Chapter 106
Chapter 106
Translation: Godtl
There's a saying about neighboring countries.
But just because they're neighbors doesn't necessarily mean they're close.
In fact, the closer the neighbor, the stronger the tendency to view them as rivals, and naturally, they're often treated as adversaries in diplomatic and social contexts.
And of course, Singapore also has such a neighbor.
Malaysia.
"Wow... They even dispatched warships?"
"Yeah. It seems both sides' warships are currently facing off. They're not actually fighting yet, though."
Sigh. "You don't think someone might accidentally press the wrong button and start a fight, do you?"
"That won't happen. You know how it is. It's just a show of force, a staged standoff."
Even though North Korea has provoked us multiple times, it has never escalated into full-scale war.
Of course, there have been instances where they exchanged artillery fire, but it never went beyond that.
In that regard, the tension between Singapore and Malaysia was even milder.
"How's the Singapore market? Has it been affected by this?"
"Since everyone knows it's just a show of force, the market remains stable and solid. Besides, Singapore is the financial hub of Asia after Hong Kong. Unless someone actually fires a missile, it'll likely stay that way for the foreseeable future."
The reason Singapore and Malaysia were posturing like this was over maritime territory.
Malaysia had expanded its port zone without prior notice, encroaching on Singapore's territorial waters.
The problem was that Malaysia also claimed sovereignty over the same waters Singapore did, so the dispute over the area was ongoing.
That's why they kept picking fights whenever they got bored.
"Have the Singapore accounts been opened?"
"Yes. We've opened all the accounts as requested. However, there's a limit to how much we can handle directly, so we've also opened additional accounts through other brokers. Everything is set up so we can deploy funds to Singapore as soon as you give the order."
Now that the setup was complete, it was time to inject the money.
The funds we could currently mobilize amounted to about 10 trillion won.
The rest was all tied up in the British pharmaceutical company.
"Here's the list of stocks I've selected."
"Ah, yes."
The department head quickly skimmed through the list I handed him.
He looked slightly surprised.
"What's wrong?"
"Ah, nothing. It's just... all the stocks you picked are large-cap companies. For companies of this scale to be affected, Singapore's economy would really have to take a serious hit..."
At that, the department head and the other employees glanced at me cautiously.
Truth be told, I didn't know what was going to happen in Singapore either.
I had simply marked the stocks my intuition reacted to.
So I understood their reaction.
For these stock prices to drop, Singapore's economy would truly have to collapse.
"The Chairman must already have considered everything if he's planning to short these and buy related derivatives. We'll secure the necessary positions right away. It might take a few days."
"Yes. Please bear with it."
"Understood. Ah... Chairman, if I may be so bold, could I say one more thing?"
"Of course. What is it?"
"It's just that... if you truly want to make Korea Asia's financial hub, the biggest obstacle is Korea's regulations. The reason our country can't develop into a financial hub is precisely because of financial regulations, isn't it? The tax rates are high, among other things. Unless these issues are resolved first, establishing Korea as Asia's financial hub will be extremely difficult."
The idea of making our country Asia's largest financial hub was, in truth, a distant dream.
Even though Hong Kong's current state presented an opportunity, with Singapore as a formidable competitor, turning Korea into a financial hub would be tough.
Only by taking it slow and steady might there be a glimmer of hope someday.
"But are we really preparing this quickly?"
I thought it wasn't the right time yet...
"!?"
The moment that thought crossed my mind, a strong tremor ran through my body.
What did it mean that my intuition was shaking me after Section Chief Seo's advice?
It meant that what he said was right.
And that meant we had to prepare before it was too late.
'But who should I consult about this?'
To ease government regulations, we ultimately needed to communicate with the government side.
But it wasn't as if I could suddenly meet those people and discuss it.
"..."
I fidgeted with my phone.
Wonder what my hyung is up to right now.
＊＊＊
"Thank you all for taking time out of your busy schedules to be here today."
"Haha, not at all. We were actually more surprised. When the Chairman suddenly requested a meeting, we canceled our existing schedules and rushed over."
"Oh my, you didn't have to go that far."
"It's no trouble. Our government owes Gwangun more than a few favors. Even the Blue House gave special instructions to accommodate anything related to Gwangun."
Chairman Hwang Dae-un felt somewhat relieved.
It was clear the current administration held a sense of indebtedness toward Gwangun.
