation. According to financial industry sources and authorities on Sunday, the total balance of household loans across all financial institutions increased by approximately 6 trillion won ($4.34 billion) as of May 29, compared to the end of April.
Viva Republica targets Australia amid Toss’s global push
Viva Republica Inc., which operates mobile financial service Toss, is set to enter the Australian market as part of its push for global expansion. According to financial industry sources on Thursday, Toss chose Australia as its first overseas market and plans to begin preparations for establishing a local entity as early as June 2025. The company aims to launch an app in Australia that is like the one currently available in South Korea.
Commercial lenders step up support for struggling SMEs
South Korea’s four major banks are rolling out emergency support measures for small and medium-sized enterprises (SMEs) as the prolonged economic downturn puts even promising companies at risk of financial distress. The move comes as the number of companies flagged as being at high risk of becoming distressed surged to 2,339 as of the end of 2024, or a 24 percent year-on-year increase, according to data from the banking sector.
Small business owners in Korea suffer sales declines in Q1
Small business owners in South Korea saw a sharp decline in sales in the first quarter of 2025 amid a prolonged economic slowdown. According to a report released by Korea Credit Data’s (KCD) on Thursday, average sales per small business fell to about 41.79 million won ($30,217) in the first quarter, down 12.9 percent from the previous quarter. Against a year ago, sales fell 0.7 percent.
Korean banks roll out trusts targeting assets held by dementia patients
South Korean commercial banks are introducing new financial products targeting the growing pool of assets held by elderly dementia patients. According to financial industry sources on Thursday, Shinhan Bank has launched a comprehensive total asset trust product.
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