Korean Banks Roll Out the Red Carpet for Foreigners

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Markets

Market: Bank of Korea Achieves Sixfold Increase in Net Income Amid U.S. Stock Market Boom. [Link]

National

Korean Car Parts Maker Trades Workers for AI, Dreams Big

A Korean auto parts supplier—think Tesla’s backstage crew—had a dozen workers humming along in its factory. Then, it flipped the script: enter AI. By plugging artificial intelligence into inspections and other grunt work, the company juiced productivity by 50% and said “see ya” to half its staff, trimming the team to six. Sales are up, spirits are high, and now they’re plotting a sequel with a shiny new AI-powered plant. Efficiency, baby!

But hold the confetti—this isn’t just a feel-good tech tale. At a powwow hosted by Korea’s presidential Economic, Social, and Labor Council, experts warned that AI’s rise is a double-edged sword. Sure, it’s a job-eating monster in the short term (a Bank of Korea report pegs 51% of the country’s workers as AI-vulnerable), but it’s also a golden ticket if Korea can sprint ahead in the global AI race. Think “physical AI” and software-driven factories that let operators play puppet masters from afar. Scholar Jang Young-jae from KAIST sees a future where Korea builds these smart plants worldwide, churning out jobs faster than you can say “automation anxiety.”

The takeaway? Korea’s manufacturing muscle could flex into an AI superpower—if it stops lagging and starts leading. For now, though, those factory floor cuts are a stark reminder: AI giveth and AI taketh away.

Business

Korean Banks Roll Out the Red Carpet for Foreigners

Korea’s foreign population is booming, and the country’s banks say, “Come on in!” Industry insiders spilled the tea on Friday: it’s not just about basic transactions anymore. Banks are leveling up with platforms and perks to help foreign nationals plant roots—and woo the deep-pocketed expats and corporations while they’re at it.

JB Financial Group is stealing the spotlight, set to drop Bravo Korea in April—the first all-in-one financial and life-hack hub for foreigners. Consider deposits, loans, savings, visa tips, Korean lessons, house hunts, and job boards. They’re even teaming up with startups to make it extra spicy. Meanwhile, the big four—KB Kookmin, Shinhan, Hana, and Woori—saw their foreign customer base swell past 6 million by February, up from 5.4 million in 2022. Cha-ching!

Woori’s cooking up a real estate VIP service for foreigners, covering everything from currency swaps to tax chats. Shinhan’s SOL Global Check Card is a hit, with 20,000+ accounts snapped up since last September, and they’ve got a slick new branch in Gimhae for video-call banking. Hana’s streamlining corporate cards for foreign firms and teasing emergency micro-loans. Kookmin’s KB Welcome Account is dishing out fee waivers and sweet exchange rates for salaried expats.

The vibe? Korea’s banks are betting big on foreigners feeling at home—and spending big while they’re at it.

Travel Guide Korea

Korea at its best in April Why?

Spring in Korea means cherry blossom fever, with peak bloom hitting late March to early April. But don’t bank on it—Mother Nature’s a wild card and weather can shuffle the schedule. Pro tip: Check the cherry blossom forecast to nail the timing. Petals wait for no one! [link]