South Korea\'s payment gateway industry has moved to a joint response after a security gap emerged in which suspicious transactions that pass financial firms\' fraud detection systems are not blocked at the PG stage. The Financial Supervisory Service and the Korea Fintech Industry Association launched an online fraudulent payment response consultative body on Tuesday with major PG firms, the Financial Security Institute and experts. The body will share cases, draft standard guidelines by November and link them with supervision.

Business data platform company Coocon completed a proof of concept for stablecoin-based payment technology with iM Bank and Vitoz, it said on Tuesday. Coocon said the test verified technology for building a stablecoin issuance and payment ecosystem. It linked its payment data API and infrastructure connection technology with iM Bank’s financial infrastructure and Vitoz’s blockchain and CPG technology, integrating the full process from payment requests to settlement and notifications.