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Finance

Shinhan Bank to provide free financial security insurance to basic pension recipients

Shinhan Bank will offer basic pension recipients a free financial security insurance benefit as it steps up protection for older financial consumers amid increasingly varied fraud schemes such as voice phishing and messenger phishing. Applications are available on Shinhan SOL Bank through Dec. 31, with coverage lasting one year after enrollment. The policy covers costs incurred in recovering mistaken transfers and compensation for telecom-based financial fraud. Limits are 3 million won and 10 million won.

Crypto

Woori Bank to pursue easy payment infrastructure for foreign visitors with Crosshub

Woori Bank plans to develop a foreigner-only digital wallet to improve payment convenience for foreign visitors to South Korea. The bank signed a memorandum of understanding with fintech startup Crosshub on June 10 to jointly develop services aimed at easing payments for visiting foreigners. The partners aim to launch the wallet in the second half. They also plan a prepaid card charged in the user’s home currency and to test a stablecoin-based payment environment.

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.