Hwang Sung-yup, CEO of Shinyoung Securities, has been elected as the seventh chairman of the Korea Financial Investment Association (KOFIA), pledging pension system reform as his top priority.
Hwang won the runoff election with 57.36% of the vote, defeating candidate Lee Hyun-seung who received 41.81%. His term runs from January 1, 2025 to December 31, 2028.
The chairman-elect announced plans to benchmark the U.S. 401K and Australian pension systems, aiming to expand the range of default option products and shorten the deliberation process. He also outlined plans to strengthen the global competitiveness of Korea's financial investment industry through a "K-Capital Market 10-Year Blueprint" discussion and a "K-Capital Market Forum."
AI Talent Development Bears Fruit
Samsung Electronics' Software Academy for Youth (SSAFY) has placed 8,566 graduates in jobs out of 10,125 total graduates since its launch in 2018, achieving an employment rate of approximately 85%. Graduates have been hired by 2,355 companies including Samsung Electronics, KT DS, LG Uplus, and Hyundai Mobis.
Starting this year, the program allocated 1,025 hours out of its annual 1,725-hour curriculum to AI education and introduced eight new AI courses. Faculty from KAIST, Seoul National University, and Yonsei University participated in redesigning the curriculum, while corporate partnerships with Kakao Pay and Toonsquare provide hands-on AI project experience.
International Student Numbers Hit Record High
The number of international students in Korea reached a record 236,000 as of May this year, up 18.2% year-on-year. However, only 19% are majoring in science and engineering fields—15% in engineering and 4.3% in natural sciences—while social sciences (29.3%), Korean studies (17.8%), and language programs (16.6%) dominate.
Foreign workers in Korea exceeded 1.1 million for the first time, with international student employment surging 71.8% year-on-year to 56,000. Some 65.5% of international students plan to continue staying in Korea, with 36.2% hoping to find employment in the country.
Seoul Housing Supply Hits Wall
Eight of Seoul's 25 districts—including Yongsan, Seodaemun, Jongno, Nowon, Dobong, Gangbuk, Gwanak, and Geumcheon—saw zero new apartment sales this year. Total new apartment supply in Seoul fell to 14,300 units, just 48% of last year's 29,488 units. Seocho district led with 3,319 units across five complexes, followed by Eunpyeong (2,451 units) and Songpa (1,909 units).
Government Scrambles on Currency Defense
As the won-dollar exchange rate threatened the psychological resistance level of 1,500 won, the Presidential Office and government launched an all-out effort to stabilize the currency. Kim Yong-beom, Presidential Office policy chief, held an emergency meeting with officials from Korea's seven largest conglomerates including Samsung, SK, Hyundai Motor, LG, Lotte, Hanwha, and HD Hyundai.
The government decided to raise the forward exchange position limit for foreign banks such as SC First Bank and Citibank Korea from 75% to 200%. It also plans to expand won-denominated foreign currency loans for exporters from facility funds to operating funds.
