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Finance

KakaoBank to suspend financial transactions for 7 hours early Oct. 18; card payments, ATM use limited

KakaoBank will suspend financial transaction services for about 7 hours early on Oct. 18 due to scheduled maintenance of its computer systems. During the outage, account inquiries and transfers will be unavailable, and domestic and overseas check card payments and CD and ATM deposits and withdrawals will be restricted. Alerts for deposits, withdrawals and card payments will also be halted, along with customer service and related processing.

Finance

KakaoBank expands services for foreign residents, from account opening to overseas remittances

KakaoBank is expanding services for foreign residents in South Korea, offering mobile account opening without branch visits, dedicated verification and multilingual support. It introduced a foreigner account, check cards, overseas remittances and multilingual counselling. Customers can submit documents in-app and obtain balance and transaction statements. Fees for transfers and ATM use are waived under the same conditions as domestic customers. KakaoBank plans to add deposits, open banking and loan comparison next year.

Crypto

Tangem launches 5,000 physical Visa crypto cards, shipping restricted in 20 countries

Tangem, a self-custody crypto wallet company, has launched its first Visa-based physical crypto card, but said demand and where cards can be issued do not always match. The initial run is limited to 5,000 cards. Tangem said more than 40 percent of Tangem Pay payments came from Latin America and more than 30 percent from the United States. It said it cannot ship the card to about 20 countries, including China, Russia and North Korea.