South Korea\'s finance and fintech sectors are stepping up competition to pre-empt the stablecoin market even as legislation remains stalled in parliament. Banks are moving to secure issuance rights through consortia and technology partners, while fintech firms and exchanges focus on controlling mainnets and payment networks. Global players are also positioning in networks and settlement infrastructure. The article says the battle for won and dollar stablecoin leadership is already under way.

Kim Jong-hyun (김종현), CEO of Kookon, was elected the sixth chairman of the Korea Fintech Industry Association, as the industry focuses on unresolved tasks including regulatory risk. Financial authorities are tightening requirements across prepaid limits, the introduction of a MyPayments business, stronger payment risk management for e-finance operators and financial soundness checks for lower-tier PG firms. The industry says the key issue is how rules are applied, and Kim has proposed legal status for the association and shared compliance infrastructure.