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Finance

Korean commercial banks join BIS 'Project Agora' to verify deposit token payment system

South Korea's five major banks - KB Kookmin, Shinhan, Hana, Woori and NH NongHyup Bank - have checked the potential to improve inter-institution payment transactions globally. The banks joined Project Agora, a joint initiative by the Bank for International Settlements and the Institute of International Finance. Participants tested whether blockchain technology and smart contracts can cut costs and time for large cross-border payments while maintaining the legal nature of reserves and deposits.

Games & Commerce

Kakao CEO Jeong Shina apologises for uncertainty as strike threatened, presses ahead with restructuring

Kakao CEO Jeong Shina apologised to employees for failing to quickly resolve concerns and uncertainty after wage talks with its union ended without a final agreement. The union has secured the legal right to strike and has warned it will begin a strike in June. Jeong also set out a plan to restructure the product organisation, splitting it into KakaoTalk and business units and integrating design functions. A user-first task force will be created within KakaoTalk.

AI & Enterprise

Google AI misspells words, raising doubts over search reliability

Google has overhauled its search service to put AI at the forefront, but basic spelling mistakes and information-processing glitches have triggered a dispute over reliability. TechCrunch reported that Google AI Overview gave incorrect letter counts and misspellings for words including “Google,” “poop” and “journalism,” and even misspelled the surname of a U.S. president. Google said letter counting is a known challenge for large language models and fixes are under way.