K-culture expansion architect: Chae Hwi-young, tech and media veteran, named culture minister
At a presidential briefing, Kang Hoon-sik, presidential chief of staff, announced the nomination, describing Chae as a private-sector leader whose vision aligns closely with President Lee's goal of expanding the cultural industry.
'Chae brings a diverse background as a former online portal executive and travel platform entrepreneur. He is a private-sector leader whose expertise and innovative thinking align with the president's vision to expand the K-culture market into a 300-trillion-won industry,' Kang said.
Born in Seoul in 1964, Chae earned a degree in English language and literature from Sogang University. He began his career as a journalist, working at Yonhap News Agency from 1991 to 1995 and at YTN from 1995 to 2000, covering both culture and politics.
Chae entered the tech industry in the early 2000s, working at Yahoo Korea from 2000 to 2002 before joining NHN — now Naver — in December 2002. There, he served as head of planning, executive director of domestic business, and ultimately as CEO from 2007 to 2009.
He later served as CEO of NHN Business Platform from 2009 to 2013 and as a management adviser at Naver in 2014.
In 2016, Chae co-founded the travel tech startup Triple. He was also appointed CEO of Interpark following its acquisition by Yanolja and has since led the company. In January, he spearheaded a major rebranding initiative, changing the company's name to Nol Universe.
Alongside his corporate career, Chae has actively participated in public-private partnerships supporting cultural initiatives. Nol Universe was an official partner for the Ministry of Culture's 'Youth Culture and Arts Pass' program launched last year, aimed at improving cultural accessibility for young people and revitalizing the performing arts sector.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
10 hours ago
- Korea Herald
‘Golden time to invest': Shinhan FDI unit targets global investors
From distressed assets to supply chain shifts, Korea gains appeal amid global uncertainty While South Korea faces headwinds from heightened uncertainty in the trade environment, Shinhan FDI partners, a specialized unit dedicated to providing support for foreign direct investment here, sees opportunities in challenges that lie ahead. 'Now is the golden time to invest in Korea,' said Jenny Hong, one member of the global investment support team of Shinhan FDI partners. Distinct from other forms of cross-border investment ― such as purchasing stocks and bonds ― foreign direct investment involves active asset management, including acquiring physical assets like factories or gaining management control of a company. 'The sluggish Korean economy is a favorable factor. With the local won weakening against the dollar, Korean assets are currently undervalued,' Hong explained. Foreign investors are also eyeing opportunities in distressed assets. For instance, overseas hedge funds are weighing to invest in the logistics sector through nonperforming loans, as the industry struggles with the fallout from collapsed project financing deals. Similar to its peers, Shinhan Bank plays a key role in facilitating inbound investment, as foreign investors have to report their investments to the Korea Trade-Investment Promotion Agency or foreign exchange banks under the Foreign Exchange Transactions Act. Previously, the specialized workforce supporting investments was scattered across various departments within the bank. The lender launched a centralized unit last month to streamline its services. 'With the rising complexity of deals, there was a clear need for a more coordinated approach. These days, we are seeing increasingly intricate stakeholder dynamics,' Hong said. 'Multiple parties are involved, ranging from private equity firms to joint ventures and other entities. Coordinating among all these stakeholders requires a more integrated approach." With the US, Japan and China being the three largest players in foreign direct investment for Korea, the team has regional experts dedicated to handling each market. Hong specializes in English-speaking firms, while Yang Zou and Ayako Yamoto focus on Chinese and Japanese firms, respectively. According to Yang, a growing number of Chinese companies are turning their attention to Korea as a potential detour around trade restrictions imposed by the US. 'With the Inflation Reduction Act of 2022 and the introduction of 'reciprocal' tariffs, Chinese investors are looking to mitigate risks by importing raw materials from China and manufacturing in Korea. This trend is driving increased investment in factory construction here,' Yang said. Yamoto has been working with an increasing number of consumer-oriented Japanese firms, as consumer preferences between Japan and Korea continue to align. 'While earlier investments primarily targeted business-to-business transactions, recent trends indicate a shift toward business-to-consumer models. An increasing number of consumer-oriented Japanese firms ― particularly those in the food and entertainment sectors ― are now eyeing the Korean market,' she said. The three "foreign corporate client relationship managers" highlighted that navigating offshore investors through the differing trade environment is the key mission for Shinhan FDI partners. 'There is a difference in investment practices across countries. For instance, some countries do not use seal imprints, whereas in Korea, corporate transactions require an official seal,' Hong said. Account opening procedures vary by country as well. 'When establishing a company in China, the process typically involves setting up the company first and then making the capital contribution afterward. In contrast, in Korea, the capital must be deposited first before the company is officially put on paper,' Yang said. 'From a Chinese investor's perspective, Korea's approach can be unsettling since the funds have to be secured before a company is established. It is my job to explain the process sufficiently.' While Korea has experienced a dip in the amount of pledged foreign direct investments this year, largely due to political uncertainty from the end of last year, the team projects the pace to pick up with increased clarity following the recent presidential election. In the first half of this year, foreign direct investment pledges to Korea totaled $13.1 billion, a decrease of 14.6 percent compared to the same period last year, according to the Trade Ministry. While actual FDI arrivals increased by 2.7 percent to $7.3 billion, the drop in pledged investments is still significant because it may signal reduced investor confidence and could impact future capital inflows. 'With the political uncertainty resolved, we anticipate increased interest from foreign investors. We are already receiving inquiries from potential investors,' Hong said. 'More foreign direct investment in Korea means more seed money for the country's economic growth. From a macroeconomic perspective, we find meaning in our work by financially supporting the nation's development. From another standpoint, we work to safeguard our clients by ensuring protection of their investments."
