South Korea

Joongang Ilbo | English | News | Nov. 21, 2025 | North Korea

South Korea, under the Lee Jae Myung government, recently proposed rare military talks with North Korea focused on clarifying the military demarcation line (MDL) within the demilitarized zone (DMZ). Seoul emphasizes this as a practical measure to prevent unintended military clashes, citing North Korea's increased incursions and infrastructure construction near the border, compounded by the deterioration of physical MDL markers. The proposal aims to reduce tensions by redefining the MDL baseline and suggests beginning with lower-level procedural coordination to avoid politically charged discussions.

Despite the outreach, Pyongyang has not responded and is expected to shun the talks due to ideological and political reasons. North Korea’s “hostile two-state” doctrine, adopted in 2023, reinforces its stance against recognizing special inter-Korean relations or negotiating MDL-related issues with South Korea, which it does not consider a legitimate party to such discussions. Engaging in talks could undermine Kim Jong-un’s political narrative and domestic reputation, as it might implicitly acknowledge the boundary violations North Korea frames as internal construction efforts.

For South Korea, the proposal reflects a growing urgency to reestablish communication amid stalled diplomacy under the Lee administration. The initiative signals a pragmatic approach, sidestepping contentious issues like denuclearization, and suggests a potential shift from waiting for U.S.-North Korea dialogue first to pursuing parallel engagement. South Korea continues daily contact attempts through the inter-Korean liaison line but has yet to receive a response from the North.

반도체 개발 기간 4분의1로 줄인다...설계의 TSMC 노리는 세미파이브

Hankyung | Local Language | News | Nov. 21, 2025 | UndeterminedTech Development/Adoption

SemiFive, led by CEO Cho Myung-hyun, is revolutionizing semiconductor development by transforming from a traditional design house into a design platform company that standardizes and automates chip design. This shift aims to reduce development time to one-quarter and lower costs significantly, similar to how TSMC platformized manufacturing. SemiFive automates processes from specification writing to packaging and system software development, addressing increased demand for ASICs driven by the slowdown of Moore's Law and the rise of AI applications.

Founded in 2019, SemiFive initially served as a bridge between fabless semiconductor companies and foundries. It has since built a platform featuring reusable design IP and modular blocks like CPUs and high-speed interfaces that reduce design risk and accelerate time-to-market. Cho highlighted SemiFive's ability to finish projects faster and at half the cost compared to traditional approaches, aiming to cut personnel needs by two-thirds.

SemiFive's business model diverges from typical design houses by managing the entire production process, from foundry orders to testing, and generating revenue through chip sales. The company claims a competitive lead of over five years due to its early start and accumulated intellectual property. It has attracted 240 billion won in investments from prominent global and domestic funds, employs over 400 researchers worldwide, and reported a 56.8% increase in sales last year, with plans to list on the KOSDAQ market within the year.

Cho envisions a future where design platforms enable customers to lead chip specifications while the platform handles design and mass production, establishing a clear division of labor. SemiFive aims to become the TSMC equivalent in semiconductor design.

한투·미래에셋, IMA 인가 취득…초대형 투자銀 탄생

ET News | Local Language | News | Nov. 21, 2025 | UndeterminedMergers & Acquisitions

Korea Investment & Securities and Mirae Asset Securities have received approval to operate the first comprehensive investment accounts (IMAs) under the super-large investment bank system, marking the first such approval in eight years since the system's introduction. These IMAs are expected to launch within the year, offering investment products with anticipated annual returns of 5–8% while guaranteeing the principal. A requirement mandates at least 25% of customer funds in IMAs to be invested in venture capital including small and venture companies and venture funds, which is expected to stimulate the KOSDAQ market.

The Financial Services Commission (FSC) designated Korea Investment & Securities and Mirae Asset Securities as comprehensive investment business operators with capital exceeding 8 trillion won. This marks the first designation of securities firms with such capital since the FSC introduced a tiered capital system in 2017 to encourage scaling in the sector. IMAs function as performance-linked dividend accounts pooled for integrated management, though early termination results in forfeiture of principal. Both firms are preparing to launch products as early as next month, with initial offerings targeting over 6% annual returns and minimum one-year maturities.

Investment through IMAs will be subject to increasing mandates on venture capital allocation, with targets set at 10% in 2026, 20% in 2027, and 25% by 2028. Given IMAs and commercial paper can be issued up to 300% of the firms’ capital, investment capacity could reach about 40 trillion won, with approximately 10 trillion won directed toward equity investments in venture funds, the National Growth Fund, and business development companies.

The FSC plans to bolster the KOSDAQ market's infrastructure role to sustain a virtuous cycle in the venture capital ecosystem, supported by the large capital inflows expected from IMAs. The new comprehensive investment firms intend to enhance their research capabilities focused on KOSDAQ-listed companies to support this initiative. An FSC official emphasized the importance of the KOSDAQ market for ongoing venture capital investment and expressed confidence that the firms will meet the 25% venture capital investment target.