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Finance

Korea Bankers Association to support small businesses with annual sales under 100 million won, prioritising regions and youth

The Korea Bankers Association will provide a total of 1,300 one-on-one management consulting sessions to 300 small business owners with annual sales of 100 million won or less. It will prioritise applicants from regional commercial areas and young small business owners, and will select at least 60 percent from outside the Seoul metropolitan area and major cities or areas without bank consulting centres. Ten sites will receive about 6 million won each to improve business environments.

Telecommunications & Media

SK Broadband to support Social Security Information Service digital shift using SK Telecom AI technology

SK Broadband said on Tuesday it signed a business agreement with SK Telecom and the Korea Social Security Information Service to promote digital innovation in the social security sector and lay foundations for future growth. The three organisations plan to use AI, quantum security and cloud technologies held by SK Broadband and SK Telecom to drive the agency’s digital transformation and advance welfare services. They will form a joint working consultative body and draw up specific implementation plans.

Finance

Digital asset institutionalisation picks up pace as big platforms clash over entry into online lending industry

Cooperation between traditional financial firms and crypto-asset operators is expanding, with moves by Kakao Group, brokerages and exchanges. In the United States, the OCC gave preliminary approval to two digital banks pursuing crypto custody and stablecoin business. In South Korea, the Democratic Party plans to draw up a Digital Asset Basic Act this year. Competition is also shifting across platform finance, raising questions about entry rules, conflicts of interest, consumer choice and security.