During the diplomatic conflict with Japan, wasn't it Gwangun that stepped up to the frontlines more than anyone, collapsing Japan's economy and bringing them to their knees?
Yet when Gwangun Shipping was forcibly split due to the EU antitrust situation, the government couldn't lift a finger to help.
That was precisely why they felt apologetic.
"We're grateful for your consideration. Both the Minister of Strategy and Finance and the Financial Services Commission Chairman here today - if you view Gwangun favorably, we couldn't ask for more."
The two most influential figures regarding economic policies and related regulations now sat before Chairman Hwang Dae-un.
After several minutes of exchanging drinks and small talk, the Minister of Strategy and Finance was the first to speak.
"Chairman, if I may ask - what's the reason you called the two of us here today?"
Hwang Dae-un also set down his glass.
"Have you been following the Hong Kong situation?"
"Yes. It's quite alarming. I hadn't expected China to act so aggressively."
"It should be seen as a measure against the growing anti-China sentiment. A threat that they'll unify Taiwan by force if it doesn't comply obediently. Regardless, the economic shockwaves from this are tremendous."
"Are you referring to the capital flight happening in Hong Kong?"
"Yes. That's precisely why I invited you both today."
The two men looked utterly perplexed.
"Where do you think the money fleeing Hong Kong will go?"
"Well... wouldn't it flock to Singapore?"
"Naturally. But wouldn't it be a shame to let all that money go to Singapore?"
"Pardon?"
The two officials blinked several times.
Being long-time political veterans, they were quick on the uptake.
"Are you suggesting we should try to attract that capital to Korea?"
"Yes. If we could gather that capital in Korea, couldn't our country become Asia's financial hub in Hong Kong's place?"
Both men burst into laughter at this.
They clearly thought the idea preposterous.
"I'm being serious."
"But you're well aware how difficult that would be, aren't you?"
"Of course. Above all, our country's regulations on foreign capital are stringent. The tax rates are high too. But if the two of you would actively support changing those regulations, we'll handle the rest."
"...!?"
All traces of smiles vanished from their faces.
They realized Chairman Hwang hadn't called them here for idle chatter.
"Ch-Chairman, this is too sudden... How on earth do you plan to bring such massive capital to Korea?"
"We'll find a way to handle that part. However, unless the government opens the path for us, no matter how much capital we want to bring in, it simply won't be possible."
"..."
The two flustered men were at a loss for words.
Asking them to open the path meant they'd have to relax all the regulations that had remained untouched until now—an incredibly complex undertaking.
No—even if they did manage to open the way, how could he be so confident about attracting that much capital?
"The biggest headache for the current administration is real estate, isn't it? There's a reason all our domestic capital is pouring into property. One major factor is the lack of development in our financial markets. If we seize this opportunity and establish ourselves as Asia's financial hub, wouldn't the real estate problem resolve itself naturally?"
"Well, that may be true, but..."
"This is far too complicated. Regulatory easing isn't something that can be decided overnight..."
"Isn't this the perfect moment? No other administration has held this many parliamentary seats before. This might very well be our first and last opportunity."
They weren't fools either.
The idea of making Korea Asia's financial hub in place of Hong Kong was certainly challenging, but as Chairman Hwang said, this might indeed be the first and last chance.
Hong Kong had never been this unstable before.
"I'm not saying this solely for Gwangun's benefit. Ultimately, shouldn't our country prosper? We always prioritize national interest. Only with a strong Republic of Korea can Gwangun avoid being forcibly dismantled by bullies like the EU."
At those words, the minister and committee chairman grew solemn.
They couldn't even begin to imagine the heartbreak of seeing a company they'd nurtured so carefully being torn apart overnight.
"...We understand your intentions, Chairman. And we deeply agree—our nation must grow stronger first for our corporations to thrive as well."
"We'll return and actively discuss the matter. But as you mentioned earlier, foreign capital absolutely must flow in. Otherwise..."
"Don't worry about that. I'm fully aware of the repercussions if it doesn't."
"Yes. If it's you, Chairman, we can trust you. After all, Gwangun is legendary for its achievements. Haha."
Fortunately, the discussion progressed smoothly.
Raising his glass with a smile, Hwang Dae-un felt unease bubbling in a corner of his heart.
It was fine up to the point where these two would return and negotiate regulatory easing with the government.
But what if the capital from Hong Kong bypassed Korea entirely and flooded into Singapore instead?
Then the Korean market would essentially be throwing open its gates to the enemy.
