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Finance

ELS fines cut to 600 billion won after local elections, financial policy in focus

With the June 3 local elections over, attention in South Korea’s financial sector is shifting back to financial authorities and the National Assembly. Issues that lost traction during the campaign, including governance reform at financial holding firms, digital asset regulation, loan rules for non-resident single-homeowners and a compensation liability system for voice phishing, may return to the agenda in the second half. Regulators have also adjusted ELS sanctions and stepped up work on consumer protection and AI security threats.

Finance

KB Kookmin Bank to verify next-generation authentication security technology with Aton

KB Kookmin Bank will move to verify next-generation authentication security technology to respond to security threats stemming from the commercialisation of quantum computers. The bank said it signed a memorandum of understanding with Aton on June 4 to test an authentication system based on post-quantum cryptography. It plans to check whether secure authentication services can be provided in a quantum computing environment and whether the technology can be applied to logins, transfers and electronic signatures.

Crypto

Aton completes development of Vantage digital asset issuance and operations platform

Aton said on Thursday it has completed development of Vantage, a digital asset issuance and operations platform used in its stablecoin-based STO payment proof of concept. The company said Vantage is a B2B platform solution that enables financial firms and companies to issue and run branded digital assets such as won-pegged stablecoins. It integrates modules for user authentication, wallet creation, won conversions, payments and refunds, and transaction history management.