Finance

Big tech financial platforms face heavier IT oversight as regulators stress accident prevention

South Korea's financial watchdog is demanding stronger IT stability and internal controls from big tech-linked electronic financial service providers as they become part of everyday financial infrastructure. The move follows a string of system outages this year, including disruptions to payments, top-ups and remittances, online and offline payment failures and duplicate debits on automatic transfers. The regulator urged isolation systems to stop failures spreading across services and said it would conduct on-site inspections and take strict action over major incidents.

Finance

SK Hynix to list Nasdaq ADR on July 10, raise 32.7 billion won

SK Hynix plans to raise 32.7 billion won in the U.S. market through a new share depository receipt issue and list its ADRs on the Nasdaq on July 10. It said it will use the funds for projects including the Yongin semiconductor cluster phase-one fab, a Cheongju advanced packaging fab and equipment, and EUV lithography tools. The issue will be placed with third parties and the final amount will be set after bookbuilding.