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Finance

Digital asset cross-industry ties spread as top 4 financial groups post 11 trillion won profit era

Big Tech, financial firms and payment companies in South Korea are widening digital-asset initiatives by teaming up with global blockchain companies. Kakao Group and Toss and Toss Bank are working with Circle to review stablecoin-based payment and settlement infrastructure and tokenised financial services. Banks are developing cross-border remittance and payment models. Separately, the top four financial holding groups posted combined first-half net profit above 11 trillion won, while regulators step up group-level oversight of fintech expansion.

Crypto

Financial firms join crypto exchanges, could shake up digital asset market

South Korea\'s won-based digital asset exchanges are bringing in financial companies as new shareholders to bolster their business foundations, drawing attention to whether the market led by Upbit and Bithumb could shift. CoinGecko data put Upbit’s 24-hour volume share at 72.1 percent and Bithumb’s at 22.3 percent. Trading activity has declined, while Coinone, Korbit and Gopax move to expand capital and business ties with financial groups.

Finance

iM Financial first-half net profit 295.6 billion won down 4.4 percent

iM Financial Group posted 295.6 billion won in net profit attributable to controlling shareholders in the first half of this year, down 4.4 percent from a year earlier. Total operating profit rose 4.4 percent to 1.11 trillion won, supported by growth in corporate lending at iM Bank and operating assets at iM Capital. Net profit fell due to a change in the education tax rate and higher provisioning.