Both Lee and conservative Kim pledged change for a country deeply scarred by a shock martial law briefly imposed by former leader Yoon Suk Yeol.

South Korea’s main conservative candidate Kim Moon Soo has conceded defeat in the presidential election. Kim, the candidate of the People Power Party, told a news conference early Wednesday that he “humbly accepts (the) people’s choice” and congratulates his liberal rival Lee Jae-myung for winning the election.

With Korea’s 21st presidential election now concluded, candidates have begun the process of settling their campaign expenses.