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Finance

Woori Financial to support SGI Seoul Guarantee communication culture with Thank You Token

Woori Financial Group said it has formed a partnership with SGI Seoul Guarantee to introduce and operate its Thank You Token platform. The company-developed communication tool lets members freely exchange messages of thanks, praise and encouragement. SGI Seoul Guarantee will operate the platform under the brand name Gamsa Kong to match its organisational culture direction. Woori Financial said it will support SGI’s early settlement based on its accumulated operating experience.

Finance

U.S. retail industry grows more dependent on buy now, pay later

U.S. retailers are increasingly relying on buy now, pay later (BNPL) payment options amid high interest rates and concerns about weaker consumer spending. Forbes reported that merchants adopting PayPal’s BNPL saw average order values rise 91 percent. Competition is expanding among major BNPL providers and card issuers. Regulators and credit agencies are also stepping up scrutiny as usage concentrates among financially vulnerable consumers and delinquency concerns grow.

Finance

Banks barred from adding statutory costs to loan rates as Bank Act revision passes parliament

South Korea will in principle ban banks from adding statutory costs to loan interest rates after a revision to the Bank Act passed the National Assembly, the Financial Services Commission said. The ban covers reserve requirements, deposit insurance premiums, and contributions to guarantee funds, as well as contributions to the Korea Inclusive Finance Agency. An exception allows limited inclusion of some guarantee-fund contributions. Banks must conduct compliance checks at least twice a year, and violations can trigger sanctions.