![[팟캐스트] (705) 넷플릭스에 등장한 K팝 보이그룹 ‘사자보이즈'의 정체는?](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F07%2F14%2Fnews-p.v1.20250707.0d34fd9143bc4f5e918379bc33b84464_T1.jpg&w=3840&q=100)
Korea Herald
12 hours ago
- Korea Herald
[팟캐스트] (705) 넷플릭스에 등장한 K팝 보이그룹 ‘사자보이즈'의 정체는?
What you need to know about the Saja Boys, Korea's grim reapers in K-pop form 기사 요약: 전세계를 강타한 '케이팝 데몬 헌터스'의 주인공 보이그룹 사자보이즈가 지닌 한국적 전통 문화와 설화적 요소 [1] When the Saja Boys appeared on screen for the first time, dressed in floor-length black hanbok and wide-brimmed hats casting shadows over pale, painted faces, Kang Chan-mi, a 32-year-old office worker in Seoul, immediately recognized the look. *brimmed: 가득 찬, 테두리가 있는 (brim: 모자의 챙) [2] The Saja Boys, a fictional K-pop group from the new Netflix animated film 'K-pop Demon Hunters,' may appear to be just another stylish boy band debuting for a global audience. *fictional: 허구의 [3] However, for many Korean viewers, their stagewear evokes something much older and far more haunting: the "jeoseung saja," or the traditional Korean Grim Reaper. *evoke: 떠올려 주다 *haunting: 잊혀지지 않는 *grim reaper: 사신 [4] The image is deeply familiar to Koreans. A pale-faced man, draped in black robes and wearing a gat, a traditional Korean hat made of horsehair and silk, has long signaled death in Korean storytelling.
Korea Herald
13 hours ago
- Korea Herald
‘Golden time to invest': Shinhan targets global investors with support unit
From distressed assets to supply chain shifts, Korea gains appeal amid global uncertainty While South Korea faces headwinds from heightened uncertainty in the trade environment, Shinhan FDI partners, a specialized unit dedicated to providing support for foreign direct investment here, sees opportunities in challenges that lie ahead. 'Now is the golden time to invest in Korea,' said Jenny Hong, one member of the global investment support team of Shinhan FDI partners. Distinct from other forms of cross-border investment ― such as purchasing stocks and bonds ― foreign direct investment involves active asset management, including acquiring physical assets like factories or gaining management control of a company. 'The sluggish Korean economy is a favorable factor. With the local won weakening against the dollar, Korean assets are currently undervalued,' Hong explained. Foreign investors are also eyeing opportunities in distressed assets. For instance, overseas hedge funds are weighing to invest in the logistics sector through nonperforming loans, as the industry struggles with the fallout from collapsed project financing deals. Similar to its peers, Shinhan Bank plays a key role in facilitating inbound investment, as foreign investors have to report their investments to the Korea Trade-Investment Promotion Agency or foreign exchange banks under the Foreign Exchange Transactions Act. Previously, the specialized workforce supporting investments was scattered across various departments within the bank. The lender launched a centralized unit last month to streamline its services. 'With the rising complexity of deals, there was a clear need for a more coordinated approach. These days, we are seeing increasingly intricate stakeholder dynamics,' Hong said. 'Multiple parties are involved, ranging from private equity firms to joint ventures and other entities. Coordinating among all these stakeholders requires a more integrated approach." With the US, Japan and China being the three largest players in foreign direct investment for Korea, the team has regional experts dedicated to handling each market. Hong specializes in English-speaking firms, while Yang Zou and Ayako Yamoto focus on Chinese and Japanese firms, respectively. According to Yang, a growing number of Chinese companies are turning their attention to Korea as a potential detour around trade restrictions imposed by the US. 'With the Inflation Reduction Act of 2022 and the introduction of 'reciprocal' tariffs, Chinese investors are looking to mitigate risks by importing raw materials from China and manufacturing in Korea. This trend is driving increased investment in factory construction here,' Yang said. Yamoto has been working with an increasing number of consumer-oriented Japanese firms, as consumer preferences between Japan and Korea continue to align. 'While earlier investments primarily targeted business-to-business transactions, recent trends indicate a shift toward business-to-consumer models. An increasing number of consumer-oriented Japanese firms ― particularly those in the food and entertainment sectors ― are now eyeing the Korean market,' she said. The three "foreign corporate client relationship managers" highlighted that navigating offshore investors through the differing trade environment is the key mission for Shinhan FDI partners. 'There is a difference in investment practices across countries. For instance, some countries do not use seal imprints, whereas in Korea, corporate transactions require an official seal,' Hong said. Account opening procedures vary by country as well. 'When establishing a company in China, the process typically involves setting up the company first and then making the capital contribution afterward. In contrast, in Korea, the capital must be deposited first before the company is officially put on paper,' Yang said. 'From a Chinese investor's perspective, Korea's approach can be unsettling since the funds have to be secured before a company is established. It is my job to explain the process sufficiently.' While Korea has experienced a dip in the amount of pledged foreign direct investments this year, largely due to political uncertainty from the end of last year, the team projects the pace to pick up with increased clarity following the recent presidential election. In the first half of this year, foreign direct investment pledges to Korea totaled $13.1 billion, a decrease of 14.6 percent compared to the same period last year, according to the Trade Ministry. While actual FDI arrivals increased by 2.7 percent to $7.3 billion, the drop in pledged investments is still significant because it may signal reduced investor confidence and could impact future capital inflows. 'With the political uncertainty resolved, we anticipate increased interest from foreign investors. We are already receiving inquiries from potential investors,' Hong said. 'More foreign direct investment in Korea means more seed money for the country's economic growth. From a macroeconomic perspective, we find meaning in our work by financially supporting the nation's development. From another standpoint, we work to safeguard our clients by ensuring protection of their investments." silverstar@
