The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Aug. 13.
S. Korean Gen Z startups reach all-time high
South Korean Generation Z’s preference for entrepreneurship over traditional employment is growing rapidly. Last year, the number of startups by university students surged to 1,951, marking a 23.4% increase from 2022 and an all-time high since records began in 2015. While some suggest this trend is driven by a tight job market, many young entrepreneurs view it as an optimal time to take risks. Terms like “lean” reflect their approach of quickly testing ideas in the market rather than following lengthy traditional processes.
Startups boost services for foreign residents in S. Korea
In South Korea, the rising number of foreign residents is driving the growth of startups offering tailored services. K-Visa assists with visa applications in multiple languages and plans to expand its services. MediArk’s SIMTOMI app provides multilingual medical support by translating symptoms into medical terminology. Ziptoss connects foreigners with real estate, Shuttle Delivery offers food delivery with options for various dietary needs, and JobKorea’s Klick platform helps foreign job seekers with multilingual job postings and application support.
S. Korea’s FX market to launch osnshore electronic NDF trading system
Seoul’s foreign exchange market will introduce an electronic trading system for onshore Korean won (KRW) non-deliverable forwards (NDFs) by the end of the year, overcoming previous restrictions on electronic trading through domestic brokers. Integrated Platform Services Corporation has received approval from the Ministry of Economy and Finance to develop and operate the country’s first onshore NDF trading system. This move aims to address liquidity issues and improve the efficiency of overnight trading.
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