In other words—complete disaster.
If that happened, Gwangun being dismantled would only be the beginning.
His anxiety was so intense he couldn't tell whether the alcohol was entering his mouth or his nose.
'Jin-ho. I'm counting on you.'
＊＊＊
Amid the global Free Hong Kong movement, no one was smiling wider than Singapore.
With its greatest Asian financial rival, Hong Kong, collapsing on its own, Singapore stood ready to absorb all that capital.
At this rate, it almost seemed like the Chinese government was deliberately helping Singapore.
But that thought was short-lived.
"W-what in the world is happening?"
Just as they were delighting in watching Hong Kong burn, they turned around to find an even greater fire spreading through Singapore.
"Why is the financial market fluctuating this severely?"
Singapore's market had never experienced a crash of this magnitude before.
Not even during the infamous Subprime crisis had it been this bad.
"Too many negative factors have overlapped."
"Negative factors? The military standoff with Malaysia?"
"That's part of it, but the recent public health data leak also played a significant role."
"A massive hacking incident hit Singapore's public health group, leaking the personal data of 3 million people. It was such a colossal breach that even Prime Minister Lisen's information, who's sitting right here, was among the leaked data."
"But that shouldn't be enough to deliver a direct hit to the financial markets, should it?"
While it was a major incident that could undermine financial trust, it wasn't enough to trigger a crash of this magnitude.
This was just a secondary factor.
The decisive blow came from elsewhere.
"It's Gwangun."
"Gwangun?"
"Yes. The EU is currently forcing Gwangun Shipping to dismantle, isn't it?"
Prime Minister Lisen was well aware of this.
After all, he had actively supported the EU's move to dismantle Gwangun Shipping.
Those bastards had seized control of countless ports and caused endless trouble—they'd been nothing but a thorn in his side. Thanks to the EU stepping in, Singapore had been able to lend its weight to the effort.
"Singapore's lifeline is trade. Countless ships pass through here, and we rely heavily on that."
Given the geographical constraints, there was no other choice.
In fact, they had deliberately structured it this way to maximize profits.
"The problem is, with Gwangun Shipping being forcibly split, all ships entering and leaving Singapore have come to a complete halt."
"What?"
"At first, it wasn't obvious, but they gradually reduced the volume until, eventually, they stopped every single ship."
"What? They're doing this despite existing contracts?"
"They're claiming it's no longer their responsibility. Since the EU—and even our Singaporean government—actively supported the dismantling, they say they can't operate the company anymore. They're telling us to figure it out until someone else acquires and resumes operations."
"Th-This is utterly irresponsible!"
But Gwangun wasn't entirely wrong.
It was true that the EU was forcibly dismantling them, and Singapore had supported it.
"So they're retaliating now?"
"It's retaliation, yes, but I think there's another motive."
"Another motive?"
"Yes. Before this crisis erupted, a massive short-selling force had already positioned itself in the Singaporean market."
"Wait—are you saying that was Gwangun?"
"We can't say for certain, but the timing is suspicious. At this point, it's blatantly obvious they were targeting us."
So these bastards were trying to make a killing off Singapore's economy.
"But even so, is this level of panic justified? Is the damage really that irreversible?"
"Not exactly. While the complete halt in trade is a major blow, it's still something we could manage. The real problem is how much social media has evolved—once something blows up, rumors spread like wildfire, exaggerated beyond reason. That's what's fueling the panic right now."
And guess who had control over that very social media?
Gwangun.
Wasn't PicPic currently one of the top social media platforms dominating Asia?
"Th-These bastards...!"
Prime Minister Lisen's hands trembled uncontrollably.
This was Gwangun toying with Singapore's economy.
Was this their revenge for Singapore siding with the EU's pressure?
"It seems Gwangun intends to recoup all their shipping losses from Singapore. Especially since, due to this crisis, all the capital that was supposed to flow in from Hong Kong has frozen."
"Then where's it going instead? South Korea? They can't move there, can they?"
"No. The South Korean government just announced a relaxation of financial regulations yesterday. They promised to open their markets and welcome foreign capital as much as possible."
"Wh-What!? So the South Korean government is in on this too!?"
Rage surged to the top of his head, but since Singapore had thrown the first punch, he had no right to complain. Still, it was infuriating.
"It's the EU that's dismantling their shipping—so why are they coming after us...?!"
Just by standing beside the EU, Singapore's economy was now on the verge of collapse.