South Korea is facing compounded pressure from higher oil prices, a weaker won and rising inflation, with the won-dollar rate nearing 1,540 and oil product prices up about 10 percent from a year earlier. The central bank is expected to hold rates this month, but prolonged price and currency pressures could raise the possibility of a second-half hike. Authorities have tightened household debt controls and pushed market reforms, while the Financial Supervisory Service has urged stronger IT internal controls at internet banks.

K Bank said on Monday it has set up a Consumer Protection Committee, an independent subcommittee within its board, to strengthen consumer protection. The bank said a regular shareholders meeting and board meeting approved the committee’s establishment and operating agenda. It said the move is intended to have the board directly manage and supervise consumer protection beyond complaint handling or compliance checks, enabling a more systematic response to consumer issues in non-face-to-face digital finance.